VF Corporation announced on Tuesday it would sell its global intimate apparel business to Fruit of the Loom for $350 million.
VF’s intimate apparel business includes U.S. brands Vanity Fair, Lily of France, Vassarette, Bestform and Curvation, as well as Lou, Gemma and Belcor in Europe.
Fruit of the Loom plans to operate these businesses as Vanity Fair Brands under the current leadership of Curt Holtz, president of VF’s Intimates coalition.
“Our intimates business has been a positive and important contributor to VF’s success over our 100-plus history. But the time has come to strategically rebalance our portfolio and to focus our energies and resources on the many growth opportunities across our Jeanswear, Outdoor, Imagewear and Sportswear businesses,” Mackey McDonald, chairman and ceo, said in a release.
VF’s primary apparel brands include, Wrangler, Lee, The North Face, Nautica, Vans and JanSport.
The company expects fourth-quarter earnings of about $1.20 to $1.22 per share and full-year earnings of $4.70 to $4.72 per share. Management expects a loss of about $45 million, or 40 cents per share, in conjunction with the sale of the intimate business.
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