VF Corporation Announces Regional Transformation Plan to Enable Long-term Growth in Asia
January 11 2021 - 4:00AM
Business Wire
VF Corporation (NYSE: VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced a transformation
plan for its Asia Pacific operations focused on evolving the
region’s organizational design and footprint, and building new
capabilities to accelerate growth for its brands.
As part of its transformation initiative, VF will move the
center of its brand operations from Hong Kong to Shanghai where the
company currently employs approximately 900 office and retail
associates. VF’s Asia Product Supply Hub, which serves as the base
of operations for its global supply chain in the region, will also
move from Hong Kong and relocate to Singapore. An additional shared
services center for the region will be established in Kuala Lumpur,
Malaysia. VF will activate a phased transition plan to guide these
relocations over the next 12 to 18 months with the first moves
expected in April 2021.
“Today’s announcement reinforces our commitment to invest in our
business across the Asia Pacific region, while also supporting VF’s
overall transformation plan to become a more consumer-minded,
retail-centric and hyper-digital enterprise,” said Steve Rendle,
VF’s Chairman, President and Chief Executive Officer. “We
established our presence in Asia 25 years ago and have continually
shaped our business around the region’s many evolving
opportunities. Now, we’re further transforming our Asia operations
so we can better serve this fast-moving, technology-driven market
with increased speed and capabilities.”
By placing its brands’ center of operations in Shanghai, VF aims
to forge stronger and more relevant relationships with Chinese
consumers. Relocating its Product Supply Hub to Singapore will
enable greater integration across VF’s global supply chain network,
which also includes key hubs in Europe and the Americas.
Additionally, VF will redeploy some of its product supply talent
and resources throughout its primary sourcing countries in the
region to work more closely with key suppliers and drive greater
efficiency.
Rendle continued, “We’ve made great strides in recent years to
advance our brand strategy in Asia with new capabilities in digital
and analytics, stronger relationships with the region’s digital
titans, and the appointment of new VF leaders in both Tokyo and
Shanghai. As we build on this strong foundation, we also see
significant opportunities in creating a hyper-digital supply chain
with a key hub in Singapore that will enable us to unlock greater
speed and agility in how we make, source and move our products
around the world.”
VF’s additional shared services center in Kuala Lumpur will help
the company further expand the footprint of the back-end business
functions that support its brands and supply chain operations
across the Asia Pacific region. The new center will house various
functions including digital technology, finance, human resources,
and logistics. Hong Kong will remain a key retail market for VF and
its brands.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111005417/en/
Media Contacts Becky Cho Vice President, Corporate
Affairs & Communications, APAC Becky_cho@vfc.com
Colin Wheeler Senior Director, Corporate Affairs &
Communications Colin_wheeler@vfc.com
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