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...
- Yarn-forward rules weigh on Vietnam TPP potential
- How M&S plans to revamp its clothing business
- The difference between compliance and safety?
- Footwear to see "significant" gains from TPP
- Is China really going through a slump?
- Gap accused of rights violations in supply chain
- US Q1 in brief – Guess, Burlington Stores, Sears
- M&S to see "departure" of sourcing chiefs?
- Gap to close 75 stores amid "disastrous" Q1
- Adidas Speedfactory eyes large-scale production