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VF Corporation

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For other uses, see VF.
VF Corporation
FormerlyVanity Fair Mills
Company typePublic
NYSE: VFC
S&P 500 Component
IndustryApparel
Accessories
FoundedOctober 1899; 125 years ago (1899-10) (as Reading Glove and Mitten Manufacturing Company)
Reading, Pennsylvania, U.S.
HeadquartersDenver, Colorado, U.S.
Key people
Steve Rendle
(Chairman, President and CEO)
ProductsFootwear & apparel
RevenueIncrease US$13.8 billion (2019)[1]
Increase US$1.31 billion (2018)[1]
Increase US$1.01 billion (2018)[1]
Total assetsIncrease US$10.31 billion (2018)[1]
Total equityIncrease US$3.68 billion (2018)[1]
Number of employees
50,000 (2019)[1]
SubsidiariesKontoor Brands
Websitevfc.com

VF Corporation (formerly Vanity Fair Mills until 1969) is an American worldwide apparel and footwear company founded in 1899 and headquartered in Denver, Colorado.[2] The company's more than 30 brands are organized into three categories: Outdoor, Active and Work.[3] The company controls 55% of the U.S. backpack market with the JanSport, Eastpak, Timberland, and North Face brands.[4]

History

In October 1899, John Barbey and a group of investors established the company as Reading Glove and Mitten Manufacturing Company (or simply 'The Reading Glove') in Reading, Pennsylvania.[5][6] Incorporated on December 4 later that year, they began with $11,000 in a 320-square-foot (30 m2) factory that was leased for $60/month.[citation needed]

Expanding into silk lingerie in 1913, 'The Reading Glove' was renamed 'Schuylkill Silk Manufacturing', branding its lingerie line as “Vanity Fair". Soon thereafter, the company name changed in turn to Vanity Fair Mills, eventually going public in 1951.[5]

In 1969, the H.D. Lee Company (now Lee) was acquired, accompanied by Vanity Fair Mills changing to VF Corporation. By 1982 VF posted profits of $15.5 million on sales of $184 million.[6] Acquiring Blue Bell Inc. for US$762 million in 1986, VF added Wrangler, JanSport, Rustler, Jantzen, and Red Kap to its portfolio, effectively doubling its size and making it the largest publicly-held clothing company. VF would also become one of the two largest jeans makers in the world, making up 25% of the market.[5]

In 1998, VF moved its headquarters from Wyomissing, Pennsylvania to Greensboro, North Carolina to be closer to more of its operations.[7] Also in the 1990s, VF would acquire the Bulwark Apparel brand.[5]

In the early noughties, VF's acquisitions included The North Face and Eastpak in 2000;[8] and Kipling,[9] Napapijri, and Vans in 2004. The company sold its 'Vanity Fair Intimates' lingerie business to Fruit of the Loom for US$350 million in cash on 23 January 2007.[10] Later that month, VF acquired Eagle Creek. Also in 2007, VF acquired Majestic Athletic on February 28, followed by a $885-million purchase of 7 for all Mankind and Lucy Activewear on July 26.[11]

Eric C. Wiseman became President, CEO, and Chairman in 2008,[12] the same year that VF would acquire Mo Industries Holdings, parent company of sportswear brands Splendid and Ella Moss.[13]

In 2011, VF Corporation announced its intention to purchase Timberland for $2.2 billion,[14] a deal that would close in September that year.[15] On 21 December 2012, VF Imagewear was awarded a multimillion-dollar contract to provide uniforms and insignia for U.S. Customs and Border Protection officers.[16] In February 2013, Imagewear was awarded a $50 million contract to manufacture uniforms for Transportation Security Administration officers.[17]

Effective 1 January 2017 Steve Rendle took over CEO and President responsibilities.[18] In 2017, VF acquired Williamson-Dickie’s brands, including Dickies, Workrite, Kodiak, Terra, and Walls.[5] The next year, VF would acquire Icebreaker, complementing its Smartwool brand, as both feature Merino wool in its clothing and accessories.[5] In 2020, VF acquired streetwear brand Supreme for US$2.1 billion.[19][20]

Spinoff

In August 2018, it was announced that VF would be splitting into two separate companies. The jeans and outlet stores would be spun off as Kontoor Brands. VF maintained the sports apparel and footwear businesses and moved their corporate headquarters (and around 800 employees) to Denver, Colorado. An 11-story office building at 1551 Wewatta Street near Denver Union Station will become the new headquarters.[21]

Kontoor Brands Inc. became a separate company with the stock symbol KTB on 23 May 2019. Kontoor includes Lee, Wrangler, Rock & Republic and VF Outlets. The company had 17,000 employees,[22] 600 at the headquarters,[23] at 400 North Elm Street in Greensboro, and merchandising, design, product development and innovation at Revolution Mill.[24] A support center is located on South Elm-Eugene Street. Lee moved to Elm Street from Merriam, Kansas. CEO Scott Baxter said the name Kontoor referred to the "contour" of the body, but the original spelling could not be used.[23]

Brands

Current brands

Workwear

File:Horace Small logo.png
Horace Small logo
  • Dickies (2017)[25]
  • Bulwark Protective Apparel
  • Kodiak
  • Horace Small (The Force) is a clothing company—founded in 1937 and based in Nashville, Tennessee—that produces uniforms for law enforcement, fire, EMS, security and land management services.[26] In 1999, the company was acquired by VF Corporation, and was renamed as The Force in 2005, but reverted to the original brand name in 2010.[27]
  • Red Kap
  • Terra
  • VF Solutions
  • Walls

Outdoor and action sports

Date of acquisition or merger in parenthesis.

Eastpak wallet

Divested brands

VF Outlet, Inc.

Vanity Fair Outlet,
Michigan City, Indiana.

In 1970, it was the suggestion of M.O. Lee, then President of VF Corporation, that established the VF Outlet business. Surplus products from VF sources including Berkshire International and Vanity Fair were sold to the public from a 5,000 square foot factory store, with only a drop cloth separating it from the company's manufacturing facility.[29] In doing so, VF Corporation created a brand-new retail industry, the outlet mall. The first VF Outlet factory store opened in Reading, Pennsylvania. The outlet mall, located in Vanity Fair's old manufacturing mills, was dubbed the official "Outlet Capital of the World."[30] The corporate name was changed from VF Outlet Village to VF Outlet Center in 2008. Today, the VF Outlet Center is owned and operated by VF Outlet, Inc. with over 1,000,000 square feet of retail space and more than 20 stores.[31] The VF Outlet location in Reading, Pennsylvania closed on December 24, 2020.[32]

VF Outlet stores offer everyday apparel including brand name jeans, intimate apparel, activewear, swimwear, and more for women, men and children. The company currently operates 79 stores in 31 states nationwide.[33]

In October 2013, VF Outlet launched their E-commerce store.[34]

The VF Outlet business moved to Kontoor Brands Inc., established as a separate company May 23, 2019.[22]

Subsidiaries

Subsidiary Jurisdiction
20X de Mexico, S.A. de C.V. Mexico
Beatle Properties Limited Gibraltar
Eagle Creek, Inc. Delaware
The H. D. Lee Company, Inc. Delaware
H.D. Lee Spain, S.L. Spain
Imagewear Apparel Corp. Delaware
JanSport Apparel Corp. Delaware
Jeanswear Ventures, LLC Delaware
Kipling Apparel Corp. Delaware
Lee Bell, Inc. Delaware
lucy apparel, llc Delaware
Mo Industries, LLC Delaware
The North Face Apparel Corp. Delaware
The North Face (Italy) S.r.l. Italy
R&R Apparel Company, LLC Delaware
The Recreational Footwear Company Cayman Islands
Ring Company Delaware
Seven For All Mankind, LLC Delaware
Smartwool Consumer Direct LLC Colorado
Smartwool LLC Colorado
South Cone, Inc. California
TBL International Properties LLC Delaware
TBL Investment Holdings GmbH Switzerland
TBL Licensing LLC Delaware
Timberland LLC New Hampshire
Timberland (Gibraltar) Holding Limited Gibraltar
Timberland (UK) Ltd. United Kingdom
Timberland Asia LLC Delaware
Timberland Canada Co. Canada
The Timberland Company (Asia Pacific) Pte. Ltd. Singapore
Timberland Europe Services Ltd. United Kingdom
Timberland GmbH Austria
Timberland Holding Luxembourg S.àr.l. Luxembourg
Timberland HK Trading Limited Hong Kong
Timberland Hong Kong Limited Hong Kong
Timberland IDC Ltd. United Kingdom
Timberland International, LLC Delaware
Timberland Italy Srl. Italy
Timberland Japan, Inc. Japan
Timberland Lifestyle Brand Malaysia Sdn.Bhd. Malaysia
Timberland Luxembourg Finance S.àr.l. Luxembourg
Timberland Luxembourg Holding Asia S.àr.l. Luxembourg
Timberland Luxembourg Holding Europe S.àr.l. Luxembourg
Timberland Management Services GmbH Switzerland
Timberland Netherlands Holding B.V. Netherlands
Timberland Retail, LLC Delaware
Timberland Spain S.àr.l. Luxembourg
Timberland Switzerland Holding GmbH Switzerland
Timberland Trading (Shanghai) Company Limited China
Vans, Inc. Delaware
Vans Madeira, S.L. Portugal
VFApparel Portugal, Lda Portugal
VF Apparel (Shenzhen) Co., Ltd. China
VF Asia Limited Hong Kong
VF Belgium B.V.B.A. Belgium
VF Brands India Pvt. Ltd. India
VF Canada, Inc. Canada
VF Contemporary Brands Canada Corp. Canada
VF Comercializadora Limitada Chile
VF Contemporary Brands, Inc. Delaware
VF de Argentina S.A. Argentina
VF do Brasil Ltda. Brazil
VF Ege Soke Giyim Sanayi ve Ticaret A.S. Turkey
VF Enterprises S.a.R.L. Luxembourg
VF Europe B.V.B.A. Belgium
VF Germany Textil-Handels GmbH Germany
VF Global Investments S.a.R.L. Luxembourg
VF Imagewear, Inc. Delaware
VF Imagewear (Canada), Inc. Canada
VF International S.a.g.l. Switzerland
VF Investments Italy S.à.r.l. Luxembourg
VF Investments S.à.r.l. Luxembourg
VF Italia, S.r.l. Italy
VF Italy Services S.r.l. Italy
VF (J) France, S.A. France
VF Jeanswear Argentina S.R.L. Argentina
VF Jeanswear de Mexico S.A. de C.V. Mexico
VF Jeanswear Espana S.L. Spain
VF Jeanswear Limited Partnership Delaware
VF Jeanswear Nicaragua y Compania Limitada Nicaragua
VF Korea Limited South Korea
VF Luxembourg S.à.r.l. Luxembourg
VF Mauritius Ltd. Mauritius
VF Northern Europe Ltd. United Kingdom
VF Northern Europe Services Ltd. United Kingdom
VF Outdoor (Canada), Inc. Canada
VF Outdoor, Inc. Delaware
VF Outdoor Canada, Co. Canada
VF Outlet, Inc. Delaware
VF Receivables, LP Delaware
VF Receivables Services LLC Delaware
VF Scandinavia A/S Denmark
VF Services, LLC Delaware
VF Shanghai Limited China
VF Sourcing Asia S.a.R.L. Luxembourg
VF Sourcing India Private Limited India
VF Sourcing Latin America S.a.R.L. Luxembourg
VF Sourcing (Thailand) Ltd. Thailand
VF Sportswear, Inc. Delaware
VF Treasury Services LLC Delaware
VF Hong Kong Limited Hong Kong
VFJ Ventures, LLC Delaware
Source:[35]

See also

References

  1. ^ a b c d e f "V F CORP 2018 Annual Report Form (10-K)" (PDF). VF Corporation. February 26, 2018.
  2. ^ "VF on the Forbes Global 2000 List". Retrieved 18 December 2014.
  3. ^ "VF Corp (VFC) Company Profile". Retrieved 18 December 2014.
  4. ^ Tabuchi, Hiroko (2 September 2015). "Backpack Makers Rethink a Student Staple". The New York Times. Retrieved 14 September 2015.
  5. ^ a b c d e f https://www.vfc.com/our-company/company-history
  6. ^ a b http://southernchanges.digitalscholarship.emory.edu/sc06-5_1204/sc06-5_005/
  7. ^ "VF Corp. Changes Its Underware The $5.5-billion-a-year maker of jeans and lingerie is sewing together its operations with an array of packaged software. - December 7, 1998". archive.fortune.com.
  8. ^ a b "VF Completes Eastpak Acquisition." just-style. 2000 May 31.
  9. ^ a b VF Services, Inc. 2004 June 15. "Acquires Kipling Brand; Lifestyle Brand of Bags and Accessories Offers Excellent Potential for Growth."
  10. ^ "VF Corp. Has The Midas Touch". Retrieved 22 April 2015.
  11. ^ "Apparel Maker Buying 2 Companies". The New York Times. Associated Press. 2007-07-26. ISSN 0362-4331. Retrieved 2020-02-04.
  12. ^ "Eric Wiseman, Chairman, President, CEO, VF". Bloomberg. Retrieved 25 November 2014.
  13. ^ https://www.snewsnet.com/press-release/vf-completes-acquisition-of-mo-industries-owner-of-splendid-and-ella-moss-contemporary-sportswear-brands
  14. ^ Holmes, Elizabeth (2011-06-14). "Sale Gives Timberland Leg Up". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-02-04.
  15. ^ "VF Completes Acquisition of The Timberland Company". VF Corporation.
  16. ^ "Imagewear CBP Contract". Retrieved 7 March 2015.
  17. ^ "Imagewear TSA uniform contract". Retrieved 7 March 2015.
  18. ^ https://www.vfc.com/our-company/executive-leadership-team
  19. ^ a b VF Corporation. 2020 November 9. "VF Corporation Announces Definitive Agreement To Acquire Iconic, Global Streetwear Leader Supreme®." VF Corp.
  20. ^ "VF to Buy Supreme for $2.1 Billion to Boost Apparel Brands". Bloomberg.com. 2020-11-09. Retrieved 2020-11-09.
  21. ^ "VF Corporation, parent company of outdoor brands The North Face, Smartwool, will relocate headquarters, 800 workers to Denver". August 13, 2018.
  22. ^ a b Craver, Richard (25 May 2019). "Kontoor begins independent life with focus on jeans innovation, attracting new customers". Winston-Salem Journal. Retrieved 26 May 2019.
  23. ^ a b Wilson, Carl (May 23, 2019). "The shape of things: Jeans company Kontoor promises to 'develop deep roots' in Greensboro". Greensboro News and Record. Retrieved May 31, 2019.
  24. ^ Craver, Richard (December 6, 2018). "VF chooses Kontoor Brands as name for Jeanswear spinoff". Winston-Salem Journal. Retrieved December 9, 2018.
  25. ^ "VF Corp buys Dickies for $820 million".
  26. ^ "Horace Small". www.vfimagewear.com. Retrieved 21 July 2017.
  27. ^ "VF Imagewear Relaunches Horace Small Brand of Law Enforcement Apparel". Retrieved 21 July 2017.
  28. ^ VF Corporation. 2018 June 1. "VF Corporation Completes Acquisition of Altra®." VF Corp.
  29. ^ "About VF Outlet". VFOutlet.com. Archived from the original on 13 April 2015. Retrieved 17 June 2015.
  30. ^ "Reading Officially 'Outlet Capital Of The World'". 1 September 1991. Retrieved 17 June 2015.
  31. ^ "Store Listings & Center Map". VFOutletCenter.com. Retrieved 17 June 2015.
  32. ^ Rader, Tom (December 24, 2020). "VF Outlet in Berks closes its doors". Allentown, PA: WFMZ-TV. Retrieved December 24, 2020.
  33. ^ "VF Outlet Store Locator". Archived from the original on 18 April 2015. Retrieved 17 June 2015.
  34. ^ "VF Outlet - Discount Clothing for Women, Men, Kids & Baby". Retrieved 17 June 2015.
  35. ^ "EX-21". www.sec.gov. Retrieved 21 July 2017.
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