Cole Haan Close To Finding New Buyers
Under Nike ownership since 1988, New York-based Cole Haan made waves earlier this year when it was announced that the sportswear giant intended to divest itself of the brand. Together with Umbro, Cole Haan became a casualty in Nike‘s bid to “sharpen its focus on driving growth in the Nike, Jordan, Converse and Hurley brands,” despite a 3 percent rise in Haan’s revenues at the fiscal year’s close. However, it now seems the company that achieved international success this year with its Lunar Grand footwear releases is one step closer to finding a new buyer. The Goldman Sachs-run auction for the Nike-owned footwear company has moved into the second round with Apax Partners, TPG Capital and Leonard Green & Partners, as well as footwear firm Genesco Inc., still bidding for ownership. Despite its 178 retail locations worldwide, Cole Haan represented only a small portion of Nike’s $24.13 billion business and it seems that both sides would benefit from the speedy completion of a deal.