Authentic Brands Group (ABG) owner of a number of celebrity and entertainment brands has announced the finalization of the acquisition of Nautica from VF Corporation. The acquisition make Nautica the largest brand in their portfolio thus bringing the portfolio to $7 billion in annual global retail sales.

“Nautica comes at an important time in ABG’s development as we are placing a significant emphasis on international business,” said Jamie Salter, chairman and CEO of ABG. “This acquisition brings us that much closer to our goal of achieving a retail sales split of 50 percent international and 50 percent domestic and reaching $10 billion in annual retail sales by 2020.”

“Nautica’s new structure is another example of how ABG is disrupting traditional business models,” added Nick Woodhouse, president and CMO of ABG. “Our close connection to the operating company for Aéropostale and Nautica allows us to build upon the brand’s strong foundation and launch Nautica into its next phase of global growth.”