Nike sells Umbro for $225m

Iconix Brand will buy the Umbro sneaker brand from Nike for $225m, the companies said yesterday. Nike, the world’s largest athletic footwear company, said in May that it planned to sell Umbro and Cole Haan to sharpen its focus on its Nike, Jordan, Converse and Hurley brands. The sale of Umbro, which is expected to close by the end of the year, is the second deal between Iconix and Nike. Iconix, which owns or licenses dozens of brands, bought Starter from Nike in 2007.