The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe and bag division and its Umbro soccer jersey brand to cut costs.
Nike is focusing on its namesake brand, Jordan, Converse and Hurley.
The Cole Haan deal completes the Beaverton, Ore., company's sale plan. Last month it announced that clothing licensing company Iconix Brand Group Inc. would buy Umbro for $225 million. Nike had bought Umbro in 2008 for $582 million.
Nike acquired Cole Haan in 1998 in a deal then worth $95 million.
Cole Haan traces its roots to Chicago in 1928, when it was making flapper-friendly leather shoes. Its current incarnation as a purveyor of men's and women's leather shoes and bags based in Yarmouth, Maine, began in 1975.
Like most consumer product makers, Nike Inc. has faced rising costs for packaging, fuel and other raw materials.
Nike shares rose 69 cents to $91.52 in morning trading.
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