The company wants to focus on Nike gear such as its new digital FuelBand fitness tracker, as well as items from Jordan,
It hopes to find a buyer for Cole Haan and Umbro by the end of May 2013, when its fiscal year ends.
“Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for NIKE Inc. to continue to drive sustainable, profitable growth for our shareholders,” said Nike Chief Executive
Both brands have struggled recently to make a profit even as revenue continued growing.
Cole Haan was acquired by Nike in 1988. The brand has paired up with tennis star
Nike took on English company Umbro in 2008. Sports giants such as
In March, Nike reported its third quarter earnings, which showed revenue growing 15% to $5.8 billion and earnings per share up 11% to $1.20. The company is gearing up for the summer Olympics in London with its Nike Pro TurboSpeed tracksuit, shoes made with Flyknit technology and more.