Leading lifestyle apparel, footwear and accessories retailer, VF Corporation, recently inked a definitive agreement to sell its brand Reef to the Rockport Group of Newton, Massachusetts.
Markedly, the group has been working on a pre-determined portfolio change since last year, that has propelled the company to sell and acquire several brands in the recent past.
Notably, Rockport group was recently acquired by the Charlesbank Capital Partners, a middle-market private equity firm.
Steve Rendle, President & CEO, VF Corp spoke on the development and elucidated that reshaping the label’s brand offerings to deliver sustainable, timeless growth and high returns to shareholders remained the top priority for the company.
“Today’s announcement is another step toward delivering on the promises outlined in our multi-year business plans. We are pleased to have reached this agreement with Rockport. The Reef brand is an iconic, beach lifestyle brand, and Rockport is at present is the perfect guide that can take it to the next phase of growth,” Steve added.
Rockport reported that Reef brand will continue to work separately from its headquarters in California. The terms of the deal were not disclosed by any of the involved parties, however, it is expected that the agreement will take its final shape by the end of this month.
VF Corp is one of the world’s largest apparel, footwear and accessories company that operates some of the biggest apparel labels like Vans, The North Face, Wrangler and Lee.