Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

VF Corporation buys stake in Blacks

VF Corporation, the owner of denim brand Wrangler and outdoor brand The North Face, has bought a 5% stake in sportswear retailer Blacks Leisure in a move that seems to be designed to block any future bid by rival Sports Direct.

The clothing giant – which also owns Lee Jeans and footwear brand Vans – has acquired warrants from the banks involved in the recent refinancing of Blacks Leisure that will, when exercised, give it a 5% stake in the retailer, according to The Daily Telegraph.

Sports Direct – the largest shareholder in Blacks Leisure with a 28.5% stake – walked away from making a bid for Blacks Leisure earlier this month. Boss Mike Ashley first tried to buy Blacks in March last year, and is now barred from making a new offer until September.

Blacks Leisure suppliers had reportedly threatened to boycott the outdoor retailer if Ashley took control of the chain.

A spokesman for VF Corporation told the paper: “This investment was made in support of Blacks’ continuing restructuring efforts and strong internal management. VF has no plans to further increase its ownership position in Blacks Leisure and looks forward to continuing as one of Blacks’ many suppliers.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.