Nike to Sell Cole Haan & Umbro Brands

Beaverton, Oregon-based global athletic juggernaut Nike Inc. has announced its plans to sell their ownership stakes in both Cole Haan and Umbro in order to focus on their Nike, Jordan, Converse and Hurley labels. Having acquired fashion-casual label Cole Haan almost 25 years ago, Nike only recently purchased England-based Umbro back in 2008 for more than $580 million USD in an attempt to strengthen its presence in the soccer market. Mark Parker, president and CEO of Nike, said in a statement, “Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for Nike Inc. to continue to drive sustainable, profitable growth for our shareholders.” Nike plans to have both companies off the books by May of 2013.