The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe division and its Umbro soccer jersey brand as part of its plan to cut costs and focus on its core brands: Nike, Jordan, Converse and Hurley.
The Cole Haan deal completes the Beaverton, Ore., company's plan. Last month it announced the sale of Umbro to clothing licensing company Iconix Brand Group Inc. 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 $1.36, or 1.5 per cent, to $92.19 shortly after the markets opened.