Nike acquires UK-based Umbro soccer retailer
October 24th, 2007 by nic
I just read this in the Dailyvista today–
In an effort to broaden its international market, sports apparel giant Nike announced its agreement to acquire United Kingdom-based Umbro PLC for $582 million, according to the company.
The Beaverton, Ore.-based apparel and shoe maker said that the acquisition will be a part of the company’s plan to gain a stronger foothold in the global soccer market. Nike has recently been expanding aggressively outside the United States to increase its presence on a global scale.
In the first quarter, Nike reported revenue grew by 22 percent in the Asia-Pacific region and 16 percent in Europe, compared to 2 percent in the United States.
Umbro, based in Cheadle, England, designs, sources and markets soccer-related apparel, footwear and equipment sold in more than 90 countries.
Together with its 45 international licensees, Umbro supplies uniforms to the national teams of England, Ireland, Sweden and Norway. It also outfits six English Premier League teams and more than 100 other professional international teams with soccer gear.
Nike announced its intentions to operate Umbro as an independent, U.K.-based subsidiary, much like the company’s Converse brand.