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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Highmark and UPMC feud over canceled physician contracts
- Oil, gas industry tries to keep talent in pipeline
- Westmoreland County’s Excela Health rethinks patient debts
- Pennsylvania unemployment rate drops to six-year low
- Los Angeles Auto Show builds reputation for high-performance luxury debuts
- Generic drug price spikes draw Senate inquiry
- Takata evasive to panel on safety
- Positive economic, earnings reports return Dow, S&P 500 to record territory
- Federal Reserve to review its oversight of big banks
- Small businesses’ dilemma: Keep costly health care coverage or lose talented workers
- Falling gasoline prices ease inflation pressure