Nike offload Umbro for €173m

Football kit-maker Umbro was today sold by its owner Nike to an American clothing giant for $225m (€173m).

Cheadle-based Umbro, which was taken private by Nike in a £285m (€220m) takeover in 2007, will be sold to Iconix Brand Group, the owner of Madonna’s Material Girl label and rapper Jay-Z’s Rocawear.