Business

Nike selling Cole Haan brand for $570 million

BEAVERTON, Ore. — Nike is selling its Cole Haan brand to private equity firm Apax Partners for $570 million, part of its effort to focus on core brands.

The sneakers, clothing, and sports gear maker said in May that it wanted to sell the leather shoe and bag division and its Umbro soccer jersey brand to cut costs.

Nike is focusing on its namesake brand, Jordan, Converse, and Hurley.

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The Cole Haan deal completes the Beaverton, Ore., company’s sale plan. Last month it announced that clothing licensing company Iconix Brand Group Inc. would buy Umbro for $225 million. Nike had bought Umbro in 2008 for $582 million.

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Nike acquired Cole Haan in 1998 in a deal then worth $95 million.

Cole Haan traces its roots to Chicago in 1928, when it was making flapper-friendly leather shoes.

Nike shares rose $1.76, or 2 percent, to close at $92.59 Friday.