Nike announced it is selling its Cole Haan brand to private equity firm APAX Partners for $570 million, according to a New York Times article. In the running for the brand was private equity firm TPG, which previously had a bid out to purchase Billabong. Former Cole Haan chief executive is now a senior advisor for TPG, so the firm was a logical fit, however, the $570 million price tag was too steep for the competing TPG. New York and London based APAX will bring in Jacks brothers, who formerly ran Converse, to head up Cole Haan moving forward. APAX has a strong retail background, with former investments in Tommy Hilfiger and rue21, according to NY Times. For more, find the entire report at NY Times. com.