NIKE, Inc. (NYSE: NKE) today announced its intention to divest of two of its wholly-owned affiliate brands – Cole Haan and Umbro – to sharpen its focus on driving growth in the 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 & CEO of NIKE, Inc. “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, Inc. to continue to drive sustainable, profitable growth for our shareholders.”*
Cole Haan, which specializes in casual and dress leather footwear and bags, was acquired by NIKE, Inc. in 1988. The company is based in New York. Umbro is a football (soccer) specialist brand based in Manchester, UK, acquired by NIKE, Inc. in 2008. The process of divesting of these two businesses will begin immediately, and is expected to be complete by the end of NIKE, Inc.’s fiscal 2013 (May 31, 2013).
About NIKE, Inc.
NIKE, Inc. based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE subsidiaries include Cole Haan, which designs, markets and distributes luxury shoes, handbags, accessories and coats; Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories; and Umbro International Limited, which designs, distributes and licenses athletic and casual footwear, apparel and equipment, primarily for global football (soccer). For more information, visit www.nikeinc.com and follow @Nike.
Source: Nike, Inc.