Greg Norman Collection has been acquired from the MacGregor Golf Company by The Tharanco Group. Greg Norman President and CEO Michael Setola will remain CEO and is a partner in the new company, Tharanco Lifestyle, LLC. Tharanco has owned such diverse brands as Bill Blass, Poleci, Doo.Ri and Joseph A.
Terms were not disclosed.
“Tharanco gives Greg Norman Collection the opportunity to accelerate the building of a true lifestyle brand with a partner that has a strong and resourceful operations platform with deep experience in apparel sourcing and brand building. The company has significant global reach, is very well financed and experienced in licensing, which will allow Greg Norman Collection to increase sales and profits both internationally and domestically. The company will continue to place its apparel emphasis on being a leading authentic golf lifestyle brand that combines performance, luxury, and style through innovative product development. Additional emphasis for growth will be placed on International licensing and other related product licensing opportunities,” said Setola.
Haresh Tharani, CEO of The Tharanco Group states, “The opportunity to partner with one of the market's iconic, globally recognized lifestyle brands and its trusted management team is an exciting step forward for Tharanco. We look forward to bringing our worldwide operations expertise to the Greg Norman Collection and expanding the domestic and international footprint of this well-known brand.”
“I believe the management team at GNC under Michael's leadership combined with the opportunity to build our brand with The Tharanco Group and Haresh Tharani as a partner is an unbeatable combination,” said Greg Norman. “I look forward to together growing the company both domestically and internationally. I am particularly excited about future efforts to expand lifestyle sportswear opportunities beyond true golf in an effort to capture the consumer reach inherent in the Greg Norman brand.”
The new agreement is effective immediately and Greg Norman Collection will continue to be managed and sold by its existing sales team.
Marketing Management Group (MMG) represented MacGregor Golf Company in the transaction. Financing has been provided by CIT.
