TAG HEUER drops Tiger Woods after 10-year relationship

This is just another major hit in the pocket of a fallen star who is already reeling from a $100mil divorce. TAG Heuer is actually a sixth sponsor who dropped him. In addition to Tag Heuer, Woods has been ditched by Gillette, Gatorade, Accenture, AT&T, and Golf Digest. This leads his earnings to dropping from $10.5mil in 2010, to $571,363 in 2011.

In 2010, Forbes announced Woods as the richest sportsman in the world, with a net worth of earnings estimated to about $500 million. Only a couple of months before this, in 2009, Woods lost his world champion ranking to Lee Westwood, and it was not much before the infidelity scandals began breaking in the media. When the pressure increased, Woods released a statement, admitting to infidelity, and apology. However, only a day after the statement, numerous companies started terminating sponsorships and ending business deals with Tiger Woods. Gillette was one of the companies that suspended ads featuring Woods and only a couple of days later, TAG Heuer dropped Woods "for the foreseeable future" from its advertising campaigns. However, they changed their mind only five days ago, on December 23, when the brand changed their website’s homepage to the statement that "Tag Heuer stands with Tiger Woods".

It seems like this was just a smart business move for the advertisers, since their decade-long sponsorship ended May 31, 2011. We all became aware of this last week when Golf World Executive Editor Ron Sirak tweeted that Woods’s agent acknowledged the business relationship with TAG Heuer had ended. Just for the record, Tiger Woods worn TAG Heuer watches since 2002. The brand even designed the professional golf watch with the help of the Woods. Once known as Tiger Wood’s watch, it is now labeled only as Professional Sports Watch. However, TAG Heuer will continue to support Woods's charitable foundation through sales of a watch he designed.

"We are confident that Tiger will eventually regain full trust with the public, and that his huge talent and mental strength will help him overcome his difficulties," Tag Heuer chief executive Jean-Christophe Babin said in a statement. "We wish Tiger all the best for the future endeavors in golf, with new business partners, and in his private life."

When Tag Heuer fist dropped Woods in 2009, Mr. Babin said that they have to take account of the sensitivity of some consumers. Here at Luxois, we still remember the Woods is a 14-time major champion and one of the most talented golfers of all times. In case you forgot:



Author: Marina Milojević
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