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Posted by: Sportslink on 11/09/2017

TNF owner VF to buy Icebreaker

TNF owner VF to buy Icebreaker

US-headquartered VF Corporation – whose brands include The North Face, Vans, Timberland, Wrangler and Lee – has agreed terms to buy Kiwi outdoor and sport icon Icebreaker.

The NYSE-quoted public company has announced a definitive agreement to acquire privately-owned Icebreaker, increasing its focus on high-performance apparel made of natural fibres.

Terms of the agreement have not been disclosed, but Icebreaker is said to have generated revenue of about US$150 million in the past 12 months.

Founded in 1995 on the slogan that “nature always has a better solution,” and with a product range wholly based on merino wool, plant-based and recycled fibre, Icebreaker now has 340 staff. Its products are sold in 47 countries.

Steve Rendle, who is chairman, president and chief executive of VF describes the acquisition as a “special opportunity”.

“Its natural fibre focus is an ideal complement to our SmartWool brand, which also features merino in its clothing and accessories.”

He says it will deliver “unmatched capabilities” especially in outdoor and workwear.

Icebreaker founder Jeremy Moon says the “partnership” with VF will give it the largest platform in the world “to tell our story, access new markets and reach new consumers at an accelerated pace.

“This is a once-in-a-lifetime opportunity for our global Icebreaker brand team and for our wool suppliers to introduce a whole new universe of consumers to the benefits of sustainably farmed, ethically sourced, New Zealand Merino wool.”

VF dates its foundation to 1899, and is one of the world’s largest apparel, footwear and accessories companies.

The transaction is expected to complete in early 2018.