Wednesday, 24 October Nike Inc. announced that it agreed to sell its Umbro division for $ 225 million to Iconix Brand Group Inc. (ICON), owner of the brands London Fog and Joe Boxer.
The deal should close before the end of the year. Nike announced that it plans to get rid of Umbro and Cole Haan in order to focus on its brand of the same name, also brands Jordan, Converse and Hurley.
“It is a difficult decision to divest any business, but this move will allow us to focus on our highest growth potential,” said Nike President and CEO Mark Parker. Writes about this retailer.ru.