VF Corporation has completed its acquisition of Green Sport Monte Bianco S.p.A., which designs and markets premium casual outdoor apparel under the Napapijri(R) brand.
Green Sport will become part of VF's International Outdoor division, headed by Karl Heinz Salzburger, president of VF's International Outdoor division. Mike Egeck, president of VF's Outdoor – North America division, will have responsibility for the Napapijri(R) brand in the U.S.
Green Sport, which generated sales of $76 million in 2003, is expected to contribute approximately $50 million to VF's sales in 2004 and could be slightly accretive to earnings per share this year.
“We continue to see the opportunity for double-digit growth for the Napapijri brand, both throughout Europe and in the U.S.,” said Eric Wiseman, vice president and chairman of VF's Sportswear and Outdoor Coalitions. “Our Outdoor coalition is now composed of four very strong growth brands: The North Face, JanSport, Eastpak and now Napapijri, and we look forward to continuing to build upon this strong platform.”
