Nike sells Umbro to Iconix for £140m
HISTORIC North West sportswear brand Umbro is to be sold for nearly £140m by its US owner Nike to another American company, Iconix Brand Group.
The Cheadle-based company, founded in Wilmslow in 1924 by brothers Harold and Wallace Humphreys, was put up for sale by Nike in May this year.
Controversially arguably two of Umbro’s most popular replica shirt deals, with England and Manchester City, have been transferred to Nike before and during the sale process.
The sale to Iconix is expected to be complete by the end of 2012, Nike said.
Iconix chief executive Neil Cole said: “”Umbro is a true, authentic football brand with a global loyal consumer fan base and we are thrilled to be adding it to our portfolio of iconic brands.
“Umbro is an exciting acquisition with more than 30 licensees in over 100 countries with a devout following.
“We look forward to working with our international partners to maintain and expand upon the rich heritage of Umbro.”
Nike president and chief executive Mark Parker said: “Umbro has a great heritage, but ultimately, as our category strategy has evolved, we believe Nike Football can serve the needs of footballers both on and off the pitch.
“It is a difficult decision to divest any business but this action will enable us to focus on our highest-potential growth opportunities.”
Umbro, which made the England kit for the 1966 World Cup Final, was acquired by Nike in 2007 for £363m, a deal which saw it de-listed from the stock market.
