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Tag: VF Corp

  • Icebreaker’s Eco-Friendly Fashion Woos Thailand: First Southeast Asia Store Opens in Bangkok

    Icebreaker’s Eco-Friendly Fashion Woos Thailand: First Southeast Asia Store Opens in Bangkok

    Icebreaker, a renowned outdoor apparel brand originating from New Zealand, recently established its first retail outlet in Southeast Asia. The new store, located in Central Park, Bangkok, was launched in collaboration with the Thai Outdoor Group (TOG).

    Making its debut in Southeast Asia is regarded as a significant achievement in Icebreaker’s global expansion strategy. Moreover, it solidifies the brand’s intrinsic principle of ‘Move to Natural.’ This philosophy encourages the use of natural, environmentally-friendly fibres instead of synthetic alternatives.

    The Bangkok store highlights Icebreaker’s Merino wool products, positioning the brand to capitalize on the escalating consumer interest in sustainable and high-performance apparel.

    The store inauguration was marked with the ‘Meet Your Merino Sheep’ workshop. This event provided a unique opportunity for participants to create their own Merino sheep using the same high-grade fibres that are used in the manufacture of Icebreaker garments.

    Icebreaker, established in 1995, is widely acknowledged as a trailblazer in the application of Merino wool. This material is highly prized for its breathability, temperature regulation, resistance to odour, and natural comfort under a range of conditions.

    In a remarkable development in 2018, Icebreaker was acquired by the American apparel titan, VF Corp, for $288 million, following a highly competitive bidding process.

    Questions & Answers

    What is the significance of Icebreaker’s new store in Bangkok?
    The opening of Icebreaker’s store in Bangkok marks a significant milestone in the brand’s global expansion strategy. It also positions the brand to tap into the growing consumer interest in sustainable and performance-driven apparel in Southeast Asia.

    What is the philosophy of Icebreaker?
    Icebreaker follows a core philosophy of ‘Move to Natural’, which promotes the use of natural, sustainable fibres over synthetic alternatives.

    Who acquired Icebreaker in 2018 and for how much?
    Icebreaker was purchased by the US apparel giant VF Corp in 2018 for a sum of $288 million.

  • Vans owner slips as production delays, China curbs hit sales forecast

    Vans owner slips as production delays, China curbs hit sales forecast

    Vans shoe maker VF Corp cut its full-year revenue forecast on Friday as it struggles with material shortages, labor issues at factories, and a slump in sales in China due to COVID-related lockdowns, sending its shares down over 6 percent.

    Fresh pandemic restrictions and store closures late last year in many Asian countries, including China, took a toll on many US apparel makers that for years have relied on these countries for the bulk of their production and sales growth.

    VF Corp said the fast-spreading Omicron variant of the coronavirus was also impacting its sales across the world.

    “The latest virus surge across Europe has contributed to declining consumer confidence, deteriorating traffic, and stretched retail staff in our stores,” VF Chief Financial Officer Matt Puckett said on an earnings call.

    Despite facing labor and raw material shortages, VF said it expected manufacturing to return to near full capacity in the coming weeks.

    The company cut its fiscal 2022 revenue forecast to about US$11.85 billion from US$12 billion. It expects revenue for its “Active” unit, which houses the Vans and Supreme brands, to increase between 31 percent and 33 percent, compared with a prior range of 35 percent to 37 percent gain.

    The Denver, Colorado-based company’s total revenue rose 22 percent to $3.62 billion in the third quarter ended Jan 1, slightly ahead of analysts’ average estimate of US$3.60 billion, according to IBES data from Refinitiv.

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  • VF Corp to relocate business operations out of Hong Kong

    VF Corp to relocate business operations out of Hong Kong

    VF Corp. (VFC), a provider of branded lifestyle apparel, footwear and accessories, announced a transformation plan for its Asia Pacific operations, with relocations over the next 12 to 18 months with the first moves expected in April 2021.

    VF plans to move the center of its brand operations from Hong Kong to Shanghai where the company currently employs approximately 900 office and retail associates.

    In addition, VF also plans to relocate its Asia Product Supply Hub from Hong Kong to Singapore.

    The company also plans to establish an additional shared services center for the region in Kuala Lumpur, Malaysia.

    VF noted that Hong Kong will remain a key retail market for the company and its brands.

    “Today’s announcement reinforces our commitment to investing in our business across the Asia Pacific region, while also supporting VF’s overall transformation plan to become a more consumer-minded, retail-centric, and hyper-digital enterprise,” said Steve Rendle, VF’s Chairman, President and Chief Executive Officer.

  • VF Corporation to collaborate with Redress

    VF Corporation to collaborate with Redress

    Global apparel, footwear and accessories retailer VF Corporation is entering an exclusive collaboration with environmental charity Redress to deliver the Redress Design Award 2019 x VF Challenge in Hong Kong.

    The award is the world’s largest sustainable fashion design competition and works to educate emerging fashion designers around the world about sustainable design techniques to drive growth towards a circular fashion system.

    The collaboration is being supported by financial contributions from VF and charitable grants from the VF Foundation, a private philanthropic foundation funded by VF Corporation.

    “This collaboration presents a unique opportunity for VF to provide mentorship to the next generation of fashion leaders while also learning from them,” said VF executive VP & group president APAC region Kevin Bailey, “all with an emphasis on advancing a more sustainable business model for our industry.”

    VF’s collaboration with Redress will provide 10 shortlisted emerging designers the opportunity to learn from one of the world’s foremost leaders in apparel and footwear.

    Designers will present their competition collections on September 5th at the live Grand Final at Centrestage in Hong Kong.

  • New USA tariff plan draws backlash from US retailers

    New USA tariff plan draws backlash from US retailers

    Failing US president Donald Trump is facing widespread backlash from US retailers and brands over his intention to trigger a trade war with China and other nations.

    Just days after announcing tariffs on steel imports against the advice of officials, lawmakers and industry, Trump is now believed to be formulating sweeping tariffs on imported goods from China – a move retail and business groups warn will wipe away gains for the economy from the recent tax cuts.

    “This is not American industries crying wolf,” said Sandy Kennedy, president of the Retail Industry Leaders Association, which organised a letter to Trump, sounding alarm that such tariffs will boost prices of numerous consumer goods, including shoes, apparel and appliances.

    Twenty-four US retailers signed Kennedy’s letter, including Walmart, Target, Best Buy, Abercrombie & Fitch, American Eagle Outfitters, Columbia Sportswear, Costco, Dollar Tree, Gap, JC Penney, Kohl’s, Ikea, Levi Strauss, Sears, VF Corp and Wolverine World Wide.

    A second letter was signed by 82 shoe companies, including Nike, Payless ShoeSource, Under Armour and Shoe Carnival.

    “Adding even more tariffs on top of this heavy burden would mean higher costs for footwear consumers and fewer US jobs,” one of the letters said.

    “Given the price sensitivity of our products, any additional increases in our costs would strike right at the heart of our ability to keep product competitively priced for our consumers.”

    One of the issues worrying retailers and manufacturers is that Trump does not need approval from Congress to implement tariffs. He can impose unilateral tariffs on China citing national security grounds – the same rationale behind the steel tariffs – because a US government investigation had found Chinese had violated intellectual property rules.

    Trump has previously stated he does not fear a trade war because he believes America would win it.

    Widespread media debate about tariffs and the rationale behind them would also distract public attention from numerous controversies surrounding the Trump presidency, including a growing list of women revealing extramarital affairs with him, election tampering and his links to a company under investigation by the FTC for stealing personal details of 50 million Facebook users.

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