In an effort to focus on its core brands, Nike (NYSE: NKE) on Thursday announced its intentions to sell its Cole Haan and Umbro businesses. The company hopes the decision will drive growth for its Nike, Jordan, Converse and Hurley products.
“Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for Nike to continue to drive sustainable, profitable growth for our shareholders,” President and CEO Mark Parker said in a news release.
The athletic apparel company acquired Cole Haan, which specializes in casual and dress leather footwear and bags, in 1988. Umbro, a UK-based soccer brand, was acquired by Nike in 2008.
The process of divesting of these two businesses will begin immediately. Nike expects the transactions to be completed before June 1, 2013.