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Following its divestment of Umbro this October, Nike has announced the sale of subsidiary Cole Haan to Apax Partners for $570 million USD. Due to be complete in the early months of 2013, Nike first announced its plan to offload the American fashion label earlier this year as it looks to further develop the likes of Jordan Brand, Converse and Hurley. Nike President and CEO Mark Parker stated, “The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike, Inc. portfolio are the most complementary to the Nike brand.”