Delta Galil to acquire 7 for All Mankind from VF Corp
The North Carolina footwear and apparel giant announced on Thursday that it will sell its contemporary brands business to Israeli textile firm Delta Galil Industries. The brands included in the transaction are 7 for All Mankind, Splendid and Ella Moss.
The transaction is expected to close in the third quarter of the American group's current fiscal year, which would be this fall. The selling price is $120 million.
Delta Galil, whose headquarters are in Tel Aviv but which has plants around the world, reported record sales numbers in late February for its 2015 fiscal year, the sixth consecutive year of sales growth. In December it announced an exclusive global licensing agreement with Columbia Sportswear that is in effect through 2018. This acquisition is projected to add over $300,000,000 to its top line annual sales.
7 for all Mankind is a globally known denim brand distributed worldwide whlile Splendid and Ella Moss are premium domestic sportswear brands. All three hail from California. VF Corporation's brand portfolio also includes The North Face, Vans, Timberland, Wrangler, Lee and Nautica.
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