TAG Heuer Drop Tiger Woods
August 9, 2011
TAG Heuer, medical the Swiss watchmaker, discount ended its endorsement agreement with Tiger Woods when the golfer’s contract expired last month.
TAG Heuer, owned by LVMH Moet Hennessy Louis Vuitton SA(MC) and based in La Chaux-de-Fonds, had limited its use of Woods’s image in certain markets following a November 2009 car accident that led to his admission of marital infidelity and personal and professional decline. The company signed Woods in 2002.
Over the past 19 months, Woods has lost endorsement deal after endorsement deal with companies including AT&T (T), Accenture PLC (ACN) and PepsiCo Inc.’s Gatorade brand. The 14-time major champion has maintained commercial contracts with Electronic Arts Inc (ERTS) , NIKE Inc (NKE), Upper Deck, Berkshire Hathaway’s NetJets Inc., and TLC Vision Corp. He began promoting a muscle-relief heat rub made by Japan-based Kowa Co. in June.
Woods, 35 stands 30th in the World Golf Rankings and hasn’t won a tournament since the 2009 Australian Masters, a week before the accident. He finished 37th yesterday in the World Golf Championships Bridgestone Invitational, 18 shots behind winner Adam Scott, who is now using Woods’s former caddie.