VF Corp. said Monday it has completed the sale of its licensed sports group business to Fanatics Inc.

The business includes the sale of the Majestic brand, which supplies apparel and fanwear through licensing agreements with U.S. and international professional sports leagues and teams.

VF said on April 4 that it inked the deal with Fanatics. Terms of the transaction were not disclosed. The business is believed to have annual volume in the $500 to $550 million range.

The business has been up for sale since March 2016. It also is the largest licensee of Harley-Davidson apparel, and does sports apparel for colleges and universities under license.

Founded in 1947, the divestiture of the business group reflects VF’s view of changes in the industry, and where and how it wants to position the company for the future. At VF’s investor day presentation, the company spoke about expanding its workwear business. Last Friday, when the company reported first-quarter results, chief executive officer Steve Rendle told WWD in a telephone interview that workwear is a global market that’s “about $30 billion” in size, of which VF’s market share is just 5 percent.

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