- Angela Gonzalez-Rodriguez |
VF, the group that owns Vans, Timberland and North Face brands, has acquired workwear company Dickies for 820 million dollars.
“This acquisition combines two great companies and a group of iconic brands to create a global leader in
The group´s total revenue is estimated at 7.5 billion dollars per year. VF said it believes the acquisition of Williamson-Dickie Mfg. will help boost its revenue by 200 million dollars to 11.85 billion dollars for 2017.
The merger is expected to be completed early in the fourth quarter of this year, making Williamson-Dickie part of
VF has been tweaking its portfolio in recent months, selling its licensed sports business to online retailer Fanatics earlier this year. Regarding the future of the group, VF´s CEO hinted that other acquisitions might be on their way, advancing that they “are not finished” and advising the market to “Stay tuned.” Besides Timberland and North Face,
VF raised its forecast on annual revenue by 200 million dollars to 11.85 billion dollars and lifted its adjusted earnings guidance by 2 cents to 2.96 dollars a share, boosting the stock by 2 percent on Monday. It´s worth recalling that VF´s shares had trended downwards till then, with profit per share and revenue growth between 2013 to 2016 falling short of the targets promised to investors.