VF Corp announced the transfer of Reef brand to Rockport Group, a footwear manufacturing company. Still they have not made public the transaction deal, which is due to come to completion by the end of the month. Reef, founded in 1984 by two brothers coming from Argentina (Fernando and Santiago Aguerre), and well-known for their leather flip flops, will keep acting as an independent brand, under the control taken by Rockport Group, and will still be headquartered in Carlsbad, California. In doing so, VF Corp keep reshaping their business: in fact, they have recently sold Nautica (bought by Authentic Brands) and Licensed Sports Group, including Majestic brand (purchased by Fanatics). Last year they carried out some more deals, namely some more transfers alongside the buyout of Williamson-Dickie, an apparel for work label; this year they have bought out Altra, a training shoes manufacturer. Thanks to such acquisition, Rockport, which had submitted an application for bankruptcy in May and subsequently got controlled by Charlesbank Capital Partners, a private equity fund, aims to enhance their business, following the recent appointment of Greg Ribbatt (former CEO of Crocs) as new chief executive officer. “Our top priority is still based on reshaping VF’s portfolio of brands, while striving to ensure a long term sustainable expansion and provide our shareholders with higher and higher profits”, released Steve Rendle, chairman and managing director of VF. Matt Powell, analyst at Npd, announced at Retail Dive that VF is bound to further expand their own outdoor and athleisure portfolio through some more business acquisitions.
VF Corp is up to deals and acquisitions, while selling Reef to Rockport and “reshaping the business” continuously
