Nike is a globally recognized brand that has dominated the sports industry for decades. However, not many people know about the company’s acquisition of Cole Haan, a luxury American fashion brand. So, when did Nike acquire Cole Haan, and what led to this strategic move?
In 1988, Nike purchased Cole Haan, making it a subsidiary of the company. The acquisition was part of Nike’s plan to expand its reach beyond the sports industry and into the fashion world. Today, Cole Haan is known for its high-end shoes, bags, and accessories, and continues to be a successful subsidiary of Nike.
When Did Nike Own Cole Haan?
Cole Haan is a company that specializes in creating high-quality footwear, bags, and accessories. The company has a long history of crafting beautiful and functional items that are popular with people all over the world. Cole Haan was founded in Chicago in 1928, and since then, it has been owned by several different companies. One of the most significant changes in ownership came when Nike acquired the company in 1988.
Nike’s Acquisition of Cole Haan
Nike is a multinational corporation that is known for producing high-quality athletic footwear, apparel, and accessories. The company was founded in 1964 by Bill Bowerman and Phil Knight, and it quickly became one of the most successful sportswear brands in the world. In 1988, Nike acquired Cole Haan, which at the time was a struggling brand that was in need of a new direction.
The acquisition of Cole Haan by Nike was a strategic move that allowed the company to expand its product offering beyond athletic footwear and apparel. At the time, Nike was primarily known as a sportswear brand, and the acquisition of Cole Haan allowed the company to enter the fashion industry. Nike recognized the potential of Cole Haan’s brand and saw an opportunity to leverage its existing infrastructure to help the company grow.
The Benefits of Nike’s Acquisition of Cole Haan
The acquisition of Cole Haan by Nike has been beneficial for both companies. Nike was able to leverage its existing infrastructure to help Cole Haan grow, and Cole Haan was able to benefit from Nike’s marketing and distribution channels.
One of the main benefits of the acquisition was that it allowed Cole Haan to expand its product offering beyond footwear. The company was able to develop a range of accessories, including bags, belts, and wallets. This allowed Cole Haan to appeal to a broader customer base and helped to increase the company’s revenue.
Another benefit of the acquisition was that it allowed Nike to diversify its product offering. Prior to the acquisition, Nike was primarily known as a sportswear brand. However, the acquisition of Cole Haan allowed Nike to enter the fashion industry and expand its product offering beyond athletic footwear and apparel.
Cole Haan vs Other Brands
Cole Haan is a unique brand that stands out from other footwear and accessory brands. The company is known for its high-quality craftsmanship and attention to detail. Cole Haan’s products are designed to be both functional and stylish, making them popular with people of all ages.
One of the main differences between Cole Haan and other footwear brands is that Cole Haan uses a variety of materials in its products. For example, the company uses leather, suede, and canvas in its footwear, which gives its products a unique look and feel. Other brands may focus on using only one or two materials in their products.
Another difference between Cole Haan and other brands is that Cole Haan’s products are designed to be versatile. The company’s footwear and accessories can be worn in a variety of settings, from the office to the weekend. Other brands may focus on creating products that are only suitable for one particular setting.
Cole Haan’s Commitment to Sustainability
In recent years, Cole Haan has made a commitment to sustainability. The company has implemented several initiatives to reduce its environmental impact and promote sustainable practices.
One of the initiatives that Cole Haan has implemented is its “Zero Landfill” program. The program is designed to reduce waste by diverting materials from landfills and recycling them. Cole Haan has also implemented a “Green Chemistry” program, which aims to reduce the use of harmful chemicals in its products.
In addition to these initiatives, Cole Haan has also implemented a “Code of Conduct” for its suppliers. The code outlines the company’s expectations for ethical and sustainable practices, and suppliers are required to adhere to these standards.
Cole Haan’s Footwear Collection
Cole Haan’s footwear collection is one of the company’s most popular product lines. The collection includes a range of styles, from dress shoes to casual sneakers.
One of the key features of Cole Haan’s footwear is its use of innovative technology. For example, the company’s “Grand.OS” technology is designed to provide maximum comfort and flexibility. The technology is used in many of the company’s footwear styles and has been well-received by customers.
Another feature of Cole Haan’s footwear collection is its attention to detail. The company uses high-quality materials, such as leather and suede, and pays close attention to the design and construction of its products. This attention to detail is reflected in the quality of the company’s footwear.
Cole Haan’s Bag Collection
In addition to its footwear collection, Cole Haan also offers a range of bags and accessories. The company’s bag collection includes a variety of styles, from tote bags to backpacks.
One of the key features of Cole Haan’s bag collection is its attention to detail. The bags are designed to be both functional and stylish, and the company uses high-quality materials, such as leather and canvas.
Another feature of Cole Haan’s bag collection is its versatility. The bags are designed to be suitable for a variety of settings, from the office to travel. This versatility makes them popular with customers who are looking for a functional and stylish bag.
Cole Haan’s Accessories Collection
In addition to its footwear and bag collections, Cole Haan also offers a range of accessories. The company’s accessories collection includes belts, wallets, and other small leather goods.
One of the key features of Cole Haan’s accessories collection is its attention to detail. The accessories are designed to be both functional and stylish, and the company uses high-quality materials, such as leather and suede.
Another feature of Cole Haan’s accessories collection is its versatility. The accessories are designed to be suitable for a variety of settings, from the office to the weekend. This versatility makes them popular with customers who are looking for a functional and stylish accessory.
Cole Haan’s Presence Today
Today, Cole Haan is a well-respected brand that is known for its high-quality products and commitment to sustainability. The company continues to expand its product offering and has a strong presence in both the fashion and athletic industries.
One of the reasons for Cole Haan’s success is its ability to adapt to changing trends and customer preferences. The company is constantly innovating and looking for ways to improve its products and processes. This has allowed the company to remain relevant and popular with customers for over 90 years.
Conclusion
Nike’s acquisition of Cole Haan in 1988 was a strategic move that allowed both companies to benefit. Cole Haan was able to expand its product offering and benefit from Nike’s marketing and distribution channels, while Nike was able to diversify its product offering and enter the fashion industry. Today, Cole Haan is a well-respected brand that is known for its high-quality products and commitment to sustainability. The company’s footwear, bag, and accessory collections are popular with customers of all ages, and the company continues to innovate and adapt to changing trends and customer preferences.
Frequently Asked Questions:
Learn about the ownership timeline of Cole Haan under Nike, Inc. through these frequently asked questions.
When did Nike acquire Cole Haan?
Nike, Inc. acquired Cole Haan in 1988 for $95 million. The acquisition of Cole Haan was part of Nike’s strategy to expand and diversify its product offerings beyond athletic footwear and apparel. Cole Haan was initially operated as a wholly-owned subsidiary of Nike and was integrated into Nike’s other subsidiary, Umbro, in 2002.
In 2012, Nike sold Cole Haan to private equity firm Apax Partners for $570 million. The sale was made to allow Nike to focus on its core business of athletic footwear and apparel, while also giving Cole Haan the opportunity to pursue its own growth strategy as a standalone company.
How did Nike benefit from owning Cole Haan?
As a lifestyle brand known for its high-quality leather goods, Cole Haan brought a new dimension to Nike’s product portfolio. Nike was able to leverage Cole Haan’s expertise in designing and manufacturing dress shoes, handbags, and other leather accessories to create a more comprehensive lifestyle brand that appealed to a wider audience.
Nike also benefited from Cole Haan’s strong retail presence, which helped to expand Nike’s distribution network beyond traditional sporting goods stores. Cole Haan’s standalone stores and department store partnerships provided Nike with a new sales channel for its products, helping to increase overall revenue and brand awareness.
Why did Nike sell Cole Haan?
Nike sold Cole Haan in 2012 to focus on its core business of athletic footwear and apparel. While Cole Haan had been a valuable asset to Nike, the company felt that it was time to divest the brand to allow it to pursue its own growth strategy as a standalone company.
The sale of Cole Haan also allowed Nike to focus its resources on developing its core brands, such as Nike, Jordan, and Converse. By streamlining its product portfolio, Nike was able to improve operational efficiency and profitability, which ultimately benefited the company and its shareholders.
What has happened to Cole Haan since it was sold by Nike?
Since it was sold by Nike in 2012, Cole Haan has undergone a significant transformation. Under the leadership of new CEO Jack Boys, Cole Haan has focused on expanding its product offerings, particularly in the women’s footwear and handbag categories.
Cole Haan has also invested heavily in its e-commerce capabilities, launching a new website and mobile app in 2019 to improve the online shopping experience for its customers. In addition, Cole Haan has expanded its retail footprint, opening new standalone stores and partnerships with major department stores such as Nordstrom and Bloomingdale’s.
Is Cole Haan still owned by Apax Partners?
No, Cole Haan is no longer owned by Apax Partners. In 2020, Cole Haan became a publicly-traded company, with shares listed on the NASDAQ stock exchange under the ticker symbol “CLHN”.
The IPO was a significant milestone for Cole Haan, as it allowed the company to raise additional capital to fund its growth initiatives and increase its brand recognition among investors and consumers.
In conclusion, Nike owned Cole Haan from 1988 until 2012 when it sold the brand to Apax Partners for $570 million. During Nike’s ownership, Cole Haan grew into a popular fashion brand known for its stylish and comfortable footwear.
Despite the sale, Nike and Cole Haan maintained a strong relationship, collaborating on several projects and product lines. However, Cole Haan continued to operate independently under Apax Partners’ ownership.
Today, Cole Haan continues to thrive and expand its product offerings beyond footwear, while Nike remains a dominant force in the athletic and lifestyle apparel industry. The legacy of their partnership lives on in the fashion world, inspiring new generations of designers and entrepreneurs to push the boundaries of innovation and creativity.
