US firm Nike recently announced it has reached a definitive agreement to sell the Hurley brand to Bluestar Alliance LLC. The terms of the transaction are not being disclosed and it is expected to be complete in December. Hurley’s global footprint will enhance Bluestar’s reach around the world, said Joey Gabbay, chief executive officer of Bluestar Alliance.

"As we drive increasingly more targeted investment and focused growth through Nike's Consumer Direct Offense, this change in ownership will allow sharper focus and intentional investment in Hurley's growth potential," said Michael Spillane, Nike’s president of categories and product, in a statement.

Nike is the world’s leading designer, marketer and distributor of athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Bluestar Alliance, founded in 2006 by Joseph Gabbay and Ralph Gindi, owns, manages and markets a portfolio of consumer brands, including Bebe, Tahari, Kensie, Limited Too, Brookstone, Nanette Lepore, Catherine Malandrino, Joan Vass and English Laundry.

Fibre2Fashion News Desk (DS)

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