Apparel Online Bangladesh Magazine November Issue 2018 | Page 72

RETAIL CURRENT HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  VF Corporation sells its subsidiary brand Reef to Rockport Leading lifestyle apparel, footwear and accessories retailer, VF Corporation, recently inked a definitive agreement to sell its brand Reef to the Rockport Group of Newton, Massachusetts. that reshaping the label’s brand offerings to deliver sustainable, timeless growth and high returns to shareholders remained the top priority for the company. “Today’s announcement is another step towards delivering on the promises outlined in our multi-year business plans. We are pleased to have reached this agreement with Rockport. The Reef brand is an iconic, beach lifestyle brand, and Rockport is at present the perfect guide that can take it to the next phase of growth,” Steve added. Markedly, the group has been working on a pre-determined portfolio change since last year that has propelled the company to sell and acquire several brands in the recent past. Rockport reported that Reef brand will continue to work separately from its headquarters in California. The terms of the deal were not disclosed by any of the involved parties. Notably, Rockport group was recently acquired by the Charlesbank Capital Partners, a middle-market private equity firm. VF Corporation is one of the world’s largest apparel, footwear and accessories company that operates some of the biggest apparel labels like Vans, The North Face, Wrangler and Lee. Steve Rendle, President & CEO, VF Corporation spoke on the development and elucidated Myntra ties up with Walmart amid uproar over Flipkart's deal with the American retail giant Online fashion retailer Myntra is planning to spread its reach to the global market by selling its private label products through Walmart. The target market will be the countries with larger Indian population. “The conversations between Myntra and Walmart have started. Those are around finding areas where we can accelerate together – whether it’s going global with Myntra or they taking our learnings from the omnichannel and supply chain,” said Ananth Narayanan, Myntra-Jabong CEO. Walmart, in August bought 77 per cent stake in Indian online retailer Flipkart for over US $ 16 billion. This is a step towards Myntra’s goal of transforming itself into a global brand in next three years. contribute 25 per cent to its overall revenue. Also, the company aims to reach a revenue of 30 per cent in the next fiscal year. Furthermore, the online retailer already has 14 private brands that The brand is also putting forth efforts to strengthen its offline presence in India by opening 100 bricks-and-mortar stores in the next two years. On the other hand, Walmart, in August bought 77 per cent stake in Indian online retailer Flipkart 72 Apparel Online Bangladesh | November 2018 | www.apparelresources.com for over US $ 16 billion. The company is optimistic about its revenue growth and expects 10 per cent of it to come from private label through its partnership with Flipkart.