Adidas Group to sell Greg Norman Collection to M - sportstextiles: Lea SportsTextiles

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Adidas Group to sell Greg Norman Collection to MacGregor Golf Company

26/10/2006

Adidas AG is to sell its New York-based Greg Norman Collection (GNC) men's sportswear, golf apparel and accessories business to the MacGregor Golf Company. The transaction excludes existing GNC-related retail outlet operations and is expected to be completed by the end of 2006. Financial details will not be disclosed.

Adidas AG chairman and CEO Herbert Hainer commented, “Greg Norman is a brand which has clearly performed well over the last several years. However, it is not core in the scope of our global golf strategy. Due to its limited integration opportunities and small size, we were open to sell the business unit to golfer Greg Norman and the MacGregor Golf Company.”

The GNC business reported sales of approximately €55 million in 2005.


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