Adidas has confirmed plans to sell its loss-making golf business after putting it up for review last year.
The German sportswear group said it will start seeking out buyers for its TaylorMade, Adams and Ashworth golf brands. However, it plans to keep Adidas-branded golf shoes and clothing, which account for about 40 per cent of the business.
"TaylorMade is a very viable business. However, we decided that now is the time to focus even more on our core strength in the athletic footwear and apparel market," said chief executive Herbert Hainer.
Read More: Adidas mulls sale of golf business
Plans for a sale of its golf brands came as Adidas posted a strong start to the year, with group sales rising by 17 per cent to a record €4.77bn (£3.78bn) in the first quarter.
Revenues at its TaylorMade-adidas Golf decreased by one per cent, as sales declines at Ashworth and Adams offset increases at the core brands TaylorMade and adidas Golf.
However, its core Adidas brand grew by 26 per cent thanks to strong gains in North America, Greater China and Western Europe, where sales grew by 31 per cent, 30 per cent and 26 per cent respectively.
Meanwhile its Reebok fitness brand grew by six per cent. Some investors had hopes that the label would also be put up for sale.