VF Corp Announces New Regional Strategy in the Asia Pacific
Source: VF Corp, Nasdaq, Textile World, Businesswire
2020.July.03
VF Corporation (NYSE: VFC) 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.
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, this 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 the 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.”
“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.”
