VF completes the sale of its workwear business. The US group has concluded the sale of the brands Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority and Horace Small A subsidiary of Redwood Capital Investments.
the operation, Announced on April 28, does not include the Dickies and Timberland Pro . brands. The terms of the agreement were not disclosed. The goal of VF with this diversity is to focus on brands for direct sales to the end consumer.
This department is the least contributing to the company’s sales. In the fiscal year ending in March 2019, the last year in which the Group consolidated data from this business, Workwear brand sales volume reached $1,862 millioncompared to $1,342 million in the previous year.
VF Sales Reached $1,862 Million With Work Wear Division In Fiscal Year 2019
VF closed fiscal year 2021 (ending last March) With a drop in transaction volume by 11.9% to $9238.8 million. With that said, earnings fell 40% to $407.9 million.
Founded in 1899 in Pennsylvania, the company has a wide range of brands, including The North Face, Vans, Timberland, Wrangler, Lee, Nautica, Majestic, Kipling, Supreme and more.
Redwood, for its part, is a long-term investment firm based in Baltimore (USA). The company has a diversified portfolio that includes distribution and Real estate, among other sectors.
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