V.F. Corporation (VF) is a global apparel, footwear and accessories company. VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages. Products are marketed under VF-owned brand names.
VF is a portfolio of leading outdoor, active and workwear brands, including The North Face, Vans, Timberland and Dickies. VF is committed to providing consumers with innovative products that are rooted in...
V.F. Corporation (VF) is a global apparel, footwear and accessories company. VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages. Products are marketed under VF-owned brand names.
VF is a portfolio of leading outdoor, active and workwear brands, including The North Face, Vans, Timberland and Dickies. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders.
Business Model
VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. The company owns a broad portfolio of brands in the apparel, footwear, and accessories categories. The company's largest brands are The North Face, Vans, Timberland and Dickies.
The company's products are marketed to consumers through its wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently operated partnership stores, and with strategic digital partners. The company's products are also marketed to consumers through its own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites, and other digital platforms. Revenues from the direct-to-consumer business represented 44% of VF’s total Fiscal 2025 revenues. In addition to selling directly into international markets, many of the company’s brands also sell products through licensees, agents and distributors. In Fiscal 2025, VF derived 51% of its revenues from the Americas, 34% from Europe and 15% from the Asia-Pacific.
To provide products across multiple channels of distribution in different geographic areas, the company relies on its global sourcing of finished goods from geographically diversified independent contractors. The company has three main regional sourcing hubs, which help to reduce lead times by establishing production closer to end consumption.
Segments
VF's reportable segments are Outdoor, Active and Work.
Outdoor
The company’s Outdoor segment is a group of authentic outdoor-based lifestyle brands. Product offerings include performance and performance-inspired outdoor apparel, footwear, equipment and accessories.
The North Face is the largest brand in the company’s Outdoor segment. The North Face brand features performance and performance-inspired apparel, outerwear, sportswear and footwear for men, women and children. Its equipment line includes tents, sleeping bags, backpacks and accessories. Many of The North Face products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice climbing. Products are also designed for year-round trail and rock climbing activities. The North Face products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.
The Timberland brand offers style-forward and weather-ready footwear, apparel and accessories that combine performance benefits and versatile styling for men, women and children. The company sells Timberland products globally primarily through specialty, chain and department stores, independent distributors and licensees, independently operated partnership stores, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.timberland.com.
Altra is a performance-based footwear brand primarily in the road and trail running categories. Altra products are sold globally primarily through premium outdoor and specialty stores, independent distributors, on websites with strategic digital partners and online at www.altrarunning.com.
The Smartwool brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function. Smartwool products are sold globally primarily through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.
The Icebreaker brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers. Icebreaker products are sold globally primarily through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.
Active segment
The company’s Active segment is a group of activity-based lifestyle brands. Product offerings include active apparel, footwear, backpacks, luggage and accessories.
Vans is the largest brand in the company’s Active segment. The Vans brand offers performance and casual footwear and apparel targeting younger consumers that sit at the center of action sports, art, music and street fashion. Vans products are available globally primarily through specialty, chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.vans.com.
Kipling branded handbags, luggage, backpacks, totes and accessories are sold globally primarily through chain, department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.
The Napapijri brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price. Products are sold in Europe, primarily through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.
Eastpak backpacks, travel bags and luggage are sold primarily through department, specialty and concession retail stores across Europe, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.
JanSport backpacks and accessories are sold primarily in North America through mass merchants, sports specialty stores, office supply and chain stores and department stores, as well as independent distributors. JanSport products are also sold on websites with strategic digital partners and online at www.jansport.com.
Work segment
The company’s Work segment consists of performance and lifestyle workwear brands with product offerings that include apparel, footwear and accessories.
Dickies is the largest brand in the company’s Work segment. The Dickies brand is a leader in authentic, functional, durable and affordable performance and lifestyle workwear apparel and footwear. Dickies products are available globally primarily through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.dickies.com.
The Timberland PRO brand offers work and work-inspired products that provide comfort, durability and performance. Timberland PRO products are available primarily in North America, through specialty stores, chain stores, independent distributors, on websites with strategic digital partners and online at www.timberland.com. Timberland PRO products are also available in most U.S. VF-operated Timberland stores.
Direct-To-Consumer Operations
The company's direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms. Direct-to-consumer revenues were 44% of total VF revenues in Fiscal 2025.
The company's full-price retail stores allow the company to display a brand's full line of products with fixtures and imagery that support the brand's positioning and promise to consumers. These experiences provide high visibility for the company's brands and products and enable the company to stay close to the needs and preferences of the company's consumers. The complete and impactful presentation of products in the company's stores also helps to increase sell-through of VF products at the company's wholesale customers due to increased brand awareness, education and visibility. VF-operated full-price stores generally provide gross margins that are well above other channels.
In addition, VF operates outlet stores in both premium outlet malls and more traditional value-based locations. These outlet stores carry merchandise that is specifically designed for sale in the company's outlet stores and serve an important role in the company's overall inventory management and profitability by also allowing VF to sell a significant portion of excess, discontinued and out-of-season products at better prices than otherwise available from outside parties, while maintaining the integrity of the company's brands.
The company’s global direct-to-consumer operations included stores at the end of Fiscal 2025. The company operates retail store locations for the following brands: Vans, The North Face, Timberland, Kipling, Icebreaker, Napapijri and Dickies. Approximately 65% of the company’s stores are located in the Americas (56% in the U.S.), 25% in Europe, and 10% in the Asia-Pacific. Additionally, the company sells certain of its branded products through some concession retail stores located principally in Europe and the Asia-Pacific.
E-commerce represented approximately 40% of the company's direct-to-consumer business and 18% of total VF revenues in Fiscal 2025. All VF brands are marketed online. The company continues to expand its omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance. The company also continues to increase focus on digital innovation and growth across other third-party digital platforms that are reported within the company's direct-to-consumer business.
In addition to the company's direct-to-consumer operations, independent parties own and operate various partnership stores. Sales to these partners are reported in the company's wholesale channel. These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores. Most of these partnership stores are located in Europe and in Asia-Pacific, and are concentrated amongst The North Face, Timberland, Vans, Kipling, Dickies and Napapijri brands.
Licensing Arrangements
As part of the company's strategy of expanding market penetration of VF-owned brands, the company enters into licensing agreements with independent parties for specific apparel and complementary product categories when such arrangements provide more effective sourcing, distribution and marketing than could be achieved internally. The company provides support to these business partners and ensure the integrity of its brand names by taking an active role in the design, quality control, advertising, marketing and distribution of licensed products.
Sourcing and Distribution
Product design and innovation, including fit, fabric, finish and quality, are important elements across the company's businesses. These functions are performed by employees located in the company's global supply chain organization and the company's branded business units across the globe.
VF's centralized global supply chain organization is responsible for procuring and delivering products to support the company's brands and businesses. VF is skilled in managing the complexities associated with the company's global supply chain. In Fiscal 2025, VF sourced approximately 260 million units spread across the company's brands. The company's products were primarily obtained from approximately 273 independent contractor manufacturing facilities in approximately 30 countries. Additionally, the company operates 16 distribution centers and various retail stores across the globe. The company also utilizes distribution centers managed by third parties, as necessary, for certain brands and locations.
Product is shipped from the company's independent suppliers to distribution centers around the world. In some instances, product is shipped directly to the company's customers. Most distribution centers are operated by VF, and most support more than one brand.
The company’s largest distribution centers by region are located in Ontario, California, Prague, Czech Republic and Kunshan, China. In total, it operates 16 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, the United Kingdom, the Netherlands, China, Canada, Mexico and Israel.
Seasonality
VF's quarterly operating results vary due to the seasonality of the company's individual brands and are historically stronger in the second half of the calendar year (year ended March 2025). This variation results primarily from the seasonal influences on revenues of the company's Outdoor segment, where revenues are historically weighted towards the second and third fiscal quarters. On a quarterly basis in Fiscal 2025, revenues ranged from a low of 19% of full year revenues in the first fiscal quarter to a high of 30% in the third fiscal quarter, with corresponding operating margins of (7%) in the first fiscal quarter and 8% in the third fiscal quarter. This variation results primarily from the seasonal influences on revenues of the company's Outdoor segment, where 14% of the segment's revenues occurred in the first fiscal quarter compared to 33% in the third fiscal quarter of Fiscal 2025.
Advertising, Customer Support and Community Outreach
The company advertises in consumer and trade publications and through digital initiatives, including social media and mobile platforms on the Internet. The company also participates in cooperative advertising on a shared cost basis with major retailers in print and digital media, radio and television. The company sponsors sporting, musical and special events, as well as athletes and personalities who promote the company's products.
The company provides advertising support to its wholesale customers, including independent partnership stores, in the form of point-of-sale fixtures and signage to enhance the presentation and brand image of the company's products. The company also participates in shop-in-shops and concession retail arrangements, which are separate sales areas dedicated to a specific VF brand within the company's customers' stores and other locations, to help differentiate and enhance the presentation of the company's products.
In addition to sponsorships and activities that directly benefit its products and brands, the company and its employees actively support their communities and various charities. For example, The North Face brand has committed to brand impact initiatives that encourage and enable outdoor participation, and provide trailblazing athletes with funding, gear, education, and mentorship to accelerate their progress through its Athlete Development Program. The Timberland brand's strong heritage of volunteerism was alive and well, with thousands of employees worldwide participating in 200+ Earth Day (spring) and Serv-a-palooza (fall) service events. The Vans brand championed programs and partnered with nonprofits dedicated to inclusivity, supporting mental health, providing relief to those affected by natural disasters, and inspiring individuals to embrace creativity as a means of self-discovery.
Customers
VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners. In addition, the company sells products on a direct-to-consumer basis through VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. The company's international sales represented 55% of its total revenues in the year ended March 29, 2025 (Fiscal 2025), with Europe being the largest international market.
Sales to VF's ten largest customers amounted to approximately 15% of total revenues in Fiscal 2025. Sales to the five largest customers amounted to approximately 10% of total revenues in Fiscal 2025. Sales to VF's largest customer totaled approximately 2% of total revenues in Fiscal 2025.
History
V.F. Corporation was founded in 1899.
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