Davis Polk is advising VF Corporation on its separation into two independent, publicly traded companies: VF Corporation, a global apparel and footwear powerhouse, and a yet-to-be named company (“NewCo”), which will hold VF’s Jeans and VF Outlet businesses. The company expects to create these companies through a tax-free spin-off of NewCo to VF’s shareholders. The separation is currently targeted to be completed in the first half of calendar 2019, subject to final approval by the company's board of directors, customary regulatory approvals and tax and legal considerations.
VF Corporation is a global leader in branded lifestyle apparel, footwear and accessories. NewCo will be a global leader in the denim category, with iconic brands including the including the Wrangler and Lee brands. The VF Outlet business will be part of NewCo’s portfolio.
The Davis Polk corporate team includes partners Marc O. Williams and Daniel Brass and associate Abraham Einhorn. Partner Deanna L. Kirkpatrick and associate Roshni Banker Cariello are providing capital markets advice. Partner Veronica M. Wissel and counsel David Mollo-Christensen are providing executive compensation advice. Partners Neil Barr and Rachel D. Kleinberg are providing tax advice. Partner Ronan P. Harty is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Northern California offices.