VF in deal to sell another of its apparel brands
That didn’t take very long.
VF Corp., parent company of Timberland, Vans, The North Face, Wrangler, and other labels, announced it has entered into a definitive agreement to sell its Nautica brand to Authentic Brands Group LLC. In mid-February, VF said it was in active talks to sell Nautica as it continues to focus on its best-performing brands.
The sell-off of Nautica, which has some 70 stores along with its wholesale business, follows VF’s sale of its Licensed Sports Group business to Fanatics in April 2017, and the divestiture of its contemporary brands businesses, which included 7 For All Mankind and Splendid, to Delta Galil Industries Ltd. in August 2016.
“As part of VF’s global business strategy, we’ve stated that our highest priority is to actively manage our brand portfolio to ensure that its composition positions us to accelerate growth,” stated VF chairman, president and CEO Steve Rendle. “This announcement marks yet another example of how we’re delivering on our commitment.”
Authentic Brands Group is the owner and licensor for a diverse range of brands including Frye, Jones New York, Juicy Couture, Greg Norman and Frederick’s of Hollywood to name but a few.
The transaction is expected to close in the first half of 2018, is subject to customary closing conditions and regulatory approvals for a closing to occur.
VF Corp., parent company of Timberland, Vans, The North Face, Wrangler, and other labels, announced it has entered into a definitive agreement to sell its Nautica brand to Authentic Brands Group LLC. In mid-February, VF said it was in active talks to sell Nautica as it continues to focus on its best-performing brands.
The sell-off of Nautica, which has some 70 stores along with its wholesale business, follows VF’s sale of its Licensed Sports Group business to Fanatics in April 2017, and the divestiture of its contemporary brands businesses, which included 7 For All Mankind and Splendid, to Delta Galil Industries Ltd. in August 2016.
“As part of VF’s global business strategy, we’ve stated that our highest priority is to actively manage our brand portfolio to ensure that its composition positions us to accelerate growth,” stated VF chairman, president and CEO Steve Rendle. “This announcement marks yet another example of how we’re delivering on our commitment.”
Authentic Brands Group is the owner and licensor for a diverse range of brands including Frye, Jones New York, Juicy Couture, Greg Norman and Frederick’s of Hollywood to name but a few.
The transaction is expected to close in the first half of 2018, is subject to customary closing conditions and regulatory approvals for a closing to occur.