Timberland, the outdoor brand whose rugged boots became an icon of hip-hop fashion, has agreed to be acquired for $2.3bn by VF Corporation, the owner of North Face.
VF, which also owns the Wrangler jeans and Vans footwear brands, said it would pay about $2bn, net of Timberland’s cash, offering $43 a share at a 43 per cent premium to the boot maker’s closing price last week.
The outdoor sector is a favourite of apparel brands who see it as a way of reaching well-off consumers who spend in spite of economic uncertainty, even if many never wear their gear near a forest or a mountain.
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