US sportswear giant Nike is to sell its Umbro and Cole Haan brands so that it can focus on its other, faster growing, brands.
Nike has said that it will divest Umbro and Cole Haan to allow it to focuses its resources on the “highest potential opportunities” for the business which include its eponymous Nike brand as well as the Jordan, Converse and Hurley labels.
The global sportswear business purchased Manchester-based soccer brand Umbro in 2008 for more than $580m (£379.7m) to strengthen its presence in the soccer market. New York-based fashion-casual brand Cole Haan was acquired in 1988.
Nike will begin divesting the two businesses immediately and expects to have completed the process by May 31, 2013 - the end of Nike’s 2013 financial year.
Umbro is the offical sponsor of the England football team kit.