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| VF Corp sets up sourcing office in Bangkok | | September 08, 2009 (Thailand) |  |
 The North Carolina, US based VF Corporation is all set to open a sourcing office in Bangkok this month. This will result in a foreign exchange gain of US $400-500 million per year for Thailand.
VF which is the world’s biggest apparel retailing company has in its fold well known brands like Lee, Wrangler, Nautica, Rustler, Jansport and many other brands in its portfolio.
The company will initially employ around 100 people, which will be hiked up to 300 as operations pack up pace. It also has a regional office in Hong Kong, which employs around 700 people.
The Bangkok office will cover both, Thailand and Bangladesh. The company is expected to reap benefits from the Asean Free Trade Agreement, which will implement low or zero tariffs from early next year.
Exports of textiles and clothing may beat the projections set in the beginning of the year. Due to a changing global environment, shipments are expected to contract by only 6-7 percent, against the 14 percent announced earlier.
In 2008, VF achieved a turnover of $7.6 billion with an incredibly diverse, international portfolio of brands and products that reach consumers wherever they choose to shop.
| | | | Fibre2fashion News Desk - India | |
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