Nike Sells Umbro To Iconix Brand Group

Nike Inc has announced that it has reached an agreement to sell Umbro to Iconix Brand Group in a US$225 million deal. 

Nike announced in May that it would be selling off Umbro to focus on driving growth through its namesake, having acquired the brand in 2008. It also announced that it would be selling other athletic brands Jordan, Converse and Hurley. 

Earlier this year, Nike chief executive Mark Parker told media that the move would allow the brand to focus its resources on the highest-potential opportunities to continue to drive sustainable, profitable growth for shareholders. 

Parker commented: ‘It is a difficult decision to divest any business but this action will enable us to focus on our highest-potential growth opportunities.’

Neil Cole, CEO of Iconic Brand Group, said of the acquisition: ‘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.’