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VF Corporation , a global leader in branded lifestyle apparel , footwear and accessories , has announced the acquisition of New Zealand-based outdoor and sports apparel brand , Icebreaker .
Post-acquisition , Icebreaker Holdings Ltd ., a privately held company based in Auckland , has now become a wholly-owned subsidiary of VF Corporation .
The acquisition of Icebreaker was first announced by the North Carolina-based lifestyle apparel group VF in November last year . Both the parties involved in the deal have yet not divulged any details about the terms of the agreement . VF Corporation is hopeful that the acquisition of Icebreaker brand
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will help it in positioning itself as a leader in Merino wool , the growing and underpenetrated natural fibre category . Notably , Icebreaker , founded in 1995 , produces apparel ( made from recycled fibres ) for men , women , and children and sells its products through wholesale , branded retail and online channels in 47 countries across the globe . The company expects that this acquisition will give a boost to its annual revenue from the workwear segment to US $ 1.7 billion .
The move is also a part of VF ’ s efforts to reorganize its brand portfolio in order to maximise the group ’ s growth potential . The company previously announced
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the signing of an agreement with Authentic Brands Group ( ABG ) LLC for the sale of the iconic Nautica brand . The deal , subject to |
customary closing conditions and regulatory approvals , is likely to take place in the first half of the current year . |
British retailer Mothercare that specialises in products for expectant mothers and in general merchandise for children has named David Wood as the successor of Mark Newton-Jones , who has stepped down as CEO of the company . |
“ I am excited as I have been given responsibility to lead a business with a fantastic heritage and which has an exciting future ,” said David Wood , CEO in a press statement issued .
David , who was previously associated with Kmart Holding
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Corp . as President , is credited with successfully transforming the customer value proposition and retail operating model and returning the business to sustainable profit growth .
Before Kmart , David also served Tesco , where he held senior commercial , marketing and general management positions and achieved similar results in the UK and internationally .
“ David ’ s track record in similar circumstances across international and consumer-facing brands made him the obvious choice for the post as he is a highly effective operator of retail operations ,” stated Alan Parker , Chairman , Mothercare .
His appointment also makes it clear that Mothercare has a fresh leadership to complete its transformation plan and return to growth .
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Notably , Mothercare has suffered 85 per cent loss in market value in the past 1 year , stated FactSet , a financial data and software company . Additionally , Mothercare witnessed a 70 per cent drop since the beginning of the year .
In March , the retailer stated that its annual profits were likely to be in the range of £ 1-5 million and slashed its store count from 140 to 80 in response to the trend to online shopping .
It ’ d be challenging for the newly appointed CEO to drive Mothercare towards growth but David is confident and says , “ I am focused to ensure Mothercare is put back on a sound financial footing and delivers a successful plan to improve performance .”
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