Sports Direct could buy sportswear firm Umbro
Sports Direct has emerged as a potential buyer of Umbro after the sportswear brand was put up for sale by Nike last week.
Nike is looking to sell Umbro less than five years after purchasing the business for £285 million. The company is also planning to dispose of leather goods brand Cole Haan as it looks to focus on its core brands and faster growing labels such as Converse.
Chief executive Mike Parker said: “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.”
Sports Direct, which owned a 30% stake in Umbro prior to its purchase by Nike, is expected to make a bid for the business but is likely to face competition from several private equity firms.
Never Miss a Retail Update!Founded in 1924, Umbro achieved annual revenue of £146 million last year. The company provides football kit for the England team as well as for Premier League champions Manchester City.
