The American heritage brand will join the ranks of Frye, Jones New York and Herve Leger, among others.
NORTH AMERICA–Authentic Brands Group has signed a definitive purchase agreement with VF Corporation to acquire its Nautica lifestyle brand.
The financial terms of the agreement were not disclosed; however, the transaction is expected to close by the end of Q2.
“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,” says Steve Rendle, chairman, president and chief executive officer, VF Corporation. “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 Nautica brand is an iconic, globally recognized brand, and Authentic Brands Group is the ideal owner to guide its next phase of growth and success.”
Nautica debuted in 1983 as an American heritage brand with a focus on sportswear apparel, luggage, accessories and fragrance. It is now sold in over 385 retail stores worldwide. The brand will now join the Authentic Brand Group portfolio, which includes brands such as Frye, Herve Leger, Jones New York and the Marilyn Monroe brand.
“We are thrilled to welcome Nautica to the ABG portfolio and are ready to take the helm of this classic American brand,” says Jamie Salter, chairman and chief executive officer, ABG.