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The company also confirmed its previous 2012 expectation given on July 27 for revenues in Asia to increase about 20 percent, and for revenues in Europe to grow at a low double-digit rate.
“Our Asia Pacific revenues have grown nearly five-fold since 2007 and we continue to see tremendous opportunities for growth in all our brands,” said Eric Wiseman, VF Corporation Chairman and Chief Executive Officer. “That’s the power of VF’s diversified global portfolio.”
Aidan O’Meara, President, VF Asia Pacific, noted, “Our strategies for growth in Asia Pacific – winning big in China, expanding our footprint within other countries in the region, leveraging our scale and focusing on our largest brands – give us confidence in our ability to reach $2.0 billion in revenues by 2017 in this growing and dynamic market. VF has invested heavily and consistently in consumer research in China, which has helped us better understand Chinese consumers and position our brands in a way that speaks to their desires and aspirations.”
Karl Heinz Salzburger, Group President, VF International, provided a longer-term view on VF’s international mix of business. “In 2012, we expect international sales to comprise about 37 percent of VF’s total revenues. With the addition of Timberland and the continued strong growth expected in our Asia Pacific and European businesses, we now believe international revenues could account for 45 percent of total revenues by 2017.”
The company expects substantial growth in each major Asia Pacific country during the next five years. China currently comprises about half of the region’s total revenues, and is expected to account for 60 percent of total revenues by 2017, growing at an annual rate of approximately 21 percent over the five-year period. Driving leadership across four key categories – outdoor, youth culture, jeanswear and casual bags – VF expects to expand its door count in China from approximately 2,300 currently to 6,000 by 2017.
India, where VF currently markets its Lee, Wrangler and, most recently, its Vans brands, is expected to grow at an annual rate of 22 percent, and increase from 8 percent to 10 percent of total Asia Pacific revenues by 2017. Revenues in Japan, strengthened by the addition of the Timberland brand, are expected to grow at an annual rate of 8 percent over the next five years. Korea, where VF announced that it is opening a new subsidiary office, should represent the fastest-growing region, with revenues expected to grow at an annual rate of 52 percent. The subsidiary will initially support the Vans brand, with the expectation of adding the Timberland brand sometime in the middle of next year.
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