GREENSBORO, N.C. (BRAIN) — VF Corporation has signed a purchase agreement with New Zealand-based wool clothing company Icebreaker Holdings, Ltd.
VF already owns The North Face, Vans, Smart Wool, Timberland and Lee.
According to a VF announcement, On a trailing 12-month basis, Icebreaker Holdings generated approximately $150 million of revenue. The transaction is expected to be completed early in 2018.
Icebreaker was founded in 1995 and its entire product assortment is based on Merino wool, plant-based fibers and recycled fibers.
"Bringing the Icebreaker brand into the VF portfolio is a special opportunity," said Steve Rendle, the chairman, president and CEO of VF Corporation. "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. We will have unmatched capabilities that will strengthen our ability to create innovative and sustainable natural fiber products across our brand portfolio, especially in VF's Outdoor and Workwear brands."
