VF Corporation

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VF Corporation
Public
Traded asNYSEVFC
S&P 500 Component
IndustryApparel
Accessories
FoundedOctober 1899; 119 years ago (1899-10) (as Reading Glove and Mitten Manufacturing Company)
Reading, Pennsylvania, U.S.
HeadquartersDenver, Colorado, U.S.
Key people
Eric Wiseman
(Chairman)
Steve Rendle
(President and CEO)
ProductsFootwear & Apparel
RevenueIncrease US$13.8 billion (2019)[1]
Increase US$1.31 billion (2018)[1]
Increase US$1.01 billion (2018)[1]
Total assetsIncrease US$10.31 billion (2018)[1]
Total equityIncrease US$3.68 billion (2018)[1]
Number of employees
69,000 (2017)[1]
Websitevfc.com

VF Corporation is an American worldwide apparel and footwear company founded in 1899 and headquartered in Greensboro, North Carolina.[2] The company's more than 30 brands are organized into four categories: Outdoor, Active, Work, and Jeans.[3] The company controls 55% of the U.S. backpack market with the JanSport, Eastpak, Timberland and North Face brands.[4] The headquarters is[when?] moving to Denver as VF changes its focus to outdoor wear, and the jeans business is being spun off into Kontoor Brands.[5]

History[edit]

The company was established first as Reading Glove and Mitten Manufacturing Company in Pennsylvania in October 1899 by John Barbey and a group of investors. The company was started with $11,000 and a 320-square-foot (30 m2) factory that was leased for $60/month. It was incorporated in Pennsylvania on December 4 of that same year. The manufacture of undergarments began in 1919, accompanied by a name change to Vanity Fair Mills. Shares were initially sold to the public in 1951.

The H.D. Lee Company (now Lee) was acquired by the company in 1969 and the corporate name was changed to VF Corporation to reflect the more diverse product line. Blue Bell Inc., the owner of such brands as Wrangler and JanSport, was acquired in 1986, effectively doubling the size of VF and making it the largest publicly held clothing company.

In 1998, VF moved its headquarters from Wyomissing, Pennsylvania to Greensboro, North Carolina to be closer to more of its operations.[6]

The company sold its "Vanity Fair" lingerie business to Fruit of the Loom for $350 million in cash on January 23, 2007.[7]

On February 28, 2007, VF Corporation acquired Majestic Athletic. On July 26, 2007, VF Corporation announced the purchase of 7 for all Mankind and Lucy Activewear for a combined $885 million.[citation needed] Eric C. Wiseman became President, CEO, and Chairman in 2008.[8] Effective January 1, 2017 Steve Rendle took over CEO and President responsibilities.

In 2011, VF Corporation announced its intention to purchase Timberland for $2.2 billion.[citation needed] The deal closed in September 2011.[9] On December 21, 2012, VF Imagewear was awarded a multimillion-dollar contract to provide uniforms and insignia for Customs and Border Protection officers.[10] In February 2013, Imagewear was awarded a $50-million contract to manufacture uniforms for Transportation Security Administration officers.[11]

Spinoff[edit]

In August 2018, it was announced that VF would be splitting into two separate companies. The jeans and outlet stores would be spun off as Kontoor Brands. VF maintained the sports apparel and footwear businesses and moved their corporate headquarters (and around 800 employees) to Denver, Colorado. An 11-story office building at 1551 Wewatta Street near Denver Union Station will become the new headquarters.[12]

Kontoor Brands Inc. became a separate company with the stock symbol KTB on May 23, 2019. Kontoor includes Lee, Wrangler, Rock & Republic and VF Outlets. The company has 17,000 employees[13] 600 at the headquarters[14] at 400 North Elm Street in Greensboro, and merchandising, design, product development and innovation at Revolution Mill.[5] A support center is located on South Elm-Eugene Street. Lee moved to Elm Street from Merriam, Kansas. CEO Scott Baxter said the name Kontoor referred to the "contour" of the body, but the original spelling could not be used.[14]

Current brands[edit]

Workwear[edit]

Horace Small logo
  • Dickies[15]
  • Red Kap
  • Horace Small (The Force), a clothing company based in Nashville, Tennessee, that produces uniforms for law enforcement, fire, EMS, security and land management services. It was founded in 1937.[16] In 1999 the company was acquired by VF Corporation, and was renamed as The Force in 2005 but reverted to the original brand name in 2010.[17]
  • Bulwark Protective Apparel
  • Terra
  • Workrite
  • Walls
  • Kodiak
  • Timberland PRO
  • VF Solutions

Outdoor and action sports[edit]

Date of acquisition or merger in parenthesis.

Eastpak wallet

Sportswear[edit]

Divested brands[edit]

VF Outlet, Inc.[edit]

Vanity Fair Outlet,
Michigan City, Indiana.

In 1970, it was the suggestion of M.O. Lee, then President of VF Corporation, that established the VF Outlet business. Surplus products from VF sources including Berkshire International and Vanity Fair were sold to the public from a 5,000 square foot factory store, with only a drop cloth separating it from the company's manufacturing facility.[18] In doing so, VF Corporation created a brand-new retail industry, the outlet mall. The first VF Outlet factory store opened in Reading, Pennsylvania. The outlet mall, located in Vanity Fair's old manufacturing mills, was dubbed the official "Outlet Capital of the World."[19] The corporate name was changed from VF Outlet Village to VF Outlet Center in 2008. Today, the VF Outlet Center is owned and operated by VF Outlet, Inc. with over 1,000,000 square feet of retail space and more than 20 stores.[20]

VF Outlet stores offer everyday apparel including brand name jeans, intimate apparel, activewear, swimwear, and more for women, men and children. The company currently operates 79 stores in 31 states nationwide.[21]

In October 2013, VF Outlet launched their ECommerce store.[22]

The VF Outlet business moved to Kontoor Brands Inc., established as a separate company May 23, 2019.[13]

Subsidiaries[edit]

Subsidiary Jurisdiction
20X de Mexico, S.A. de C.V. Mexico
Beatle Properties Limited Gibraltar
Eagle Creek, Inc. Delaware
The H. D. Lee Company, Inc. Delaware
H.D. Lee Spain, S.L. Spain
Imagewear Apparel Corp. Delaware
JanSport Apparel Corp. Delaware
Jeanswear Ventures, LLC Delaware
Kipling Apparel Corp. Delaware
Lee Bell, Inc. Delaware
lucy apparel, llc Delaware
Mo Industries, LLC Delaware
The North Face Apparel Corp. Delaware
The North Face (Italy) S.r.l. Italy
R&R Apparel Company, LLC Delaware
The Recreational Footwear Company Cayman Islands
Ring Company Delaware
Seven For All Mankind, LLC Delaware
Smartwool Consumer Direct LLC Colorado
Smartwool LLC Colorado
South Cone, Inc. California
TBL International Properties LLC Delaware
TBL Investment Holdings GmbH Switzerland
TBL Licensing LLC Delaware
Timberland LLC New Hampshire
Timberland (Gibraltar) Holding Limited Gibraltar
Timberland (UK) Ltd. United Kingdom
Timberland Asia LLC Delaware
Timberland Canada Co. Canada
The Timberland Company (Asia Pacific) Pte. Ltd. Singapore
Timberland Europe Services Ltd. United Kingdom
Timberland GmbH Austria
Timberland Holding Luxembourg S.àr.l. Luxembourg
Timberland HK Trading Limited Hong Kong
Timberland Hong Kong Limited Hong Kong
Timberland IDC Ltd. United Kingdom
Timberland International, LLC Delaware
Timberland Italy Srl. Italy
Timberland Japan, Inc. Japan
Timberland Lifestyle Brand Malaysia Sdn.Bhd. Malaysia
Timberland Luxembourg Finance S.àr.l. Luxembourg
Timberland Luxembourg Holding Asia S.àr.l. Luxembourg
Timberland Luxembourg Holding Europe S.àr.l. Luxembourg
Timberland Management Services GmbH Switzerland
Timberland Netherlands Holding B.V. Netherlands
Timberland Retail, LLC Delaware
Timberland Spain S.àr.l. Luxembourg
Timberland Switzerland Holding GmbH Switzerland
Timberland Trading (Shanghai) Company Limited China
Vans, Inc. Delaware
Vans Madeira, S.L. Portugal
VFApparel Portugal, Lda Portugal
VF Apparel (Shenzhen) Co., Ltd. China
VF Asia Limited Hong Kong
VF Belgium B.V.B.A. Belgium
VF Brands India Pvt. Ltd. India
VF Canada, Inc. Canada
VF Contemporary Brands Canada Corp. Canada
VF Comercializadora Limitada Chile
VF Contemporary Brands, Inc. Delaware
VF de Argentina S.A. Argentina
VF do Brasil Ltda. Brazil
VF Ege Soke Giyim Sanayi ve Ticaret A.S. Turkey
VF Enterprises S.a.R.L. Luxembourg
VF Europe B.V.B.A. Belgium
VF Germany Textil-Handels GmbH Germany
VF Global Investments S.a.R.L. Luxembourg
VF Imagewear, Inc. Delaware
VF Imagewear (Canada), Inc. Canada
VF International S.a.g.l. Switzerland
VF Investments Italy S.à.r.l. Luxembourg
VF Investments S.à.r.l. Luxembourg
VF Italia, S.r.l. Italy
VF Italy Services S.r.l. Italy
VF (J) France, S.A. France
VF Jeanswear Argentina S.R.L. Argentina
VF Jeanswear de Mexico S.A. de C.V. Mexico
VF Jeanswear Espana S.L. Spain
VF Jeanswear Limited Partnership Delaware
VF Jeanswear Nicaragua y Compania Limitada Nicaragua
VF Korea Limited Korea
VF Luxembourg S.à.r.l. Luxembourg
VF Mauritius Ltd. Mauritius
VF Northern Europe Ltd. United Kingdom
VF Northern Europe Services Ltd. United Kingdom
VF Outdoor (Canada), Inc. Canada
VF Outdoor, Inc. Delaware
VF Outdoor Canada, Co. Canada
VF Outlet, Inc. Delaware
VF Receivables, LP Delaware
VF Receivables Services LLC Delaware
VF Scandinavia A/S Denmark
VF Services, LLC Delaware
VF Shanghai Limited China
VF Sourcing Asia S.a.R.L. Luxembourg
VF Sourcing India Private Limited India
VF Sourcing Latin America S.a.R.L. Luxembourg
VF Sourcing (Thailand) Ltd. Thailand
VF Sportswear, Inc. Delaware
VF Treasury Services LLC Delaware
VFJ Ventures, LLC Delaware
Source:[23]

See also[edit]

References[edit]

  1. ^ a b c d e f "V F CORP 2018 Annual Report Form (10-K)" (PDF). VF Corporation. February 26, 2018.
  2. ^ "VF on the Forbes Global 2000 List". Retrieved 18 December 2014.
  3. ^ "VF Corp (VFC) Company Profile". Retrieved 18 December 2014.
  4. ^ Tabuchi, Hiroko (2 September 2015). "Backpack Makers Rethink a Student Staple". The New York Times. Retrieved 14 September 2015.
  5. ^ a b Craver, Richard (December 6, 2018). "VF chooses Kontoor Brands as name for Jeanswear spinoff". Winston-Salem Journal. Retrieved December 9, 2018.
  6. ^ VF Corp. Changes Its Underware
  7. ^ "VF Corp. Has The Midas Touch". Retrieved 22 April 2015.
  8. ^ "Eric Wiseman, Chairman, President, CEO, VF". Bloomberg. Retrieved 25 November 2014.
  9. ^ https://www.vfc.com/news/press-releases/detail/174/vf-completes-acquisition-of-the-timberland-company
  10. ^ "Imagewear CBP Contract". Retrieved 7 March 2015.
  11. ^ "Imagewear TSA uniform contract". Retrieved 7 March 2015.
  12. ^ "VF Corporation, parent company of outdoor brands The North Face, Smartwool, will relocate headquarters, 800 workers to Denver".
  13. ^ a b Craver, Richard (25 May 2019). "Kontoor begins independent life with focus on jeans innovation, attracting new customers". Winston-Salem Journal. Retrieved 26 May 2019.
  14. ^ a b Wilson, Carl (May 23, 2019). "The shape of things: Jeans company Kontoor promises to 'develop deep roots' in Greensboro". Greensboro News and Record. Retrieved May 31, 2019.
  15. ^ "VF Corp buys Dickies for $820 million"
  16. ^ "Horace Small". www.vfimagewear.com. Retrieved 21 July 2017.
  17. ^ "VF Imagewear Relaunches Horace Small Brand of Law Enforcement Apparel". Retrieved 21 July 2017.
  18. ^ "About VF Outlet". VFOutlet.com. Archived from the original on 13 April 2015. Retrieved 17 June 2015. Cite uses deprecated parameter |deadurl= (help)
  19. ^ "Reading Officially 'Outlet Capital Of The World'". 1 September 1991. Retrieved 17 June 2015.
  20. ^ "Store Listings & Center Map". VFOutletCenter.com. Retrieved 17 June 2015.
  21. ^ "VF Outlet Store Locator". Archived from the original on 18 April 2015. Retrieved 17 June 2015. Cite uses deprecated parameter |deadurl= (help)
  22. ^ "VF Outlet - Discount Clothing for Women, Men, Kids & Baby". Retrieved 17 June 2015.
  23. ^ "EX-21". www.sec.gov. Retrieved 21 July 2017.

https://fashionunited.uk/news/business/vf-s-full-year-outlook-raised-on-strong-q3-performance/2019011841093

External links[edit]