VF Corp. Considers Selling Backpack Maker Jansport
VF Corp., the owner of fashion brand Supreme, is considering a sale of its Jansport backpack business, according to people with knowledge of the matter.
(Bloomberg) -- VF Corp., the owner of fashion brand Supreme, is considering a sale of its Jansport backpack business, according to people with knowledge of the matter.
A deal could value Jansport, founded in 1967, at about $500 million, said one of the people, who asked not to be identified discussing private information. VF is working with an adviser on the process for Jansport, which also makes other travel bags and related products, the people said.
The company hasn’t made a final decision on pursuing a sale of Jansport and could decide to keep the brand, they added.
A representative for VF declined to comment.
VF shares have fallen 64% in the past year, giving it a market value of about $10 billion. The apparel company bought street-wear brand Supreme in 2020 for $2.1 billion. VF also owns footwear brand Vans and Timberland, as well as outdoor clothing maker The North Face.
This month, VF announced the retirement of Chairman, President and Chief Executive Officer Steve Rendle. The Denver-based company’s lead independent director, Benno Dorer, has stepped in as interim CEO while VF searches for a permanent chief.
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