default-output-block.skip-main
BoF Logo

The Business of Fashion

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

Vans Owner VF Corp Lays Off 500 Employees in Restructuring Push

Two activist investors are pushing for changes at Vans owner VF Corp.
The company has been struggling to survive a tough US retail environment in which customers have been cutting back on non-essential spending. (Getty Images)

Vans owner VF Corp said on Thursday it has laid off about 500 employees as it aims to restructure its business and improve operations globally.

The company has been struggling to survive a tough US retail environment in which customers have been cutting back on non-essential spending.

It had in October come under pressure from activist investor firms Legion Partners Asset Management and Engaged Capital, which insisted on cost cuts and a halt to acquisitions.

Sales at its Vans brand have been dropping for the last few quarters, with the new CEO Bracken Darrell recently saying that it would not see a turnaround this year.

He had also warned of a large-scale cost reduction program to rebuild its business.

The job cuts took place across all its brands, corporate functions and geographies. VF had about 33,000 employees as of April 1, according to a regulatory filing.

Its stock, which has lost 40 percent of its value so far this year, was trading flat after the bell.

By Annett Mary Manoj and Kate Masters

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. The company will have a chance to lay out its own vision when it releases earnings this week.

In This Article
Organisations

© 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.

While GU, with slightly lower prices than Uniqlo and clothes aimed at younger clientele, has a solid presence in Japan, it’s less known in other major markets. Building its presence abroad is part of Fast Retailing founder Tadashi Yanai’s push to “become a true global player,” by first doubling annual profit to ¥5 trillion within a few years.



The best stores don’t just serve as billboards or customer touchpoints —they’re a stable and lucrative revenue stream. As younger consumers have embraced in-store shopping despite their digital native instincts, the value of stores is undeniable. Running an effective store requires choosing the right location, understanding its sales potential and making sure it serves its local clientele.


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
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024