Nike, the Oregon-based designer, marketer and distributor of athletic footwear, apparel and accessories for sports and fitness, is to sell two of its wholly-owned affiliate brands – Cole Haan and Umbro.
It says the move will allow it to sharpen its focus on driving growth in the core Nike, Jordan, Converse and Hurley brands.
“We see tremendous opportunity to accelerate profitable growth around the world by continuing to deliver innovation and inspire consumers through the Nike brand,” said Mark Parker, president and CEO of Nike.
“We also see significant potential in Jordan, Converse and Hurley, which have unique consumer relationships that complement the Nike brand.”
“Divesting Umbro and Cole Haan will allow us to focus our resources on the highest potential opportunities for Nike to continue to drive sustainable, profitable growth for our shareholders.”
Cole Haan, which specialises in casual leather footwear and bags, was acquired by Nike in 1988. The company is based in New York.
Umbro is a football (soccer) specialist brand based in Manchester, UK, acquired by Nike in 2008.
The sale process will begin immediately, and is expected to be completed by the end of May 2013.