Pentland is choosing to concentrate its investment on leading brands such as Ellesse, Speedo and Kickers in an effort to increase margins across the group.
The move is part of a review of the business undertaken by Andrew Rubin, the new chief executive of Pentland, who replaced his father in the role last autumn.
The group also announced a shake up of its loss making US fashion footwear business. It is sacking 60 people and closing an office in New York at a cost of pounds 3.9m in an effort to guide the division back into profit. Pentland announced an 11 per cent rise in pre-tax profits to pounds 40.5m despite a disappointing performance at Berghaus, best known for its outdoor clothing, which suffered due to abnormally mild weather.