The owners of John Varvatos Enterprises, Inc. – VF Sportswear, Inc., a
subsidiary of VF Corporation (NYSE: VFC) and John Varvatos – today
announced that they have signed a definitive agreement to sell the
majority ownership interest in the company to Lion Capital LLP, with Mr.
Varvatos retaining an ownership position. The transaction, which is
subject to normal closing conditions, is expected to be completed during
the second quarter of 2012. Terms were not disclosed.
John Varvatos launched his namesake brand in 2000 with a collection of
tailored clothing and sportswear and it now represents an entire men's
lifestyle collection that includes footwear, bags, belts, eyewear,
limited edition watches and men's fragrances, as well as the younger,
edgier John Varvatos Star U.S.A. Collection®
and Converse by John Varvatos®. The collection
is distributed in 10 freestanding John Varvatos®
boutiques across the United States and online, as well as in the best
specialty stores and better department stores throughout the world
including Barneys New York, Neiman Marcus, Nordstrom Inc.,
Bloomingdale's Inc., Holt Renfrew, Harry Rosen Inc., and Harvey Nichols.
The designer has been recognized three times by the CFDA with an
American Fashion Award for New Menswear Designer (June 2000) and as
Menswear Designer of the Year (June 2001 and June 2005) and was honored
as GQ's "Designer of the Year" in 2007.
The creative spirit and edginess intrinsic in the personal style of rock
'n' roll icons has inspired Varvatos and influenced the evolution of his
eclectic sensibility. This can be seen as a unifying theme in his design
and it is deeply ingrained in every expression of his brand, including
his famed 315 Bowery boutique in New York City, formerly the seminal
underground music club CBGB, where Varvatos pays tribute to the musical
heritage of this legendary site. With this unique brand position that
unites a rock 'n' roll sensibility and old world craftsmanship with
modern innovation, Varvatos has become one of the most well-known
menswear designers in the world.
"It was important to us that the John Varvatos®
brand's new partner had the experience to continue to support John's
exceptional vision and the brand's growth potential," said Eric Wiseman,
Chairman, President and Chief Executive Officer of VF Corporation.