Nike Inc. (Beaverton, Ore.) has completed the acquisition of Converse Inc. (North Andover, Mass.). Under the final terms of the transaction, originally announced on July 9, 2003, Nike purchased 100 percent of the equity shares for approximately $305 million.
“Converse is a positive addition to the Nike portfolio,” said Nike chairman, ceo and president Philip Knight. “I am confident we will build a great partnership that will allow Converse to continue to excel in the management of its brand and business. For Nike, this is yet another milestone in building our portfolio through multiple brands and helps position us for continued growth.”
The 95-year-old Converse company has created such legendary shoe brands as the Chuck Taylor All Star, the Jack Purcell and One Star. Converse sells its products in over 12,000 athletic specialty, sporting goods, specialty, department and national chain stores across the U.S. and Canada, and through 42 licensees in over 100 countries. Its 2002 revenues were $205 million. Nike's revenues for the year ended May 31, 2003, totaled $10.7 billion. It has also recently purchased, and added as a subsidiary. Cole Haan, which markets a line of high-quality men's and women's footwear, accessories and outerwear.
How does Nike control its retail environments with audio-visual presentations? Hear Tim Canfield, Nike's production director, film and video, brand design, talk about Nike's Project X at VM+SD's International Retail Design Conference, Sept. 17-19, 2003, in Miami Beach. For registration information, go to www.irdconline.com.