Careers at VF Corporation
VF Corporation’s mission is to grow lifestyle brands that excite consumers around the world.
VF Corporation is a provider of apparel, footwear, and related products. The firm operates five reportable business segments: Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear, and Contemporary Brands.
In 1899 John Barbey and seven other investors used $11,000 to found Reading Glove and Mitten Manufacturing Company in Pennsylvania. The firm produced silk and knitted gloves. In 1911, Barbey bought his partners‘ interests in the company, and in 1913 it was renamed Schuylkill Silk Mills. In 1914 it began manufacturing silk lingerie, and saw increased sales over the next three years.
In 1917 Barbey held a contest to find a name for the lingerie line. The winner was “Vanity Fair“, and he launched a national advertising campaign that touted its superior style and quality. The plan worked, and the brand’s name recognition increased significantly. In 1919 Barbey changed the company’s overall name to Vanity Fair Silk Mills.
By the 1920s, the strong performance of the lingerie category encouraged Vanity Fair to cease its glove production. In 1951 Barbey decided to take the firm public. In the 1960s it acquired several new firms, enabling it to diversify its portfolio – for example, H.D. Lee, a manufacturer of men’s and boys’ casual pants and jeans. During that decade it changed its name a final time to VF Corporation.
Benefits at VF Corporation
Business model of VF Corporation
VF Corporation has a segmented market business model, with customer groups that have slightly different needs. The company targets its offerings on a wholesale basis at mass merchants, national chains, department stores, specialty stores; and on a direct-to-consumer basis at individuals.
VF Corporation offers three primary value propositions: accessibility, innovation, and brand/status.
The company creates accessibility by providing a wide variety of options. It offers brands in a broad range of categories, including outerwear, footwear, denim, backpack, luggage, accessory, sportswear, occupational, and performance apparel.
The company places a strong emphasis on innovation. It maintains the VF Innovation Fund, which provides financial support for innovative projects proposed by its employees. It also works with leading neuroscientists to understand how the brain sees, and uses this knowledge to improve its products, marketing, and merchandising.
The company has established a strong brand due to its success. It employs 62,000 workers worldwide and most recently generated $12.4 billion in annual revenues. It distributes its products in over 170 countries and owns over 1,520 stores. It produces over 560 million units of apparel per year. It has a diverse portfolio of over 30 brands, including prominent ones such as The North Face, Vans, Timberland, Wrangler, Lee, and Nautica.
VF Corporation’s main channel for businesses is its direct sales team, while its main channels for consumers are its retail stores (outlet and full-price), concession retail locations, and website. The company promotes its offering through its social media pages, advertising (TV/radio/online/consumer and trade publications), sponsorship of sports, musical, and special events, and the offering of rebate and coupon offers to customers.
VF Corporation’s customer relationship is primarily of a self-service nature. Customers utilize its products while having limited interaction with employees.
VF Corporation’s business model entails the design, development, manufacturing, and distribution of its products to customers.
VF Corporation’s key partners are the suppliers that provide it with the raw materials it needs to manufacture its products. Major raw materials include products made from leather, cotton, rubber, synethics, wool, and blends of synthetic yarn and cotton. It also works with 1,900 contractor manufacturing facilities (accounting for 77% of its units) to produce some of its products.
VF Corporation’s main resources are its human resources, namely the product design experts that design and develop its offerings. It maintains important physical resources in the form of 28 company-operated manufacturing facilities (accounting for 23% of its units) in the U.S., Canada, and Mexico. It also has 32 distribution centers and over 1,520 retail stores.
Also, it operates three global innovation centers (focused on footwear, jeanswear, and technical apparel) which are filled with engineers, scientists, and technical designers that brainstorm new types of products. Lastly, the company highly values its intellectual property, with its trademarks important to its business.
VF Corporation has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is cost of goods sold, a variable expense. Other major drivers are in the areas of sales/marketing and administration, both fixed costs.
VF Corporation has two revenue streams:
- Product Revenues – Revenues it generates from the sale of its products through its various channels to customers
- Licensing Revenues – Revenues it generates through fees paid by third parties to license its brands
info: Eric Wiseman earned a Bachelor’s degree in Business and an MBA at Wake Forest University. He previously held several leadership positions at VF Corporation, including President, Chief Operating Officer, EVP of Global Brands, and EVP of the JanSport brand.
info: Steve Rendle earned a B.S. degree in Kinesiology at the University of Washington. He previously held numerous leadership positions at VF Corporation, including SVP of the Americas and Group President of Outdoor & Action Sports Americas.
info: Scott A. Roe earned a Bachelor’s degree in Accounting at the University of Tennessee. He previously held various leadership roles at VF Corporation, including Controller & Chief Accounting Officer and VP of Finance CFO of VF’s international business.
info: Martin Schneider earned a Bachelor’s degree in Chemical Engineering at the University of New Hampshire. He previously served as VP of Global Technical & Manufacturing Systems at The Gillette Company and as Chief Information Officer of Duracell.
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