- Prachi Singh |
VF Corporation has entered into a definitive agreement to sell the Nautica brand business to Authentic Brands Group. The transaction is expected to close in the first half of 2018.
Commenting on the development, VF’s Chairman, President and CEO Steve Rendle said in a statement: “As part of VF’s global business strategy, we’ve stated that our highest priority is to actively manage our brand portfolio to ensure that its composition positions us to accelerate growth. We are pleased to have reached this agreement with Authentic Brands Group.”
“We are thrilled to welcome Nautica to the ABG portfolio and are ready to take the helm of this classic American brand,” added Jamie Salter, Chairman and Chief Executive Officer of ABG.
The company said, BofA Merrill Lynch served as exclusive financial advisor to VF on the transaction and Davis Polk & Wardwell LLP is acting as legal advisor.