VF Corp (VFC) is an apparel company owning 13 different brands in the jeans wear, outerwear, packs, footwear, sportswear, and occupational apparel categories. VFC's largest brands are Vans (~40% of FY21E revenues), The North Face (25-30%), Timberland (15-20%) and Dickies (~10%). Its products are primarily sold to customers via wholesale channels and direct-to-consumer, which also includes the e-commerce channel. Geographically, most revenues are from the Americas (~60%), followed by Europe (25-30%) and Asia-Pacific (10-15%). VFC was founded in 1899 and is headquartered in Denver, Colorado.
M&A is an important pillar in VFC's growth strategy. In the early 2000s, VFC acquired The North Face and Vans, in 2011 Timberland, and in 2017 Dickies. Its most recent large acquisition was Supreme in 2021. Supreme is a skater street wear company (similar to Vans). Around the mid-2010's VFC shifted its focus more and more towards activity-based outdoor brands, whereas the low-growth jeans business was spun off.
VFC’s brand portfolio mainly covers apparel and accessories for outdoor activities and active lifestyle. Its positive impact can mostly be attributed to the fact that it encourages an active lifestyle, and outdoor activities. Both have a positive impact on the physical and mental state of both adults as well as kids.
The combination of physical activity and being in nature is recognized as providing a range of significant benefits that may improve quality of life.