VF Corporation Releases Fiscal Year 2022 Annual Profile on Inclusion, Diversity, Equity and Action (IDEA)
November 14 2022 - 6:55AM
Business Wire
Launches Global Inclusion, Diversity &
Equity Council to advance VF’s diversity and inclusion goals,
strategy, and advancements
VF Corporation (NYSE: VFC), a leading portfolio of
active-lifestyle brands including Vans®, The North Face®,
Timberland® and Dickies®, today published its Annual Profile on
Inclusion, Diversity, Equity and Action (IDEA) covering the
company’s fiscal year 2022 (FY22).
With the goal of serving as a diversity and inclusion leader in
the apparel industry, the report details VF’s continued commitment
to build an inclusive associate culture, emphasize IDEA principles
at a brand and consumer level, and reinforce equity and
self-discovery in the communities where VF operates.
“This year’s report illustrates VF’s meaningful progress to
empower associates, brands, consumers, and our greater society
through inclusivity, allyship, and individuality,” said Lauren
Guthrie, VF’s Vice President of Global Inclusion, Diversity, Equity
and Action. “At VF, it is vital that the ideas we put forth are not
just aspirational, but actionable. Our progress in FY22 across
multiple fronts continues to drive business benefit and inspires us
to further innovate and expand on our work.”
The Annual Profile outlines specific actions taken over the past
fiscal year across VF’s footprint, including new corporate and
brand-level partnerships, initiatives that address diversity and
supply chain issues, associate-focused programs for VF’s workforce
and updates on previously announced equity and parity goals.
- By 2030, VF aspires to achieve gender parity at the director
level and above worldwide, as well as a 25% Black, Indigenous and
People of Color (BIPOC) representation at the director level and
above in the U.S. During FY22, VF made these advancements toward
these aspirations:
- Women-identifying associates account for 42% of the global
director and above population.
- BIPOC associates comprise 18% of the director and above
population in the U.S.
- 53% of VF’s total global workforce are women and representation
of BIPOC associates grew throughout the year to 56% of the U.S.
workforce.
- 61% of new U.S. hires and 48% of U.S. promotions are members of
the BIPOC community.
- To advance opportunities for BIPOC designers, VF brands
collaborated with Portland-based PENSOLE Design Academy on the
DiverCity x Design apprenticeship program. The immersion program
welcomed its first cohort of five up-and-coming designers who spent
three-month rotations with the Altra®, The North Face®, Timberland®
and Vans® brands to gain knowledge of different work cultures and
design experiences. Four of the designers are now employed
full-time on the Vans® and Timberland® design teams.
- In FY22, VF established the Global Inclusion, Diversity &
Equity Council (GIDEC) to further prioritize the work of IDEA as a
core business initiative and work throughout the company’s
operations to help drive performance and positive outcomes for
employees, the organization and the world beyond.
- The VF Foundation became a founding member of The Resilience
Fund for Women in Global Value Chains. This collaboration provides
unrestricted funds to organizations in South Asia, allowing women
to direct resources in their communities. Going forward, The VF
Foundation will direct 10% of annual U.S. grant funding to support
community initiatives that are consistent with VF’s racial equity
strategy.
- VF’s Limit Less Learnings Retail Apprentice program facilitates
career growth in corporate positions for all associates including
our retail BIPOC associates. The program hires 15 apprentices
annually to work across our brand portfolio.
- VF has focused on the establishment and expansion of four
employee resource groups (ERGs). WOVEN (Women of VF Empowerment
Network), ACE Diversity, VF Pride and Veteran Forces serve as
resources for associates to foster community and live authentically
in the workplace.
Guthrie concluded, “We have a vision of what we want to create —
a world that is inclusive, diverse, equitable and accessible across
race, ethnicity, ability, gender, sexual orientation and culture —
not only at VF but also in our communities, our global supply chain
and across the footwear and apparel industry. The only way to build
sustainable, long-term change is to stay steadfast as we ascend the
summit to equity.”
Read the full report here.
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
active-lifestyle companies which connects people to the activities
and experiences they cherish most through a portfolio of outdoor,
active, workwear and streetwear 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221114005158/en/
Colin Wheeler Colin_wheeler@vfc.com
VF (NYSE:VFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
VF (NYSE:VFC)
Historical Stock Chart
From Sep 2023 to Sep 2024