Nike has put Umbro up for sale, along with its fashion brand Cole Haan, in a bid to sharpen its focus on driving growth in the Nike, Jordan, Converse and Hurley brands.
“We see tremendous opportunity to accelerate profitable growth around the world by continuing to deliver innovation and inspire consumers through the Nike brand,” says Mark Parker, president and CEO of Nike.
“We also see significant potential in Jordan, Converse and Hurley, which have unique consumer relationships that complement the Nike brand.”
“Divesting of Umbro [which was bought by Nike in 2008] and Cole Haan will allow us to focus our resources on the highest potential opportunities for Nike, Inc to continue to drive sustainable, profitable growth for our shareholders.”
Nike said the process of divesting of these two businesses will begin immediately, and is expected to be complete by the end of the company’s fiscal 2013 (May 31).
Sports Direct’s Mike Ashley set to bid for England football kit maker Umbro: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9309142/Sports-Directs-Mike-Ashley-set-to-bid-for-England-football-kit-maker-Umbro.html
