Vans Terminates Licensing Agreement
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ORANGE — Vans Inc. said it terminated its apparel licensing agreement with Oneita Industries Inc. and will begin selling its own line of T-shirts, shorts and accessories.
Vans, a maker of sneakers, sandals and snowboard boots, said the licensing agreement with Oneita was terminated under mutual agreement. Vans said it will continue use the Charleston, S.C.-based T-shirt maker as a supplier. “As we begin building our apparel business, we feel it’s important for Vans to control the design and distribution of apparel in the U.S.,” said Walter Schoenfeld, Vans’ president and chief executive.
Vans said it expects to produce “a modest level of initial sales,” beginning in the fiscal third quarter that ends next Jan. 31. Casey G. Waid, 28, senior marketing manager of apparel at Adidas America Inc., will head Vans’ apparel division.
Vans stock fell $1.125, or 7.4%, Monday to close at $14 in trading on the Nasdaq market. Oneita shares closed unchanged at $3.
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