CEO Scott Baxter looks back at how the budget jeans business found its footing after its spin off from VF Corp. five years ago.
When Scott Baxter steps up to ring the opening bell at the New York Stock Exchange on Monday, he’ll be celebrating not justin 2019, and the growth path the company has charted since then has some lessons for the industry at large, especially during a time where Compagnie Financière Richemont is looking to off-load Yoox Net-a-porter, VF is looking to sell off more brands .
“Our parent company wanted to get us out of there as fast as possible,” Baxter said. “We did it in 10 months, which is too fast. You have to make too many concessions. To hit the goal, to go ahead and spin, you had to just continually move the ball forward. It didn’t give you enough time for true analyzation in planning.
“You end up with maybe people in the wrong places, people with the wrong titles, people working on the wrong projects,” Baxter said. That reset was important as the mission had changed and the jeans businesses no longer had to send the cash they generated to the larger company. Kontoor has gone beyond establishing itself and is reshaping for the future. Baxter said there’s no playbook on how to spin off a business — “you learn along the way” — but having done it once, he now sees more opportunities to set brands free from their portfolios.
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