VF Corp. has selected Revolution Mill in Greensboro, N.C., as the future home for select functions of its Jeanswear business.
This follows the August announcement that VF intends to spin off its Jeanswear unit, comprised of the Wrangler and Lee brands, and the VF Outlet business to create an independent, publicly traded company. The official name of the new company is expected to be announced by the end of the year. VF Corp. is currently based in Greensboro, but will be moving its headquarters to Denver.
“We are making great progress in our work to establish the Jeanswear business as its own publicly traded company and today’s announcement is another important milestone as we move toward the separation in the first half of 2019,” said Steve Rendle, VF’s chairman, president and CEO. “Revolution Mill is a historical property that honors the Greensboro community’s storied textile heritage. It’s only fitting that our Jeanswear organization will locate select functions there and help to continue the rich history and legacy of the Revolution Mill campus.”
VF has signed a five-year lease with Revolution Mill, a historic textile mill that has been transformed into a mixed-use campus that includes commercial, residential, restaurant and studio space. Certain functions of the new company, including aspects of merchandising, design, and product development and innovation, will occupy the 43,000-square-foot space on the campus owned by Self-Help, a nonprofit community development organization. An estimated 125 employees will move into the open, collaborative space starting in March.
“As we begin our ‘NewCo’ journey, Revolution Mill is the ideal space to create an inspiring, creative working environment for our employees,” said Scott Baxter, the appointed CEO of the new Jeanswear company. “We’re excited about what this space will offer our employees and brands, and we look forward to joining the vibrant community that exists on the Revolution Mill campus.”
Located north of downtown Greensboro, Revolution Mill is within three miles of VF Jeanswear’s 400 N. Elm Street location, which today serves as the home of the Wrangler brand and will be the future corporate headquarters for the new company’s global business. The Lee brand will relocate its headquarters from Kansas City to Greensboro in 2019.
The company noted that it is working with real estate and workplace design strategists to evaluate its future office and facility footprint across the global business to create a best-in-class workplace environment for its operations.
In reporting substantial second quarter gains in income and revenue last month, VF Corp. said transaction and deal-related costs tied to the planned spinoff of its jeans business were about $53 million in the period and $72 million for the first six months of the fiscal year through September.