VF Corp names spin-off company Kontoor Brands
Kontoor Brands – that’s the name chosen for the denim-led fashion business being spun off by VF Corporation next month.
The US branded lifestyle apparel, footwear and accessories company released an update on the plan, announcing its has filed the necessary regulatory paperwork to start the process rolling.
Kontoor Brands, to be publicly listed, will take over the Wrangler, Lee and Rock & Republic brands, along with VF’s outlet business.
“Our teams across VF have made tremendous progress to prepare for the successful separation of Kontoor Brands from VF and this filing is a significant next step in this process,” said Steve Rendle, chairman, president and CEO of VF Corporation. “We are highly confident that the separation is the best path forward for both organisations to achieve even greater potential and enhance long-term shareholder value.”
He said the split is on track to be completed next month, subject to final approval by VF’s board, customary regulatory approvals, and tax and legal considerations.
“Today’s filing marks an important milestone in the process of establishing Kontoor Brands as an independent company,” said Scott Baxter, named CEO of Kontoor Brands. “As we prepare for life as a separate, publicly traded organisation, I am confident that Kontoor Brands is strongly positioned to thrive as a leader in the global apparel industry and deliver long-term value for all of our stakeholders.”
VF’s decision to split the business in two was announced last August. Rendle said at the time that since 2017, the company had been reshaping of its brand portfolio to better position the company for long-term success. In that time, VF had bought Williamson-Dickie, and the Icebreaker and Altra brands, and sold Nautica and its Licensed Sports Group, including the Majestic brand. The brands that will remain in VF’s portfolio include Vans, The North Face, JanSport, Timberland, Smartwool and Eagle Creek.