Maker Of North Face, Smartwool To Relocate To Denver
VF Corp., maker of brands such as The North Face and Smartwool, plans to relocate its global headquarters to Denver as it separates into two independent, publicly traded companies.
About 85 VF leaders, including members of the company’s U.S.-based senior leadership team, will move to Colorado in spring 2019. The Fortune 250 company expects to employ 800 people companywide and its brands are expected to move into the new metro Denver area headquarters starting in mid-2019.
“The announcement from VF Corp. is a huge win for our business community,” Metro Denver Economic Development Corp. Vice President of Economic Development Sam Bailey said. “Creating job opportunities for entry-level and high-level individuals will be a tremendous benefit for our community.”
Metro Denver will serve as the home for The North Face, JanSport, Smartwool, Altra and Eagle Creek, as well as VF’s Global Innovation Center for technical fabrics and Digital Lab. The yet-to-be named new company, now being referred to as NewCo, will be responsible for VF’s Jeans and VF Outlet businesses.
The company chose Denver for a number of reasons, including its high quality of life, its cost of living, a talented workforce and its business-friendly climate, VF Senior Director of Corporate Communications Craig Hodges said.
"It's a state that shares our core values," Hodges said. "Also, locating some of our outdoor brands at the base of the Rocky Mountains will give us a closer connection to the outdoor and active lifestyles consumers that we outfit [have] with our products."
The company is exploring a number of options throughout the metro area.
“Locating these brands, along with select VF leaders, at the base of the Rocky Mountains will enable us to accelerate innovation, unlock collaboration across brands and functions, attract and retain talent and connect with consumers,” VF Chairman, President and CEO Steve Rendle said in a statement.
Rendle will continue to lead VF. Scott Baxter is expected to be named CEO of NewCo, and Rustin Welton will be chief financial officer when the transaction is completed.
VF, which posted $11.8B in revenue last year, has nearly 70,000 employees worldwide and operations in more than 170 countries. The company’s brands also include Vans, Timberland and workwear brands like Dickies, none of which are involved in the relocation to Denver.
“This project is a strong validation of the state’s role as a leading attractor of industry, and it is especially heartening that it comes with VF — a company whose brands and culture align with Colorado’s core values,” Colorado Office of Economic Development and International Trade Executive Director Stephanie Copeland said in a statement.
