VF Corporation news and archive

VF expects its transformation program to reduce debt and drive profitability

VF Corp. has announced the medium-term financial targets including adjusted operating margin of at least 10 percent, adjusted gross margin of at least 55 percent, adjusted SG&A as a percentage of revenue of 45 percent or lower and net leverage of 2.5x or below. Commenting on the update ahead of the company’s investor day, Bracken Darrell, VF...

Business

VF posts Q2 profit, sales decline by 6 percent

Second quarter revenue at VF Corporation of 2.8 billion dollars, was down 6 percent, The North Face declined by 3 percent or 4 percent in constant dollars and Vans declined by 11 percent versus the same quarter last year. However the company reported earnings per share of 52 cents and adjusted EPS of 60 cents. Commenting on the second quarter...

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Gap product chief moves to VF-owned Dickies

US clothing group VF Corporation has appointed Chris Goble as head of the workwear brand Dickies. Goble is set to take up this new role on October 14, reported the news platform Bloomberg, which cited access to an internal communication. He succeeds Todd Dalhausser, who had previously moved to the outdoor brand North Face, also within the VF...

Business

VF's Q1 loss widens, revenues drop

VF Corporation’s first quarter revenues of 1.9 billion dollars, were down 9 percent or 8 percent in constant dollars. The company reported loss per share of 67 cents and adjusted loss per share of 33 cents versus the first quarter of the previous year. VF also announced a quarterly per share dividend of 9 cents. Commenting on the first quarter...

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Supreme acquired by eyewear giant EssilorLuxottica

Eyewear giant EssilorLuxottica has acquired New York-born streetwear brand Supreme in a deal worth 1.5 billion dollars, the transaction of which will be completed by the end of 2024, a press release revealed. In May, it was already speculated that VF Corporation, the parent company of Supreme and the owner of Vans, The North Face and Timberland,...

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VF names Caroline Brown as global brand president of The North Face

VF Corporation has announced the appointment of Caroline Brown as global brand president of The North Face, starting the week of June 10, 2024. The company said in a statement that Brown succeeds Nicole Otto and, as a result of her appointment, Brown has resigned as a member of the VF board of directors. “With Caroline’s intense focus on brand...

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Sun Choe to join VFC as global brand president of Vans brand

VF Corporation has appointed Michelle (Sun) Choe as global brand president, Vans, beginning in late July. Sun, the company said in a release, is a highly accomplished apparel industry executive with nearly three decades of experience leading design and merchandising for renowned global brands, including Lululemon, Marc Jacobs, West Elm,...

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VF names new CFO amid turnaround efforts to boost sales

Fourth quarter revenue of 2.4 billion dollars at VF Corporation, was down 13 percent with The North Face down 5 percent, brand DTC up 6 percent or 7 percent in constant dollars, with ongoing weakness in US wholesale. FY24 revenue of 10.5 billion dollars, was down 10 percent or 11 percent in constant dollars. The company also announced the...

Business

VF Corporation is mulling a sale of streetwear brand Supreme

In less than four years since its acquisition, VF Corporation is reportedly mulling a sale of its streetwear brand Supreme. Back in December 2020, the group bought the New York skater brand, valuing it at 2.1 million dollars, making it one of the largest fashion transactions of the year. According to WWD, VF Corp is considering divesting Supreme...

Business

VF Corp to make retail push in MENA and SEA regions with 300 store openings

VF Corp, the parent company to Vans, The North Face and Timberland, is preparing to make a big push in the Middle East and North Africa (MENA) and Southeast Asia (SEA) markets over the next five years through a new distribution and retail deal with GMG. As part of the agreement, retail conglomerate GMG has been tasked with expanding the presence...

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Apparel industry veteran Caroline Brown joins VF board

VF Corporation has announced the appointment of Caroline Brown to the company’s board of directors, effective February 14, 2024. This appointment follows constructive engagement with VF’s shareholders, including Engaged Capital. The company said in a statement that VF also intends to appoint to the board another independent director in the near...

Business

VF CFO to step down, Q3 results trigger portfolio review

Ahead of announcing the financial results for Q3, it was revealed that VF Corporation’s chief financial officer Matt Puckett would be stepping down from the post later this year. Newly appointed CEO Bracken Darrell made the announcement during VF’s FY24 Q3 conference call, agreeing with Puckett that it was time to make a change as part of the...