VF to Buy Kiwi Outdoor Brand Icebreaker
VF Corp, the owner of Vans, Timberland and other popular footwear and apparel brands, has announced that it has signed a definitive agreement to purchase Auckland-based Icebreaker Holdings, Ltd., a privately held outdoor and sport apparel brand.
The transaction is expected to be completed early in 2018 and the addition of the Icebreaker brand to the conglomerate’ portfolio is expected to be immediately accretive to earnings per share.
“Bringing the Icebreaker brand into the VF portfolio is a special opportunity. Its natural fiber focus is an ideal complement to our Smartwool brand, which also features Merino in its clothing and accessories. Together, the Smartwool and Icebreaker brands create an advantaged position for VF as a leader in the growing and underpenetrated natural fiber category,” said VF chairman, president and CEO Steve Rendle.
Icebreaker was founded in 1995 on the belief and its entire product assortment is based on Merino wool, plant-based fibers and recycled fibers. Icebreaker has 340 full-time employees and its products are sold in 47 countries.