Two Destiny Church charities stripped of charitable status for missing financial records filing deadline
US-based VF Corporation will buy Kiwi merino clothing maker Icebreaker, the two companies said in separate statements.
Kiwi merino clothing maker Icebreaker is being acquired by VF corporation.
The terms of the deal were not disclosed.
VF Corporation has a market capitalisation of around US$28 billion and its portfolio includes The North Face, Timberland, SmartWool, Vans, Wrangler and Lee.
In its third-quarter result, the company forecast its 2017 revenue would be approximately US$12.1b.
Icebreaker had annual sales of $220 million, of which 86 per cent were in offshore markets. Its own outlets and e-commerce sales make up 32 per cent of sales, according to the company's latest statement.
Bringing Icebreaker into the VF portfolio is a "special opportunity," said Steve Rendle, VF chair, president and chief executive.
"Together, the SmartWool and Icebreaker brands create an advantaged position for VF as a leader in the growing and underpenetrated natural fibre category," he said.
According to Icebreaker, the deal creates an expanded opportunity for the New Zealand merino industry.
"This is a once in a lifetime opportunity for our global Icebreaker team and for our New Zealand wool suppliers to introduce a whole new universe of consumers to the benefits of sustainably farmed, ethically sourced, New Zealand Merino wool," said Icebreaker founder Jeremy Moon.
John Brakenridge, CEO of the NZ Merino Company, noted VF have also had a long-term commitment to the New Zealand Merino industry through their investment in SmartWool and NZ Merino has worked with SmartWool in areas such as sustainability and social responsibility.
"Today we are seeing record demand and prices for New Zealand merino wool ...the synergy of these two brands working as sisters from the same stable to build increased awareness of the Merino apparel category represents an exciting new development for the NZ merino wool industry," he said.