According to VF Corp, the sale is part of its strategy to actively manage the brand portfolio and ensure that its composition positions the Group to accelerate growth. The terms of the agreement were not disclosed and the transaction is expected to close in the first half of 2018.

Founded in 1899, VF Corp’s portfolio of brands includes Timberland, Vans, The North Face, Wrangler and Lee. Nautica’s collections range from men’s, women’s and children’s clothing, footwear and accessories, as well as a complete home collection.

ABG’s brands include shoe and accessories brands Taryn Rose and Adrienne Vittadini.