Nike to sell Cole Haan brand for $570m
Nike says it's reached a deal to sell its Cole Haan brand to private equity firm Apax Partners for $570 million.
The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe division and its Umbro soccer jersey brand as part of its plan to cut costs and focus on its core brands: Nike, Jordan, Converse and Hurley.
Nike Inc. acquired Cole Haan in 1988, in a deal then worth about $95 million.
The Beaverton, Ore., company last month announced the sale of Umbro to clothing licensing company Iconix Brand Group Inc. for $225 million.
Nike shares are up $1.16, or 1.3 percent, to $91.99 just before the opening bell. - Sapa-AP