Adidas has hired investment bank Guggenheim Partners to explore a sale of its golfing business, after revenues fell by 26% in the second quarter.
The sportswear firm revealed plans to sell its golfing business, which includes the TaylorMade, Salomon, Ashworth and Adams brands, as it battles against the sport’s declining popularity.
The company said: “As a reaction to the persisting challenges at TaylorMade-Adidas Golf, the Adidas Group has initiated a major turnaround plan for its golf business. The set of measures is aimed at enhancing the company’s pricing, promotion and trade patterns, as well as optimising the supply chain and product costs.”
“In addition, the Adidas Group has engaged with an investment bank for the purpose of analysing future options for the company’s golf business, in particular the Adams and Ashworth brands.”
Despite the decline in golf sales, a strong performance by its Reebok and Adidas ranges lifted group sales by 5% during the first six months of the year to €3.9bn (£2.7bn).