Nike sells Umbro to Iconix
24/10/2012
The buyer has been named as US-based licensing company Iconix Brand Group, with the deal expected to close by the end of the year.
Nike announced its intention to sell Umbro in May, to sharpen its focus on driving growth in the Nike, Jordan, Converse and Hurley brands. Last month, it said it would supply England’s football kit, a contract UK-based Umbro had had since the 1950s, from next year.
“It is a difficult decision to divest any business but this action will enable us to focus on our highest-potential growth opportunities,” said Nike 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.”
Neil Cole, CEO Iconix Brand Group, said: “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."
Share this story:
