Item 8.01 Other Events
On March 11, 2009, VF Corporation, through a subsidiary, acquired the remaining two-thirds of the capital stock of Mo Industries, Inc., owner of the Splendid® and Ella Moss® contemporary sportswear brands. VF had previously purchased one-third of Mo Industries stock from its owners - founder Moise Emquies and Summit Partners, a private equity and venture capital firm for growth companies - in June 2008.
The Splendid® brand is known for its use of luxurious fabrics in a wide range of contemporary knit products incorporating modern fit and styling. The Ella Moss® brand is an ultra-feminine collection of casual knit tops and dresses featuring bold colors, whimsical styling and fashion silhouettes. Both brands are distributed primarily through better department and specialty stores. Combined revenues of the two brands were $95 million in 2008 and have more than tripled since 2004.
The cost to VF to acquire the remaining two-thirds of the capital stock was $161 million, plus the repayment of $47 million in existing net debt, and will be funded through VF's strong cash flow from operations.