Home / Knowledge / News / Apparel/Garments / VF Corporation announces 2021 strategic growth plan
VF Corporation announces 2021 strategic growth plan
06
Apr '17
Courtesy: VF Corporation
Courtesy: VF Corporation
VF Corporation, one of the world’s largest apparel, footwear and accessories companies, has announced its 2021 strategic growth plan and key initiatives designed to deliver superior returns to shareholders. The 2021 growth plan addresses the quickly changing market landscape with a measurable goal of delivering top quartile total shareholder returns.
 
The five-year plan focuses on four strategic choices that serve as the foundational elements of the new strategy. These choices are: reshaping the company’s brand portfolio and enabling VF’s powerful brands; transforming to a consumer and retail-centric model; elevating direct-to-consumer while prioritising digital; and, distorting investment toward Asia, with a heightened focus on China.
 
The four choices will be enabled by amplified investments and focus on six critical capabilities, namely, design and innovation, demand creation and brand experience, insights and analytics, retail excellence, demand and supply chain agility, and talent, the company said.
 
“Our 2021 strategic growth plan fuels our aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives of consumers worldwide,” said Steve Rendle, president and chief executive officer. “VF has some of the most beloved and iconic brands in the world and a talented organisation that has the passion and commitment to thrive in a rapidly changing marketplace.”
 
Rendle continued, “The strength and consistency of our largest brands and business platforms give me great confidence in our ability to achieve our targets. We remain sharply focused on our diversified value creation model, which is designed to deliver solid results across the many and varied business cycles and economies around the world.”
 
In terms of financial targets for 2021, VF expects revenue to grow at a five-year compound annual growth rate (CAGR) between 4 per cent and 6 per cent, fueled by VF’s largest brands—the Vans, The North Face and Timberland—and the company’s International and Direct-to-Consumer business platforms. Gross margin is expected to reach 51.5 per cent in 2021, while operating margin is expected to reach 16 per cent in 2021. VF expects to deliver annual total shareholder return (TSR) in the 13 per cent to 15 per cent range as the company continues to target top quartile TSR performance.
 
Meanwhile, the company's Board of Directors has authorised a change in VF’s fiscal year end from the Saturday closest to December 31 of each year to the Saturday closest to March 31 of each year, effective for the fiscal year beginning April 1, 2018. The first 12-month fiscal year after the change will run from April 1, 2018 through March 30, 2019. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: University of York

Textiles | On 30th Nov 2020

UK scientists working to reduce textile industry waste

Scientists at the University of York and the Royal College of Art are ...

Pic: Material Exchange

Textiles | On 30th Nov 2020

Material Exchange raises €5 million for sustainability

Material Exchange has announced the closing of a €5 million funding...

Pic: Shutterstock

Apparel/Garments | On 30th Nov 2020

Gap reports sales of $3.99 bn in Q3 FY20

Gap Inc, a US-based specialty apparel company, has reported its...

Interviews View All

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Poonam Naik Desai,

Poonam Naik Desai

Peekaboo is a sustainable, high quality, luxury sleepwear brand providing...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search