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Nike sells off Umbro for £140m Thursday, 25th October 2012
Nike is to sell of UK-based sports brand Umbro to Iconix Brand Group for £140 million.
The deal is expected to reach completion by the close of 2012.
US-based Iconix also owns Madonna’s Material Girl range 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," Nike boss Mark Parker told the BBC.
"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."
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Posted in Deals and Takeovers, Sporting Goods Tagged Nike, Umbro, Sporting Goods, Deals & Rumours, Business News, Madonna, Jay-Z, Material Girl, Rocawear, Mark Parker
