Nike Inc. reported a definitive agreement to sell its casual footwear brand, Cole Haan, to an investment fund, Apax Partners, for $570 million. The price is considered to be relatively high, but it was probably boosted by the fact that Jack Boys, who formerly directed Converse, is going to run Cole Haan. The group said this will allow it to focus on opportunities with the highest potential for strong returns and to ensure that the remaining brands in its portfolio are complementary with the Nike brand. It already sold Umbro to Iconix a few weeks ago. No other major divestitures are planned (more in Shoe Intelligence).

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