1. PVH Corp for outdoor, active, and workwear brands.

2. LVMH for popular lifestyle apparel.

• Vans Footwear and Apparel: Offers a range of shoes, apparel, and accessories primarily for skateboarding and youth lifestyle.
• The North Face Outdoor Gear: Provides performance apparel, footwear, and equipment for outdoor activities such as hiking, climbing, and skiing.
• Timberland Footwear and Apparel: Sells durable boots, shoes, and clothing primarily for outdoor work and lifestyle use.
• Dickies Workwear: Manufactures and distributes workwear clothing, including pants, shirts, and outerwear, known for durability.
• Supreme Streetwear: Designs and sells fashion apparel, accessories, and skateboards, known for its strong brand identity and limited drops.

• Macy's, Inc. (symbol: M) - A major department store chain that carries brands like The North Face and Timberland.
• DICK'S Sporting Goods, Inc. (symbol: DKS) - A leading sporting goods retailer, a key partner for The North Face and Smartwool.
• Foot Locker, Inc. (symbol: FL) - A prominent athletic footwear and apparel retailer that stocks Vans and Timberland.
• Amazon.com, Inc. (symbol: AMZN) - A dominant online retailer that serves as both a direct seller and marketplace for numerous VF Corp brands.

Bracken Darrell, President & CEO

Bracken Darrell was appointed President and Chief Executive Officer of VF Corporation in July 2023. He has over 30 years of experience in business leadership and brand management with global consumer companies. Before joining VF, Darrell served as President and CEO of Logitech International, S.A. for 10 years, beginning in January 2013. He is recognized for leading a turnaround at Logitech by expanding into new categories, increasing market share, and elevating design, which resulted in more than doubling revenue and a tenfold increase in market capitalization. Prior to Logitech, he held international leadership roles, including President of Braun globally at Procter & Gamble, President of EMEA at Whirlpool Corporation, and General Manager of Consumer Home Service at General Electric. Early in his career, he led the turnaround of the Old Spice brand at Procter & Gamble. He began his career with Arthur Andersen and then PepsiCo. Mr. Darrell has served as a director of Sonos, Inc. since February 2024.

Paul Vogel, Executive Vice President & Chief Financial Officer

Paul Vogel was appointed Executive Vice President and Chief Financial Officer of VF Corporation in July 2024. Before joining VF, he served as the Chief Financial Officer of Spotify Technology S.A. from January 2020 to March 2024.

Richard T. Carucci, Chairman Executive Board

Richard T. Carucci has served as the Chairman of VF Corporation since June 2023, and as a director on the board since 2009. He previously held the roles of President of Yum! Brands, Inc. from 2012 to 2014, and Chief Financial Officer of Yum! Brands, Inc. from 2005 to 2012. During his tenure at Yum! Brands, which he joined in 1997, he held various finance, international, and management positions. Prior to Yum! Brands' spin-off from PepsiCo in 1997, Carucci spent 13 years in international finance positions at PepsiCo.

Martino Scabbia Guerrini, Chief Commercial Officer and President Emerging Brands

Martino Scabbia Guerrini holds the titles of Chief Commercial Officer and President Emerging Brands at VF Corporation. He has also been noted as Executive Vice President and President, Europe, Middle East, Africa (EMEA) and Emerging Brands, and has served as President of EMEA at V.F. Corporation since April 1, 2017.

Velia Carboni, Executive Vice President & Chief Digital & Technology Officer

Velia Carboni serves as the Executive Vice President and Chief Digital & Technology Officer for VF Corporation.

The key risks to VF Corporation (VFC) are:

1. Highly Leveraged Balance Sheet and Debt Management Challenges: VF Corporation faces a significant risk due to its heavily leveraged balance sheet and substantial debt burden, which have strained its financial resources, free cash flow, and margins. The company has been working on reducing leverage, including considering the sale of non-core brands to repay debt, and S&P Global Ratings downgraded VF Corp, anticipating the sale of at least one major brand to address its debt woes. Refinancing debt at current higher rates could substantially increase interest expenses and threaten financial viability.

2. Decline in Key Brand Performance and Shifting Consumer Preferences: A major risk for VF Corporation is the waning popularity and underperformance of its key brands, particularly Vans, which has seen significant declines in performance. This is attributed to "fashion missteps or changing consumer tastes" and ongoing wholesale weakness, hindering turnaround efforts. The company's revenue is heavily reliant on a few core brands like The North Face and Vans, meaning any decrease in their appeal could negatively impact financial results.

3. Class Action Lawsuit and Associated Legal/Reputational Risks: VF Corporation is currently facing a class action lawsuit, filed in September 2025, alleging that the company and its executives misled investors regarding the Vans brand's turnaround strategy and financial outlook. This lawsuit followed a reported 20% decline in Vans' Q4 performance in May 2025, which triggered a 15.8% drop in VFC's stock price and a $2.5 billion market loss. The litigation poses risks of potential large settlements, regulatory scrutiny over earnings management practices, and significant reputational damage.

The rise of ultra-fast fashion retailers such as Shein and Temu represents a clear emerging threat. These companies leverage highly optimized, data-driven supply chains to deliver extremely low-priced, trend-driven apparel and footwear with unparalleled speed and variety. While VFC's portfolio includes premium and outdoor-focused brands, the aggressive market penetration and rapid capture of consumer attention by these platforms, especially among younger demographics, can draw away discretionary spending and significantly alter consumer expectations regarding product cycles, price points, and trend accessibility across the broader apparel market. This new model directly challenges traditional apparel industry dynamics, including the supply chain, design, and marketing strategies employed by established players like VFC.

VF Corporation (VFC) operates in the global apparel, footwear, and accessories markets through its diverse portfolio of lifestyle brands. The addressable markets for its main products and services can be summarized as follows:

• Global Apparel Market: The global apparel market is estimated to be approximately USD 1.80 trillion to USD 1.84 trillion in 2025.
  • U.S. Apparel Market: The United States apparel market alone is valued at USD 365.70 billion.
  • Europe Apparel Market: The apparel market in Europe is projected to reach USD 432.30 billion in 2025.
  • Global Outdoor Apparel Market: This segment, which includes performance-based and outdoor apparel, was valued between USD 15.9 billion in 2024 and is projected to reach approximately USD 18.44 billion in 2025. North America is a leading region in the outdoor apparel market.
  • Global Activewear Market: The global activewear market was estimated at USD 425.5 billion in 2022 and is projected to grow to USD 771.8 billion by 2032. North America dominated the activewear market in 2022.
• Global Footwear Market: The global footwear market is projected to be between approximately USD 441.56 billion and USD 495.46 billion in 2025.
  • North America Footwear Market: North America held a significant share of the global footwear market, with estimates ranging from 27.12% in 2024 to over 39.8% in 2024.
• Accessories Market (e.g., Backpacks): While a specific global market size for all accessories like backpacks is not readily available, VF Corporation previously controlled a significant portion of the U.S. backpack market.

Expected drivers of future revenue growth for VF Corporation (VFC) over the next 2-3 years include:

1. Vans Brand Turnaround and Product Innovation: A significant focus of VF Corporation's "Reinvent" transformation program is on revitalizing the Vans brand. This involves strategic actions in product innovation and marketing to address past declines and drive future growth.
2. Sustained Growth of Core Performing Brands: Key brands such as The North Face and Timberland have consistently demonstrated strong performance and are expected to continue contributing positively to revenue growth. The North Face and Timberland both reported 4% revenue growth in Q2 2025.
3. Strategic Investments in Product Design, Brand Building, and Emerging Brands: VF Corporation is emphasizing new capabilities in product design, innovation, and brand building across its portfolio. This also includes nurturing the growth of emerging brands like Altra, which saw a 35% increase in revenue in Q2 2025, and Supreme, which delivered low double-digit sales growth.
4. Expansion and Enhanced Performance in International Markets: The company views its international business as more resilient, with a particular focus on growth in the APAC region. The North Face, for example, demonstrated strong performance in APAC, with Greater China growing almost 30%.

Share Repurchases

• VF Corporation repurchased 36,028,885 shares for $2,513 million under an equity buyback plan announced in March 2017, with these repurchases completed by June 29, 2024.
• The company did not purchase shares in open market transactions under its share repurchase program during the three months ended June 2024.
• Management indicates that future excess capital is anticipated to be primarily used for debt reduction rather than significant share repurchases.

Outbound Investments

• VF Corporation acquired the global streetwear brand Supreme for $2.1 billion in November 2020.
• The company subsequently sold the Supreme brand to EssilorLuxottica for $1.5 billion in July 2024, with the proceeds primarily directed towards reducing debt.
• In September 2025, VF agreed to sell its Dickies brand for $600 million in cash, with the transaction expected to close by year-end 2025, aiming to reduce debt and provide capacity for further investment.

Capital Expenditures

• VF's capital expenditures averaged $163.6 million annually for fiscal years ending April 2021 to 2025.
• Capital expenditures peaked at $245.4 million in April 2022 and reached a 5-year low of $86.274 million in March 2025.
• The company's capital allocation priorities include continued reinvestment, focusing on building scalable capabilities such as elevated design, modern marketing, global commercial platforms, integrated business planning, AI, and talent development.