Nearly two years after acquiring Texas-based Williamson-Dickie for $820 million cash, VF Corp. has hired Denny Bruce, a former VP of U.S. sales for Skullcandy and prior Vans’ executive, as the global brand president for Dickies. Bruce will be charged with overseeing the workwear brand’s international team and its wholesale and direct-to-consumer businesses with a particular focus on digital.
VF currently has 11 brands within its workwear segment, which generated more than $1.86 billion in annual sales for the 12 months ended March 31. The unit, which includes Dickies, Red Kap, Bulwark, Timberland Pro and VF Solutions, produced an 11.9 percent operating margin for the period compared to 14.9 percent in calendar year 2017 and 17.7 percent in 2016.
At the time of the Williamson-Dickie acquisition in Aug. 2017, VFC said it wanted to grow Williamson-Dickie’s revenues to more than $1 billion and double its operating margin to 14 percent by 2021. At that point, Dickies accounted for 77 percent of W-D’s overall revenues with workwear equating to 90 percent. VF has long seen the lifestyle aspect of workwear as having significant growth potential for the category.
In other news,
• Jay-Z, as first reported by the New York Post, has filed a state lawsuit against licensed brand company, Iconix Brand Group, alleging the New York company lied about its financial state when it struck a brand partnership with Roc Nation in 2013.
• Vista Outdoor agrees to sell its Savage Arms and Stevens firearms brands, acquired in 2013, for $170 million. Going forward, the Anoka, MN company intends to focus on the ammunition, hunting/shooting accessories, hydration bottles and packs, outdoor cooking and cycling/ski helmets.