World Footwear

Companies

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.

Related Events

  • Jun
    10
    Jun 10-Jun 13, 2020 | Atlanta, United States

    Atlanta Apparel

  • Jun
    23
    Jun 23-Jun 25, 2020 | Denver, United States

    Outdoor Retailer

  • Jul
    22
    Jul 22-Jul 23, 2020 | Wilmington, Massachusetts, United States

    NE Apparel and Footwear Materials Show

  • Jul
    29
    Jul 29-Jul 30, 2020 | Portland, United States

    NW Apparel and Footwear Materials Show

Related Organizations

  • Two Ten Footwear Foundation

    Two Ten Footwear Foundation

    United States
  • AAFA - American Apparel & Footwear Association

    AAFA - American Apparel & Footwear Association

    United States
  • Rubber and Plastics Footwear Manufacturers Association

    Rubber and Plastics Footwear Manufacturers Association

    United States
  • FFANY - Fashion Footwear Association of New York

    FFANY - Fashion Footwear Association of New York

    United States