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VF Corp’s Vans eyes US $ 5 bn revenue by Fiscal Year 2023

by Apparel Resources News-Desk

1 week ago  |  1 min   read

Image Courtesy: pinterest.com

US-based apparel conglomerate VF Corporation has revealed that its subsidiary brand Vans is eyeing a US $ 5 billion revenue by FY ‘23, by achieving a growth rate of 10-12 per cent for a period of five years.

Notably, VF Corp acquired Vans back in 2004 and since then the American apparel label has turned into a US $ 3 billion international lifestyle line.

Steve Rendle, Chairman, President & CEO spoke on the company’s plans and cited, “I believe in the Vans team’s capability to deliver on a bold US $ 5 billion revenue objective that will be a major force for VF’s plans to provide fantastic total return to shareholders over the next five years.”

Furthermore, the footwear revenue for Vans is anticipated to rise at a five-year CAGR between 10 and 12 per cent. However, the revenue for apparel and accessories is expected to soar up to over US $ 1 billion, which shows a five-year CAGR between 13 and 15 per cent.

DTC revenue is expected to touch approximately US $ 3 billion, symbolising around 60 per cent of the global brand revenue and a five-year CAGR between 13 per cent and 16 per cent. On the other hand, DTC Digital revenue is expected to cross the US $ 1 billion mark, attaining a CAGR for five years between 30 – 35 per cent.

Apart from Vans brand, VF Corporation also operates leading lifestyle labels such as The North Face, Timberland, Wrangler and Lee.