Adidas has confirmed it is actively seeking a buyer for its TaylorMade, Ashworth and Adams Golf brands.
The German company intends to remain as a presence with golf footwear and apparel which it sees as their ‘core strength’ in the golf market.
Revenues for the first quarter of 2016 were up 17 percent to nearly €4.8bn for the company as a whole but declines were seen at TaylorMade-adidas Golf.
The statement said: “Revenues at TaylorMade-adidas Golf decreased 1% currency-neutral, as growth at the core brands TaylorMade and adidas Golf was more than offset by sales declines at Ashworth and Adams.”
The company added that it has decided to enter into concrete negotiations with interested parties aimed at a divestiture of parts of the company’s golf division.
“TaylorMade is still a very viable business”
“TaylorMade is a very viable business. However, we decided that now is the time to focus even more on our core strength in the athletic footwear and apparel market,” said Herbert Hainer.
“With its leadership position in the industry and the turnaround plan gaining traction, which is clearly reflected in the top- and bottom-line improvements recorded in Q1 as well as recent market share gains, I am convinced that TaylorMade offers attractive growth opportunities in the future.
“At the same time, the planned divestiture will allow us to reduce complexity and focus our efforts on those areas of our business that offer the highest return and where we can have the biggest impact in reaching our consumers and winning their loyalty for the adidas and Reebok brands.”
Going forward, the Adidas say they intend to focus efforts on further strengthening its position as a leading provider of innovative golf footwear and apparel through the adidas Golf brand.
At the same time, the company will actively seek a buyer for the remainder of its golf business.
To view the Adidas statement in full CLICK HERE