Iconix Brand Group has signed an agreement to acquire UK football brand Umbro from Nike for US$225m.

"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," said Iconix CEO Neil Cole.

"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." 

Nike announced plans to divest the Cole Haan and Umbro divisions at the end of May to focus on growing the Nike, Jordan, Converse and Hurley brands.

"It is a difficult decision to divest any business but this will enable us to focus on our highest-potential growth opportunities," said Nike president and CEO Mark Parker. "Umbro has a great heritage, but ultimately, as our category strategy has evolved, we believe Nike Football can serve the needs of footballers both on and off the pitch."

Inconix said the transaction is expected to close by the end of the year.