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Branded lifestyle apparel, footwear and accessories manufacturing Group, VF Corporation, has signed a definitive agreement to acquire athletic and performance lifestyle footwear brand, Altra.
Sold in 55 countries through more than 1,600 specialty retail locations and a branded e-commerce, the Altra brand was first launched by ICON Health & Fitness in 2011. It is specialised in innovative design technology for road, trail, and lifestyle footwear, with a range of products including leather. On a trailing 12-month basis, Altra generated approximately US$50 million of revenue.
“The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model,” said Steve Rendle, Chairman, President and CEO, VF Corporation. “The active outdoor and performance sector is a large and attractive growth space. The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth.”
The transaction is expected to be completed in April 2018.