Lee, Wrangler owner VF Corp looks to exit denim business: WSJ

[August 11, 2018]   (Reuters) - VF Corp <VFC.N> is exploring strategic options for its denim business that could include a sale or spin off of its Lee and Wrangler jeans brands, the Wall Street Journal reported on Friday, citing people familiar with the matter (https://on.wsj.com/2Oo36eK).

Greensboro, North Carolina-based VF, which also makes Vans shoes, rakes in more than $2.5 billion in annual revenue. Its jeans business has seen demand slip as big retailers including Walmart <WMT.N> stock more of their own private label brands.

VF did not immediately respond to Reuters' request for comment.

The label of a denim shirt of U.S. company Lee is photographed at a denim store in Frankfurt, Germany, March 20, 2016. REUTERS/Kai Pfaffenbach/File Photo

Its shares rose 1.5 percent to a record high of $96.99 on Friday afternoon after the report.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)

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