Sportswear giant Nike has completed the sale of footwear brand Cole Haan to private equity firm Apax Partners, after the US$570m deal was revealed in November.

Apax Partners is teaming up with Converse chief executive Jack Boys to run the lifestyle brand, which operates 108 domestic stores and another 68 in Canada, China and Japan. Apax plans to accelerate growth in the US and internationally.

Nike has sold Cole Haan and soccer brand Umbro to focus on growing its Nike, Jordan, Converse and Hurley brands.