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Nike selling off Cole Haan and Umbro

Nike Inc. is selling off its Cole Haan shoes and accessories brand and its Umbro soccer-related company in order to focus on its namesake products.

The company wants to focus on Nike gear such as its new digital FuelBand fitness tracker, as well as items from Jordan, Converse and Hurley, it said Thursday.

It hopes to find a buyer for Cole Haan and Umbro by the end of May 2013, when its fiscal year ends. 

“Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for NIKE Inc. to continue to drive sustainable, profitable growth for our shareholders,” said Nike Chief Executive Mark Parker in a statement.

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