VF Corp signs agreement to acquire footwear brand Altra

17 Mar '18

2 min read

Courtesy: VF Corporation

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, and Icon Health & Fitness, Inc., a world leader in home, commercial and connected fitness, have signed a definitive purchase agreement for the footwear brand Altra. The brand launched in 2011, is known for its specialised, innovative design technology.

"The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model," said Steve Rendle, chairman, president and chief executive officer of VF Corporation. "The active outdoor and performance sector is a large and attractive growth space. The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth."

On a trailing 12-month basis, the Altra brand generated approximately $50 million of revenue. The transaction is expected to be completed in April 2018 and the addition of the Altra brand to VF’s portfolio is expected to be immediately accretive to earnings per share.

"The Altra brand’s truly innovative product and devoted brand loyalists will serve it well in its new home at VF," said Scott Watterson, Icon's chairman and CEO. "The sale of Altra will accelerate the continuing growth of our NordicTrack and ProForm core brands, our Freemotion commercial business, and iFit, our connected fitness subscription. The global health and wellness industry is exploding, and we're doubling down on that growth." (RR)

Fibre2Fashion News Desk – India

More VF Corporation News... More Textiles News - United States Of America...