NAUTICA SAILS OFF.

• Author: Martin, Cathy
• Position: STATE WIDE: Triad

Greensboro apparel company VF continues shaking up its portfolio, with recent announcements it will sell the well-known Nautica brand and acquire Altra, a Utah-based running-shoe business with annual revenue of about $55 million.

New York-based Authentic Brands Group is buying Nautica for an undisclosed amount. The private-equity backed company's brands include Aeropostale, Greg Norman and Juicy Couture.

The latest changes come in Steve Rendle's second year as chief executive officer. Rendle, 58, took the reins in January 2017, replacing Eric Wiseman, a Wake Forest University grad who held the position for nine years. Company shares tripled during his tenure as The North Face brand, acquired in 2000 for $25 million, became a megahit with annual sales topping $2 billion. Before becoming CEO, Rendle had been president and chief operating officer since 2015. He's been with the company since 1999.

VF bought Nautica for nearly $600 million in 2003, but the sporty brand, which rose to popularity in the 1990s before becoming an outlet-mall staple, has fallen out of favor. A partnership with 20-year-old rapper Lil Yachty, featuring a line of bomber jackets, hoodies and bucket hats, wasn't enough to revive the brand, which had $428 million in revenue and lost $95.2 million in 2017.

"We came to a point where we thought perhaps it would be a better owner that could unlock the value that this brand holds," Rendle said on a February conference call with analysts.

The recent moves follow VF's $820 million purchase of workwear maker...