VF Corporation is due to sell its Reef surf-wear brand to American fashion house The Rockport Group as it enters a definitive agreement to sell.
The Vans, Dickies and Wrangler owner said this represents a move to reshape “VF’s brand portfolio to deliver sustainable, lond-term growth”.
It added that today’s announcement “is another step toward delivering on the commitments outlined in our multi-year business strategy.”
Though details of the transaction have not been disclosed, it is understood that Reef will operate as an independent brand under the its new owner.
“Reef is a powerful brand with deep authenticity and an incredibly loyal customer base,” Reef’s chief executive Gregg Ribatt said.
“We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence.”