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GREENSBORO, N.C.,
Apr 14, 2004 (BUSINESS WIRE) -- VF Corporation (NYSE:
VFC) announced today that it has entered into an agreement to
acquire Green Sport Monte Bianco S.p.A. ("Green Sport"). Headquartered in Aosta, Italy, Green Sport
designs and markets premium casual outdoor apparel under the
Napapijri(R) brand. The company's sales were approximately $76
million (63 million euros) in 2003, up 18% from 2002
levels.
Nearly 80% of Green Sport's
sales are in Europe. Sales of Napapijri(R) (pronounced
"napa-peery") brand products are evenly distributed among
sporting goods, department and urban lifestyle stores. The company has both
wholesale and retail operations, with three owned retail
stores located in Paris, Milan and Chamonix. An additional 14 stores are
operated in partnership with retailers in Europe and
Japan.
"We're delighted to be adding the Napapijri(R)
brand to our growing Outdoor coalition," said Mackey J.
McDonald, chairman and chief executive officer of VF. "This
acquisition is exactly in keeping with our goal of adding fast
growing brands in attractive market segments." He noted that
the acquisition is expected to be neutral to VF's earnings in
2004 and slightly accretive in 2005.
Added Guiliana Rosset, chief executive officer
of Green Sport, "VF is a great company, with the resources and
global reach to significantly grow the Napapijri(R) brand."
"We see the opportunity for continued
double-digit growth for the Napapijri(R) brand, both
throughout Europe and in the U.S.," said Eric Wiseman, vice
president and chairman of VF's Sportswear and Outdoor
Coalitions. "Under Guiliana's leadership, we look forward to
using the great design talent behind the Napapijri(R) brand to
strengthen our sportswear platform in Europe, enabling
additional growth for The North Face(R) brand and assisting in
the European launch of the Nautica(R) brand. At the same time,
VF's well-established base in Europe will support future sales
growth and ensure an efficient business model."
Green Sport will become part of VF's
International Outdoor division. Ms. Rosset will report to Karl
Heinz Salzburger, president of VF's International Outdoor
division. Mike Egeck, president of The North Face, will have
responsibility for the Napapijri(R) brand in the U.S.
The acquisition, which will be funded with
existing cash balances and is expected to be completed by the
end of June, is subject to normal closing conditions.
For additional information, a Fact Sheet on the
Napapijri(R) brand can be found on VF's website.
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