Timberland Sold for $2.2 Billion
These boots were made for walking ...
Following big-dollar acquisitions of Jimmy Choo and Kurt Geiger, Timberland has become the latest footwear brand to hit the chopping block, selling to VF Corp. for an impressive $2.2. billion, the New York Post reports.
The brand conglomerate, which also owns Rock & Republic, Vans, Lee, Nautica, The North Face, and Wrangler, agreed to buy the New Hampshire-based boot company in order to expand its profile of outdoor-focused labels.
Though a surge in Timberland stocks suggested that investors may be vying for a price above VF's $43/share offer, sources tell the paper that a rival bid looks unlikely.
Meanwhile, VF CEO Eric Wiseman told the Post that it plans to expand the label to China, while maximizing the popularity of its waterproof work boots in Japan to help other VF labels gain exposure there.
In other footwear news, Skechers has inked a deal to launch activewear.
