Iconix Brand Group has signed an agreement to acquire the Umbro brand and related IP assets from Nike.
Founded in 1924, the football (soccer) Umbro brand combines its British heritage with a modern football lifestyle in sports apparel and footwear.
Iconix will reportedly pay $225 million in cash for the brand. The transaction is expected to close by the end of this year.
"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," says Neil Cole, chief executive officer, Iconix. "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 the brand."
This is Iconix's second deal with Nike; the first being its acquisition of the Starter brand in 2007.
With this acquisition, the Iconix's brands will generate approximately $13 billion in retail sales globally, with more than $2.5 billion attributable to the company's portfolio of athletic brands.