VF Corporation has announced that entering into a definitive agreement to sell the Reef brand to The Rockport Group (Rockport) of Newton, Massachusetts, a portfolio company of private equity firm Charlesbank Capital Partners, LLC.
Commenting on the agreement, VF’s Chairman, President and Chief Executive Officer Steve Rendle said in a statement: “Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority. Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy.”
Charlesbank recently acquired Rockport, bringing in industry veteran Gregg Ribatt to head the footwear company. “Reef is a powerful brand with deep authenticity and an incredibly loyal customer base. We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence,” added Ribatt.
The company added that Reef will operate as an independent global brand under The Rockport Group, and will maintain its Carlsbad, California, headquarters.