VF Corporation Enters into Definitive Agreement to Sell the Nautica® Brand Business to Authentic Brands Group, LLC
March 19 2018 - 6:55AM
Business Wire
VF Corporation (NYSE:VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced that it has
entered into a definitive agreement to sell the Nautica® brand
business to Authentic Brands Group (ABG), LLC.
Commenting on the transaction, VF’s Chairman, President and
Chief Executive Officer Steve Rendle said, “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. This announcement marks yet
another example of how we’re delivering on our commitment. We are
pleased to have reached this agreement with Authentic Brands Group.
The Nautica® brand is an iconic, globally recognized brand, and
Authentic Brands Group is the ideal owner to guide its next phase
of growth and success.”
“We are thrilled to welcome Nautica® to the ABG portfolio and
are ready to take the helm of this classic American brand,” said
Jamie Salter, Chairman and Chief Executive Officer of ABG.
The transaction, which is expected to close in the first half of
2018, is subject to customary closing conditions and regulatory
approvals for a closing to occur. Terms of the agreement were not
disclosed.
BofA Merrill Lynch served as exclusive financial advisor to VF
on the transaction. Davis Polk & Wardwell LLP is acting as
legal advisor.
About VF
VF Corporation (NYSE: VFC) outfits consumers around the world
with its diverse portfolio of iconic lifestyle brands, including
Vans®, The North Face®, Timberland®, Wrangler® and Lee®.
Founded in 1899, VF is one of the world’s largest apparel, footwear
and accessories companies with socially and environmentally
responsible operations spanning numerous geographies, product
categories and distribution channels. VF is committed to delivering
innovative products to consumers and creating long-term value for
its customers and shareholders. For more information,
visit www.vfc.com.
About Authentic Brands Group
Authentic Brands Group is a brand development, marketing and
entertainment company, which owns a global portfolio of
lifestyle, celebrity and entertainment brands. Headquartered in New
York City, ABG manages, elevates, and builds the long-term value of
more than 30 consumer brands by partnering with best-in-class
manufacturers, wholesalers, and retailers. Our brands span a global
retail footprint of more than 2,300 doors across luxury, specialty,
department stores, shop-in-shops, ecommerce, mid-tier, and mass
channels.
ABG is committed to transforming brands by delivering compelling
product, content, business, and immersive brand experiences. We
create and activate original marketing strategies to drive the
success of our brands across all consumer touchpoints, platforms,
and emerging media. ABG’s global portfolio of iconic and
world-renowned brands includes Marilyn Monroe®, Elvis Presley®,
Muhammad Ali®, Shaquille O’Neal®, Dr. J®, Greg Norman®, Neil Lane®,
Thalia®, Michael Jackson® (managed brand), Aéropostale®, Juicy
Couture®, Jones New York®, Herve Leger®, Judith Leiber®,
Frederick’s of Hollywood®, Frye®, Adrienne Vittadini®, Taryn Rose®,
Misook®, Hickey Freeman®, Hart Schaffner Marx®, Spyder®, Tretorn®,
Tapout®, Prince®, Airwalk®, Vision Street Wear®, Above The Rim®,
and Hind®. abg-nyc.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180319005359/en/
VF Corporation:Joe
Alkire, (336) 424-7711VP, Investor Relations and Financial Planning
& AnalysisJoe_alkire@vfc.comorCraig Hodges, (336)
424-5636Senior Director, Corporate
CommunicationsCraig_hodges@vfc.comorAuthentic Brands Group:Authentic Brands
GroupHaley Steinberg, (646) 612-7439hsteinberg@abg-nyc.com
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