Nike sells Umbro to Iconix Brand Group for $225m

Umbro football Umbro lost the contract to make the England football kit to Nike earlier this year

Sportswear giant Nike has agreed a deal to sell UK sports brand Umbro to US clothing company Iconix Brand Group for $225m (£140m).

Nike announced earlier this year it was looking to sell the Cheadle, Manchester-based firm, which specialises in football kits.

The deal is expected to go through by the end of the year.

Iconix owns a number of clothing brands, including Madonna's Material Girl and rapper Jay-Z's Rocawear.

"It is difficult to divest any business, but this action will enable us to focus on our highest-potential growth opportunities," said Nike boss Mark Parker.

"Umbro has a great heritage but, ultimately, as our category has evolved, we believe Nike football can serve the needs of footballers on and off the pitch."

Nike bought Umbro, which lost the contract to make the England football team's kit to Nike in August, in 2007.

Iconix boss Neil Cole said he was "thrilled" to be taking over the brand. "Umbro is an exciting acquisition with more than 30 licensees in over 100 countries with a devout following."

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.