Back in May, Nike announced its plan to divest of both Umbro and Cole Haan in an effort to focus more on the growth of Nike, Jordan Brand, Converse, and Hurley. Today, it’s been announced that Umbro has been sold to Iconix Brand Group for $225 million.
Nike had the following to say on the sale:
?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 has evolved, we believe Nike Football can serve the needs of footballers both on and off the pitch.?
Iconix Brand Group also spoke on the purchase:
?Umbro is a true, authentic football brand with a global loyal consumer fan base and we are thrilled to be adding it to our portfolio of iconic brands,? stated, Neil Cole, CEO Iconix Brand Group. ?Umbro is an exciting acquisition with more than 30 licensees in over 100 countries with a devout following. We look forward to working with our international partners to maintain and expand upon the rich heritage of Umbro,? Cole added.
The transaction is expected to go through by the end of 2012. Iconix Brand Group is also home to the likes of Ecko, Candies, Starter, and Rocawear.
Source: Nike, Inc.