VF Corp, the owner of The North Face and Timberland, among many other brands, said it was exploring “strategic alternatives” for its Licensed Sports Group (LSG) business. This part of the U.S. group includes the Majestic Athletic brand and it supplies apparel and fanware through licensing agreements with U.S. and other professional sports leagues, colleges and universities, as well as lifestyle brands. LSG makes up about half of the sales in the Imagewear division of the VF group, which amounted to about $1.1 billion last year. The Imagewear division also includes the Image segment, providing workwear for the industrial, service and government sectors. The announcement was interpreted by some analysts as an intention to divest from a category that has relatively little growth potential for VF Corp. and delivers lower gross margins than other parts of its business.