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The global fashion business journal

Oct 2, 20201:37am

VF Corporation new plan: more retail and digitalization to boost sales and profitability

The American group, owner of Vans, The North Face or Timberland, begins a new stage after completing the spinoff of its denim division, that operates under the name of Kontoor Brands.

Sep 25, 2019 — 5:19pm
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VF Corporation new plan: more retail and digitalization to boost sales and profitability

 

 

VF Corporation traces a new road map. The American group, owner of Vans, The North Face, Timberland or Dickies, begins a new stage after completing the spinoff of its denim division, which now operates under Kontoor. With the new plan, the group expects to grow at a five-year compounded annual growth rate between 7% and 8%.

In this period, the group will strengthen its progress on four pillars. VF wants to focus its strategy on the consumer and retail; the second, to continue optimizing its portfolio of brands; the third, to resume its commitment to the Asian market, and the fourth, to strengthen direct-to-consumer channels especially through digitalization. 

 

The company has also modified its logo. This is the first change of this type that has been made in the last 21 years. VF has presented its new corporate image and its new strategic project in a meeting with investors and analysts that was held today in the town of Beaver Creek.

 

 

 

 

The company closed its fiscal year 2018, the last one where its jeans division is still included, with a growth of 13%, up to 13.8 billion dollars. The company doubled its net profit, up to 1.2 billion dollars. 

 

Last May, VF completed the separation of its denim business with the IPO of Kontoor, the group that owns Lee, Wrangler and Rock&Republic. The company started this spin-off in the summer of 2018 after a deep restructuring of its brand portfolio.

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