World Footwear


VF updates long-term strategic growth plan

Sep 26, 2019 United States
VF updates long-term strategic growth plan
The Denver-based business provided an update to the company’s strategic growth plan and key initiatives to deliver long-term sustainable growth and value creation
“Today is an exciting day for VF Corporation as we step into the next phase of our journey as an evolved company”, commented Steve Rendle, Chairman, President and Chief Executive Officer, adding: “The past two-and-a-half years represent one of the most transformative periods in VF’s 120-year history. We’ve emerged with a sharpened focus on what’s required to become even more consumer minded and retail centric. With greater clarity to the opportunities ahead, we’re confidently updating our five-year strategic growth plan and financial outlook.”

Fiscal 2024 Strategic Growth Plan

VF’s fiscal 2024 strategic growth plan is an evolution of its 2021 strategic growth plan announced at the 2017 meeting with investors in Boston. The updated five-year growth plan focuses on a slightly modified set of strategic choices. These choices begin with the foundation: 1) transforming into a consumer-minded and retail-centric enterprise in a hyper-digital manner, followed by: 2) driving and optimizing the portfolio; 3) distorting investments to Asia; and, 4) elevating direct channels, while prioritizing digital.

Fiscal 2024 Financial Targets

Revenue through fiscal 2024 is expected to grow at a five-year compounded annual growth rate (CAGR) between 7% and 8%, fuelled by VF’s largest brands (such as Vans, The North Face, Timberland and Dickies) and the company’s International and Direct-to-Consumer business platforms.

Gross margin is expected to exceed 55.5% in fiscal 2024 and VF expects to deliver annual total shareholder return (TSR) in the 14 percent to 16 percent range.

Branding and logo update

VF is introducing an evolved corporate logo and branding, the company’s first such update in 21 years.

“To capture the spirit of our evolution and our focus on always becoming a better version of ourselves, we’re introducing an evolved logo that honours our 120-year history while also conveying the energy, confidence and optimism we have for our future. And, we’ve incorporated a new tagline that clearly communicates the type of company we are and will continue to be: Purpose led and Performance driven”, concluded Rendle.

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