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Nike Today Announced Plans To Sell Umbro For $225M

Nike today announced that it has reached an agreement to sell its Umbro brand to Iconix Brand Group for $225M. The transaction is expected to close by year's end. Nike earlier this year announced its intentions to divest of Umbro and Cole Haan. Nike President & 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." Nike acquired Umbro in '08 for $565M (THE DAILY).

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