DOW JONES NEWSWIRES Nike Inc. (NKE) said it plans to shed its Cole Haan and Umbro brands to focus on driving growth through its namesake and other brands. "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 Chief Executive Mark Parker. Cole Haan, which specializes in casual and dress leather shoes and bags, was acquired by Nike in 1988. The company bought soccer gear and apparel company Umbro in 2008. The divestiture process will begin immediately, and is expected to be completed by June 2013, Nike said. Financial terms and potential buyers weren't named. The company sees greater potential to speed its profit growth through the Nike brand, as well as its Jordan, Converse and Hurley brands. Nike in March reported its fiscal third-quarter earnings increased on higher world-wide sales, helped by product launches like the Nike Free running line and Nike+ FuelBand. While economic uncertainty has pressured the company's global customer base, Nike has posted robust growth in shoes and apparel in most countries it serves. Shares closed Wednesday at $108.25 and were inactive premarket. The stock is up 12% so far this year. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com
