Nike finds buyer for Umbro brand
NEW YORK (AP)
Nike has found a buyer for its Umbro brand, known for its soccer jerseys, in Iconix Brand Group Inc.
The clothing licensing company is purchasing Umbro for $225 million.
Nike Inc. said in May that it planned to sell the Umbro and Cole Haan brands to cut costs and focus on its namesake brand, along with Jordan, Converse and Hurley.
Nike bought Umbro in 2008 for $582 million.
Founded in 1924 in the United Kingdom, Umbro was one of the first makers of soccer gear. Today, it also makes shoes, jackets and other clothing.
“It is a difficult decision to divest any business, but this action will enable us to focus on our highest-potential growth opportunities,” Mark Parker, Nike’s chief executive, said in a statement.
“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.”