V.F. Corp. is looking to sell its Nautica brand, the company announced Feb. 16 as it reported its fiscal fourth-quarter 2017 earnings.
Steven Rendle, V.F.'s CEO, chairman and president, said the company is selling the brand because it is not "in line with driving our financial aspirations."
"We came to a point where we thought perhaps it would be a better owner that could unlock the value that this brand holds," he said, according to a transcript of a conference call with analysts compiled by S&P Capital IQ.
Rendle said there is not yet any definitive agreement to sell the brand but the company is actively engaged with several parties.
"We'll update you as conditions warrant," he said.
The company has classified the assets and liabilities of the Nautica brand business as "held-for-sale" and has included the results of this business in discontinued operations for the company's fiscal fourth-quarter results.
V.F. owns a portfolio of brands, including Vans and The North Face.