NEW YORK (Standard&Poor's) June 15, 2004--Standard&Poor's Ratings Services said today that the ratings and outlook on VF Corp. (A-/Stable/A-2) would not be affected by the company's announcement that it intends to acquire substantially all the assets of Kipling Belgium N.V. Kipling, which produces upscale bags, packs, and accessories, primarily for women, operates 17 owned retail stores throughout Belgium, Holland, and the U.K., and its products are also distributed through 120 shops in Asia. The acquisition is in line with VF's strategy of expanding its lifestyle brands and will provide access to the upper tier department and specialty stores. The details of the transaction were not disclosed, however, it is expected to contribute about $40 million in
