Despite the credit crunch and weak U.S. economy VF Corp went shopping again.

The company, once known for functional brands like Wrangler, Lee, Eastpak and JanSport, said on Wednesday it acquired a one-third interest in Mo Industries, owner of the Splendid and Ella Moss brands.

Terms of the deal were not disclosed, beyond saying that it valued the brands at close to 7.5 times expected 2008 earnings before interest, taxes, depreciation and amortization.

Splendid and Ella Moss clothes are sold at high-end retailers such as Bloomingdale’s and Nordstrom and together brought in over $80 million in revenue last year.

Mike Egeck, president of VF’s contemporary brands segment, said the acquisition allows the company to broaden its offering of knit tops and provide synergies with its 7 For All Mankind and lucy brands, which respectively sell designer jeans and yoga clothes.

(Photo: www.splendid.com)