North Face owner swoops for Altra running brand
Deal will be completed next month
VF Corporation is to acquire the Altra footwear brand from Icon Health & Fitness for an undisclosed amount.
The Altra brand was launched in 2011 and is sold in 55 countries through more than 1,600 dealers and direct by Altra. The deal is expected to be completed next month.
“The acquisition of the Altra brand is another example of our efforts to reshape and evolve our portfolio of powerful brands to align with our enterprise value creation model,” said Steve Rendle, chairman, president and chief executive officer of VF Corporation.
“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.”
“The Altra brand’s truly innovative product and devoted brand loyalists will serve it well in its new home at VF,” said Scott Watterson, Icon chairman and CEO. “The sale of Altra will accelerate the continuing growth of our NordicTrack and ProForm core brands, our Freemotion commercial business and iFit, our connected fitness subscription. The global health and wellness industry is exploding, and we’re doubling down on that growth.”