NEW YORK – VF Corp. has reported for spring training.
The VF Imagewear subsidiary of the Greensboro, N.C.-based jeanswear and sportswear giant has acquired Majestic Athletic Inc., a major supplier of sports licensed apparel and branded team uniforms for Major League Baseball (MLB). Terms of the transaction weren’t disclosed.
VF said that Majestic and its other 2007 acquisition, Eagle Creek, would cumulatively add about $180 million in revenues this year. VF earlier said that Eagle Creek’s revenues for the year would be about $30 million, putting Majestic’s 2007 contribution at $150 million.
Majestic’s headquarters and manufacturing will remain in Bangor, Maine, and become part of VF’s Tampa, Fla.-based Imagewear unit.
“Majestic Athletic complements VF Imagewear’s Activewear division with its unique expertise in authentic and replica product, as well as its superior streamlined service model,” said Ed Doran, president of VF Imagewear. “This effectively opens exclusive access to new channels of retail distribution. Combined with our current fanwear business, this acquisition positions VF Imagewear as a leader in Major League Baseball licensed apparel with attractive future growth prospects.”
Doran estimated Majestic’s international market of target customers, essentially sports fans, at 145 million people.
Faust Capobiano IV, president of Majestic and son of chairman Faust Capobiano III, will serve as vice president and general manager of domestic and international licensed sales for MLB, reporting to Rick Becker, VP of sales and marketing for the Imagewear unit’s Activewear division. Nicole Capobianco will remain with the firm and oversee all MLB outfitting.
“Majestic and VF share a culture built on service to the customer, which in this case is Major League Baseball, its players and fans,” commented Faust Capobianco IV. “Majestic’s reputation for delivering exciting products and responsive service will be enhanced through the complementary expertise and resources that VF Imagewear brings to this strategic combination.”
Majestic currently holds on-field uniform rights for all 30 teams in Major League Baseball.