×
42 610
Fashion Jobs
KOHLS
Staff Product Manager-Innovation
Permanent · Menomonee Falls
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Rapid City
KOHLS
Full-Time Loss Prevention Officer
Permanent · Las Vegas
KOHLS
Full-Time Loss Prevention Officer
Permanent · Victorville
KOHLS
Full-Time Loss Prevention Officer
Permanent · Bakersfield
BLOOMINGDALE'S
Division Sales Manager: Bloomingdale’s 59th Street Flagship, Nyc
Permanent · New York
SALLY BEAUTY CORPORATE
Outside Sales Representative - Professional Beauty
Permanent · Kansas City
CLARKS
Assistant Wholesale Marketing Manager
Permanent · Waltham
ADIDAS
Manager Outbound Operations
Permanent · Spartanburg
ADIDAS
Senior Manager, Performance Marketing - Membership (Digital)
Permanent · Portland
ADIDAS
Logistics Manager
Permanent · Pittsburgh
ADIDAS
Technical Manager Maker Lab
Permanent · New York
GAP
Senior Producer- Digital Operations – International Promotions
Permanent · San Francisco
GAP
General Manager- Macarthur Park
Permanent · Irving
HUDSONS BAY COMPANY (HBC)
Analyst, Supply Chain
Permanent · Brampton
PUMA
Analyst, Business Intelligence - Consumer Insights
Permanent · Westford
L'OREAL GROUP
Buyer - (Purchasing/Procurement/Indirect Sourcing)
Permanent · Berkeley Heights
DESIGNER BRANDS
Director, Marketing Advanced Analytics
Permanent · Columbus
THE REALREAL
Sales Analyst, Business Strategy And Analytics
Permanent · San Francisco
THE REALREAL
Authentication And Brand Compliance Lead
Permanent · Perth Amboy
OLD NAVY
Assistant General Manager, Merchandising - Crossroads at Baileys
Permanent · Falls Church
COTY
E-Commerce Key Account Sales Manager
Permanent · New York

Adidas sells golf business Taylormade to buyout group KPS

By
Reuters
Published
today May 10, 2017
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

German sportswear maker Adidas is selling its golf equipment and clothing brands TaylorMade, Adams Golf and Ashworth to private equity firm KPS Capital Partners, taking a hit to its earnings.


TaylorMade



Adidas will get $425 million (£328.3 million), around half of which will be paid in cash and the rest in secured notes and contingent considerations, the company said in a statement on Wednesday.

Adidas had put the loss-making business up for sale last year to focus on shoes and clothing. After peaking around 2000, when Tiger Woods was in his prime, the number of people playing golf in the United States, which accounts for half the global golf market, has fallen sharply.

Adidas bought TaylorMade in 1997 as part of its $1.4 billion acquisition of French skiing label Salomon, developing it into the world's biggest supplier of golf drivers. It bought smaller Ashworth in 2008 and Adams four years later.

But the golf business has been in decline for years. In 2016, it saw sales decrease 1 percent to 892 million euros, accounting for 5 percent of group sales and down by a third from a peak of 1.34 billion euros in 2012. It continued to be loss-making last year.

The part of the business Adidas is selling accounts for 60 percent of total golf-related revenue. Separately, it has put its ice hockey brand CCM Hockey on the block.

While several other private equity groups showed an interest, rivals such as Nike, Puma, Under Armour and Callaway Golf decided not to take on additional brands, sources familiar with the sale process said.

Guggenheim advised Adidas on the deal, while Deutsche Bank advised KPS.

© Thomson Reuters 2020 All rights reserved.