Nike is selling its leather shoe brand Cole Haan to private equity firm Apax Partners for $570 million.
The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe division and its Umbro soccer jersey brand as part of its plan to cut costs and focus on its core brands: Nike, Jordan, Converse and Hurley.
The Cole Haan deal completes the Beaverton company's plan. Last month it announced the sale of Umbro to clothing licensing company Iconix Brand Group Inc. for $225 million. Nike had bought Umbro in 2008 for $582 million.
Nike acquired Cole Haan in 1998 in a deal then worth $95 million.
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