VF Corp. is being targeted by activist investor Legion Partners Asset Management after another firm pushing for changes unveiled a position this month in the owner of The North Face and Vans apparel brands, according to people with knowledge with the matter.
Legion has amassed a stake in the Denver-based company and is urging it to divest some brands such as Timberland, the people said, asking not to be identified discussing private information. The size of Legion’s position isn’t clear.
Legion’s move follows that of Engaged Capital, which disclosed a stake in VF and said it should hire advisers to review non-core divestitures and commit to making no further acquisitions.
VF rose 1.1 percent to $17.68 at 9:36 a.m. in New York trading Tuesday, giving the company a market value of about $6.9 billion. The stock has fallen about 36% in the past year amid struggles with supply chain challenges and the relevancy of its brands.
Representatives for VF didn’t respond to requests for comment. A representative for Legion declined comment.
VF has appointed former Nike Inc. President Trevor Edwards to its board, according to an statement Monday. Edwards held various positions at Nike, including chief marketing officer and vice president of marketing in the US.
VF announced in February that it is reviewing strategic alternatives for its global packs business, which include the brands Kipling, Eastpak and Jansport.
This year, Legion has pushed for a sale of OneSpan Inc. and urged Clear Channel Outdoor Holdings Inc. to sell assets more quickly.
By Crystal Tse
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