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April 28, 2021

VF Corp strikes deal to sell workwear brands

VF Corporation has struck an agreement to sell the occupational portion of its work segment as part of its efforts to transform the group into a more retail-centric enterprise while simplifying its portfolio.

By Beth Wright

VF Corporation has struck an agreement to sell the occupational portion of its work segment as part of its efforts to transform the group into a more retail-centric enterprise while simplifying its portfolio.

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The occupational workwear portion includes the Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority and Horace Small brands.

The sale to a subsidiary of Redwood Capital Investments, LLC, a diversified holding company, does not include the Dickies and Timberland PRO brands.

“The sale of our occupational work brands reflects our continued focus on transforming VF into a more consumer-minded and retail-centric enterprise while further simplifying our portfolio and operating model,” says VF’s chairman, president and CEO, Steve Rendle. “We are pleased to have reached this agreement with Redwood Capital Investments. They are an ideal owner to guide these brands and businesses into their next phase of growth.”

The transaction, which is expected to close in the first quarter of fiscal 2022, is subject to customary closing conditions and regulatory approvals for a closing to occur.

Terms of the agreement were not disclosed.

The news comes after VF said in January of last year it is to look at strategic alternatives for the occupational portion of its work segment as part of ongoing efforts to focus on its higher-growth, consumer-focused brands.

The move followed a strategic plan outlined by VF in September 2019 to optimise its portfolio and focus on its biggest brands. VF Corp is one of the world’s largest apparel, footwear and accessories companies and boasts a diverse portfolio of brands, including three – Vans, The North Face, Timberland – whose annual revenues exceed $1bn. 

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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