LONDON/MUNICH — German sportswear company Adidas has appointed investment bank Guggenheim Partners to help with the possible sale of its golf brands, which are struggling as the sport loses popularity, particularly in the United States.
Adidas made the announcement on Thursday as deteriorating golf sales overshadowed otherwise strong second-quarter results, boosted by double-digit sales growth in both western Europe and China, which it expects to continue for the rest of the year.
After peaking around 2000 when Tiger Woods was in his prime, the number of U.S. golfers has been steadily falling as fewer young people take up the sport and as busy professionals switch to cycling rather than spending the best part of a day playing 18 holes.