Nike sell Cole Haan brand for $570 million
19 November 2012Nike are selling itheir Cole Haan footwear brand to private equity firm Apax Partners for $570 million, part of its effort to focus on core brands.The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe and bag division and their Umbro soccer shirt brand to cut costs.
Nike are focusing on their namesake brand, Jordan, Converse and Hurley.
The Cole Haan deal completes the Beaverton, Oregon, company's sale plan. In October they announced that clothing licensing company Iconix Brand Group would buy Umbro for $225 million. Nike had bought Umbro in 2008 for $582 million.
Nike acquired Cole Haan in 1998 in a deal then worth $95 million.
Cole Haan traces its roots to Chicago in 1928, when it was making leather shoes. Its current incarnation as a purveyor of men's and women's leather shoes and bags based in Yarmouth, Maine, began in 1975.
Like most consumer product makers, Nike have faced rising costs for packaging, fuel and other raw materials.
