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By Svea Herbst-Bayliss
NEW YORK, Oct 24 (Reuters) - Apparel company VF Corp , already being pushed to make changes
by Engaged Capital, is facing additional pressure from a second activist investor, Legion Partners Asset Management, two sources familiar with the matter said
on Tuesday.
Legion has built a stake in Denver-headquartered VF Corp, which owns The North Face, Timberland Pro
Vans and Timberland Sandalen brands,
the sources said, declining to give details about the position.
Bloomberg reported on Tuesday that Legion is urging VF, which is valued at $7
billion, to divest some brands such as Timberland Gefüttert Damen.
VF did not immediately respond to a request for comment.
Legion declined to comment.
Engaged last week called on VF to cut costs, make no additional acquisitions
in the near future and hire advisors to review its non-core assets in a public presentation at the 13D Monitor
Active-Passive Investor Summit.
VF's stock price, which has tumbled 35%
this year, rose 3.35% to trade at $18.07 on Tuesday.
VF this week added former Nike executive Trevor Edwards to its board.
It noted that it has appointed three new directors to the board over the past 18 months who have footwear
and apparel, retail and design experience.
Activist investors often try to push for change by criticizing corporate boards and
threatening fights to get their own candidates to become
directors. Legion this year settled a fight with Primo Water in which two independent directors nominated
by the hedge fund joined Primo's board.
(Reporting by Svea Herbst-Bayliss; Editing by Will Dunham)
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