Denim spin-off ‘the best path forward’ for VF - sportstextiles: Lea SportsTextiles

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Denim spin-off ‘the best path forward’ for VF

02/04/2019
Apparel group VF Corporation has filed the necessary forms with the US Securities and Exchange Commission as it continues efforts to spin off its denim business into an independent, publicly traded company.

It announced its intention to create this new company, to be known as Kontoor Brands, in August 2018. It will include the Wrangler, Lee and Rock & Republic brands, as well as VF’s Outlet business. Per figures from 2018, Kontoor’s revenue would be around $2.7 billion.

“Our teams across VF have made tremendous progress to prepare for the successful separation of Kontoor Brands from VF and this filing is a significant next step in this process,” said Steve Rendle, CEO of VF. “We are highly confident that the separation is the best path forward for both organisations to achieve even greater potential and enhance long-term shareholder value.”

VF has said the separation is on track to be completed in May 2019, subject to final approval by VF’s board of directors, customary regulatory approvals, and tax and legal considerations.

Related stories:

Kontoor heads back to the outdoors with Helly Hansen purchase 19/02/2025
Kontoor’s US distribution centres hit ‘zero waste’ target 17/12/2019
Denim brand uses contouring techniques to ‘lengthen and conceal’ 26/09/2019
Kontoor seeks alternative fibres as part of new forestry policy 25/09/2019
Wrangler’s foam dye could ‘revolutionise’ industry 06/06/2019
VF names new supply chain chief 03/06/2019
VF separation to be completed on May 22 03/05/2019
VF announces new name of denim business 10/12/2018
VF makes progress on spin-off of jeans business 14/11/2018
VF selects location for new Denver headquarters 20/09/2018
VF plans to spin off its jeans business 16/08/2018

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