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American based Iconix Brand Group Inc will buy the Umbro brand from Nike Inc for $225 million, the companies annouced in on Wednesday.
Nike, the world's largest athletic footwear company, said in May that it planned to sell Umbro and Cole Haan to sharpen its focus on the Nike, Jordan, Converse and Hurley brands. It has yet to reach a deal for Cole Haan, which makes leather shoes and handbags.
The sale of Umbro, which is expected to close by the end of the year, is the second deal between Iconix and Nike. Iconix, which owns or licenses dozens of brands, including Candie's, Joe Boxer and Badgley Mischka, bought Starter from Nike in 2007.
Aside from an eight-year stretch between 1974 and 1982, Umbro which has been based in the North West has made every England football kit since the 1950s, a contract lost in August to Nike.