NIKE,
Inc. (NYSE:NKE) today announced that it has reached a definitive agreement to
sell its Umbro affiliate brand to Iconix Brand Group, Inc. (NASDAQ:ICON) for
$225 million. The transaction is expected to be complete by the end of 2012.
NIKE,
Inc. had announced its intention to divest of Umbro and Cole Haan to sharpen
its focus on driving growth in the NIKE, Jordan, Converse and Hurley brands on
May 31, 2012.
“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.”
“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.
About NIKE, Inc.
NIKE,
Inc. based near Beaverton, Oregon, is the world's leading designer, marketer
and distributor of authentic athletic footwear, apparel, equipment and
accessories for a wide variety of sports and fitness activities. Wholly-owned
NIKE subsidiaries include Cole Haan, which designs, markets and distributes
luxury shoes, handbags, accessories and coats; Converse Inc., which designs, markets
and distributes athletic footwear, apparel and accessories; and Hurley
International LLC, which designs, markets and distributes action sports and
youth lifestyle footwear, apparel and accessories. For more information, visit
www.nikeinc.com and follow @Nike.
