VF Announces the Dedication of Its New Central Distribution Center in Kunshan, China
April 10 2014 - 9:00AM
Business Wire
VF Corporation (NYSE: VFC) today announced the dedication of its
new Central Distribution Center at an event held at the facility in
Kunshan, China. Local and regional government officials,
dignitaries and special guests joined VF Chairman, President and
Chief Executive Officer Eric Wiseman to celebrate this important
addition to VF’s global supply chain platform.
“The Central Distribution Center in Kunshan demonstrates our
commitment to continued growth in China and persistent focus on
operational excellence in our global supply chain,” said Wiseman.
“With the expectation that our business in China will nearly double
during the next four years, this represents a significant milestone
in our ability to manage long-term costs and inventories, while
providing measurable increases in speed-to-market for both our
customers and consumers.”
Representing an investment of more than $60 million (¥372
million RMB), the Kunshan distribution center is VF’s largest
infrastructure investment in China. When operating at capacity, the
85,000-square-meter facility is expected to handle 30 million units
of product each year and employ nearly 400 people. The facility was
designed to be environmentally friendly and is LEED Bronze
certified because of its low carbon footprint. Also, to support
future growth, VF has acquired the option for additional land at
the Kunshan location for expansion as needed.
In 2013, total revenues in China were more than $500 million. By
2017, VF expects China to contribute nearly $1 billion to total
company revenues. VF brands sold in China include: The North
Face®, Lee®, Vans®, Timberland®, Kipling®, 7 For All Mankind®,
Wrangler® and Nautica®.
During the past year, VF has added four new distribution centers
strategically located to competitively manage costs and source
closer to end markets. In addition to the China facility, new VF
distribution centers have been added in Sint-Niklaas, Belgium;
Mexico City, Mexico; Los Angeles, Calif.; and the company reopened
its Hackleburg, Ala. facility, which was destroyed as a result of a
tornado in April 2011.
About VF
VF Corporation is a global leader in branded lifestyle apparel
and footwear with more than 30 brands. The company’s five largest
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,” “anticipate,” “estimate,” “expect,” “should,” and “may” 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.
VF CorporationLance Allega, 336-424-6082Vice President, Investor
RelationsorCarole Crosslin, 336-424-7836Director, Corporate
Communications
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