English soccer brand Umbro is being let go by Nike, who has announced plans to get rid of some of the brands under its corporate umbrella so that they may focus on their central core. One of the first brands to go is Umbro, which Nike is reportedly selling to the Iconix Brand Group for $225 million.
In case you’re not familiar with Iconix, it’s a huge conglomerate (kind of like Nike) that also includes brands such as Mossimo, Rocawear, Ed Hardy, and Zoo York.
For an added bit of perspective on that $225 million price tag, consider this: When Nike first acquired the brand back in 2008, they paid $580 million for it. Nice deal for Iconix. Nike, incidentally, will continue selling soccer gear, but on the Nike Football label.