Nike agrees to sell Cole Haan brand for $570 million
Nike Inc., the world's largest athletic-shoe maker, agreed to sell its Cole Haan fashion brand to private-equity firm Apax Partners for $570 million as it focuses on faster-growing businesses.
The transaction is expected to be completed in early 2013, Beaverton, Ore.-based Nike said Friday.
The company bought Cole Haan in 1988 for $95 million, including debt. After a year of ownership, the division had sales of $87 million.
In the fiscal year ended May 31, Cole Haan increased revenue 2.7 percent to $535 million. That made up 2.2 percent of Nike's $24.1 billion in total sales. The unit had 178 stores, including 109 in the U.S.
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