NIKE to Sell Umbro to Iconix Brand Group
NIKE (NYSE: NKE) today announced that it has reached a definitive
agreement to sell its Umbro affiliate brand to Iconix Brand Group, Inc.
(NASDAQ: ICON) for $225 million. The transaction is expected to be
complete by the end of 2012.
NIKE, Inc. had announced its intention to divest of Umbro and Cole Haan
to sharpen its focus on driving growth in the NIKE, Jordan, Converse and
Hurley brands on May 31, 2012.
“It is a difficult decision to divest any business but this action will
enable us to focus on our highest-potential growth opportunities,” said
NIKE, Inc. President and CEO Mark Parker. “Umbro has a great heritage,
but ultimately, as our category strategy