VF Corp. a Greensboro, North Carolina-based distributor of branded lifestyle apparel, footwear and accessories, has purchased the Altra footware brand from Utah’s ICON Health & Fitness Inc. Golden Harper launched the Altra running shoe brand in 2011 when he coined the phrase “zero-drop” for shoes that sit flat to the ground. The brand was ultimately sold to ICON, based in Logan. Terms of the agreement were not disclosed.
Altra is sold in 55 countries through more than 1,600 specialty retail locations and a branded e-commerce platform. Its design technology for road, trail and lifestyle footwear has created high growth with a strong and dedicated enthusiast following, VF Corp. said in a release.
“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 CEO of VF Corp. “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 generated approximately $50 million in revenue in 2017, according to a report released by ICON. The transaction is expected to be completed in April and the addition of the Altra brand to VF’s portfolio is expected to be immediately accretive to earnings per share, the company said.
“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’s 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.”
VF Corp owns iconic lifestyle brands, including Vans, The North Face, Timberland, Wrangler and Lee. Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories distributors.