May 11, 2017

Adidas finds buyer for its golf unit

Adidas has sold its struggling golf operations to investment firm KPS Capital Partners. Adidas will receive $425m for the business, which comprises the gold brands TaylorMade, Adams Golf and Ashworth. Adidas has owned TaylorMade since 1997, and added Ashworth in 2008 and Adams four years later to make it the world's biggest golf supplier. Adidas does not report the profitability of the golf unit, which sits in a bigger division called Other Businesses. In August last year, Nike announced it would stop selling golf clubs, balls and bags after years of falling sales at its golf division.

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