VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced the acquisition of New Zealand-based outdoor and sports apparel brand, Icebreaker.
Post-acquisition Icebreaker Holdings Ltd., a privately held company based in Auckland, has now become a wholly-owned subsidiary of VF Corporation.
The acquisition of Icebreaker was first announced by the North Carolina-based lifestyle apparel group VF in November last year. Both the parties involved in the deal have yet not divulged any details about terms of the agreement.
VF Corporation is hopeful that the acquisition of Icebreaker brand will help it in positioning itself as a leader in the Merino wool, the growing and underpenetrated natural fibre category.
Notably, Icebreaker, founded in 1995, produces apparel (made from recycled fibres) for men, women, and children and sells its products through wholesale, branded retail and online channels in 47 countries across the globe.
The company expects that this acquisition will give a boost to its annual revenue from the workwear segment to US $ 1.7 billion.
The move is also a part of VF’s efforts to reorganise its brand portfolio in order to maximise the group’s growth potential.
The company previously announced the signing of an agreement with Authentic Brands Group (ABG) LLC for the sale of the iconic Nautica brand last month only. The deal, subject to customary closing conditions and regulatory approvals, is likely to take place in the first half of the current year.
