Nike withdraws from golf equipment business amidst falling sales, knocking partnerships with Woods and McIlroy
Sportswear brand Nike is to make a tactical retreat from the golf equipment sector after failing to turn around years of falling sales for clubs, bags and balls.
Nike withdraws from golf equipment business amidst falling sales
Nike won’t be throwing in the towel completely on the sport however and has vowed to redouble its efforts to ‘accelerate innovation’ in golf footwear and clothing.
In 2015 Nike weathered an 8 per cent decline in sales at its golf unit to $706m, its third year of contraction, despite the high profile sponsorship of Rory McIlroy, who is expected to make as much as $100m between 2013 and 2018. Former world number one Tiger Woods is also on Nike's books and the company's exit raises question marks over his and McIlroy's value to the brand's growth moving forward.
Trevor Edwards, president of Nike Brand commented: “We're committed to being the undisputed leader in golf footwear and apparel.
"We will achieve this by investing in performance innovation for athletes and delivering sustainable profitable growth for Nike Golf."
Nike isn’t the only player to struggle in the sector with Adidas putting its TaylorMade, Adams and Ashworth golf brands up for sale earlier in the year.