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Magazines Archives - 2007 May
VF Corporation acquires The North Face
Story 2
US-BASED branded lifestyle-apparel maker VF Corporation has acquired The North Face business in China from its South Korean licensee, Youngone Corporation.
Under the agreement, VF will continue The North Face brands growth in China. The brand has the potential to reap US$40 million in revenue within five years, said the company, which has a portfolio of international labels that include Wrangler, Lee, Kipling, Nautica and Eastpak.
Frank Cancelloni, general manager of The North Face Asia-Pacific, is expected to oversee the brands continual growth in the Chinese market. The brand will operate in the country from sales offices in Shanghai, Beijing and Guangzhou.
The North Face continues to be one of VFs premier growth vehicles, said Karl Heinz Salzburger, VFs president of Europe, Middle East, Africa and Asia. [The acquisition] will allow us to directly control the brands destiny in this dynamic and fast-growing market.
Currently, the North Face has a wholesale business and one freestanding retail store in Beijing.
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