VF Corporation names new jeanswear company Kontoor Brands
The new company, whose name is a play on the word "contour", will include Wrangler, Lee and Rock & Republic brands, as well as the VF Outlet business.
In a press release, the global apparel and footwear company said the separation is expected to be finalized in the first half of 2019, "subject to final approval by VF’s Board of Directors, customary regulatory approvals, and tax and legal considerations."
While Kontoor Brands operates VF's denim brands, VF will continue to manage its active and outdoor brands, such as Vans, Timberland and The North Face.
Steve Rendle, VF’s chairman, president and CEO, called the new company a "next step in our work to establish our Jeanswear organization as an independent, publicly traded company."
VF said it will release more information about Kontoor Brands, including the board of directors, executive leadership team, stock symbol and strategic vision, before the separation is concluded.
Previously, VF revealed its plans to relocate its headquarters from Greensboro, North Carolina to Denver, Colorado in 2019. Kontoor Brands, however, will remain in Greensboro.
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