US: Nike to sell Cole Haan to Apax Partners for $570m
The transaction is expected to close in early 2013
Sportswear giant Nike is to sell its footwear brand Cole Haan to private equity firm Apax Partners for US$570m.
Apax is teaming up with former Converse chief executive Jack Boys to run the lifestyle brand, which operates 108 domestic stores and another 68 in Canada, China and Japan.
The private equity firm said it plans to accelerate growth in the US and internationally. The transaction is expected to close in early 2013.
"The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike portfolio are the most complementary to the Nike Brand," said Nike president and CEO Mark Parker.
While Alex Pellegrini, a partner in Apax's Retail & Consumer team, added: "Cole Haan is an iconic brand with broad consumer appeal and we believe the brand has even greater opportunities in the future."
Nike in May revealed plans to divest its Cole Haan - which it acquired in 1998 - and Umbro brands to focus on growing its Nike, Jordan, Converse and Hurley brands.
The sporting goods company sold its Umbro football brand to Iconix Brand Group for US$225m last month.
Reports filed by companies including Gap Inc, Gymboree Corp, Nike Inc, H&M and Wal-Mart Stores to comply with a Washington State law are said to have shown "chemicals of high concern" in products made...
Representatives from more than 40 apparel brands and retailers have called for a credible action plan to address workplace safety in the Bangladesh clothing sector as the death toll from last week's R...
Nike has teamed up with NASA and a number of other US government departments to collaborate on developing sustainable materials. ...
Iconix Brand Group, which owns and licenses brands including Candie's and Umbro, has raised its full-year earnings guidance after reporting a 28% increase in first-quarter net profit....
A new study into the impact of the branded clothing sector on the European economy is calling for a shift in thinking when it comes to setting out trade policies to include the full breadth of the ind...
Four months after lawmakers in Oregon approved legislation that tax rules would not change for companies making new investments in the state, sportswear giant Nike is to expand its headquarters in Was...
- Supply chain takeaways from Sourcing at MAGIC
- Cotton supply chain transparency an ongoing issue
- No simple way to be sustainable, says SAC CEO
- Why voters don’t want more global supply chains
- Denim and athleisure top picks for back-to-school
- Li & Fung eyes supply chain speed in 3-year plan
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- EU relaxes origin rules on Jordan clothing exports
- US Q2 in brief - Sears, Burlington, Tilly's
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras