Nike today (31 May) revealed plans to divest its Cole Haan and Umbro brands to focus on growing the Nike, Jordan, Converse and Hurley brands.

Nike president and CEO Mark Parker said the move 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."

It will begin the process of divesting the two businesses immediately, and expects the move to be complete by the end of Nike's 2013 fiscal year.

Nike acquired New York-based Cole Haan, which specialises in casual and dress leather footwear and bags, in 1998. Umbro is a football specialist brand based in Manchester, UK, which Nike acquired in 2008.