Wrangler owner buys Timberland
Branded lifestyle wear company VF Corporation is to buy Timberland to add to its brand portfolio that already includes Wrangler, Lee and The North Face.
The footwear brand is being bought for $2bn (£1.21bn) and the acquisition sees VF become a $10bn global footwear and apparel business.
The company is targeting 10% annual revenue growth for Timberland and strategies include boosting international growth in Europe, Asia and Latin America and developing the women’s footwear and apparel business.
VF will also look to increase profitability by reducing costs in Timberland’s supply chain.
Timberland’s revenue projection for 2011 is $1.6bn (£0.97bn) with half of the sum expected to come from international markets.
Jeffrey Swartz, president and CEO of Timberland, says: “VF is known for its ability to acquire and grow authentic outdoor brands, while protecting a brand’s unique culture and DNA.”
Timberland recently ran a GPS treasure hunt in six European cities, including London, under the banner “Trail of Heroes”.
