Adidas to sell golf lines
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BLOOMBERG: The German sportswear company plans to sell TaylorMade, Adams and Ashworth, but will retain it’s Adidas golf shoes and clothing.
Outgoing Chief Executive Officer Herbert Hainer is cleaning up Adidas’s operations as he sets the table for Kasper Rorsted, who takes the reins in October. Adidas got into golf when it bought French ski and skate company Salomon in 1997, but younger consumers are staying away from the game, and it isn’t popular in emerging markets like China and India. Sales plummeted 13 percent last year as the industry has been beset by discounting.
‘‘The golf market is not growing at the moment but it’s also not falling further,” Hainer said during a call with reporters. The portion Adidas plans to keep is producing solid returns and the company is cutting labor and manufacturing costs, the CEO said.