Shares of Topgolf Callaway Brands Corp. shot higher on Monday after PGA star Jon Rahm won the Masters over the weekend.
Shares of Topgolf Callaway Brands Corp. shot higher on Monday after golfing star Jon Rahm won the Masters Tournament at August National Golf Club over the weekend — thanks in part to the Callaway golf equipment he used.Rahm’s victory on Sunday was his first at... Shares of Topgolf Callaway Brands Corp. shot higher on Monday after golfing star Jon Rahm won the Masters Tournament at August National Golf Club over the weekend — thanks in part to the Callaway golf equipment he used.
During the tournament, Rahm wore a hat featuring the Callaway logo and used Callaway woods, irons and golf balls on his road to victory. Jeff Newton, a representative for Callaway, said over email that in the course of Rahm’s four wins this year, he has used Callaway’s new Paradym Driver, Paradym Fairway Woods and Chrome Soft X Golf Ball, among other products.
Konik said that along with equipment, clothing and golf bags, the company’s business has grown to encompass entertainment, via Topgolf. And while members of the baby boom generation drive much of the interest in golf, he said, the number of beginners entering the sport has increased. In addition, industry consolidation has allowed equipment manufacturers to charge more, helping boost profits.
Interest in golf boomed during the early days of the pandemic when many indoor activities were shut down. But the boom in golfing, as in other industries, has run up against concerns about inflation and its effect on demand, both from golfers and the stores that sell the equipment.
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