In a statement made earlier today, November 16th, Nike announced that they have sold their brand affiliate Cole Haan for $570 million to Apax Partners after reaching a definitive agreement with the parties. Back in May of this year, there were discussions regarding this outcome and now it has been announced with the deal to be officially completed in 2013.
Nike's President & CEO Mark Parker made a statement.
"The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the NIKE, Inc. portfolio are the most complementary to the NIKE Brand."
What are your thoughts on Cole Haan's departure from Nike, Inc.?