VF Corp is following a strategy to accelerate revenue growth over the next five years. The strategy includes expanding into adjacencies that complement its current brands and tapping into consumer growth spaces, managing brands at different stages of growth as well as through mergers and acquisitions, and business development, and connecting directly with consumers and operating more efficiently, using consumer data and analytics, direct-to-consumer centric supply chains, for a digitally enabled consumer experience that also caters to international shoppers. The aim is to deliver superior returns to shareholders over the long term.

Coinciding with the five-year growth plan, VF Corp has cut its full-year 2023 guidance on the back of a disappointing second quarter. The current environment, a weaker than anticipated back-to-school performance at Vans and increasing inventories leading to a more promotional environment in North America in the fall are seen as the reasons for the lower-than-expected results.

Looking ahead, VF now expects total revenue to be up about five per cent to six per cent versus its previous outlook of at least seven per cent growth. The company is actively addressing challenges and is confident of generating consistent, sustainable growth across its brand portfolio over the long term.

VF Corp is the owner of Vans, Supreme, The North Face, Timberland, and Dickies.