This isn't entirely surprising given the several brands that Nike already manage...
"Nike announced this
morning that it plans to sell its Cole Hann and Umbro brands in order to
focus on its core business lines, Nike Sportswear, Jordan, Converse,
and Hurley. Nike will begin the process immediately and expects to be
completed with the transition by this time next year, which the
Beaverton, Oregon-based brand hopes will bouy their rising supplies
costs just as demand continues to rise for its Swoosh-marked clothing
and shoes. “Divesting of Umbro and Cole Haan 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,”
said Mark Parker, President & CEO of Nike. Nike bought Cole Haan,
which specializes in casual and dress footwear and bags in 1988 while
the Manchester, U.K.-based soccer-focused brand, Umbro, came under the
Nike umbrella in 2008. Unfortunately, much like their failed attempt
with the Starter apparel brand in 2007, Nike continues to face strong
headwinds along their path toward unseating the dominate European
player, adidas, using brands that have had trouble taking off under their watch." - Freshness
via Freshness
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