Some interesting merger and acquisition activity among some of the top shoe brands. We wrote earlier that Nike was looking to exit its Cole Haan brand. We can now confirm that Nike has indeed found a buyer, a private equity firm, for an impressive $570m. No small change!

Why did Nike decide to sell such an attractive brand? The answer, according to Nike CEO Mark Parker, is the desire by Nike to restrict their focus to the fastest growing footwear brands. This is the reason that Nike sold Umbro last month for a tidy $225m.

All in all Cole Haan was a reasonable investment for Nike. They purchased it for less than 20% of the ultimate sale price, namely $95m, way back in 1988. however, Cole Haan still only accounted for less than 3% of Nike's total revenue, so the logic behind the sale is understandable.

Can we expect to see further corporate action in the shoe space? We'll do our best to keep you posted!