Nike Inc. (Beaverton, Ore.) has reached a definitive agreement to sell its Cole Haan affiliate brand to Apax Partners (London) for $570 million.
“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 Inc. portfolio are the most complementary to the Nike Brand,” says Mark Parker, Nike Inc. president and ceo.
Alex Pellegrini, a partner in Apax's retail and consumer team, says the company will focus on growing the Cole Haan brand in the U.S. and internationally.
Earlier this year, Nike announced it would divest of the Umbro and Cole Haan brands to allow the company to focus on driving growth in its Nike, Jordan, Converse and Hurley brands. The Umbro brand was sold to Iconix Brand Group in October.