Nike Wants To Sell UMBRO And Cole Haan Brand In Order To Cut Costs.

NYSE:NKE announced on Thursday that it plans to sell its two brands, UMBRO's (Umbro) football products and Cole Haan footwear and accessories, to cut costs and focus on its core product line.

The company said its namesake brand and Jordan,

(Converse) there is more potential in the Hurley brand, and the latter three brands have "unique customer relationship" to complement Nike brand.

"Selling UMBRO and Cole Haan will enable us to focus our resources on the most potential opportunities for Nike companies to continue to drive sustainable profitable growth," said Mark Parker Mark, CEO Mark.

Although the strong demand for footwear and clothing has helped Nike surpass many competitors, it is also facing pressure from the cost of packaging, fuel and other raw materials, like most consumer products manufacturers.

The company recently launched two new product lines: FlyKnit ultra light sports shoes, and Nike+ training software and supplies.

Nike spokesman Charlie Brooks said that although the company has not yet found bidders for the two brands, it hopes to complete the sale by the end of next fiscal year 2013 in May next year, Charlie Brooks said.

Founded in Chicago in 1928, it was bought by Nike at about $95 million in 1988.

Founded in 1924 in Manchester, England, UMBRO brand was one of the world's first manufacturers of football products, and was purchased by Nike for $582 million in 2008.