New Balance makes Vital purchase
Sports footwear company New Balance has purchased New York-based Vital Apparel Group. Financial details were not disclosed. Vital’s approximately 100 employees will remain at the company and its president, Kerry Kligerman, will become executive vice president of New Balance’s apparel segment.
New Balance is turning its attention to the apparel sector to achieve its aim of doubling the company’s value in the next five years. It will particularly focus on running and fitness clothing for young people. Clothing sales currently account for less than ten per cent of its total revenues.
Vital Apparel Group is made up of women’s activewear brand Vital Apparel, Vital Accessories, the Aspire brand and the Vital Performance division, which includes the InSport brand.
