Nike to sell Cole Haan and Umbro
Nike is to sell its Cole Haan and Umbro brands so that it can focus on growing its 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.
"We also see significant potential in Jordan, Converse and Hurley, which have unique consumer relationships that complement the Nike Brand.
"Divesting of 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."
New York-based Cole Haan, which specialises in casual and dress leather footwear and bags, was acquired the sportswear giant in 1988.
Umbro is a football brand based in Manchester and was
acquired by Nike in 2008.
