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GREENSBORO – US apparel retailer, VF Corporation, which owns brands including Wrangler, The North Face and Timberland, has entered into a definitive agreement to sell the Nautica brand business to Authentic Brands Group (ABG). Authentic Brands Group is a brand development, marketing and entertainment company, which owns a global portfolio of lifestyle, celebrity and entertainment brands.

Commenting on the transaction, VF’s president and CEO Steve Rendle said: “As part of VF’s global business strategy, we’ve stated that our highest priority is to actively manage our brand portfolio to ensure that its composition positions us to accelerate growth. This announcement marks yet another example of how we’re delivering on our commitment.

“We are pleased to have reached this agreement with Authentic Brands Group. The Nautic brand is an iconic, globally recognised brand, and Authentic Brands Group is the ideal owner to guide its next phase of growth and success.”

“We are thrilled to welcome Nautica® to the ABG portfolio and are ready to take the helm of this classic American brand,” added Jamie Salter, chairman and CEO of ABG.

The transaction, which is expected to close in the first half of 2018, is subject to customary closing conditions and regulatory approvals for a closing to occur. Terms of the agreement were not disclosed.

Just last week, VF signed a definitive purchase agreement for the Altra footwear brand, again with terms of the agreement not disclosed.

Icon Health & Fitness launched the Altra brand in 2011. It is sold in 55 countries through more than 1,600 specialty retail locations and a branded e-commerce platform (www.altrarunning.com).

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