By  on November 18, 2012

Nike Inc. has signed a $570 million agreement to sell Cole Haan to private equity firm Apax Partners.

The sneaker giant bought Cole Haan for $95 million in cash and debt in 1988, but wanted to divest the business, along with Umbro, to focus on its core Nike, Jordan, Converse and Hurley brands. Iconix Brand Group Inc. agreed to buy Umbro for $225 million last month.

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