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VF acquires joint venture in India
VF Corp. CEO Eric Wiseman. Photo courtesy of VF.
By TIFFANY MONTGOMERY
November 02, 2011 06:34 AM
November 02, 2011 06:34 AM
VF. Corp, owner of Vans, Reef, The North Face and Timberland, announced this morning it has acquired full ownership of its joint venture in India.
VF formed the joint venture with Arvind Limited in 2006.
VF CEO Eric Wiseman said in a release, "Our business in India is strong, and now is the time to assume full ownership. Anchored by our Lee and Wrangler brands, the Indian market will provide a robust platform for future growth in the Asia-Pacific region."
VF did not disclose how much it paid to buy out Arvind.
VF has also been very aggressive in China, and expects to add 530 new stores there this year, the company said during its Q3 earnings conference call.
In India, it expects to add 125 this year.
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