Nike Sells Starter to Iconix Brand Group

Nike Sells Starter to Iconix Brand Group

November 15, 2007

    BEAVERTON, Ore., Nov. 15 /Xinhua-PRNewswire/ -- NIKE,
Inc. (NYSE: NKE) today announced that it has reached a
definitive agreement to sell its Starter brand to Iconix
Brand Group, Inc. (Nasdaq: ICON) for $60 million in cash. 
Nike expects the transaction to be completed in December.

    ( Logo:
http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO )

    "We're pleased to have found a buyer committed to
investing in and growing the Starter brand," said Nike
Inc. President and CEO Mark Parker.  "Under Nike's
ownership, Starter has significantly strengthened its brand
and product design and development capabilities.  It is a
difficult decision to divest any business, but we have
found the right buyer and this is the right choice for
Nike.  Iconix is a well-respected brand builder and
manager."

    Nike decided to divest Starter, acquired in 2004,
following a strategic review of the company's Exeter Brands
Group, of which Starter is the main business.  As part of
the company's long-term growth strategy, Nike is optimizing
its portfolio of subsidiary brands, which contribute more
than $2 billion in annual revenues, to ensure the company
is investing in the greatest growth opportunities with the
highest returns.  Exeter is the smallest subsidiary in
Nike's portfolio.  Starter's growth potential relative to
other brands in Nike's portfolio, such as Converse, Cole
Haan, Hurley and Nike Golf, resulted in the decision to
divest.  Nike also recently announced its intent to explore
the sale of Nike Bauer Hockey.  That exploration process is
still under way. 

    Founded in 1971, Starter pioneered the league licensed
apparel business through agreements with Major League
Baseball, the National Basketball Association, the National
Hockey League and the National Football League. Starter is
distributed primarily in the United States through
Wal-Mart, and internationally through licensees. 

    Neil Cole, Chairman and CEO, Iconix, stated,
"Starter is an iconic brand that diversifies our
portfolio of holdings by moving us into the athletic
apparel, team sports and athletic footwear categories.  It
is a brand with a great deal of growth potential, both in
the United States and around the world, and one which I am
confident that Iconix can quickly add a lot of value.  We
are very excited to be working with Wal-Mart on this
project and believe that with their reach and our marketing
expertise Starter has the potential to become one of the
largest athletic apparel and footwear brands in the
world."

    About NIKE, Inc.

    NIKE, Inc. based near Beaverton, Oregon, is the world's
leading designer, marketer and distributor of authentic
athletic footwear, apparel, equipment and accessories for a
wide variety of sports and fitness activities. Wholly owned
Nike subsidiaries include Converse Inc., which designs,
markets and distributes athletic footwear, apparel and
accessories; NIKE Bauer Hockey Inc., a leading designer and
distributor of hockey equipment; Cole Haan, a leading
designer and marketer of luxury shoes, handbags,
accessories and coats; Hurley International LLC, which
designs, markets and distributes action sports and youth
lifestyle footwear, apparel and accessories and Exeter
Brands Group LLC, which designs and markets athletic
footwear and apparel for the value retail channel.  For
further information about Nike visit
http://www.nikebiz.com.

    About Iconix Brand Group, Inc.

    Iconix Brand Group Inc. owns, licenses and markets a
growing portfolio of consumer brands including CANDIE'S
(R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE
(R), MUDD (R), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC
(R), OP (R), DANSKIN (R), ROCA WEAR(R), CANNON (R), ROYAL
VELVET (R), FIELDCREST (R) and CHARISMA (R). The Company
licenses it brands to a network of leading retailers and
manufacturers that touch every major segment of retail
distribution from the luxury market to the mass market in
both the U.S. and around the world. Iconix, through its
in-house advertising, promotion and public relations
agency, markets its brands to continually drive greater
consumer awareness and equity.


    For more information, please contact:

    NIKE, Inc.
    
    Investors
     Pamela Catlett
     Tel: [phone]

    Media
     Alan Marks
     Tel: [phone]