The Rockport Group (Rockport, Aravon and Dunham) has entered into a definitive agreement to acquire the beach-inspired Reef brand from VF Corporation.
“Reef is a powerful brand with deep authenticity and an incredible loyal customer base,” states Gregg Ribatt, CEO of Rockport Group. “We are excited to work with the strong leadership team which has been guiding Reef through its brand evolution and resurgence. We believe in the team’s growth plans across consumer, product and geographic expansion.”
“Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority,” states Steve Rendle, chairman and CEO of VF. Corp. “Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy. We are pleased to have reached this agreement with Rockport. The Reef brand is an iconic, beach lifestyle brand, and Rockport is well-positioned to guide its next phase of growth.”
Reef will operate as an independent global brand under The Rockport Group, and will maintain its Carlsbad, CA, headquarters. The deal is expected to close this month. Terms were not disclosed.