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VF Corp’s board of directors approves separation of Kontoor Brands

By Marjorie van Elven

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VF Corporation’s board of directors have finally approved the previously announced separation of denim brands Wrangler and Lee from the company, forming a new business called Kontoor Brands.

The separation will be achieved through the distribution of 100 percent of the shares of Kontoor Brands to holders of VF common stock, which is expected to be completed by May 22. VF shareholders entitled to receive the distribution will receive a book-entry account statement or a credit to their brokerage account reflecting their ownership of Kontoor Brands common stock.

Following the distribution, Kontoor Brands will be an independent, publicly traded company listed at the New York Stock Exchange under the symbol “KTB”.

A spokesperson for Kontoor Brands has recently told FashionUnited that the company is already recruiting for a number of roles in its new headquarters in Antwerp, Belgium. Job opportunities are also available in Germany, Spain and the UK.

Kontoor Brands
VF Corporation