NIKE, Inc. (NYSE: NKE) today announced its intention to divest of two of
its wholly-owned affiliate brands - Cole Haan and Umbro - to sharpen its
focus on driving growth in the NIKE, Jordan, Converse and Hurley brands.
“We see tremendous opportunity to accelerate profitable growth around
the world by continuing to deliver innovation and inspire consumers
through the NIKE brand,” said Mark Parker, President & CEO of NIKE, Inc.
“We also see significant potential in Jordan, Converse and Hurley, which
have unique consumer relationships that complement the NIKE Brand.*
“Divesting of Umbro and Cole Haan will allow us to focus our resources
on the highest-potential opportunities for NIKE, Inc. to continue to
drive sustainable, profitable growth for our shareholders.”*
Cole Haan, which specializes in casual and dress leather footwear and
bags, was acquired by NIKE, Inc. in 1988. The company is based in New
York. Umbro is a football (soccer) specialist brand based in Manchester,
UK, acquired by NIKE, Inc. in 2008. The process of divesting of these
two businesses will begin immediately, and is expected to be complete by
the end of NIKE, Inc.’s fiscal 2013 (May 31, 2013).
NIKE, Inc. based near Beaverton, Oregon, is the world's leading
designer, marketer and distributor of authentic athletic footwear,
apparel, equipment and accessories for a wide variety of sports and
fitness activities. Wholly-owned NIKE subsidiaries include Cole Haan,
which designs, markets and distributes luxury shoes, handbags,
accessories and coats; Converse Inc., which designs, markets and
distributes athletic footwear, apparel and accessories; Hurley
International LLC, which designs, markets and distributes action sports
and youth lifestyle footwear, apparel and accessories; and Umbro
International Limited, which designs, distributes and licenses athletic
and casual footwear, apparel and equipment, primarily for global
football (soccer). For more information, visit www.nikeinc.com
and follow @Nike.
*The marked paragraphs contain forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties are detailed from time
to time in reports filed by NIKE with the S.E.C., including Forms 8-K,
10-Q, and 10-K.