Global branded lifestyle apparel conglomerate VF Corporation (NYSE: VFC) said it is exploring strategic alternatives for its Licensed Sports Group (LSG) business, a division of VF’s Imagewear coalition.

“As active portfolio managers, we constantly assess the composition of our company to ensure VF’s portfolio is aligned with our strategic objectives and positioned to maximize growth and return to our shareholders,” said Eric Wiseman, VF’s chairman and CEO. “In this respect, we are exploring options for our LSG business to position the organization to continue its success and achieve its future potential.”

VF’s LSG business, which includes the Majestic brand, supplies apparel and fanware through licensing agreements with U.S. and international professional sports leagues, colleges and universities, and lifestyle brands.

Revenues for VF’s Imagewear coalition reached $1.1 billion in 2015, with LSG representing about half of that amount.

The Licensed Sports Group, founded in 1947, creates “craveable fanwear” for Major League Baseball (MLB), the National Football League (NFL), National Basketball Association (NBA), National Hockey League (NHL) and major colleges. Beyond sports, LSG is the largest licensee of Harley-Davidson apparel. In 2004, VF Imagewear brand Majestic became the exclusive on-field apparel brand for the MLB.

VF’s review of strategic alternatives does not include the Image division of VF Imagewear, which produces workwear worn by millions of workers in the industrial, service and government sectors.

VF Corp. is a global leader in the design, manufacture, marketing and distribution of branded lifestyle apparel, footwear and accessories. The company’s highly diversified portfolio of 30 powerful brands spans numerous geographies, product categories, consumer demographics and sales channels, giving VF a unique industry position and the ability to create sustainable, long-term growth for our customers and shareholders. The company’s largest brands are The North Face, Vans, Timberland, Wrangler, Lee and Nautica.

The company was founded in 1899 in Pennsylvania as the Reading Glove and Mitten Manufacturing Company. After being renamed several times, it became Vanity Fair Mills and went public in the 1950s, changing again its name to VF Corporation in the 1960s. The company is headquartered in Greensboro, North Carolina, and has a market capitalization of $27.2 billion.

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