US apparel giant VF Corp has entered into a definitive agreement to sell the Nautica brand business to Authentic Brands Group (ABG), owner of Juicy Couture and Jones New York.
In an announcement today (19 March), VF said 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.
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“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,” says CEO Steve Rendle. “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 recognised brand, and Authentic Brands Group is the ideal owner to guide its next phase of growth and success.”
The news follows an initial announcement by Rendle last month during VF’s fourth-quarter earnings call with analysts in which he said he was eager for the brand to move into its next phase of growth and success.
VF announces plans to offload Nautica
BofA Merrill Lynch served as exclusive financial advisor to VF on the transaction. Davis Polk & Wardwell LLP is acting as legal advisor.
Last week, VF revealed it has inked an agreement to acquire the Altra athletic and performance-based lifestyle footwear brand from Icon Health & Fitness for an undisclosed amount.
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By GlobalDataVF Corp to acquire Altra footwear brand
