American retail group VF Corporation has sold its Nautica lifestyle brand to Juicy Couture owner Authentic Brands Group (ABG), for an undisclosed sum.
With more than $1.2bn (£850m) in annual retail sales, Nautica has 5,000-plus global points of sale, including 270 standalone stores and more than 40 licensing partners worldwide. The deal will propel ABG’s brand portfolio to nearly $7bn (£4.9bn) in global retail sales.
ABG chairman and CEO, Jamie Salter, said: “Nautica is a world class brand and we are thrilled to bring it into the ABG portfolio. Through this acquisition we come closer to our goal of achieving $10bn (£7.1bn) in global retail sales worldwide by 2020.”
As part of the deal, ABG will take on Nautica’s brand marketing and licensing functions.
The transaction, which is expected to close in the first half of 2018, is subject to standard customary closing conditions and regulatory approvals.
VF Corporation owns brands including Timberland, Vans and The North Face.