Following their divestment of Umbro last month, today Nike official announced it has reached an agreement to sell Cole Haan. Apax Partners will pay $570 million USD for the brand, with the transaction 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.
Apax has extensive experience in fashion apparel, footwear and accessories through current and previous investments including Tommy Hilfiger and Calvin Klein. For the Cole Haan venture Apax is partnering with Jack Boys, who led the revitalisation of Converse, achieving significant growth in sales from $150 million to over $1 billion during his tenure as CEO.