Lion Capital LLP to Acquire Majority Ownership Interest in John Varvatos Enterprises

The owners of John Varvatos Enterprises, Inc. – VF Sportswear, Inc., a subsidiary of VF Corporation VFC and John Varvatos – today announced that they have signed a definitive agreement to sell the majority ownership interest in the company to Lion Capital LLP, with Mr. Varvatos retaining an ownership position. The transaction, which is subject to normal closing conditions, is expected to be completed during the second quarter of 2012. Terms were not disclosed. John Varvatos launched his namesake brand in 2000 with a collection of tailored clothing and sportswear and it now represents an entire men's lifestyle collection that includes footwear, bags, belts, eyewear, limited edition watches and men's fragrances, as well as the younger, edgier John Varvatos Star U.S.A. Collection® and Converse by John Varvatos®. The collection is distributed in 10 freestanding John Varvatos® boutiques across the United States and online, as well as in the best specialty stores and better department stores throughout the world including Barneys New York, Neiman Marcus, Nordstrom Inc., Bloomingdale's Inc., Holt Renfrew, Harry Rosen Inc., and Harvey Nichols. The designer has been recognized three times by the CFDA with an American Fashion Award for New Menswear Designer (June 2000) and as Menswear Designer of the Year (June 2001 and June 2005) and was honored as GQ's “Designer of the Year” in 2007.