VF Corporation buys Timberland for $2bn
US apparel retailer VF Corporation is to buy footwear company Timberland in a $2 billion cash deal that it said would expand its outdoor and sports brands.
Timberland is expected to bring in $1.6 billion in revenue this year, with half of sales coming from outside the US.
“We believe the unique rugged outdoor positioning of the Timberland brand will perfectly complement the premium, technical positioning of The North Face brand, while the Smartwool brand will provide us with a leadership position in a new category,” Mr Wiseman said in a statement.
VF said it hopes to expand Timberland’s annual revenues by 10% by increasing international sales and its women’s footwear and clothing business.
The deal, due to close in the third quarter, is expected to add about $700m to VF’s yearly revenues.
