Nike sells Cole Haan to focus on its other brands
19/11/2012
Private equity firm Apax Partners has paid $570 million in cash, with the deal expected to close early next year.
Nike CEO Mark Parker said: "The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike portfolio are the most complementary to the Nike brand."
Apax is partnering with Jack Boys, who led the revitalisation of Converse into a fast-growing global lifestyle brand. During Mr Boys’ tenure as CEO, Converse achieved growth in sales from $150 million to more than $1 billion.
Alex Pellegrini, a partner in Apax's retail and consumer team, said: "Cole Haan is an iconic brand with broad consumer appeal and we believe it will have even greater opportunities in the future. We look forward to investing in the company to achieve this growth."
US-based Cole Haan was launched in 1928 and sells through department stores, 108 domestic Cole Haan stores, 68 international stores and on its online site.
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