Report: Nike May Sell Hurley Brand

(RTTNews) - Sports apparel giant Nike (NKE) is reportedly exploring the sale of its surfwear brand Hurley International.

A sale of Hurley is one of the options that Nike is considering for the Costa Mesa, California-born brand, Reuters reported, citing people familiar with the matter. Nike did not disclose the amount the sale of Hurley would fetch.

Nike had acquired purchased the brand from Bob Hurley in 2002 for an undisclosed amount as it sought to venture into the surfing, skating, and snowboarding markets. However, the market surfwear has slowed down as the fashion industry shifts towards other household sportswear and streetwear names.