- Prachi Singh |
VF Corporation and Icon Health & Fitness, Inc. have signed a definitive purchase agreement for the Altra footwear brand. Icon launched the Altra brand in 2011, which is sold in 55 countries through over 1,600 specialty retail locations and an ecommerce platform.
“The active outdoor and performance sector is a large and attractive growth space. The addition of the Altra brand brings to VF a unique and differentiated technical footwear brand and a capability that when applied across VF’s outdoor footwear, direct-to-consumer and international platforms will serve as a catalyst for growth,” said Steve Rendle, Chairman, President and Chief Executive Officer of VF Corporation in a statement.
On a trailing 12-month basis, Altra generated around 50 million dollars of revenue. The company said that the transaction is expected to be completed in April 2018 and the addition of the Altra brand to VF’s portfolio is expected to be immediately accretive to earnings per share.
"The Altra brand’s truly innovative product and devoted brand loyalists will serve it well in its new home at VF,” added Scott Watterson, Icon's Chairman and CEO.