VF plans to spin off its jeans business - sportstextiles: Lea SportsTextiles

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VF plans to spin off its jeans business

16/08/2018
VF plans to spin off its jeans business
Apparel and footwear group VF has announced that it intends to separate the company into two independent entities, a move it believes will create “enhanced prospects for long-term value creation”.

Its outdoor and active brands, which include Vans, Timberland and The North Face, will continue to trade as VF Corporation. The global headquarters for this company will be in Denver, which will also be home to VF’s innovation centre for technical fabrics and its digital lab.

Meanwhile, VF’s denim brands, Wrangler and Lee, will be spun-off into a separate company. It is yet to give a name to this entity, but says it expects it to be a global leader in the denim category. This company’s global headquarters will remain in Greensboro, North Carolina, with the Lee brand relocating there from Kansas City. It will be led by VF group president Scott Baxter. 

Upon making the announcement, Steve Rendle, president and CEO of VF, said: “The decision to separate these businesses will allow VF to sharpen its focus as a consumer-centric and retail-minded organisation anchored in activity-based lifestyle brands. Our Jeans platform is a successful, sustainable business with iconic global brands and a clear path to value creation as a standalone entity.”

This separation is expected to be completed in the first half of 2019, subject to final approval by the company’s board of directors, customary regulatory approvals and tax and legal considerations. 

Related stories:

VF completes separation into two companies 29/05/2019
VF separation to be completed on May 22 03/05/2019
Denim spin-off ‘the best path forward’ for VF 02/04/2019
VF makes progress on spin-off of jeans business 14/11/2018
New acquisitions contribute to strong quarter for VF 24/10/2018
Interactive maps trace VF’s supply chain footprint 04/10/2018
VF selects location for new Denver headquarters 20/09/2018
Online direct-to-consumer sales boost The North Face Q1 performance 23/07/2018
VF announces Smartwool and TNF reshuffle 28/06/2018
Timberland to learn from VF on waste performance 27/06/2018
VF completes acquisition of Altra brand 06/06/2018
Williamson-Dickie contributes to strong quarter for VF 10/05/2018
VF completes deal for Icebreaker 04/04/2018
Former Vans president returns to VF in new role 29/03/2018
VF Corporation agrees to sell clothing brand 21/03/2018
VF adds another footwear brand to its portfolio 15/03/2018

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