We’ve never really been able to figure out why VF owned Reef. They never seem to mention it during their financial calls, nor report on the brand’s progress or any plans they have for the company. It always seemed like Reef was Vans’ forgotten step-sister at VF. Guess VF felt the same way as they are reportedly selling Reef to The Rockport group, according to a story on Bizjournals.com.
Greensboro-based VF Corp. is further slimming its portfolio by entering into an agreement to sell beachwear brand Reef to The Rockport Group. . . The company disclosed the deal today, the terms of which were not disclosed. . . The acquisition is expected to close October 2018. . . The Rockport Group is based in Newton, Massachusetts, and is a maker of casual and dress shoes. The group was acquired by private equity firm Charlesbank Capital Partners LLC Aug. 3.
Okay. Reef and all their assets will now be part of a company that makes shoes the elderly wear while stumbling around in the forrest. Not sure it’s a good fit for reef, but it will likely be great for Rockport. The Newton, Massachusetts based company plans to keep Reef in Carlsbad, California, but really, how long will that last?
[Link: Bizjournals.com]
