VF Corporation buys footwear label Altra
VF Corporation, parent of Wrangler, Timberland, Vans and the North Face, among others, has bought fast-growing footwear brand Altra.
Terms of the deal were not disclosed, but Altra, launched in 2011 by Icon Health & Fitness, has already expanded into 1600 points of sale in 55 countries. In the last year it achieved sales of US$50 million.
Altra’s point of difference is its specialised, innovative design technology for road, trail, and lifestyle footwear which has attracted awards and a strong and dedicated consumer following.
“The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model,” said Steve Rendle, chairman, president and CEO of VF Corporation. “The active outdoor and performance sector is a large and attractive growth space. The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth.”
The deal will be settled next month.
Scott Watterson, Icon chairman and CEO, said the sale of Altra would allow the company to accelerate the continuing growth of its core NordicTrack and ProForm brands, its Freemotion commercial business, and iFit, its connected fitness subscription program.
“The global health and wellness industry is exploding, and we’re doubling down on that growth.”