Nike, Inc. has announced its intention to divest of brands Cole Haan and Umbro in an effort to focus more attention on the growth of Nike, Jordan, Converse, and Hurley.
?We see tremendous opportunity to accelerate profitable growth around the world by continuing to deliver innovation and inspire consumers through the NIKE brand.? said Mark Parker, President & CEO of NIKE, Inc. ?We also see significant potential in Jordan, Converse and Hurley, which have unique consumer relationships that complement the NIKE Brand.?
?Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for NIKE, Inc. to continue to drive sustainable, profitable growth for our shareholders.?
Nike purchased Cole Haan in 1988 and Umbro in 2008. The process of divesting both businesses will begin immediately, and is expected to finish by the end of Nike?s fiscal year in 2013.
Source: Nike, Inc.