Nike has reached a definitive agreement to sell its Cole Haan affiliate brand to Apax Partners for $570 million. The transaction is expected to be complete in early 2013.
“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 portfolio are the most complementary to the Nike brand,” says Mark Parker, president and chief executive officer, Nike.
On May 31, Nike announced plans to divest of Umbro and Cole Haan to drive growth for the Nike, Jordan, Converse and Hurley brands. The sale of Umbro to Iconix Brand Group was announced in October.