by Apparel Resources News-Desk
1 week ago | 1 min read
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.