Cole Haan shoe brands to focus on core product lin

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Cole Haan shoe brands to focus on core product lines,[link widoczny dla zalogowanych]
- Nike is kicking its leather shoe and soccer brands to the curb.
The world's largest maker of athletic shoes and clothes said Thursday that it plans to sell two of its brands - Umbro soccer gear and Cole Haan shoes and accessories - to cut costs and focus on its namesake brand.
The company says more potential lies in its Nike products along with its Jordan, Converse and Hurley brands,[link widoczny dla zalogowanych], which it says have "unique consumer relationships" that complement the Nike brand.
"Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for Nike, Inc.,[link widoczny dla zalogowanych], to continue to drive sustainable,[link widoczny dla zalogowanych], profitable growth for our shareholders,[link widoczny dla zalogowanych]," said CEO Mark Parker.
Strong demand for Nike's shoes and clothes has helped the company charge past many rivals. But,[link widoczny dla zalogowanych], like most consumer product makers, Nike Inc. faces rising costs for packaging,[link widoczny dla zalogowanych], fuel and other raw materials.
It recently launched two high-profile lines: FlyKnit lightweight shoes and Nike+ training software and gear,[link widoczny dla zalogowanych].
Nike spokesman Charlie Brooks said Nike doesn't have any buyers lined up but hopes to complete the sales by the end of May 2013,[link widoczny dla zalogowanych], when the company's fiscal 2013 concludes.
Cole Haan traces its roots to Chicago in 1928, when it was making flapper-friendly leather shoes. Its current incarnation as a purveyor of men's and women's leather shoes and bags based in Yarmouth, Maine,[link widoczny dla zalogowanych], began in 1975. Nike acquired the brand in 1988 in a deal worth about $95 million at the time.
Umbro was founded in 1924 in Manchester in the United Kingdom as one of the first makers of soccer gear. Today,[link widoczny dla zalogowanych], it also makes soccer clothing and shoes, and it outfits many European and North and South American soccer teams. Nike acquired Umbro in 2008 for $582 million.
Both brands have recently weighed on Nike's profit margin - the amount of each dollar in revenue that a company actually keeps. In its most recent quarterly conference call,[link widoczny dla zalogowanych], the company said revenue increased at Umbro,[link widoczny dla zalogowanych], Hurley and Cole Haan, but their profitability fell.
Nike shares fell 81 cents to $107.44 in early trading,[link widoczny dla zalogowanych].
The Saturday, February 2, 2013 edition of Global National with Robin Gill
Sat, Feb 2: Prince Charles shared advice with a group of Canadian business executives in England this week. Sean Mallen has details.
Sat, Feb 2: A funeral was held today in Ontario for nine year old shooting victim Kesean Williams. Jennifer Tryon reports.
Sat, Feb 2: A 33 year old man is facing charges after he allegedly stabbed seven people in a Vancouver apartment building. Sonia Sunger has details.
Sat, Feb 2: France's parliament is one step closer to approving same sex marriage. But as Stuart Greer explains the issue is prompting protests.
Sat,[link widoczny dla zalogowanych], Feb 2: For the fifth day hostages negotiators are trying to rescue a five year old boy who is being held in a bunker in rural Alabama. Robin Stickley reports.
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