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.
Nike is expected to maintain its position as the most important sports brand in Chile. Nike de Chile’s strategy is to continue organising sports events – such as “Nike 10K” or “Nike 300K” – aimed at i...
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...
Nike México SA de CV plans to continue to position itself as one of the top sports brands in the country. In order to accomplish this goal, it will continue sponsoring local sports celebrities and foo...
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....
- 2014: Year in review - Sourcing winners and losers
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: Raising the bar on apparel exports?
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- Bangladesh factory improvements “will take years”
- Bangladesh knitting worker killed by faulty lift
- North Face debuts locally-grown "backyard" hoodie
- Tommy Hilfiger launches solar-powered jacket