Consumer
North Face Owner VF Corp. Pulls Guidance, Removes Vans President
- Transformation plan aims to reinvent Vans, reduce debt
- Vans revenue not expected to show improvement in second half
A Vans store in Oxford, UK.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
VF Corp. withdrew its guidance for the fiscal year and said it will replace the president of the Vans brand — an attempt to satisfy Wall Street as two activist investor groups raise the pressure on the apparel and footwear conglomerate.
The company introduced a new transformation plan, which includes steps to improve results in North America, cut costs, reduce debt and overhaul the Vans brand. In the fiscal second quarter ended Sept. 30, revenue at Vans fell 21%. Excluding Vans, sales in the Americas declined 11%.