VF Corp sells Reef to Rockport Group
Branded lifestyle apparel, footwear and accessories leader, VF Corp, announced on Thursday that it has entered into a definitive agreement to sell the Reef brand, a shoes and clothing brand rooted in surf culture, to The Rockport Group of Newton, Massachusetts.
The transaction comes just 2 months after Rockport was purchased by Charlesbank Capital Partners, a middle-market private equity firm. “Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority,” said VF’s Chairman, President and CEO Steve Rendle “Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy. We are pleased to have reached this agreement with Rockport. The Reef brand is an iconic, beach lifestyle brand, and Rockport is well-positioned to guide its next phase of growth.” Industry veteran Gregg Ribatt was brought in by Charlesbank to head the established footwear company. “Reef is a powerful brand with deep authenticity and an incredibly loyal customer base. We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence. We believe in the team’s growth plans across consumer, product and geographic expansion,” said Ribatt. Rockport said Reef will operate independently and remain headquartered in California. The deal is expected to close this month. Terms of the deal were not disclosed. VP corp owns brands like Vans, The North Face, Timberland, Wrangler and Lee. The group has ben undergoing planned portfolio changes since 2017, including the sale and acquisition of several brands in the last year.