Nike Offloads Umbro for $225 Million USD, Cole Haan Sale Soon?
Nike has announced that it has reached a definitive agreement to sell its Umbro affiliate brand to Iconix Brand Group, Inc. for $225 million USD with the transaction expected to be complete by the end of 2012 – a move that points to Nike Football’s ability to serve the needs of footballers both on and off the pitch. Neil Cole, CEO of Iconix Brand Group, commented “Umbro is an exciting acquisition with more than 30 licensees in over 100 countries with a devout following. We look forward to working with our international partners to maintain and expand upon the rich heritage of Umbro.” This now begs the question: when will Nike get rid of Cole Haan? It’s not a question of if – given their clearly stated intentions to only focus on Nike, Converse and Hurley brands in a press release back in May of this year.