Sportswear giants Nike today announced that they have sold its Umbro affiliate brand and all related intellectual property assets to Iconix Brand Group for 225 million Dollars. The acquisition, which is expected to close by the end of the year,
follows Nike Inc’s announcement in May that it would divest of Umbro and Cole Haan to sharpen its focus on the Nike, Jordan, Converse and Hurley brands.
on the sale, Nike, Inc. President and CEO, Mark Parker, said: "It is a difficult decision to divest any business but this will enable us to focus on our highest-potential growth opportunities.
"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."
Founded in 1924, Umbro is a global sportswear brand that combines its British heritage with a modern football lifestyle to create iconic sports apparel, footwear, and it will be joining Iconix Brand Group’s portfolio of athletic brands which includes Starter and Danskin.
Neil Cole, CEO of Iconix, added: "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.
"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 the brand.”
Iconix Brand Group, owns, licenses and markets 29 consumer brands such as Badgley Mischka, Madonna’s Material Girl line, London Fog and Ocean Pacific, and with this acquisition, the company expects its brands to generate approximately 13 billion Dollars in retail sales globally.
Image: Team England performing in Umbro