VF Corp., on 1st April 2019, announced the public filing of necessary paperwork with the US Securities and Exchange Commission to initiate the processing of separating VF Jeanswear organisation into an independent, publicly traded company.
The new company, named Kontoor Brands Inc., will include the Wrangler, Lee and Rock & Republic brands as well as 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.” – Steve Rendle, Chairman, President and CEO, VF Corporation
He expressed optimism that this separation is the best path forward for both companies to achieve greater potential and enhance long-term shareholder value. The separation is reportedly to be completed in May 2019 subject to VF’s board of directors, customary regulatory approvals as well as tax and legal considerations.
Expressing happiness, Scott Baxter, CEO, Kontoor Brands, said Kontoor Brands is positioned strongly to prosper as a leader in the global apparel industry and deliver long-term value for all of our stakeholders.
