Golf HOFer Greg Norman believes his joint venture with Authentic Brands Group (ABG) to own and manage the iconic Shark brand will accelerate growth of his merchandise, licensing and endorsement business, especially outside of North America. ABG, known for taking under-leveraged brands and quickly broadening appeal, will work with Norman to grow and develop consumer products and endorsements. Alluding to the revamp of the Norman/Shark brand last October, Norman told THE DAILY, “As we repositioned the brand to freshen it up and make it younger looking so we can reach the younger generation, I thought, ‘Okay, now the timing might be right for me to see what I can do on a global, joint-venture approach.’” Norman joins an ABG celebrity and entertainment roster that includes Shaquille O’Neal, Julius Erving and the late Muhammad Ali. The move comes amid the 30-year anniversary of the Greg Norman Co. and as Norman seeks to reach new audiences and expand the portfolio. With ABG’s focus on sports, fashion, celebrity and entertainment, Norman felt a natural fit. “I was looking at doing this internally, but to do it internally I would have had to staff up. I would have had to bring in quite a lot of people to come in and do this. So we decided to go outside for a change and partner up with a company that that’s all they do -- to focus on growth globally. That's what they do all day long, globally.” Norman said partnership talks lasted 10 months. He said, “We fast learned that ABG didn’t have any exposure to golf brands and I thought, ‘Wow, okay. Boy, if we could take their expertise and bring it into the golf game then we are going to capture a new market that’s never been captured before."
LOOKING LONG TERM: Norman said he would be "shocked if we haven’t come nearly close to doubling our business” over the next 12 to 24 months. Norman noted he sees opportunities with personal endorsements in the auto and finance categories, as well as licensing opportunities in surf, beach, mountain and hiking segments. He also envisions global growth for his Greg Norman Estates wine label and Greg Norman Wagyu Beef line. Not all of the Greg Norman Co. divisions are included in the deal, as Norman will keep total control of his operating units, including his golf course design, real estate, Greg Norman Media, Greg Norman Investments, Greg Norman’s Australian Grille and Shark Wake Park. Norman: "I love where my company is going. I’ve got a 200-year game plan, extending my brand into perpetuity way beyond my passing.” Deal principals for ABG included Chair & CEO Jamie Salter, ABG President & CMO Nick Woodhouse, Group Exec VP/Celebrity & Entertainment Corey Salter and Chief Strategy Officer Chris Farrell. At Greg Norman Co., it was Norman, Senior Advisor Bart Collins, COO Chris Dillavou and CFO Michael Filon. Robert W. Baird & Co. served as financial advisor and Paul Hastings served as legal advisor to the Greg Norman Co. on the transaction.
