VF Corporation Announces New Sustainability & Responsibility Strategy to Guide Transformative Changes and Create Business Value
December 11 2017 - 6:55AM
Business Wire
VF sets sights on leading industrywide
environmental and social improvements
VF Corporation (NYSE: VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced its new global
sustainability and responsibility strategy, Made for Change.
The strategy was communicated in conjunction with VF’s
Sustainability and Responsibility Performance Report.
Made for Change outlines VF’s aspirations for advancing
environmental and social improvements across its business,
portfolio of brands, global supply chain and communities worldwide.
Among the new goals and targets established as part of the strategy
are VF’s commitment to reduce its global environmental footprint by
50 percent, from farm to front door, by 2030, and to measurably
improve the lives of one million garment industry workers and local
community members by 2025. Additionally, VF has committed to a 35
percent reduction in the average environmental impact of key
materials used to make its products.
“Respect for people and the planet has long been a guiding
principle for VF, especially during the past decade as we’ve taken
meaningful steps to embed environmental and socially responsible
programs throughout every aspect of our global business,” said
Steve Rendle, VF’s Chairman, President and CEO. “We are
accelerating our actions at VF by combining our relentless focus on
innovation and operational excellence with responsible business
practices to drive meaningful and lasting changes.”
VF’s Made for Change strategy centers on three focus
areas the company will pursue with clear action plans:
- Circular Business Models: Fueled
by a belief that the linear system of production – take, make, use,
waste – is not sustainable for a planet with a growing population
and limited resources, VF will pursue the commercialization of
circular business models to continually reduce its environmental
impact while creating new growth opportunities. This work includes
a focus on branded rental and recommerce business strategies for
its brands, in addition to emphasizing products that are designed
to have a second life.
- Scale for Good: As one of the
world’s largest apparel and footwear companies, VF will leverage
its global scale and influence to drive meaningful changes across
the industry. This includes dramatically reducing the impact of
materials used to manufacture its products such as water and
cotton, and decarbonizing across its supply chain to reduce
greenhouse gas emissions. Additionally, VF will continue to take
actions that ensure safe working conditions at its contract
supplier factories and benefit factory workers and their
communities including: access to clean water and sanitation; health
and nutrition initiatives; and childcare and education.
- Movement Makers: VF and its
brands will unite to serve as a catalyst for global movements that
help more people pursue active lifestyles and access sustainable
and responsibly sourced products. VF will support these efforts
with strategic investments, targeted advocacy, philanthropic
gifts and collaboration with public and private sector
partners.
VF’s Made for Change strategy and its many components are
detailed at sustainability.vfc.com. The website also provides a
behind the scenes look at how VF created Made for Change,
videos of its current sustainability efforts, and other educational
resources.
VF has a proven history of operating its business with the
highest environmental, social and ethical standards. The company’s
actions have been recognized by some of the world’s leading
authorities on corporate social responsibility. In 2016, VF was
named to Corporate Responsibility (CR) Magazine’s 100 Best
Corporate Citizens List, which recognizes U.S. public companies
with standout corporate responsibility performance. VF was also
named a 2017 World’s Most Ethical Company® by the Ethisphere
Institute, a global leader in defining and advancing the standards
of ethical business practices. VF is one of only three apparel
companies to make the list.
About VF
VF Corporation (NYSE: VFC) outfits consumers around the world
with its diverse portfolio of iconic lifestyle brands, including
Vans®, The North Face®, Timberland®, Wrangler® and Lee®.
Founded in 1899, VF is one of the world’s largest apparel, footwear
and accessories companies with socially and environmentally
responsible operations spanning numerous geographies, product
categories and distribution channels. VF is committed to delivering
innovative products to consumers and creating long-term value for
its customers and shareholders. For more information,
visit www.vfc.com.
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VF CorporationCraig Hodges, 336-424-5636Sr. Director, Corporate
CommunicationsorVanessa McCutchen, 336-424-7776Director, Corporate
Communications
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