VF Corporation has completed its US$110m acquisition of Lucy Activewear, which was first announced last month and signals a step into the luxury market for the apparel firm.

"We are delighted to welcome Lucy's 680 associates to VF," said Mackey J McDonald, chairman and CEO.

"The Lucy brand is healthy and growing, with a rapidly expanding base of stores. We look forward to working with Lucy's talented management team as they continue to execute the brand's exciting growth strategy."

As previously indicated, Mike Edwards, current CEO, and his team will continue to lead the business from Lucy's headquarters in Portland.

"With VF's extensive resources, Lucy can take its customer experience to a new level in innovative product offerings, additional stores and outstanding customer service," said Edwards.

With approximately $57m in annual revenues, Portland, Oregon-based Lucy is a rapidly-growing women's active lifestyle brand, VF said. It is sold through a base of 50 owned retail stores and online.

VF's principal brands also include Wrangler, Lee, Riders, Rustler, The North Face, Vans, Reef and JanSport. VF has also tabled a $775m offer for the apparel brand Seven For All Mankind.