Costa Mesa-based Hurley International LLC is to be sold to brand licensing and management firm Bluestar Alliance LLC.
Parent Nike Inc. (NYSE: NKE) of Beaverton, Ore. announced the deal, on undisclosed terms, after market close Tuesday and said it’s expected to close in December.
Nike President of Categories and Product Michael Spillane cited in a statement Nike’s continued focus on its direct-to-consumer focus saying the Hurley sale “will allow a sharper focus and intentional investment in Hurley’s growth potential.”
Bluestar Alliance owns a portfolio of brands that include Bebe, Limited Too, Nanette Lepore and Catherine Malandrino with the aggregate of its businesses expected to generate retail sales in excess of $3 billion this year.
Nike shares closed down 1.7% to $89.28 on Tuesday. The sportwear firm had a recent market value of $139 billion.