Nike will sell subsidiary brands
Nike has announced its intention to spin off its two wholly owned subsidiaries, Cole Haan and Umbro, in order to focus more on driving growth for Nike, Jordan, Converse and Hurley. “We see tremendous opportunity to drive profitable growth worldwide by continuing to bring innovative products to market and inspire customers with Nike brands,” said Mark Parker, president and CEO of Nike. “We also see significant potential in the Jordan, Converse and Hurley brands, which are gaining consumer attention to complement the Nike brand. The Umbro and Cole Haan spin-off will allow us to focus resources on the opportunities with the greatest potential for Nike so that we can continue to build sustainable, profitable growth for our shareholders, ”said Mr. Parker. Cole Haan brand specializing in casual and fashion leather shoes and bags was acquired by NIKE, Inc. in 1988. The company is headquartered in New York. Umbro is a specialized football brand headquartered in Manchester, UK. It was acquired by NIKE, Inc. in 2008. The separation process of these two companies will begin immediately and should be completed by the end of the 2013 fiscal year of NIKE, Interfax.ru reports.
Nike will sell subsidiary brands Nike has announced its intention to separate its two wholly owned subsidiaries Cole Haan and Umbro in order to focus more on ...