Nike Inc.announced it has reached a definitive agreement to sell its Cole Haan affiliate brand to Apax Partners for$570 million.The transaction is expected to be complete 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 Inc.portfolio are the most complementary to the Nike Brand,"said Nike Inc.President&CEO Mark Parker.
Alex Pellegrini,a Partner in Apax's Retail&Consumer team,said,"We are excited to partner with Jack Boys to grow the Cole Haan brand in the U.S.and internationally.Cole Haan is an iconic brand with broad consumer appeal and we believe the brand has even greater opportunities in the future.We look forward to investing in the Company to achieve this growth."
On May 31,2012,Nike Inc.announced its intention to divest of Umbro and Cole Haan to sharpen its focus on driving growth in the Nike,Jordan,Converse and Hurley brands.The sale of the Umbro brand to Iconix Brand Group was announced on October 24th.