Posted Date: 6/13/2011
Timberland Acquired by VF Corp for $2B
Footwear and apparel retailer Timberland was purchased by VF Corp for approximately $2 billion. Timberland will become part of VF's Outdoor & Action Sports coalition and will remain headquartered in Stratham, New Hampshire. The acquisition should add approximately $700 million to VF's 2011 revenues.
VF, which owns brands including Nautica, Wrangler and The North Face, said the addition of Timberland to its Outdoor & Action Sports coalition will boost that segment's revenue to 50% of VF's total retail revenues. Under VF's ownership, Timberland, which also owns the Smartwool brand, is expected to grow its revenue 10% annually from an expected 2011 level of $1.6 billion.
"The Timberland brand is synonymous with high quality outdoor footwear and apparel," said Eric Wiseman, CEO of VF. "This acquisition will continue the transformation of VF's portfolio."
VF can help Timberland grow its apparel and women's businesses, open more retail stores and expand internationally. Timberland can help expand VF's shoe portfolio and help it expand in countries including Japan where VF currently has a minimal presence.
"Timberland is proud of its rich heritage, its track record of success and its reputation as a responsible and environmentally-conscious global citizen, all of which will be preserved and enhanced by becoming part of the VF family of brands," said Jeffrey Swartz, president and CEO of Timberland. "VF is known for its ability to acquire and grow authentic outdoor brands, while protecting a brand's unique culture and DNA."
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