As one of the world's largest athletic shoes company, America-based Nike has decided to sell its Britain-based Umbro unit. Umbro is a very popular brand among soccer players around the world. Many famous teams have been using gears produced by Umbro for many years, especially in the English soccer premier league.
In the meantime, Nike will focus on its domestic market such as America college football and other sports. The Oregon-based company will now only handle few brands such as its popular Nike brand, the basketball-legend Michael Jordan shoes and gears, its canvas shoes Converse brand, and popular teenagers and young adults Hurley brands.
The company is also planning to sell its Cole Haan brand which is one of the top leather shoes and handbags. The asking price for Cole Haan is about a half billion dollar.
The buyer of Umbro is Iconix Brand Group Inc. Iconix maintains several brands such as Candie's, Joe Boxer, and Starter. Iconix will pay Nike for $225 million. This amount is almost less than half of what Nike purchased Umbro few years ago. The deal is projected to be close by end of December 2012.
(Image: Just Do It, Nike logo)