USA: VF Completes Vans Acquisition For $396m
Californian shoemaker Vans Inc has become the latest name-brand purchase for VF Corp after shareholders yesterday voted in favour of the proposed $396 million acquisition. The purchase equates to $20.55 a share.
Greensboro, NC-based VF, the US's largest publicly held apparel company, said that under the new deal Vans will become a wholly-owned subsidiary of VF, contributing around $200 million to sales.
"This is a tremendously exciting day for both VF and Vans," said Mike Egeck, president of VF Outdoor - North America.
"The addition of Vans to our rapidly expanding Outdoor portfolio provides us with an authentic action sports lifestyle brand, a brand with global reach and excellent additional growth opportunities," said Mike Egeck, president of VF Outdoor - North America.
He added that VF intends to leverage its expertise in development and sourcing to "supercharge" Vans' sportswear offering and launch a performance snowboard apparel line.
"At the same time, we expect to tap into the great expertise of Vans to fuel continued growth in The North Face footwear."
Vans' sales are projected to reach $500 million within the next three to five years."
Steve Murray, Vans' chief marketing officer and international senior vice president, will become president of the Vans unit.
Vans' president and CEO Gary Schoenfeld has resigned, but the rest of Vans' current executive team will remain intact.
Recent acquisitions by VF include the Napapijri and Kipling brands and Nautica Enterprises Inc. Its line-up also includes North Face, Vanity Fair, Lee, Gitano and Wrangler.
Companies: VF Corporation
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