VF to Establish Three Global Innovation Centers to Accelerate Its Innovation Platform
GREENSBORO, N.C.-- VF Corporation (NYSE: VFC) today announced the company will establish three Global Innovation Centers – a groundbreaking move in the apparel industry – to focus on game-changing product innovations in technical apparel, footwear and jeans.
The centers will be staffed with teams of scientists, engineers, technical designers and key talent who will combine proprietary insights with consumer needs and a deep understanding of technology and new materials. The expected outcome: breakthrough products that drive brand equity and long-term growth.
“These Global Innovation Centers will spark opportunities to fuel VF’s growth and shape the future of apparel and footwear,” said Eric C. Wiseman, Chairman and Chief Executive Officer. “From the mass market to the mountaintop and from the U.S. to South America, Asia and Europe, we will develop and deliver innovative, ‘must-have’ products for consumers.
“Consumers buy and pay more for new, differentiated, value-adding products,” Wiseman continued. “We will inspire consumers to buy our products and, as a result, drive revenue growth and even higher profitability.”
Wiseman also noted that the Innovation Centers are an important step in the further development of VF’s innovation platform. “In 2010, we first laid out our vision for the role that innovation would play in VF’s growth,” he said. “This move is critical to advancing our journey as it gives us a competitive advantage in the apparel industry. We will fully leverage what we learn by sharing output from the Innovation Centers across our 30-plus brands.”
The Technical Apparel Innovation Center will be in Alameda, Calif. The Jeans Center will be in Greensboro, N.C. and the Footwear Center will be in Stratham, N.H. All are expected to be operational during the first half of 2014.
VF Corporation is a global leader in branded lifestyle apparel and footwear with more than 30 brands. The company’s largest five brands are The North Face®, Vans®, Wrangler®, Timberland® and Lee®. Other brands include 7 For All Mankind®, Bulwark®, Eagle Creek®, Eastpak®, Ella Moss®, JanSport®, Kipling®, lucy®, Majestic®, Napapijri®, Nautica®, Red Kap®, Reef®, Riders®, Splendid® and SmartWool®. For more information, please visit www.vfc.com.
Certain statements included in this release and the attachments are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. You can identify these statements by the fact that they use words such as “will” and “expect” and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the level of consumer confidence and overall level of consumer demand for apparel; fluctuations in the price, availability and quality of raw materials and contracted products; disruption to VF’s distribution system; disruption and volatility in the global capital and credit markets; VF's reliance on a small number of large customers; the financial strength of VF's customers; VF’s response to changing fashion trends; increasing pressure on margins; VF's ability to implement its growth strategy; VF's ability to grow its international and direct-to-consumer businesses; VF's ability to successfully integrate and grow acquisitions, including the Timberland acquisition; VF's ability to maintain the strength and security of its information technology systems; adverse unseasonable weather conditions; stability of VF's manufacturing facilities and foreign suppliers; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand for products; continuity of members of VF's management; VF's ability to protect trademarks and other intellectual property rights; maintenance by VF's licensees and distributors of the value of VF's brands; foreign currency fluctuations; changes in tax liabilities; and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF's financial results is included from time to time in VF's public reports filed with the Securities and Exchange Commission, including VF's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Carole Crosslin, 336-424-7836
Director, Corporate Communications
Lance Allega, 336-424-6082
Director, Investor Relations
Source: VF Corporation