The company’s LSG business includes the Majestic brand, which supplies apparel and fanware through licensing agreements with U.S. and international professional sports leagues and teams.
The transaction, which is expected to close in the second quarter of this year, is subject to standard customary closing conditions for a closing to occur. Terms of the agreement were not disclosed.
“VF is committed to being an ‘active manager of our portfolio of brands’ to ensure our business is best positioned to achieve long-term, sustainable growth,” a company spokesperson told MR. “As part of that commitment, we announced in 2016 that we were exploring strategic alternatives for our Licensed Sports Group business, which includes the Majestic brand. We are pleased to have reached a definitive agreement to sell our Licensed Sports Group business to Fanatics, and we are confident that this is the right strategic direction for VF and that Fanatics is the company to lead and manage this business moving forward.”