Four years after acquiring the brand of merino-wool apparel based in New Zealand, VF Corp. has decided that it will be splitting Icebreaker into three entities, according to reports in the NZ Herald. Two of these entities will be operating out of the present headquarters, in the city of Ponsonby, and the other out of VF’s European headquarters in Switzerland, where Icebreaker already has several employees. VF has not gone into further details, but up to 50 employees in New Zealand, especially those concerned with the global business, will be losing their jobs. The brand’s staff stands at 112. According to the Herald, VF’s purpose is to move the staff “closer to the markets they support,” expanding global operations while extending the product range from outdoor into casual and workwear. Jeremy Moon, who founded Icebreaker in 1995 and sold it to VF in 2017, says that the resulting new jobs in the home country will focus on increasing the company’s presence in New Zealand and China. For the financial year ended in March 2019, Icebreaker’s revenues amounted to $174.2 million, or 1.7 percent of VF’s total. Its net income for the period was $14.6 million.