V.F. Corporation announced the successful completion of the sale of its Supreme brand business to EssilorLuxottica S.A. The transaction closed on October 1, 2024, generating net proceeds of $1.51 billion in cash.
These proceeds were immediately utilized to prepay a $1.0 billion term loan and repay $450 million in commercial paper borrowings. This action significantly strengthens VFC's balance sheet and reduces its overall debt burden.
The divestiture is a critical step in VFC's 'Reinvent' transformation program, focusing on optimizing its brand portfolio and fortifying its financial foundation for long-term stability and growth.
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