VF Completes Acquisition of Seven For All Mankind Premium Denim Lifestyle Brand
August 31, 2007
VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, today announced that it has completed its previously announced acquisition of Seven For All Mankind, LLC. The 7 For All Mankind(R) brand, along with VF’s recently completed acquisition of the lucy(R) women’s active lifestyle brand, will together form the foundation of a new coalition, VF Contemporary Brands. Mike Egeck, in addition to his current role as CEO of Seven For All Mankind, will serve as President of VF Contemporary Brands, reporting to Eric Wiseman, President and Chief Operating Officer of VF Corporation.
The 7 For All Mankind(R) brand, the nation’s leading premium denim-lifestyle brand, is sold in luxury retail stores and high-end specialty boutiques and online at www.7forallmankind.com. With current annual revenues of approximately $300 million, the brand has enjoyed rapid growth since it was launched in 2000. The business will remain based in Los Angeles.
“7 For All Mankind(R) positions VF squarely as the leader in the premium denim-lifestyle business in the U.S. and a stronger player internationally. The strength of the brand offers tremendous potential for continued growth, both in new product categories and through the addition of owned retail stores,” said VF Corporation Chairman and CEO Mackey J. McDonald. “The 7 For All Mankind(R) and lucy(R) brands form an excellent nucleus for our new Contemporary Brands coalition, which we view as a new growth platform for VF that we will build with additional brands over time.”
“This is an exciting time for the 7 For All Mankind(R) brand. With access to VF’s strong infrastructure of resources we will be able to supercharge our growth initiatives. We are confident that Seven For All Mankind will evolve the category and continue to remain the benchmark of excellence in the premium denim industry,” said Egeck.
VF continues to expect that total revenues of its new Contemporary Brands coalition will approximate $125 million in 2007, reflecting a partial year of sales from both Seven For All Mankind and lucy. The effect on earnings per share in 2007 is expected to be neutral.