VF boosts portfolio with Timberland deal
GREENSBORO, N.C. and STRATHAM, N.H.— VF Corp., owner of the Wrangler, Lee, 7 For All Mankind, among other big name apparel brands, has added another apparel juggernaut to its ranks. The company announced that it has signed a definitive merger agreement with The Timberland Company. VF will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The merger agreement was unanimously approved by both companies’ boards of directors.
Timberland is a global footwear and apparel company with expected 2011 revenues of $1.6 billion, over half of which are generated internationally, the companies reported.
“The Timberland brand is synonymous with high quality outdoor footwear and apparel," said Eric Wiseman, chairman and CEO of VF Corp. "This acquisition will continue the transformation of VF’s portfolio, propelling VF’s outdoor and action sports businesses to 50% of total revenues."
Williams-Sonoma to offer international shipping
SAN FRANCISCO— Williams-Sonoma announced that it will offer international shipping for its Pottery Barn, Pottery Barn Kids, West Elm and Williams-Sonoma brands. The company already offers international shipping for its PBteen brand through a partnership with FiftyOne Global E-commerce.
Customers in more than 75 countries will now be able to shop online for products in the following key categories: bedding, decorative accessories, kitchen tools and utensils, tabletop, select furniture, lighting, kids’ storage, rugs and window coverings, the company reported. International shipping for the Pottery Barn, Pottery Barn Kids and PBteen brands is currently available. International shipping for the West Elm and Williams-Sonoma brands is expected to launch by the end of the month.
“This is a true milestone for Williams-Sonoma, Inc.,” said Laura Alber, president and CEO. “Our brands have a strong presence in the U.S. and Canada and it’s exciting for customers around the world to now have access to the high quality home furnishings that we offer, whether buying for themselves or shipping to friends and family in more than 75 countries around the world.”
Town Center at Boca Raton
Town Center at Boca Raton, in Boca Raton, Fla., has launched a redesign of its food court that will see it re-emerge as The Cafes at Boca.
The Simon Property Group-owned mall’s upgraded food court will include a new contemporary design integrating modern elements already present in the common areas of the mall. The fabric roof structure will be replaced with a sloping architecture featuring clerestory windows to allow more natural light. Old fixtures will be replaced with the latest lighting technology. Flooring will include new porcelain tiles in three different neutral shades, and banquette and reupholstered seating arrangements will create a café feel.
The design and renovation process was initiated by Simon and is being overseen by CSO Architects of Indianapolis. Construction is slated for completion in October.
Town Center at Boca Raton features 220 luxury stores, including Coach, Tiffany & Co., Bvlgari, Cartier, Ulysse Nardin, Michael Kors, Williams-Sonoma, Intermix, Pottery Barn, Ann Taylor, Louis Vuitton, Origins, Juicy Couture, Godiva Chocolatier, abercrombie, anne fontaine and Brookstone, as well as anchor stores Bloomingdale’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue and Sears.