Nike (NKE) is selling its Cole Haanbrand to private equity firm Apax Partners for $570 million, part of its effort to focus on core brands.
The sneakers, clothing and sports gear maker said in May that it wanted to sell theleather shoe and bag division and its Umbro soccerjersey brand to cut costs.
Nike is focusing on its namesake brand, Jordan, Converse and Hurley.
The Cole Haan deal completes the Beaverton, Ore., company's sale plan. Last month it announced thatclothing licensing company Iconix Brand Group Inc. would buy Umbro for $225 million.
