EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Contact: | Cindy Knoebel | ||
| Vice President, Financial & | ||||
| Corporate Communications | ||||
| VF Services, Inc. | ||||
| (212)841-7141/(336)424-6189 |
VF COMPLETES ACQUISITION OF SEVEN FOR ALL MANKIND
PREMIUM DENIM-LIFESTYLE BRAND
PREMIUM DENIM-LIFESTYLE BRAND
Greensboro, N.C. — August 31, 2007 — VF Corporation (NYSE: VFC), a global leader in branded
lifestyle apparel, today announced that it has completed its previously announced acquisition of
Seven For All Mankind, LLC. The 7 For All Mankindâ brand, along with VF’s recently
completed acquisition of the lucyâ women’s active lifestyle brand, will together form
the foundation of a new coalition, VF Contemporary Brands. Mike Egeck, in addition to his current
role as CEO of Seven For All Mankind, will serve as President of VF Contemporary Brands, reporting
to Eric Wiseman, President and Chief Operating Officer of VF Corporation.
The 7 For All Mankindâ brand, the nation’s leading premium denim-lifestyle brand,
is sold in luxury retail stores and high-end specialty boutiques and online at
www.7forallmankind.com. With current annual revenues of approximately $300 million, the brand has
enjoyed rapid growth since it was launched in 2000. The business will remain based in Los Angeles.
“7 For All Mankindâ positions VF squarely as the leader in the premium
denim-lifestyle business in the U.S. and a stronger player internationally. The strength of the
brand offers tremendous potential for continued growth, both in new product categories and through
the addition of owned retail stores,” said VF Corporation Chairman and CEO Mackey J. McDonald. “The
7 For All Mankindâ and lucyâ brands form an excellent nucleus for our new
Contemporary Brands coalition, which we view as a new growth platform for VF that we will build
with additional brands over time.”
“This is an exciting time for the 7 For All Mankindâ brand. With access to VF’s
strong infrastructure of resources we will be able to supercharge our growth initiatives. We are
confident that Seven For All Mankind will evolve the category and continue to remain the benchmark
of excellence in the premium denim industry,” said Egeck.
VF continues to expect that total revenues of its new Contemporary Brands coalition will
approximate $125 million in 2007, reflecting a partial year of sales from both Seven For All
Mankind and lucy. The effect on earnings per share in 2007 is expected to be neutral.
About Seven For All Mankind, LLC
Seven For All Mankind launched the premium denim craze in the United States in the Fall of 2000. The Los Angeles based brand quickly earned critical acclaim and an immediate following for its innovative use of fits, fabrics, and finishes in denim. The company continues to grow and evolve as a true denim lifestyle brand, expanding its product line to include sportswear, handbag and footwear collections, and kids. The 7 For All Mankindâ brand is currently sold at luxury retail stores such as Barneys New York, Neiman Marcus, and Saks Fifth Avenue as well as high end specialty boutiques in over 80 countries throughout the world. For more information about Seven For All Mankind, please visit www.7forallmankind.com
Seven For All Mankind launched the premium denim craze in the United States in the Fall of 2000. The Los Angeles based brand quickly earned critical acclaim and an immediate following for its innovative use of fits, fabrics, and finishes in denim. The company continues to grow and evolve as a true denim lifestyle brand, expanding its product line to include sportswear, handbag and footwear collections, and kids. The 7 For All Mankindâ brand is currently sold at luxury retail stores such as Barneys New York, Neiman Marcus, and Saks Fifth Avenue as well as high end specialty boutiques in over 80 countries throughout the world. For more information about Seven For All Mankind, please visit www.7forallmankind.com