VF to Establish Three Global Innovation Centers to Accelerate Its Innovation Platform
August 26 2013 - 1:00PM
Business Wire
VF Corporation (NYSE: VFC) today announced the company will
establish three Global Innovation Centers – a groundbreaking move
in the apparel industry – to focus on game-changing product
innovations in technical apparel, footwear and jeans.
The centers will be staffed with teams of scientists, engineers,
technical designers and key talent who will combine proprietary
insights with consumer needs and a deep understanding of technology
and new materials. The expected outcome: breakthrough products that
drive brand equity and long-term growth.
“These Global Innovation Centers will spark opportunities to
fuel VF’s growth and shape the future of apparel and footwear,”
said Eric C. Wiseman, Chairman and Chief Executive Officer. “From
the mass market to the mountaintop and from the U.S. to South
America, Asia and Europe, we will develop and deliver innovative,
‘must-have’ products for consumers.
“Consumers buy and pay more for new, differentiated,
value-adding products,” Wiseman continued. “We will inspire
consumers to buy our products and, as a result, drive revenue
growth and even higher profitability.”
Wiseman also noted that the Innovation Centers are an important
step in the further development of VF’s innovation platform. “In
2010, we first laid out our vision for the role that innovation
would play in VF’s growth,” he said. “This move is critical to
advancing our journey as it gives us a competitive advantage in the
apparel industry. We will fully leverage what we learn by sharing
output from the Innovation Centers across our 30-plus brands.”
The Technical Apparel Innovation Center will be in Alameda,
Calif. The Jeans Center will be in Greensboro, N.C. and the
Footwear Center will be in Stratham, N.H. All are expected to be
operational during the first half of 2014.
About VF
VF Corporation is a global leader in branded lifestyle apparel
and footwear with more than 30 brands. The company’s largest five
brands are The North Face®, Vans®, Wrangler®, Timberland® and Lee®.
Other brands include 7 For All Mankind®, Bulwark®, Eagle Creek®,
Eastpak®, Ella Moss®, JanSport®, Kipling®, lucy®, Majestic®,
Napapijri®, Nautica®, Red Kap®, Reef®, Riders®, Splendid® and
SmartWool®. For more information, please visit www.vfc.com.
Forward-Looking Statements
Certain statements included in this release and the attachments
are "forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are made based on our
expectations and beliefs concerning future events impacting VF and
therefore involve a number of risks and uncertainties. You can
identify these statements by the fact that they use words such as
“will” and “expect” and other words and terms of similar meaning or
use of future dates. We caution that forward-looking statements are
not guarantees and that actual results could differ materially from
those expressed or implied in the forward-looking statements.
Potential risks and uncertainties that could cause the actual
results of operations or financial condition of VF to differ
materially from those expressed or implied by forward-looking
statements in this release include, but are not limited to, the
level of consumer confidence and overall level of consumer demand
for apparel; fluctuations in the price, availability and quality of
raw materials and contracted products; disruption to VF’s
distribution system; disruption and volatility in the global
capital and credit markets; VF's reliance on a small number of
large customers; the financial strength of VF's customers; VF’s
response to changing fashion trends; increasing pressure on
margins; VF's ability to implement its growth strategy; VF's
ability to grow its international and direct-to-consumer
businesses; VF's ability to successfully integrate and grow
acquisitions, including the Timberland acquisition; VF's ability to
maintain the strength and security of its information technology
systems; adverse unseasonable weather conditions; stability of VF's
manufacturing facilities and foreign suppliers; continued use by
VF's suppliers of ethical business practices; VF's ability to
accurately forecast demand for products; continuity of members of
VF's management; VF's ability to protect trademarks and other
intellectual property rights; maintenance by VF's licensees and
distributors of the value of VF's brands; foreign currency
fluctuations; changes in tax liabilities; and legal, regulatory,
political and economic risks in international markets. More
information on potential factors that could affect VF's financial
results is included from time to time in VF's public reports filed
with the Securities and Exchange Commission, including VF's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
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