30 Jun '17, 2am

Nike lost money in golf equipment business for 20 years, says Phil Knight:

Nike lost money in golf equipment business for 20 years, says Phil Knight:

For Phil Knight, Nike’s co-founder, the company’s exit from the golf hardgoods business is no surprise. Speaking in a Bloomberg Television interview , Knight gave a simple explanation for that move out of golf hardgoods. Nike had been losing money in that sector for two full decades. “It’s a fairly simple equation, that we lost money for 20 years on equipment and balls,” Knight told Bloomberg Television. “We realized next year wasn’t going to be any different.” That’s a pretty interesting admission, considering the company’s arrival in that business came after the blockbuster signing of Tiger Woods all those years ago. As potent as Woods’ star power was and still is, it still had its limits. But don’t get Knight wrong, he remembers fondly the days recruiting Woods to Nike in the first place. Knight said the company began recruiting him three years before signing him to a d...

Full article: http://golfweek.com/2017/06/29/nike-lost-money-in-golf-eq...

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