Rob Fyfe, left, and Jeremy ​Moon will continue to work for Icebreaker following the sale.

The sale of merino wool clothing company Icebreaker has pocketed its former owners $288 million.

In November, United States retail firm VF Corporation, owner of The North Face, Vans and Wrangler brands, announced it was buying Icebreaker for an undisclosed sum.

On Monday, the Overseas Investment Office publicly released its decision, which granted consent for the deal to go ahead. It also disclosed the sale price of $288m.

The decision says the office was satisfied the individuals who will control the investment have the "relevant experience and acumen and are of good character".

READ MORE: Benefit of Icebreaker sale to US giant lead to cheaper prices

VF also showed it had financial commitment to the investment, it said.

In November, Icebreaker chairman Rob Fyfe said the company considered more than 24 serious offers to buy it before doing a deal with VF, which is based in North Carolina.

JOSEPH JOHNSON/STUFF Icebreaker has 30 stores and nine outlets across New Zealand, Australia, Europe, US and Canada.

Fyfe said VF was the chosen because it could lift the brand's worth to $1 billion by entering new markets that Icebreaker had not yet been successful in, such as the United States, Asia and Eastern Europe.

VF was committed to keeping Icebreaker's headquarters in New Zealand and the sale would not affect its 340 full-time staff, 30 per cent of which were based in here, he said.

Fyfe said the sale was not a loss, but a global opportunity gained for a New Zealand company.

Icebreaker was founded by Jeremy Moon in 1995 when he was 24 years old.

​Moon and Fyfe will continue to work for the company.

Exit Strategist director Ross Peden​​ said New Zealand brands selling to multinationals was "a little sad" but Icebreaker's "amazing story" could encourage other business owners to think about their exit strategy early.

The company has 30 stores and nine outlets across New Zealand, Australia, Europe, US and Canada.
The New Zealand Overseas Investment Office approves the sale of clothing company Icebreaker to U.S. retail conglomerate VF Corporation, revealing the sale price as NZ$288 million.