NIKE to Sell Umbro to Iconix Brand Group

NIKE

today announced that it has reached a definitive agreement to sell its Umbro affiliate brand to Iconix Brand Group, Inc.

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