)--NIKE, Inc. (NYSE:NKE) today announced that it has reached a definitive
agreement to sell its Umbro affiliate brand to Iconix Brand Group, Inc.
(NASDAQ:ICON) for $225 million. The transaction is expected to be
complete by the end of 2012.
NIKE, Inc. had 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 on May 31, 2012.
“It is a difficult decision to divest any business but this action will
enable us to focus on our highest-potential growth opportunities,” said
NIKE, Inc. President and CEO Mark Parker. “Umbro has a great heritage,
but ultimately, as our category strategy has evolved, we believe Nike
Football can serve the needs of footballers both on and off the pitch.”
“Umbro is a true, authentic football brand with a global loyal consumer
fan base and we are thrilled to be adding it to our portfolio of iconic
brands,” stated, Neil Cole, CEO Iconix Brand Group. “Umbro is an
exciting acquisition with more than 30 licensees in over 100 countries
with a devout following. We look forward to working with our
international partners to maintain and expand upon the rich heritage of
Umbro,” Cole added.
NIKE, Inc. based near Beaverton, Oregon, is the world's leading
designer, marketer and distributor of authentic athletic footwear,
apparel, equipment and accessories for a wide variety of sports and
fitness activities. Wholly-owned NIKE subsidiaries include Cole Haan,
which designs, markets and distributes luxury shoes, handbags,
accessories and coats; Converse Inc., which designs, markets and
distributes athletic footwear, apparel and accessories; and Hurley
International LLC, which designs, markets and distributes action sports
and youth lifestyle footwear, apparel and accessories. For more
information, visit www.nikeinc.com
and follow @Nike.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio
of consumer brands including: CANDIE'S (R), BONGO (R), BADGLEY MISCHKA
(R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R),
OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET
(R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK
(R), and SHARPER IMAGE (R). In addition, Iconix owns interests in the
ARTFUL DODGER (R), ECKO (R), MARC ECKO (R), ED HARDY (R) MATERIAL GIRL
(R), PEANUTS (R), and TRUTH OR DARE brands. The Company licenses its
brands to a network of leading retailers and manufacturers that touch
every major segment of retail distribution from the luxury market to the
mass market in both the U.S. and worldwide. Through its in-house
business development, merchandising, advertising and public relations
departments Iconix manages its brands to drive greater consumer
awareness and equity.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50452457&lang=en