VF Corp. has big plans for the next five years — but first it’s taking a step back with a profit warning for 2023 and a non-cash charge of up to $450 million against Supreme’s trademark and goodwill.
Steve Rendle, chairman, president and chief executive officer, said the $11.8 billion company was “hitting on all cylinders” and that “we’ve never been more confident in our strategy.”Portfolio was front and center at the meeting — and VF is one of the more active portfolio managers in fashion, having jettisoned its Lee and Wrangler jeans businesses in 2019 andin 2020. That give and take has helped keep VF current, showing a willingness to keep up with the market .
And that community is going to be seeing more of Supreme, which is going to start spending on brand building and plans to double its 2020 footprint over the next five years with a “grow wide” strategy. VF said its second-quarter results are coming in lower than expected and revised its outlook for this year. Total revenue is expected to be up 5 percent to 6 percent in constant currencies, instead of the at least 7 percent gain seen earlier. Vans’ revenues are now seen down mid-single digits as opposed to the mid-single digit projected earlier.
Bailey said the brand — which grew from $2 billion in sales in 2017 to $4 billion in 2019 — had failed to keep up with the youth culture it caters to and relied too much on its classic looks.
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