VF completes Timberland deal as Swartz departs
14/09/2011
Timberland, which achieved $1.4 billion in revenues in 2010, will now become part of VF’s outdoor and action sports “coalition” of brands, as will the Smartwool brand of socks and clothing that Timberland acquired at the end of 2005. Timberland and Smartwool will remain headquartered in Stratham, New Hampshire, and Steamboat Springs, Colorado, respectively.
“This is a tremendously exciting day for VF. We are delighted to officially welcome Timberland and Smartwool to VF's family of brands,” said Eric Wiseman, VF chief executive. “This acquisition strengthens VF’s position within the outdoor industry by adding two strong, global, and authentic brands with significant momentum and growth opportunities. VF is committed to helping the brands reach their global growth potential, while maintaining each brand’s unique essence.”
Former Timberland chief executive, Jeffrey Swartz, commented: “Today marks the beginning of a very exciting chapter for Timberland. I am confident that while our ownership structure has changed, what makes Timberland unique and special will not. VF has an enviable track record of allowing its brands to execute their distinct strategic visions. This is the right time to take the Timberland and Smartwool brands to the next level, and VF, which is as passionate about building brands as we are, is the right partner for us.”
Mr Swartz will now leave Timberland to pursue other interests.
As part of a new leadership structure, Patrik Frisk, who has been serving since 2009 as president of VF outdoor and action sports in Europe, has been named president of Timberland. He will report to Steve Rendle, group president for outdoor and action sports. Mr Frisk will serve as the global leader for the Timberland brand, working in partnership with international leaders across both Europe and Asia to deliver the brand’s full growth potential. He will be relocating to the Stratham area in the near future.
Richard O’Rourke will continue as senior vice president with responsibility for the Timberland brand in the Europe and Asia and for global distributors. Mr O’Rourke will continue to be based in the UK, and will report to Karl Heinz Salzburger, group president, VF International.
As well as Jeffrey Swartz there are two other departures from the company. Carrie Teffner, chief financial officer, who has been with Timberland since 2009, will leave the company in September. Danette Wineberg, general counsel and secretary, is also departing this month, following a 14-year career with the company.
Share this story:
