VF Corp. has reached an agreement to sell its Dickies brand to New York-based brand management company Bluestar Alliance, LLC., for $600 million in cash. The sale follows a steep decline in sales for the workwear and streetwear brand in recent years.
VF acquired Williamson-Dickie Mfg. Co., which included Dickies, Workrite, Kodiak, Terra, and Walls, for $820 million in 2017. Dickie’s is the leading brand of VF’s work segment, which also includes Timberland Pro.
VF’s President and CEO, Bracken Darrell, said, “Dickies is an iconic American workwear brand with a bright future, and I am confident that under Bluestar Alliance’s ownership, it will continue to improve and realize its significant growth potential.”
Darrell continued, “As I’ve said before, we continuously evaluate our portfolio, and this transaction will enable us to bring our net debt level down and will be accretive to our growth on a pro-forma basis. I want to thank the entire Dickies team for their strong commitment to transforming the brand.”
The sale will enable VF to refocus on its three largest brands — Vans, The North Face, and Timberland — as well as several emerging brands, including Altra, Eastpak, Icebreaker, JanSport, Kipling, Napapijri, and Smartwool. Since Darrell took over as CEO in July 2023, VF has sold the Supreme streetwear brand.
Dickies, VF’s fourth-largest brand, founded in 1922, recorded sales totaling $542.1 million in VF’s fiscal year ended March 31, 2025, down 12.3 percent from $618.4 million the prior year. Sales are off 35.2 percent from a peak of $837.2 million reached in VF’s fiscal 2022 year.
In the third quarter of fiscal 2025, VF recorded an impairment charge of $51 million to the Dickies indefinite-lived trademark intangible asset due to the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated. In the third quarter of fiscal 2024, VF recorded a $61.8 million goodwill impairment charge for Dickies due to lower-than-expected financial performance.
Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar’s brands include Off-White, Palm Angels, Scotch & Soda, Hurley, Justice, Brookstone, Tahari, Bebe, Kensie, Catherine Malandrino, Nanette Lepore, English Laundry, and Limited Too.
“Since 1922, Dickies has provided hard-wearing, long-lasting and comfortable clothes, cementing its status as a storied brand in performance workwear. We have followed the brand for many years and have a deep appreciation for its history and legacy, which VF Corporation has successfully begun to rebuild over the past few years,” said Gabbay, CEO, Bluestar Alliance. “We are committed to supporting the Dickies brand’s growth by leveraging our consumer insights and operational excellence to unlock its full value for all stakeholders.”
The transaction is expected to close by the end of CY2025, subject to customary closing conditions and regulatory approvals.
UBS is serving as financial advisor to VF, and Davis Polk & Wardwell LLP is serving as its legal advisor.
Image courtesy Dickies/VF Corp.
See below for additional coverage of the VF divesture of Dickies:
EXEC: VF’s Dickies Sale (Mostly) Viewed Positively by Wall Street
