VF Corp., owner of Lee and Wrangler jeans, plans to spin off its denim business in a bid to sharpen its focus on faster-growing outerwear and activewear brands.
VF said Monday it wants to create the yet-unnamed company through a tax-free spinoff to its shareholders. The newly formed company will hold VF’s jeans business, which includes Wrangler, Lee, Rustler and Rock & Republic, and its 80 VF outlet operations. These businesses generate about $2.5 billion in annual revenue, the company said.
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