Iconix to buy Umbro from Nike for $225 million
(Reuters) - Iconix Brand Group Inc (ICON.O) will buy the Umbro sneaker brand from Nike Inc (NKE.N) for $225 million, the companies said on Wednesday.
Nike, the world's largest athletic footwear company, said in May that it planned to sell Umbro and Cole Haan to sharpen its focus on its Nike, Jordan, Converse and Hurley brands. It has yet to reach a deal for Cole Haan, which makes leather shoes and handbags.
Sources told Reuters in June that Cole Haan was expected to fetch $400 million to $500 million.
The sale of Umbro, which is expected to close by the end of the year, is the second deal between Iconix and Nike.
Iconix, which owns or licenses dozens of brands, including Candie's, Joe Boxer and Badgley Mischka, bought Starter from Nike in 2007.
(Reporting by Martinne Geller in New York; Editing by Gerald E. McCormick and Lisa Von Ahn)