CEO Bracken Darrell reported the move to WWD, saying: “As part of VF’s new Reinvent strategy and with the aim of improving operational efficiency, we have eliminated approximately 500 salaried positions across the company globally.”

The group saw revenue fell by 2% (4% in constant dollars) to US$3.03 billion in the second quarter of the 2024 financial year.

Darrell added: “While these decisions are never easy, they will give us the financial flexibility to invest behind our brands and better position us for long-term growth. We’re committed to handling this restructuring with dignity and respect for all involved and want to thank those impacted for their valued contributions to VF.”

Source: WWD