US clothing giant VF Corporation, parent company of brands such as The North Face, 7 For All Mankind, Wrangler, Napapijri and Timberland, announced today (March 8) that it has signed an agreement to sell the majority ownership interest in the John Varvatos brand to Lion Capital, a private equity group which already owns other companies such as All Saints and American Apparel.

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For an undisclosed amount, the deal is expected to close during the second quarter of 2012, with menswear designer John Varvatos retaining an ownership position. Since launching his eponymous brand in 2000, the designer constantly expanded his product range and even began a collaboration with Converse for a shoe collection. John Varvatos has been recognised three times by the CFDA (Council of Fashion Designers of America) with an award for New Menswear Designer in 2000 and as Menswear Designer of the Year in 2001 and 2005. Once the deal is completed later this year, Varvatos will maintain his role as chairman and chief creative officer. The company will continue to be headquartered in New York City.

Lion Capital is recognised as a leading investor in the consumer sector. With offices in London and New York, the firm has previoulsy invested in Jimmy Choo (2001-2007) and currently owns la Senza, All Saints, American Apparel, AS Adventure, among others.