KONTOOR BRANDS OFFICIALLY SEPARATES FROM VF CORPORATION
VF Corporation has completed the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. The new company, named Kontoor Brands, will include the Wrangler, Lee, and Rock & Republic brands, and the VF Outlet business.
Headquartered in Greensboro, North Caroline, Kontoor Brands common stock will begin regular-way trading today on the New York Stock Exchange under the ticker symbol “KTB.”
Kontoor is focused on pursuing five strategic priorities: 1) scaling its advantage in the core denim business; 2) accelerating its positions in high-value segments, channels and geographies; 3) building advantaged positions to reach new consumers; 4) driving an unwavering focus on margin expansion and improving capital efficiency; and 5) creating a highly engaged and performance-driven team.
“This is a historic day for everyone connected with Kontoor as we now accelerate to the next stage of our journey as a public company,” said Scott Baxter, president and CEO of Kontoor Brands. “Since the separation from VF was first announced last August, we have planned for this moment and we are fully prepared to succeed. We are grateful to the VF and Kontoor teams that worked collaboratively to stand-up this terrific organization. We have a historic opportunity ahead of us. We are confident that Kontoor and its brands are positioned for value-creating performance.”