Sport-locker.net can reveal that Nike today announced that it has sold its Umbro affiliate brand to Iconix Brand Group for $225 million, with the transaction expecting to be complete by the end of 2012.
“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, Inc. President and 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.”
One brand’s loss is another’s gain though…
“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,” stated, Neil Cole, CEO Iconix Brand Group.
“Umbro is an exciting acquisition with more than 30 licensees in over 100 countries with a devout following. We look forward to working with our international partners to maintain and expand upon the rich heritage of Umbro,” Cole added.