VF Corporation Enters into Definitive Agreement to Sell Its Licensed Sports Group Business to Fanatics, Inc.
GREENSBORO, N.C.--(BUSINESS WIRE)-- VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced that it has entered into a definitive agreement to sell its Licensed Sports Group (LSG) business to Fanatics, Inc. VF’s LSG business includes the Majestic® brand, which supplies apparel and fanware through licensing agreements with U.S. and international professional sports leagues and teams.
The transaction, which is expected to close in the second quarter of this year, is subject to standard customary closing conditions for a closing to occur. Terms of the agreement were not disclosed.
VF Corporation (NYSE: VFC) outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including Vans®, The North Face®, Timberland®, Wrangler® and Lee®. Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. VF is committed to delivering innovative products to consumers and creating long-term value for its customers and shareholders. For more information, visit www.vfc.com.
Fanatics, Inc. is a global leader for officially licensed sports merchandise. Fanatics comprises the broadest online assortment by offering hundreds of thousands of officially licensed items via its Fanatics, FansEdge and Kitbag brands, as well as the largest selection of sports collectibles and memorabilia through Fanatics Authentic. A multi-channel company, Fanatics operates more than 300 online and offline stores, including the e-commerce business for professional sports leagues (MLB, MLS, NBA, NFL, NHL, NASCAR, PGA), major media brands (NBC Sports, CBS Sports, FOX Sports) and more than 200 collegiate and professional team properties across all leagues, which include top teams and several global soccer clubs (NY Giants, Seattle Seahawks, Chicago Bulls, Boston Celtics, Pittsburgh Pirates, San Jose Sharks, Notre Dame, Alabama, Manchester United, Real Madrid, Manchester City).
Source: VF Corporation