![]() Its brands include The North Face, Timberland and Vans.ĭavid here to subscribe to Business North Carolina magazine The stock has gained more than 25% since that move.īy the way, VF shares have barely budged since the 2019 spinoff. On April 7, UBS analyst Jay Sole upgraded Kontoor to “buy” from “neutral" with a $74 price target. Investors are also impressed with the company’s prospects in China, where it just launched sales of Wrangler. Working from home has also surely helped Kontoor and denim producers - when is the last time anyone really dressed up, anyway? The company gained market share in its core business at Walmart, Amazon and Target, officials said on a March conference call. The company also hopes to get lots of satisfaction from Mick Jagger’s daughter Georgia May Jagger, who was hired as the face of Wrangler’s Heritage Women’s Collection. Since the spinoff, Kontoor has merged the Lee and Wrangler staffs, improved its manufacturing and supply chains, paid off lots of debt and created new partnerships with retailers such as H&M, which operates more than 1,100 stores in 61 countries. ![]() That’s particularly impressive given that the stock slumped to less than $15 during the March 2020 pandemic panic. Moving VF’s headquarters from Greensboro to trendy Denver, Colo., was another facet of the company split, while the Gate City remains home base for the newly named Kontoor Brands.īut Kontoor CEO Scott Baxter has helped lead an impressive effort, with the company’s stock roughly doubling in value as of this week compared with its initial trading level in May 2019. Selling Lee and Wrangler jeans is a solid but not a fast-growth business, which was a reason that VF CEO Steve Rendle gave for spinning off the brands into a separate company in May 2019. ![]()
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