Nike is selling its Cole Haan brand to private equity firm Apax Partners for $570 million. The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe division and its Umbro soccer jersey brand as part of its plan to cut costs and focus on its core brands: Nike, Jordan, Converse and Hurley. The Cole Haan deal completes Nike's plan. Last month it Nike the sale of Umbro to clothing licensing company Iconix Brand Group for $225 million. Nike had bought Umbro in 2008 for $582 million. Nike acquired Cole Haan in 1998 in a deal then worth $95 million. Cole Haan traces its roots to Chicago in 1928, when it was making flapper-friendly leather shoes.
