US apparel giant VF Corp has named historic textile mill Revolution Mill in Greensboro, North Carolina, as the future home for select functions of its Jeanswear business.
The announcement follows the news in August that VF plans to spin off the group’s denim and outlet businesses into an independent, publicly traded company – a move it says will sharpen its focus as a global clothing and footwear powerhouse focused on brands such as The North Face, Timberland and Vans.
Currently referred to as ‘NewCo’, the company will comprise VF’s jeans brands, including Wrangler Lee, and the VF Outlet business. The official name of NewCo is expected to be announced by the end of the year.
“We are making great progress in our work to establish the Jeanswear business as its own publicly traded company, and this announcement is another important milestone as we move toward the separation in the first half of 2019,” says VF Corp CEO Steve Rendle. “Revolution Mill is a historical property that honours the Greensboro community’s storied textile heritage. It’s only fitting that our jeanswear organisation will locate select functions there and help to continue the rich history and legacy of the Revolution Mill campus.”
VF has signed a five-year lease with Revolution Mill, a historic textile mill that has been transformed into a mixed-use campus that includes commercial, residential, restaurant and studio space. Certain functions of NewCo, including aspects of merchandising, design, and product development and innovation, will occupy the 43,000 sq ft space on the campus owned by Self-Help, a non-profit community development organisation.
About 125 US NewCo employees will move into space from March 2019. VF says the company plans to hire about 25,000 employees globally.
“As we begin our NewCo journey, Revolution Mill is the ideal space to create an inspiring, creative working environment for our employees,” adds Scott Baxter, the appointed CEO of NewCo. “We’re excited about what this space will offer our employees and brands, and we look forward to joining the vibrant community that exists on the Revolution Mill campus.”
Located north of downtown Greensboro, Revolution Mill is within three miles of VF Jeanswear’s 400 N. Elm Street location, which today serves as the home of the Wrangler brand and will be the future corporate headquarters for NewCo’s global business. As previously announced, the Lee brand will relocate its headquarters from Kansas City to Greensboro in 2019.