GERMANY: Adidas closes sale of GNC to MacGregor Golf
Sports giant Adidas has completed the sale of the Greg Norman Collection (GNC) apparel business to the MacGregor Golf Company.
The transaction, financial details of which are not being disclosed, excludes existing GNC-related retail outlet operations. The Greg Norman Collection business reported sales of about EUR55m (70.86m) in 2005.
New York-based GNC, a worldwide marketer and distributor of men's sportswear, golf apparel and accessories, will be operated as a separate business unit to MacGregor.
"This acquisition is very strategic. It provides product diversity around a common base of customers and consumers," said Barry Schneider, CEO and majority shareholder of MacGregor.
"It adds scale to our business which is important in a consolidating industry. And it leverages our international infrastructure, particularly in Asia, to aggressively grow Greg Norman Collection globally."
Greg Norman president and CEO Suzy Biszantz added: "While we have experienced tremendous growth over the past four years, I believe we still have significant opportunities in all distribution channels.
"I look forward to continued growth under MacGregor Golf, especially in Japan and Korea where they are exceptionally strong."
The global sportswear market is poised for a shake-up if the proposed acquisition of Puma, the world's third-largest sportswear brand, by French luxury fashion retailer PPR goes ahead. The question fo...
French apparel and footwear company Le Coq Sportif is to open its first wholly-owned US subsidiary according to news reports today (17 May)....
Fila USA has named athletic footwear and apparel industry veteran Bruce Fendell as its new vice president of sales....
Adidas Group is bolstering its number of retail stores China over the next few years by 40% as it eyes top spot in the country....
French luxury goods group LVMH Moet Hennessy-Louis Vuitton SA intends to buy $30m worth of shares in Belle International Holdings Ltd's initial public offering....
German athletic apparel and sporting goods maker Adidas AG on Tuesday (8 May) said first quarter profit fell 11% in line with expectations, but is upbeat that the integration of the Reebok brand is fi...
JJB has reportedly stepped up its phased rollout of in-store Nike and Adidas departments in an effort to compete with Sports Direct in the UK....
Shanghai's counterfeit watchdog has banned the sale of eight brands at local fashion markets in further efforts to stamp out the sale of fake goods in China....
- Fashion fit for the future – strategies for speed
- Digitisation to drive new apparel-making models
- How PVH is paving the way for connected apparel
- Will new Vietnam wage hinder competitiveness?
- Under Armour Lighthouse will disrupt production
- Child refugees found in Turkey apparel factories
- US Q3 in brief - Rocky Brands, Gymboree Corp
- Chinese manufacturer invests $20m in US facility
- Managing change in the move to new tech tools
- Reebok Liquid Factory reinvents shoe production
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020