Company Also Enhances Leadership Focus on
Emerging Brands Platform
VF Corporation (NYSE: VFC) today announced organizational
changes to strengthen and accelerate the company’s business
strategy in the Asia Pacific Region, while at the same time adding
enhanced leadership support for its Emerging Brands platform.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200629005169/en/
Kevin Bailey, VF Group President Asia
Pacific (Photo: Business Wire)
With a specific focus on advancing its stated strategy of
growing its business in China, VF has created the new position of
President, Greater China. VF will announce the leader appointed to
this position later this summer.
Establishing a leadership position responsible for Greater
China, which includes Mainland China, Hong Kong SAR and Taiwan,
creates an organizational structure that will enable VF and its
brands to move faster and with focused agility to pursue growth
opportunities in this important market. Today, Greater China
represents about 65 percent of VF’s total business in the Asia
Pacific Region. The company expects that percentage to grow to
nearly 80 percent by fiscal year 2024.
“When we introduced our new global business strategy in 2017, we
declared our commitment to invest in our APAC region and accelerate
growth for our brands, all with a particular emphasis on China,”
said VF’s Chairman, President and CEO, Steve Rendle. “By creating
the new position of President, Greater China, we’re leaning even
further into the many opportunities we see to elevate our business
and brands in this fast-moving, digitally-driven marketplace. We
look forward to announcing our appointment later this summer.”
Kevin Bailey, Executive Vice President & Group President,
APAC, will continue leading the company’s Asia Pacific Region, but
will relocate from Hong Kong to Denver, Colorado, where he will
also assume leadership of the company’s Emerging Brands platform,
which includes the Altra®, Eagle Creek®, JanSport® and Smartwool®
brands, and the Kipling® and Icebreaker® brands in the Americas
Region. Bailey will continue reporting to CEO Steve Rendle and
serving on VF’s Executive Leadership Team.
“Although they’re the smaller brands by revenue in our overall
portfolio, our group of Emerging Brands present considerable
opportunities for growth,” said Rendle. “It’s important to remember
that our global, multi-billion-dollar brands such as Vans and The
North Face were once emerging brands when VF acquired them.
Enabling great brands to achieve their full potential is a core
competency at VF, and Kevin is the ideal person to work closely
with our brand leaders to help guide these brands into the
future.”
VF outlined its plans for growing its China business and its
Emerging Brands during the company’s September 2019 Investor Day
held in Colorado. Although certain financial projections made
during Investor Day have since changed as a result of the COVID-19
pandemic, the presentations can be viewed on the Investor Relations
section of the company’s website.
“Our Asia Pacific business has been a key growth driver for VF
in recent years and I look forward to continuing to lead the
amazing APAC teams and advancing our regional business strategy
with the added leadership support of a new President of Greater
China,” added Bailey. “And, I’m equally energized by the
opportunity to help lead our Emerging Brands platform and
collaborate with our brand leaders to pursue the significant
opportunities in front of us.”
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
Forward-looking
Statements
Certain statements included in this release 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
several 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, however, the absence of
these words or similar expressions does not mean that a statement
is not forward-looking. All statements regarding VF’s plans,
objectives, projections and expectations relating to VF’s
operations or financial performance, and assumptions related
thereto are forward-looking statements. 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. VF undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. 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 include, but are not limited to: risks
arising from the widespread outbreak of an illness or any other
communicable disease, or any other public health crisis, including
the coronavirus (COVID-19) global pandemic; the level of consumer
demand for apparel, footwear and accessories; disruption to VF’s
distribution system; the financial strength of VF’s customers;
fluctuations in the price, availability and quality of raw
materials and contracted products; disruption and volatility in the
global capital and credit markets; VF’s response to changing
fashion trends, evolving consumer preferences and changing patterns
of consumer behavior; intense competition from online retailers;
manufacturing and product innovation; increasing pressure on
margins; VF’s ability to implement its business strategy; VF’s
ability to grow its international and direct-to-consumer
businesses; retail industry changes and challenges; VF’s and its
vendors’ ability to maintain the strength and security of
information technology systems; the risk that VF’s facilities and
systems and those of our third-party service providers may be
vulnerable to and unable to anticipate or detect data security
breaches and data or financial loss; VF’s ability to properly
collect, use, manage and secure consumer and employee data; foreign
currency fluctuations; 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; possible
goodwill and other asset impairment; maintenance by VF’s licensees
and distributors of the value of VF’s brands; VF’s ability to
execute and integrate acquisitions; changes in tax laws and
liabilities; legal, regulatory, political and economic risks; the
risk of economic uncertainty associated with the exit of the United
Kingdom from the European Union (“Brexit”) or any other similar
referendums that may be held; adverse or unexpected weather
conditions; VF's indebtedness and its ability to obtain financing
on financing on favorable terms, if needed, could prevent VF from
fulfilling its financial obligations; climate change and increased
focus on sustainability issues; and risks associated with the
spin-off of our Jeanswear business completed on May 22, 2019,
including the risk that VF will not realize all of the expected
benefits of the spin-off; the risk that the spin-off will not be
tax-free for U.S. federal income tax purposes; and the risk that
there will be a loss of synergies from separating the businesses
that could negatively impact the balance sheet, profit margins or
earnings of VF. 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 SEC, including VF’s Annual Report on
Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed
or furnished with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200629005169/en/
Joe Alkire Vice President, Corporate Development, Investor
Relations and Treasury 720-778-4051
Colin Wheeler Senior Director, Corporate Affairs
303-956-0558
VF (NYSE:VFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
VF (NYSE:VFC)
Historical Stock Chart
From Sep 2023 to Sep 2024