Iconix Brand Group, which licenses apparel labels like London Fog and Joe Boxer, has completed the acquisition of UK soccer brand Umbro from Nike for $225 million.
Iconix said with this deal, the company’s brands will generate approximately $13 billion in retail sales globally, with over $2.5 billion attributable to its athletic brands.
Neil Cole, chairman and CEO of Iconix Brand Group, said: “Acquisitions remain a key focus for our company and with our new securitization in place we believe we have significant financial flexibility and are well positioned to continue to grow our business and execute on our acquisition strategy.”
Nike revealed plans to divest its Umbro and Cole Haan divisions at the end of May, to focus on growing the Nike, Jordan, Converse and Hurley brands. The Cole Haan footwear brand has since been sold to private equity firm Apax Partners for $570 million.
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