Kontoor Brands, Inc. has officially announced its separation from VF Corporation to become an independent, public traded firm.
In addition to handling VF outlet business, Kontoor Brands will also include Wrangler, Lee and Rock & Republic brands as well. The brand has already begun trading on the NY Stock Exchange under the ticker symbol KTB.
Expressing happiness over this development, Scott Baxter, President and CEO, Kontoor Brands, said that it was a historic day for all of them associated with Kontoor as they move over to their new journey of becoming a public trading company.
He further added “Ever since the separation was announced from VF Corp., since August 2018, we were fully prepared to succeed. We are grateful to the VF and Kontoor teams that worked together to establish this terrific organisation. We have a historic opportunity ahead of us and are confident that Kontoor and its brands are positioned for value-creating performance.”
The separation was made possible by distributing 100 per cent of Kontoor shares to holders of VF common stock.
VF Corporation is a US-based globally renowned apparel and footwear company, which is headquartered in Greensboro, North Carolina.
