Corporate Parent Behind The North Face, Timberland Moving To Denver

16 Août, 2018, 11:12 | Auteur: Auguste Feret
  • VF Corp. Shares Slip After Spinoff Relocation Announcement

VF Corp also plans to station their headquarters for NewCo in Greensboro, North Carolina, and VF Corp will relocate to Denver, Colorado.

The Colorado Economic Development Commission recently approved $27 million in state income tax credits to entice companies to move to the state.

"We are thrilled to welcome a new partner that embodies the values that define Colorado", said Colorado Gov. John Hickenlooper.

Steve Rendle, VF's chairman, president and CEO and Colorado is an area with unrivaled heritage, culture and activity-based lifestyles and a thriving business environment.

"Locating our global headquarters at the base of the Rocky Mountains makes good business sense, as VF's outdoor and action brands work to accelerate innovation, unlock collaboration across brands and functions, attract and retain talent and connect with consumers", the spokesperson said.

VF the parent company of The North Face, JanSport and Smartwool, among others. According to Hadwiger, VF Corporation will match every dollar it uses of its tax incentives in donations to the VF Foundation, which will, in turn, serve the interests of the citizens of Colorado.

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"The separation will sharpen VF's focus as a global apparel and footwear powerhouse, allowing for accelerated innovation to continue to deliver products created to power consumer's sustainable and active lifestyles", a spokesperson for VF told FN.

VF will begin moving into its Colorado headquarters in mid-2019.

VF Corp's decision to move its headquarters across the country comes the same year that the Outdoor Retailer show, a thrice-yearly trade show at which the company and its brands are major players, also moved to Colorado following a 22-year run in Utah that ended when outdoor-industry leaders clashed with Utah officials over their public-lands policies.

VF has almost 70,000 employees worldwide and operations across more than 170 countries.

"There are compelling reasons to keep both Vans and Timberland in their current locations, which have strong ties to the culture of the brands".

In a separate move, the clothing company is breaking off its denim division (Wrangler and Lee jeans), which could generate as much as $2.5 billion in revenue each year.


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