Americans gobble up Belgium’s Kipling
17 June 2004
BRUSSELS – Kipling, the Edegem-based maker of sturdy bags and other travel gear adorned with its signature cute gorillas, is no longer in Belgian hands, it has been confirmed.
Just two years after purchasing Kipling for an undisclosed amount, Antwerp businessman Tony Gram – who also owns Belgium’s Delsey luggage trademark – agreed to sell Kipling.
The buyer was U.S.-based apparel giant VF Corp., whose brands include Wrangler and Lee jeans. Although the price wasn’t disclosed, De Tijd newspaper estimates the deal value to be between EUR 124 million and EUR 148 million.
Since it was founded in 1987, Kipling – whose headquarters are just outside Antwerp — has changed hands numerous times.
Today its fashion bags, backpacks and schoolbags are sold in 48 countries in Europe, the United States, Asia, the Middle East, Africa and Australia. It also sells a wide range of accessories including footwear, stationery, eyewear, watches and jewelry.
[Copyright Expatica 2004]
Subject : Belgian news