Business UK

Nike to cease promoting golf gear

Tiger Woods

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Reuters

Nike will cease promoting golf golf equipment, balls and luggage after years of falling gross sales at its golf division.

However the company said it will “speed up innovation” in golf footwear and garments.

Nike invested closely in golf through the late 1990s with its sponsorship of Tiger Woods, giving him his first five-year contract in 1996, price $40m.

However the winner of 14 of golf’s main tournaments has been combating a lack of type lately.

In 2013 Nike signed a sponsorship take care of Rory Mcllroy, reported to be price $100m over 5 years.

However regardless of that hefty spending on advertising, Nike has been struggling within the golf enterprise.

Final yr gross sales at Nike’s golf unit fell by eight% to $706m, the third yr of declining gross sales.

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Brian Spurlock-USA TODAY Sports activities

Nike stated it nonetheless intends to “associate with extra of the world’s greatest golfers”.

“We’re dedicated to being the undisputed chief in golf footwear and attire,” stated Trevor Edwards, president of Nike Model.

“We are going to obtain this by investing in efficiency innovation for athletes and delivering sustainable worthwhile development for Nike Golf.”

Earlier this year Nike’s rival Adidas introduced its intention to promote most of its golf enterprise.

It put its TaylorMade, Adams and Ashworth manufacturers up on the market.