Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

North Face Maker VF Corp to Shake up Board With Engaged Capital Input

VF Corp beat Wall Street expectations for fourth-quarter profit.
VF Corp.'s portfolio includes brands such as The North Face, Vans, Timberland and Supreme. (Shutterstock)

VF Corp, the owner of the North Face, Vans and Timberland brands, said on Tuesday it will appoint one new board member and select a second with input from activist investor Engaged Capital.

Engaged, which has a 1.3 percent stake in VF, has been pushing for board representation and further restructuring since disclosing its position in the company late last year.

Caroline Brown, who worked at investment firm Closed Loop Partners and was previously chief executive officer at Donna Karan International, will join the board immediately.

The company will also find another independent director in the near term, a choice that will be mutually agreed on with Engaged.

ADVERTISEMENT

One of VF’s 12 existing directors will also not run for re-election at the company’s annual shareholder meeting later this year. The company has not yet announced who this director will be.

Brown was among the candidates the company was already looking at independently of Engaged, two people familiar with the matter said, declining to be identified because the discussions were private.

“Caroline is highly respected in the apparel industry, with a proven track record of turning around, scaling and transforming global brands, and her insights will be valuable as the company continues to execute its Reinvent strategy,” board chair Richard Carucci said in a statement.

Engaged, run by hedge fund veteran Glenn Welling, has pressed VF to cut costs and explore strategic alternatives, including selling its non core brands.

VF has embarked on restructuring efforts under chief executive Bracken Darrell, who took the position in July 2023 and previously led computer peripherals maker Logitech International. He has laid off staff and cut costs.

By Svea Herbst-Bayliss; Edited by Edwina Gibbs.

Learn more:

What Is VF Corp.’s Plan for Vans and Its Other Struggling Brands?

Activist investors are demanding big changes at the fashion conglomerate, which also owns The North Face, Supreme, Timberland and other brands.

In This Article
Topics

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

Adidas Prepares for Samba Slump

As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.


Op-Ed | The Rise of the Unwasteful Brand

A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.


Fashion’s Stalled Self-Checkout Revolution

RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The State of Fashion 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The State of Fashion 2024