VF Corp. (NYSE: VF) has acquired one-third the capital stock of Los Angeles-based women's sportswear company Mo Industries, from Summit Partners. The deal includes an option whereby VF Corp. can acquire the remaining stock in early 2009. No financial terms were disclosed.
VF Corporation (VFC) and Mo Industries Holdings, Inc. announced today that VF has acquired one-third of the capital stock of Mo Industries, owner of the Splendid(R) and Ella Moss(R) women's contemporary sportswear brands. The agreement provides a mechanism whereby VF may acquire the balance of the capital stock in the early part of 2009.
Mo Industries is headquartered in
“We've stated our intent to grow in the women's contemporary sportswear area, and both the Splendid(R) and Ella Moss(R) brands have demonstrated impressive growth and the ability to attract a loyal consumer following through superior products,” said Mike Egeck, president of VF's Contemporary Brands coalition, which includes the 7 For All Mankind(R) and lucy(R) brands. “Working with Moise and his team will allow us to broaden our expertise in the important knit tops category and will provide synergies with both our 7 For All Mankind(R) and lucy(R) brands.”
“Mo Industries is thrilled to be partnering with the VF family of brands. Working with VF's Contemporary Brands coalition will help accelerate our growth plans for both Ella Moss(R) and Splendid(R),” said Moise Emquies. “Our vision for these brands is to continue their development with the addition of more products, expanded international distribution and deeper penetration with our existing
VF Corporation is a global leader in lifestyle apparel with a diverse portfolio of jeanswear, outdoor, imagewear, sportswear and contemporary apparel brands. Its principal brands include Wrangler(R), Lee(R), Riders(R), The North Face(R), Vans(R), Reef(R), Eagle Creek(R), Eastpak(R), JanSport(R), Napapijri(R), Nautica(R), Kipling(R), John Varvatos(R), 7 For All Mankind(R), lucy(R), Majestic(R) and Red Kap(R). VF Corporation's press releases, annual report and other information can be accessed through the Company's home page, www.vfc.com.
About Mo Industries
Summit Partners (www.summitpartners.com) provides private equity and venture capital for growth companies. Founded in 1984,