Special To NYSportsJournalism
October 24, 2012: Iconix Brand Group said that it has reached a deal with Nike to acquire Umbro for $225 million.
The transaction is expected to be complete by the end of 2012.
Umbro, which produces soccer jerseys, shorts, cleats and equipment, joins an Iconix Brand roster that also includes Candie's, Joe Boxer, Mossimo, London Fog, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet and Sharper Image.
This is the second deal between Iconix and Nike, following a deal for the Starter brand in 2007.
Nike said earlier this year that it was putting its Umbro and Cole Haan units up for sale "to sharpen its focus on driving growth in the Nike, Jordan, Converse and Hurley brands."
“It is a difficult decision to divest any business but this action will enable us to focus on our highest-potential growth opportunities,” Mark Parker, Nike president and CEO, said in a statement. “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.”
Umbro, based in England and founded in 1924, is officially aligned with such football clubs as the national teams of England and Ireland, Manchester United (pictured), and Glasgow Rangers; in addition to supplying uniforms for other clubs worldwide.
According to Neil Cole, CEO for the Iconix Brand Group, “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. 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."
Nike's Cole Haan is still for sale.