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VF Explores Selling Up To Nine Work Apparel Brands

VF Corp., formerly based in Greensboro, North Carolina (USA) is exploring the potential for selling up to nine brands in its workwear division. The apparel marketer, now based in Denver, Colorado (USA) is "reviewing strategic alternatives" as part of "a reflection of management's continued focus on transforming VF into a more consumer-minded and retail-centric enterprise, with a portfolio of growth-oriented active, outdoor and work brands."

The business is primarily based in the U.S. The brands are listed in the occupational portion of the Work division: Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority, and Horace Small.

The review is a reflection of its continued focus on transforming the company into a more consumer-minded and retail-centric enterprise, with a portfolio of growth-oriented active, outdoor and work brands.

The review does not include the Dickies and Timberland PRO brands.

The brands' apparel typically is worn by workers in the industrial, service and government sectors and is primarily distributed through the business-to-business channel. Together, they represented $865 million of VF's fiscal 2019 revenue and 50% of Work segment revenue.

VF Corp CEO Steve Rendle says divesting these brands would leave VF with a simplified portfolio of higher-growth, consumer-focused brands

It follows a strategic plan outlined by VF in September of last year to optimize its portfolio and focus on its biggest brands. VF Corp is one of the world's largest apparel, footwear and accessories companies and boasts a diverse portfolio of brands, including three - Vans, The North Face, Timberland - whose annual revenues exceed $1 bn.

Last year, the group spun-off of its jeanswear business as an independent, publicly-traded company called Kontoor Brands Inc, comprising the Wrangler, Lee and Rock & Republic brands, and the VF Outlet business.

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