×
89 217
Fashion Jobs
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · TUCSON
URBN
Anthropologie Design Director - Furniture
Permanent · PHILADELPHIA
URBN
Anthropologie Design Director - Fabric & Textile Concept
Permanent · PHILADELPHIA
URBN
Free People Associate Merchandise Planner
Permanent · PHILADELPHIA
BATH & BODY WORKS
Manager, Public Relations & Influencer
Permanent · REYNOLDSBURG
COLUMBIA
International Marketing Manager
Permanent · PORTLAND
URBN
Urbn Financial Analyst
Permanent · PHILADELPHIA
URBN
Free People CRM Analyst
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · WASHINGTON
BATH & BODY WORKS
Senior Manager, Stores Learning And Development
Permanent · COLUMBUS
TUMI
Director, Global Marketing
Permanent · NEW YORK
URBN
Free People Senior Merchandise Planner
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODBURY
PRANA
Director, Strategic Accounts & Sales Business Development
Permanent · CARLSBAD
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - ny 59th st
Permanent · NEW YORK
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Soho
Permanent · NEW YORK
BLOOMINGDALE'S
Registry Consultant, Full Time - Boca Raton
Permanent · BOCA RATON
H&M
842 Area Visual Manager
Permanent · LOS ANGELES
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Short Hills
Permanent · MILLBURN
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · COSTA MESA
COLUMBIA SPORTSWEAR COMPANY
Regional Loss Prevention Manager (Northwest-us)
Permanent · SALEM
COLUMBIA SPORTSWEAR COMPANY
Operations Manager - Swing Shift
Permanent · PORTLAND
By
Reuters
Published
May 10, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Adidas sells golf business Taylormade to buyout group KPS

By
Reuters
Published
May 10, 2017

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 2022 All rights reserved.