VF Corp completes Reef sale
As predicted earlier this month, branded lifestyle apparel, footwear and accessories leader, VF Corp, has sold its Reef brand, to The Rockport Group of Newton, Massachusetts.
Terms of the agreement for the purchase of Reef, a shoes and clothing brand rooted in surf culture, were not disclosed.
The transaction comes just two months after Rockport was purchased by Charlesbank Capital Partners, a middle-market private equity firm.
Steve Rendle, VF’s Chairman, President and CEO, described the announcement as another step toward delivering on its commitments, as outlined in the company’s multi-year business strategy.
“Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority,” said Rendle in a release, issued earlier this month.
Last week, VF reported its second quarter results, which beat expectations. It equally raised its full-year guidance to be at least $13.7 billion, compared to a previous guidance of between $13.6 billion to $13.7 billion.
During the quarter, in particular, its three big brands – Vans, The North Face and Timberland - boosted results due to thriving demand.
The group has been undergoing planned portfolio changes since 2017, including the sale and acquisition of several brands in the last year.
In its first quarter, it acquired Williamson-Dickie, Icebreaker and Altra and sold Nautica to Authentic Brands Group.
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