Fashion
Hip denim lifestyle brand 7 for All Mankind has been sold along with two sister brands.
VF Corporation says it has sold its Contemporary Brands businesses to Tel Aviv-based Delta Galil Industries.
The other brands are Splendid and Ella Moss.
VF chairman and CEO Eric Wiseman said the brands included in this transaction are leaders in their sectors, and have talented, passionate people who are motivated by serving the marketplace with distinctive apparel design and exceptional service.
“Earlier this year we said that we are taking a focused and proactive look at the composition of our business portfolio to ensure that we are well positioned to maximise VF’s growth and return to our shareholders. This announcement illustrates that our work as active portfolio managers is progressing.”
The transaction, which is expected to close in the third quarter of this year, is subject to various regulatory approvals and other customary closing conditions that must be accomplished in order for a closing to occur. The selling price is US$120 million, subject to various working capital adjustments.
VF Corporation owns a diversified portfolio of brands around the globe, including The North Face, Vans, Timberland, Wrangler, Lee and Nautica.
