Sportswear giant Nike has announced that it’s to sell its footwear brand Cole Haan to private equityfirm Apax Partners for 570 million Dollars, as part of its strategic plan to focus on its core brands.
Last May, Nike confirmed that it wished to focus on its namesake brand, Jordan, Converse and Hurley products, and last month it sold Umbro for 224 million Dollars to licensing company Iconix Brand Group.
Commenting on the sale of Cole Haan, Mark Parker, Nike, Inc. President and CEO, said: “The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the NIKE, Inc. portfolio are the most complementary to the NIKE Brand.”
Alex Pellegrini, a Partner in Apax's Retail & Consumer team, added, "We are excited to partner with Jack Boys to grow the Cole Haan brand in the U.S. and internationally. Cole Haan is an iconic brand with broad consumer appeal and we believe the brand has even greater opportunities in the future. We look forward to investing in the Company to achieve this growth."
The Cole Haan transaction to Apax Partners will be complete in early 2013.