By Andria Cheng
NEW YORK (MarketWatch) - Nike Inc. NKE -1.76% said Wednesday that it agreed to sell its Umbro unit to Iconix Brand Group Inc. ICON -0.81% , parent of brands including London Fog and Joe Boxer, for $225 million. The transaction is expected to close by the end of the year. Nike has said it plans to divest Umbro and Cole Haan to focus on its namesake brand, Jordan, Converse and Hurley. "It is a difficult decision to divest any business but this action will enable us to focus on our highest-potential growth opportunities," said Nike President and Chief Executive Mark Parker. "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."
