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VF Corporation said it plans to grow revenue of its Vans brand by US$2 billion to reach US$5 billion by fiscal year 2023, representing growth between 10-12% over the five-year period.
Over the next five years, the Vans brand is expected to record diversified and balanced growth across all product categories, channels of distribution and geographies,” driven by disciplined execution and investment to continue to fuel growth”. The brand’s fiscal 2023 financial targets include footwear revenue growth grow at a five-year compounded annual growth rate (CAGR) between 10-12%. Heritage footwear is expected to grow at a CAGR between 8-10% and Progression footwear is expected to grow at a CAGR between 14-16%. Apparel and accessories revenue is expected to grow to more than US$1 billion, which represents a five-year CAGR between 13-15%.
“Since VF’s acquisition in 2004, the Vans brand has grown at a 17% compounded annual rate and transformed into a US$3 billion global lifestyle brand,” said Steve Rendle, Chairman, President and CEO, VF Corporation. “I am confident in the Vans team’s ability to deliver on a bold US$5 billion revenue target which will be a key driver of VF’s plan to deliver superior total return to shareholders over the next five years.”