Icebreaker clothing company bought by US retail giant
New Zealand outdoor clothing brand Icebreaker has been sold to an American retail giant.
Icebreaker makes and sells merino wool garments and has been acquired by VF Corporation, which owns The North Face, Timberland and Vans brands.
No price has been disclosed.
Icebreaker founder Jeremy Moon said the deal was a once-in-a-lifetime opportunity to expand into new markets.
“Our partnership with VF provides us with the largest platform in the world to tell our story, access new markets and reach new consumers at an accelerated pace.”
Icebreaker had sales of about $220 million in 47 countries in the past year. It has 340 staff and uses about a quarter of New Zealand’s merino wool production.
VF said buying Icebreaker would add to its earnings immediately and also improve its natural fibre garments range.
“We will have unmatched capabilities that will strengthen our ability to create innovative and sustainable natural fibre products across our brand portfolio,” said VF chief executive Steve Rendle.
VF has annual revenue of more than $US12 billion ($US17.4b).
Mr Moon and Icebreaker chairman Rob Fyfe will stay on at the company.