Apparel giant VF Corp is to appoint its first president of Greater China as part of its efforts to strengthen and accelerate its business strategy in the Asia Pacific (APAC) region.
In a statement today (29 June), the parent of businesses including Vans, The North Face, Timberland and Dickies, says establishing a leadership position responsible for Greater China – which includes Mainland China, Hong Kong SAR and Taiwan – creates an organisational structure that will enable VF and its brands to move faster and with focused agility to pursue growth opportunities in “this important market.”
Today, Greater China represents about 65% of the group’s total business in the Asia Pacific region. The company expects that percentage to grow to nearly 80% by fiscal year 2024.
VF will announce the leader appointed to the position later this summer.
“When we introduced our new global business strategy in 2017, we declared our commitment to invest in our APAC region and accelerate growth for our brands, all with a particular emphasis on China,” says VF CEO Steve Rendle. “By creating the new position of president, Greater China, we’re leaning even further into the many opportunities we see to elevate our business and brands in this fast-moving, digitally-driven marketplace.”
Meanwhile, Kevin Bailey, executive vice president and group president of APAC, will continue leading the company’s Asia Pacific region but will relocate from Hong Kong to Denver, Colorado, where he will also assume leadership of the company’s emerging brands platform. This includes the Altra, Eagle Creek, JanSport and Smartwool brands, and the Kipling and Icebreaker brands in the Americas region. Bailey will continue reporting to Rendle and serving on VF’s executive leadership team.
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By GlobalData“Although they’re the smaller brands by revenue in our overall portfolio, our group of emerging brands present considerable opportunities for growth,” Rendle says. “It’s important to remember that our global, multi-billion-dollar brands such as Vans and The North Face were once emerging brands when VF acquired them.”
He added enabling great brands to achieve their full potential is a core competency at VF.
The group outlined its plans for growing its China business and its emerging brands during its September 2019 investor day.
More recently, the apparel powerhouse said it is well-positioned to emerge as a winner from the coronavirus crisis – with an increased consumer focus on the outdoors, health and wellbeing set to boost its activity-based lifestyle brands.
