VF Corporation (VFC) is a global apparel and footwear company that operates through its two segments: Apparel & Retail and Footwear. The Apparel & Retail segment includes brands such as Timberland, The North Face, Vans, and Supreme, while the Footwear segment consists of brands like New Balance, Merrell, and Smartwool.
On March 31, 2023, VFC announced that it was removing itself from the Dow Jones Sustainability Index (DJSI), which measures companies' environmental, social, and governance performance. According to the company, the decision was made after careful consideration and reflection on how best to align its sustainability goals with those of the DJSI. VFC stated that it remains committed to driving positive change across all aspects of its business and will continue to report on its sustainability progress regularly.
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To provide more context and information about VFC, let's delve deeper into the company's history, brands, and sustainability efforts.
VF Corporation was founded in 1899 as the Reading Glove and Mitten Manufacturing Company in Pennsylvania, United States. The company initially focused on producing gloves and mittens but later expanded into other apparel and footwear products. In 1969, the company changed its name to VF Corporation, which stands for Vanity Fair, one of its popular brands at the time.
Over the years, VF Corporation has grown through acquisitions and strategic partnerships. Some notable acquisitions include The North Face in 2000, Vans in 2004, Timberland in 2011, and Supreme in 2020. These acquisitions have helped VFC diversify its product offerings and expand its global reach.
VF Corporation operates through its two segments: Apparel & Retail and Footwear. The Apparel & Retail segment includes brands such as Timberland, The North Face, Vans, and Supreme, while the Footwear segment consists of brands like New Balance, Merrell, and Smartwool.
Timberland is known for its durable and eco-friendly footwear, apparel, and accessories. The North Face specializes in outdoor clothing and equipment, catering to adventurers and explorers. Vans is a popular skateboarding and lifestyle brand, offering shoes, clothing, and accessories. Supreme is a streetwear brand that has gained a cult following for its limited-edition collaborations and unique designs.
In addition to these brands, VFC also owns and operates other well-known brands such as Dickies, Kipling, and Napapijri. Each brand has its unique identity and target audience, allowing VFC to cater to a wide range of consumers.
VF Corporation has made sustainability a key focus of its business strategy. The company has set ambitious goals to reduce its environmental impact and promote social responsibility. Some of its sustainability initiatives include:
Despite its removal from the Dow Jones Sustainability Index, VFC remains committed to its sustainability goals and priorities. The company believes that its focus on innovation, creativity, and sustainability goes beyond traditional metrics and requires a more holistic approach.
In conclusion, VF Corporation is a global apparel and footwear company with a rich history and diverse portfolio of brands. While the company has faced challenges related to supply chain disruptions, changing consumer preferences, and increased competition, it remains committed to driving positive change across all aspects of its business and creating value for its stakeholders.
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