V.F.

vf 2011  |   01

to our shareholders
The strategies to succeed  
and the strength to act

with eric wiseman
page 04

engineered for growth
How VF has transformed itself  
to deliver superior returns

with bob shearer
page 06

powerful brands
A common approach to maintaining the  
uniqueness of more than 30 brands

with steve rendle and scott baxter
page 10

international growth
If you never stop learning,  
you never stop growing

with karl heinz salzburger
page 16

direct-to-consumer
Using technology to seamlessly blend  
communication and commerce

with mike gannaway
page 22

investing in innovation
How five words are changing  
VF from the outside in

with stephen dull
page 28

page 33

page 40

page 38

vf 2011  |   03

Timberland®

02  |  vf 2011 

Strong Brands Positioned  
Strong Brands Positioned  
for Strong Growth
for Strong Growth
VF’s business model is designed to deliver 
VF’s business model is designed to deliver 
consistent, sustainable growth. The diversity of 
consistent, sustainable growth. The diversity of 
our portfolio ensures we have strong brands in 
our portfolio ensures we have strong brands in 
place to engage consumers wherever they live, 
place to engage consumers wherever they live, 
work or shop. We rely on consumer insights to 
work or shop. We rely on consumer insights to 
guide our brand-building efforts, enabling us to 
guide our brand-building efforts, enabling us to 
craft authentic brand experiences and build deep 
craft authentic brand experiences and build deep 
connections with consumers around the world.  
connections with consumers around the world.  
The performance of our coalitions in 2011 is a 
The performance of our coalitions in 2011 is a 
testament to the power of our brands and the 
testament to the power of our brands and the 
talent of our teams.  
talent of our teams.  

In Outdoor & Action Sports, the momentum 
In Outdoor & Action Sports, the momentum 
continued in 2011, with revenues rising by 42%. 
continued in 2011, with revenues rising by 42%. 
Our results benefitted tremendously from the 
Our results benefitted tremendously from the 
Timberland acquisition, but we were just as 
Timberland acquisition, but we were just as 
excited about the 20% organic growth in revenues 
excited about the 20% organic growth in revenues 
achieved during the year. The North Face® and 
achieved during the year. The North Face® and 
Vans® brands had record years, with revenues for 
Vans® brands had record years, with revenues for 
each growing by more than 20%. And for the  
each growing by more than 20%. And for the  
first time in the brand’s history, Vans® revenues 
first time in the brand’s history, Vans® revenues 
surpassed the $1 billion mark. We also saw 
surpassed the $1 billion mark. We also saw 
double-digit growth in our Kipling®, Napapijri®, 
double-digit growth in our Kipling®, Napapijri®, 
lucy®, Reef ® and Eastpak ® brands. 
lucy®, Reef ® and Eastpak ® brands. 

Jeanswear revenues rose 8% in 2011, with growth 
Jeanswear revenues rose 8% in 2011, with growth 
both domestically and internationally. In the U.S., 
both domestically and internationally. In the U.S., 
success in both our Lee® and Wrangler® brands 
success in both our Lee® and Wrangler® brands 
was driven by new product innovations, such as 
was driven by new product innovations, such as 
the Lee Classic Fit and Premium Select lines. 
the Lee Classic Fit and Premium Select lines. 
The Lee® and Wrangler® businesses in the U.S. 
The Lee® and Wrangler® businesses in the U.S. 
each continued to gain market share in their 
each continued to gain market share in their 
respective channels of distribution, and today are as 
respective channels of distribution, and today are as 
well-positioned for future growth as they have ever 
well-positioned for future growth as they have ever 
been. Internationally, Jeanswear growth was fueled 
been. Internationally, Jeanswear growth was fueled 
by rapid expansion in Asia and strong growth in 
by rapid expansion in Asia and strong growth in 
South America, Mexico and Canada. Higher 
South America, Mexico and Canada. Higher 
product costs affected Jeanswear’s profitability in 
product costs affected Jeanswear’s profitability in 
2011, but are beginning to subside, pointing to a 
2011, but are beginning to subside, pointing to a 
year of both top and bottom line growth in 2012.   
year of both top and bottom line growth in 2012.   

Revenues in our Imagewear business also exceeded 
Revenues in our Imagewear business also exceeded 
$1 billion for the first time in 2011, with strength 
$1 billion for the first time in 2011, with strength 
in both the Image and Licensed Sports Group 
in both the Image and Licensed Sports Group 
businesses. Our protective apparel business, 
businesses. Our protective apparel business, 
powered by the Bulwark ® brand, drove our 
powered by the Bulwark ® brand, drove our 
Image business up nearly 20% in revenues for 
Image business up nearly 20% in revenues for 
the year. Our Licensed Sports Group business 
the year. Our Licensed Sports Group business 
benefitted from strong growth in both Major 
benefitted from strong growth in both Major 
League Baseball and National Football League 
League Baseball and National Football League 
fanwear and a growing women’s business.  
fanwear and a growing women’s business.  

Growth in our Nautica ® and Kipling ® (U.S.) 
Growth in our Nautica ® and Kipling ® (U.S.) 
businesses drove 9% growth in Sportswear 
businesses drove 9% growth in Sportswear 
revenues in 2011. The Nautica® brand enjoyed 
revenues in 2011. The Nautica® brand enjoyed 
gains in its sportswear, licensed and outlet 
gains in its sportswear, licensed and outlet 

businesses, as our work to evolve Nautica ® 
products to a differentiated, performance-based 
positioning around water continues to pay off.  
And our Kipling ® brand is a fast-growing  
and very profitable success story in the U.S.

Healthy growth was also achieved by our Contem-
porary Brands coalition, where revenues rose by 11% 
in 2011. Our 7 For All Mankind ®, Splendid ®, Ella 
Moss ® and John Varvatos ® brands all achieved 
higher revenues during the year. Building these 
brands’ direct-to-consumer businesses, including 
new stores and e-commerce, continues to be an 
important component of our growth plans, and  
during the year direct-to-consumer revenues  
for Contemporary Brands grew over 30%.

A Roadmap for Growth
In early 2011 we updated our five-year financial 
goals and strategic growth drivers. Simply stated, 
we intend to deliver $5 billion in revenue growth 
and $5 in earnings per share growth over the  
next five years. More specifically, our goals are to 
increase revenues and earnings per share by 10% 
and 12% annually, respectively—goals which we 
surpassed in 2011.  

Key to our success has been our focus on VF’s 
core Growth Drivers, which now consist of:

to consumers’ needs and aspirations. Steve 
Rendle, Vice President and Group President 
—Outdoor & Action Sports Americas, and 
Scott Baxter, Vice President and Group 
President—Jeanswear Americas and Imagewear, 
provide their perspectives on what it takes to 
build strong brands beginning on page 10.

+  Go Global, by growing in both established and 
emerging markets, with our efforts concentrated 
in Europe, China, India, Brazil and Mexico, 
with a goal of 40% of total VF revenues from 
international markets by 2015. In 2011, interna-
tional revenues were 34% of total revenues, up 
from 30% in 2010. Karl Heinz Salzburger, Vice 
President and Group President—International, 
discusses our international strategies in more 
detail on page 16.

+  Serve Consumers Directly, growing direct-to-

consumer revenues to 22% of total revenues by 
adding branded retail stores and building stronger 
consumer relationships through our websites 
and social media. In 2011, direct-to-consumer 
revenues grew to 19% of total revenues from 18% 
in 2010. Mike Gannaway, Vice President—VF 
Direct/Customer Teams, provides a deeper look 
at our direct-to-consumer business on page 22.

+  Enable VF’s Future, through investing in our 

+  Build Lifestyle Brands, by emphasizing activity- 
based lifestyle brands that speak authentically 

people’s professional development with training, 
tools and development opportunities, along 

with investing in supply chain capabilities  
that reduce cost and provide speed, flexibility, 
value and service. 

+  Win with Winning Customers, by leveraging 
consumer knowledge and global brand 
expertise to grow our market shares and to 
help our retail customers win with our global 
and exclusive brands. 

+  Lead in Innovation, fostering a global culture  
of innovation across brands and functions, 
supported by new processes, new skills and 
talent, as well as new collaborative networks to 
accelerate the pace of breakthrough product 
introductions. You can read more about our 
Innovation agenda on page 28.

The power of the VF portfolio—diversified, global 
and growing—has never been more evident. We 
enter 2012 with confidence that brands will continue 
their momentum, with conviction in our ability to 
execute our plans, and with a great deal of excite- 
ment about the many opportunities that lie ahead. 

eric c. wiseman
 —
Chairman, President &  
Chief Executive Officer

Dollars  

in Millions

$4,562

Other

Contemporary Brands

Sportswear

Imagewear

1%

5%

6%

11%

$3,205

$2,806

$2,522

$2,538

$2,732

Jeanswear

29%

  48%

Outdoor  

& Action  

Sports

$828

$637

$493

Revenues

Profits

$865

$909

$1,025

$371

$432

$413

$87

$111

$146

$52

$52

$56

$51

$14

$36

$498

$498

$544

$418

$439

$485

09

10

11

09

10

11

09

10

11

09

10

11

09

10

11

Outdoor & Action Sports

Jeanswear

Imagewear

Sportswear

Contemporary Brands

to our   
to our   
shareholders
shareholders

eric c. wiseman
eric c. wiseman
 —
Chairman,  
 —
President &  
Chairman,  
Chief Executive Officer
President &  
Chief Executive Officer

his was a year of records: record  
revenues, record earnings and  
his was a year of records: record  
revenues, record earnings and  
record cash flow from operations.   
The acquisition of The Timberland  
record cash flow from operations.   
Company for $2.3 billion also  
The acquisition of The Timberland  
marked a record for us, as the 
Company for $2.3 billion also  
marked a record for us, as the 

largest acquisition in our company’s history. The 
addition of two strong, authentic outdoor brands 
largest acquisition in our company’s history. The 
—Timberland ® and Smartwool ®—demonstrates 
addition of two strong, authentic outdoor brands 
our commitment to building the most powerful 
—Timberland ® and Smartwool ®—demonstrates 
our commitment to building the most powerful 
portfolio of outdoor brands in the world.  
portfolio of outdoor brands in the world.  
VF’s total revenues in 2011 reached $9.5 billion,  
up 23% from the prior year. The Timberland 
VF’s total revenues in 2011 reached $9.5 billion,  
up 23% from the prior year. The Timberland 
acquisition added more than $700 million  
to revenues. On an organic basis, excluding 
acquisition added more than $700 million  
Timberland, revenues grew by more than $1 billion, 
to revenues. On an organic basis, excluding 
or 14%, with solid growth across our Outdoor & 
Timberland, revenues grew by more than $1 billion, 
or 14%, with solid growth across our Outdoor & 
Action Sports, Jeanswear, Imagewear, Sportswear 
Action Sports, Jeanswear, Imagewear, Sportswear 
and Contemporary Brands coalitions. 
and Contemporary Brands coalitions. 
Earnings per share rose to $7.98, an increase of 
Earnings per share rose to $7.98, an increase of 
24% over earnings per share of $6.46 (excluding  
24% over earnings per share of $6.46 (excluding  
a noncash impairment charge) in 2010. For the 
second consecutive year, cash flow from operations 
a noncash impairment charge) in 2010. For the 
exceeded $1 billion. Our dividend remains a priority 
second consecutive year, cash flow from operations 
for our use of cash flow, and 2011 marked the 39th 
exceeded $1 billion. Our dividend remains a priority 
for our use of cash flow, and 2011 marked the 39th 
consecutive year of higher dividend payments  
to shareholders. 
consecutive year of higher dividend payments  
to shareholders. 
We are very pleased that our shareholders have 
We are very pleased that our shareholders have 
been rewarded for our success. In 2011, VF’s 
stock price increased 47%—hitting record highs 
been rewarded for our success. In 2011, VF’s 
—versus flat performance for the S&P 500 Index. 
stock price increased 47%—hitting record highs 
—versus flat performance for the S&P 500 Index. 

Timberland:  
A Transformational Acquisition
Timberland:  
With approximately $1.7 billion in expected annual 
A Transformational Acquisition
revenues, Timberland marks a new chapter for 
With approximately $1.7 billion in expected annual 
VF.  In 2012, for the first time, our Outdoor & 
revenues, Timberland marks a new chapter for 
Action Sports coalition will account for more than 
VF.  In 2012, for the first time, our Outdoor & 
half of VF’s total revenues, up from 26% in 2005.
Action Sports coalition will account for more than 
half of VF’s total revenues, up from 26% in 2005.
We’re targeting a 10% annual revenue growth 
rate for Timberland, or $900 million in revenue 
We’re targeting a 10% annual revenue growth 
growth over the next five years. Key initiatives 
rate for Timberland, or $900 million in revenue 
include developing and launching Timberland ® 
growth over the next five years. Key initiatives 
apparel in the U.S.; building on the momentum 
include developing and launching Timberland ® 
of the Timberland ® Earthkeepers ® collection  
apparel in the U.S.; building on the momentum 
of environmentally conscious products in both 
of the Timberland ® Earthkeepers ® collection  
footwear and apparel; continuing to grow the 
of environmentally conscious products in both 
core Timberland ® and Smartwool ® businesses 
footwear and apparel; continuing to grow the 
globally, leveraging our well-established 
core Timberland ® and Smartwool ® businesses 
international platforms in Europe and China; and 
globally, leveraging our well-established 
driving growth and enhanced profitability across 
international platforms in Europe and China; and 
Timberland’s direct-to-consumer touchpoints, 
driving growth and enhanced profitability across 
including retail stores and e-commerce. 
Timberland’s direct-to-consumer touchpoints, 
including retail stores and e-commerce. 
Timberland is a recognized leader in sustainability 
—and our brands will benefit from Timberland’s 
Timberland is a recognized leader in sustainability 
long experience and track record of environmental 
—and our brands will benefit from Timberland’s 
responsibility. Our two largest outdoor brands, 
long experience and track record of environmental 
Timberland ® and The North Face ®,  are both 
responsibility. Our two largest outdoor brands, 
passionately committed to embedding sustain-
Timberland ® and The North Face ®,  are both 
ability across their products and operations. As 
passionately committed to embedding sustain-
authentic outdoor brands, they understand the 
ability across their products and operations. As 
importance of getting consumers outside to 
authentic outdoor brands, they understand the 
enjoy and appreciate the environment—and  
importance of getting consumers outside to 
to protect and conserve it for future generations. 
enjoy and appreciate the environment—and  
to protect and conserve it for future generations. 

04  |  vf 2011 
04  |  vf 2011 

vf 2011  |   05

 
 
 
 
 
 
 
 
 
 
 
 
Vans ®

06  |  vf 2011 

There are many ways to measure the success of a company and evaluate its  
growth prospects. But to Bob Shearer, the most important metric is the one  
VF’s shareholders care most about. “Total shareholder return is the number  
one metric used by our shareholders,” says Shearer, Senior Vice President  
& Chief Financial Officer. “So we better focus on it.” 

vf 2011  |   07

Shearer underscores the company’s intensifying 
Shearer underscores the company’s intensifying 
focus on innovation as pivotal to achieving its top 
focus on innovation as pivotal to achieving its top 
line goals. “Our innovation platform will drive 
line goals. “Our innovation platform will drive 
the development of new and unique products—
the development of new and unique products—
products that no one else has,” he says. 
products that no one else has,” he says. 

The next component of VF’s TSR model is margin 
The next component of VF’s TSR model is margin 
expansion. VF has set a 2015 operating margin 
expansion. VF has set a 2015 operating margin 
target of 15%, up from 13.2% in 2011. VF is known 
target of 15%, up from 13.2% in 2011. VF is known 
for its focus on managing costs, but the biggest 
for its focus on managing costs, but the biggest 
factor behind VF’s margin improvement will be 
factor behind VF’s margin improvement will be 
the growth of its lifestyle businesses, particularly 
the growth of its lifestyle businesses, particularly 
Outdoor & Action Sports, which should reach 
Outdoor & Action Sports, which should reach 
60% of VF’s total revenues by 2015. “As our higher 
60% of VF’s total revenues by 2015. “As our higher 
margin Outdoor & Action Sports businesses get 
margin Outdoor & Action Sports businesses get 
bigger—fueled through international growth, retail 
bigger—fueled through international growth, retail 
expansion and breakthrough innovation—they’ll 
expansion and breakthrough innovation—they’ll 
help drive VF’s overall operating margin expansion,” 
help drive VF’s overall operating margin expansion,” 
says Shearer. With strong, consistent earnings 
says Shearer. With strong, consistent earnings 
growth targeted at 12% annually, VF expects its 
growth targeted at 12% annually, VF expects its 
P/E ratio to improve as investors continue to gain 
P/E ratio to improve as investors continue to gain 
confidence in the company’s ability to deliver 
confidence in the company’s ability to deliver 
industry-leading results and achieve its financial 
industry-leading results and achieve its financial 
targets. This P/E ratio expansion is the third 
targets. This P/E ratio expansion is the third 
component of VF’s TSR model. 
component of VF’s TSR model. 

A projected dividend yield of 2 to 2.5 percent  
A projected dividend yield of 2 to 2.5 percent  
is the final component of the company’s TSR 
is the final component of the company’s TSR 
model. “We pay such a healthy dividend is 
model. “We pay such a healthy dividend because 
we generate such strong cash flow” says Shearer.  
because we generate such strong cash flow” says 
Shearer. “Our cash flow is strong enough to fund 
“Our cash flow is strong enough to fund additional 
additional acquisitions while at the same time 
acquisitions while at the same time allowing us 
to pay an industry-leading dividend.”
allowing us to pay an industry-leading dividend.”

VF has transformed not only its portfolio, but also 
VF has transformed not only its portfolio, but also 
how it does business. It has built highly profitable 
how it does business. It has built highly profitable 
lifestyle, international and direct-to-consumer 
lifestyle, international and direct-to-consumer 
businesses with the infrastructure, scale and 
businesses with the infrastructure, scale and 
experience to reach new consumers wherever they 
experience to reach new consumers wherever they 
live. And it has built an innovation platform that 
live. And it has built an innovation platform that 
will allow its trusted brands to evolve based on 
will allow its trusted brands to evolve based on 
the ever-changing needs of consumers. “When 
the ever-changing needs of consumers. “When 
we use the word transformation, that is exactly 
we use the word transformation, that is exactly 
what we’re talking about,” says Shearer. “Our 
what we’re talking about,” says Shearer. “Our 
portfolio is stronger than it has ever been, and 
portfolio is stronger than it has ever been, and 
that’s transforming the return we provide to  
that’s transforming the return we provide to  
our shareholders.” y
our shareholders.” y

ccording to finance textbooks, total  
ccording to finance textbooks, total  
shareholder return (TSR) is the  
shareholder return (TSR) is the  
result of a formula that combines  
result of a formula that combines  
share price appreciation and  
share price appreciation and  
dividend yield to get a true picture  
dividend yield to get a true picture  
of a company’s performance. At VF, 
of a company’s performance. At VF, 

TSR is a philosophy that drives decisions made 
TSR is a philosophy that drives decisions made 
every day. Management and brand leaders are 
every day. Management and brand leaders are 
trained to understand the components of TSR— 
trained to understand the components of TSR— 
what creates it, and how daily decisions must align 
what creates it, and how daily decisions must align 
with it. From evaluating where and how to invest 
with it. From evaluating where and how to invest 
behind its brands to planning the pace of new 
behind its brands to planning the pace of new 
store growth, VF explicitly makes decisions based 
store growth, VF explicitly makes decisions based 
on what will deliver the most consistent returns 
on what will deliver the most consistent returns 
to shareholders over the longest period of time. 
to shareholders over the longest period of time. 
“If all of our employees are totally aligned with 
“If all of our employees are totally aligned with 
our shareholders’ best interests, it’s got to be a 
our shareholders’ best interests, it’s got to be a 
good thing,” says Shearer. In 2011, VF achieved 
good thing,” says Shearer. In 2011, VF achieved 
total shareholder return of 49%.
total shareholder return of 49%.

For the next five years, VF aims to deliver an annual 
For the next five years, VF aims to deliver an annual 
TSR of 15% or higher to its shareholders. Achieving 
TSR of 15% or higher to its shareholders. Achieving 
this is based on several different components. First 
this is based on several different components. First 
and foremost is revenue growth of 10% annually. 
and foremost is revenue growth of 10% annually. 
In March 2011, VF announced plans to add  
In March 2011, VF announced plans to add  
$5 billion in revenues by 2015, fueled by geographic 
$5 billion in revenues by 2015, fueled by geographic 
expansion, strong growth in its direct-to-consumer 
expansion, strong growth in its direct-to-consumer 
business and leading-edge product innovation. 
business and leading-edge product innovation. 

VF has a long track record of using its global 
VF has a long track record of using its global 
infrastructure to bring its brands to consumers  
infrastructure to bring its brands to consumers  
in international markets. In 2000, 16% of VF’s 
in international markets. In 2000, 16% of VF’s 
revenues came from outside the U.S. In 2011, that 
revenues came from outside the U.S. In 2011, that 
figure was 34%. By 2015, VF’s goal is 40%. Thanks 
figure was 34%. By 2015, VF’s goal is 40%. Thanks 
to careful brand-building efforts and the explosion 
to careful brand-building efforts and the explosion 
of social media and digital marketing, VF’s iconic 
of social media and digital marketing, VF’s iconic 

brands enjoy high levels of awareness despite 
brands enjoy high levels of awareness despite 
limited distribution in some key regions. “We’ve 
limited distribution in some key regions. “We’ve 
demonstrated time and time again that when we 
demonstrated time and time again that when we 
focus on a specific region and invest in telling our 
focus on a specific region and invest in telling our 
brand stories, we have great success,” says Shearer. 
brand stories, we have great success,” says Shearer. 
“So when we look at regions where we do little or 
“So when we look at regions where we do little or 
no business today, and think about the strength  
no business today, and think about the strength  
of our brands, we see tremendous opportunity.” 
of our brands, we see tremendous opportunity.” 
Over the next five years, VF estimates it will 
Over the next five years, VF estimates it will 
grow its Asian business by $1 billion, with China 
grow its Asian business by $1 billion, with China 
providing by far the biggest opportunity. “We 
providing by far the biggest opportunity. “We 
have more than 15 years of experience and success 
have more than 15 years of experience and success 
in China, yet our business there is still in the 
in China, yet our business there is still in the 
very early stages of growth,” says Shearer. VF 
very early stages of growth,” says Shearer. VF 
also expects to add $1 billion in revenues from 
also expects to add $1 billion in revenues from 
Europe by 2015. While VF has large businesses  
Europe by 2015. While VF has large businesses  
in some countries, it remains small in others. “As 
in some countries, it remains small in others. “As 
we focus country by country, market by market, we 
we focus country by country, market by market, we 
see a lot of runway for our brands which time 
see a lot of runway for our brands which time 
and time again demonstrate that they resonate 
and time again demonstrate that they resonate 
across different countries and across cultures,” 
across different countries and across cultures,” 
says Shearer. And Timberland, which sells more 
says Shearer. And Timberland, which sells more 
products overseas than in the U.S., will play an 
products overseas than in the U.S., will play an 
important role in VF’s international expansion.  
important role in VF’s international expansion.  
In 2012, Timberland should help boost VF’s overall 
In 2012, Timberland should help boost VF’s overall 
percentage of international revenues to 37%. 
percentage of international revenues to 37%. 

Fueled by aggressive plans for new retail stores and 
Fueled by aggressive plans for new retail stores and 
e-commerce growth, VF’s direct-to-consumer 
e-commerce growth, VF’s direct-to-consumer 
business should comprise 22% of the company’s 
business should comprise 22% of the company’s 
total revenues by 2015. To Shearer, retail stores and 
total revenues by 2015. To Shearer, retail stores and 
e-commerce are essential to growing lifestyle 
e-commerce are essential to growing lifestyle 
businesses. They provide immersive environments 
businesses. They provide immersive environments 
that help consumers understand a brand’s story 
that help consumers understand a brand’s story 
and allow them to experience the full breadth  
and allow them to experience the full breadth  
of a brand’s product offering.  
of a brand’s product offering.  

$9,459
$9,459

$7.98
$7.98

$7,703
$7,703

$7,220
$7,220

$6.46*
$6.46*

$5.16*
$5.16*

$5.18
$5.18

$4.13
$4.13

$1,081
$1,081

$973
$973

$1,001
$1,001

$2.37
$2.37

$2.43
$2.43

$2.61
$2.61

09
09

10
10

11
11

09
09

10
10

11
11

09
09

10
10

11
11

09
09

10
10

11
11

Revenues 
Revenues 

(Millions)
(Millions)

Earnings Per Share
Earnings Per Share

Dividends Per Share
Dividends Per Share

Cash Flow From  
Cash Flow From  

* Excludes a noncash  
* Excludes a noncash  
impairment charge
impairment charge

Operations (Millions)
Operations (Millions)

bob shearer 
 —
Senior Vice President &  
Chief Financial Officer

Our portfolio is  
stronger than it has  
ever been, and that’s 
transforming the  
return we provide  
to our shareholders.

VF’s long-term Total Shareholder Return 

operating margins, expansion in the 

(TSR) model is built on four components: 

company’s price-to-earnings (P/E) ratio, 

strong revenue growth, improving 

and an industry-leading dividend yield.

Total shareholder return

15%+

15%+

Dividend yield

2.5%

2.5%

2.5%

Change in share price

14%

10%

2%

TSR

Revenue

Margin 

P/E

Dividend

TSR

growth 

change

change

yield

S&P 500 Index

VF Corporation

37%

34%

Total shareholder return

Capital gain

25%

23%

Dividend yield

2%

3%

49%

47%

21%

18%

3%

15%

13%

2%

2%
0%
2%

2%

09

10

11

Retail stores and e-commerce  

understand a brand’s story and allow 

are essential to growing lifestyle 

them to experience the full breadth of  

businesses. They provide immersive 

a brand’s product offering.

environments that help consumers 

350

300

250 

200 

150 

100 

50 

0

Store co unt

Vans

Tim berland

The N orth Face
N autica

Lee/ W rangler

7 For All M ankind

lucy

Kipling

N apapijri

Other

08  |  vf 2011 
08  |  vf 2011 

vf 2011  |   09

 
 
 
 
 
 
 
 
 
 
 
 
At the summit of Gasherbrum II in Northwest Pakistan, over 26,000 feet high and 
under 51˚ below zero, world-renowned climber Cory Richards did what any of us 
would do—he pulled out a camera to record the moment. But he didn’t just take a 
photo; he filmed a story that was shared with millions of fans through The North Face® 
brand’s website and social media channels. Meanwhile, 7,235 miles away and safely on  
the ground in a warm room in Kansas City, Missouri, designers from the Lee® brand 
recorded a very different moment. They listened and took notes while real consumers 
talked about the fit and feel of new jeans they had just tried on for the first time. 

The North Face ®

10  |  vf 2011 

vf 2011  |   11

his tale of two extremes— your  
head in the clouds and your feet  
firmly planted on the ground— 
is how VF builds billion-dollar  
brands. It’s a combination of  
creating products and telling stories 

that capture the authenticity that comes from 
truly understanding who consumers really are 
and the aspirations of who they want to be.

“Authenticity and aspiration are critical attributes 
that enable our brands to form a deep connection 
with their core consumers,” says Steve Rendle, 
Vice President and Group President—Outdoor 
& Action Sports Americas. “This connection is 
created by years of successful product innovation 
that consistently exceeds the needs of consumers. 
Our associations with top athletes, artists and 
designers and our active participation in events 
and expeditions further demonstrate our brands’ 
commitment to our consumers’ passions.”

VF’s Outdoor & Action Sports portfolio  
could also be called the activity-based portfolio. 
Brands such as The North Face®, Vans®, Reef ® and 
lucy® touch a set of consumers who participate in 
activities that express and enhance their lifestyle, 
whether it’s climbing, skiing, skateboarding, surfing, 
traveling, running, yoga or training. And the 
newly acquired Timberland ® brand’s heritage of 
boot craftsmanship and environmental stewardship 
has further strengthened the portfolio. The 
Timberland ® and The North Face ® brands’ 
commitment to helping consumers enjoy the 
outdoors translates naturally into a desire by both 
brands to protect and preserve the environment for 
future generations. “We know that our consumers 
are passionate about different activities,” says 
Rendle. “Our brands have a unique ability to 
provide products and experiences that enable 
them to fulfill and grow that passion every day.”

For The North Face, the theme Athlete Tested, 
Expedition Proven™ is more than a marketing 
slogan. It’s a bedrock principle that guides a 
multitude of business decisions, from product 
innovation to brand planning to corporate and 
social responsibility. One example of this is 
Physiologic, the brand’s athlete-driven innova-
tion process that turns raw materials into ideas, 
technology and, ultimately, superior products.  
It’s a partnership between product designers who 
innovate in the lab and athletes who provide 
real-world feedback. It all starts with members 
of The North Face ® athlete team, who push the 
limits of their equipment while they push the 
limits of human potential. Their gear evaluations 
and input sessions have provided the seeds of many 

12  |  vf 2011 

Authenticity  
and aspiration  
are critical  
attributes  
that enable our  
brands to form a 
deep connection 
with their core  
consumers.

On February 2, 2011, Simone Moro (Italy), Denis Urubko 

(Kazahkstan), and Cory Richards (U.S.) achieved the first- 

ever winter ascent of Gasherbrum II. Simone Moro is 

the first man to reach three 8,000-meter winter summits. 

Cory Richards is the first American to reach an 8,000-meter 

peak in winter, which earned him recognition as one of 

National Geographic magazine’s “Adventurers of the year.” 

The stories of expeditions such as these reach millions 

of outdoor enthusiasts, and continually demonstrate The 

North Face ® brand’s commitment to creating the world’s 

most advanced technical apparel. 

Gasherbrum II  

Karakoram Range 

Pakistan

8,035 m (26,362 ft)  
13th tallest peak  
in the world  
35°45’30” 76°39’12”

steve rendle 
 —
Vice President &  
Group President—Outdoor  
& Action Sports Americas

successful product ideas. Working in partnership 
with leading fabrics and materials engineers, 
designers and technicians from The North Face 
create prototypes that will meet the high standards 
of the brand’s athletes for expedition testing. For 
example, The North Face® athletes tested multiple 
prototypes of a new tent during seven expeditions 
on six continents in a variety of hot and cold climate 
conditions. One of the latest innovations that has 
come out of the Physiologic process is FlashDry™ 
technology, which works with your body to rapidly 
evaporate moisture and regulate core temperature.

Similarly, Vans collaborates with the leaders of 
youth culture to help guide its brand messages 
and products. “Collaboration is important to 
today’s global youth, from Hitwise® music and 
videos to website designs,” says Rendle. “We 
embrace it as a way to open doors to new ideas, 
new materials, new distribution, new marketing 
and, ultimately, new consumers.” Collaborations 
with action sports athletes, designers and iconic 
brands have helped Vans develop some of its 
most successful products, like the new Vans® 
OTW Collection. 

The Alomar takes styling cues from Vans’  

Classic Chukka Boot and infuses them 

with the fashionable aspects of a modern, 

slimmed-down high top to create a shoe 

that pushes the boundaries between 

skate and street fashion.

The new Vans® OTW Collection blends street and 

athletic styling to create a new line of sophisticated 

footwear that expands the brand’s offerings beyond 

skate performance. Vans is telling the story of the line 

using advocates from the youth creative community 

such as Hong Kong-based toy designer Chris Kong, 

Parisian photographer and filmmaker Dimitri Coste and 

GRAMMy ®-winning recording artist Lupe Fiasco. 

Vans® 2011 revenues, surpassing  
the $1 billion mark for the first  
time in the brand’s history

vf 2011  |   13

 
 
 
 
 
 
Participation in rodeos is vital to  

the authenticity and aspiration of the 

Wrangler ® brand in the Western channel. 

Wrangler is heavily involved in rodeo  

and bull-riding events, sponsoring  

top cowboys and bull riders in the  

U.S., Mexico and Brazil, a key growth 

market. Rodeo is growing in popularity 

and spectators in Brazil, rivaling the 

weekly attendance of soccer. Wrangler 

is the official sponsor of Cia Paulo 

Emilio, the rodeo company of one  

of the most influential personalities  

in Brazilian Western culture.

Growth in Jeanswear  
revenues for 2011, with  
growth both domestically  
and internationally

scott baxter
 —
Vice President & Group  
President—Jeanswear  
Americas & Imagewear

Consumer insights 
are the single  
most important 
contributor  
to our success

Consumer insights shape the Wrangler ® brand’s marketing 

message. The “It’s All About U” ads for its Wrangler Five Star 

Premium Denim line in mass market stores contrasted the 

U-shape of the jean’s seat with the V-shape of national 

competitors. The idea for using a simple visual in the ads  

to show exactly why Wrangler ® jeans are more comfortable 

came directly from listening to consumers.

Another common strategy across VF’s outdoor 
and action sports brands is storytelling, which 
Rendle calls “the most effective means of 
communicating authenticity to loyalists, while 
also educating newcomers in emerging regions.” 
The authenticity of VF’s brands spawns stories 
that consumers want to share. The Vans® brand 
uses offthewall.tv and a variety of other interactive 
platforms to capture and share stories around its 
four cultural pillars of art, music, action sports and 
street culture. The North Face ® brand’s use of its 
athlete team in advertising and films was profiled 

in Outside ® magazine, which featured brand 
photographer/athlete Jimmy Chin on the cover of 
its April 2011 issue. Brand athlete Alex Honnold 
was featured on the cover of National Geographic® 
in May 2011 and on CBS’s 60 Minutes ®. Cory 
Richards, who photographed his team’s summit of 
Gasherbrum II, was named an “Adventurer of the 
Year” by National Geographic®. “These stories give 
our brands a meaningful point of differentiation 
that they can own and defend,” says Rendle. 
“Anyone can advertise, but very few brands have 
such a wealth of organically grown stories to share.” 

VF’s flagship Jeanswear brands are also 
global icons with roots that run deep. “Our brands 
have a rich history, but what really matters is 
how well we leverage this history with a constant 
stream of consumer-centric product innovation,” 
says Scott Baxter, Vice President and Group 
President—Jeanswear Americas & Imagewear. 
“Consumer insights are the single most important 
contributor to our success. That’s how we know 
that the comfort of Wrangler ® and the fit of Lee® 
products really resonate with consumers. The 
feedback we get from our retail partners and 

the results we’ve gotten in the marketplace have 
only validated it.” Consumer insights aren’t just 
gathered in focus groups; they’re deeply ingrained 
in every part of the Jeanswear Americas product 
development process. “We talk to our consumers 
all year long, at every stage of the process,” says 
Baxter. “We don’t produce or market any products 
that haven’t gone through our rigorous research and 
development process.” Insights from ethnographic 
studies, home and community visits, empirical 
research, rapid prototyping, wear testing, consumer/ 
designer collaboration sessions, and ad testing 

drive the product innovation process, which 
Baxter calls “consumer-centric from start to  
finish.” In the last five years, the process has 
produced a steady stream of successes, such as  
the Lee ® brand’s FitInnovations ® and Slender 
Secret ® products. Last year saw the highly 
successful nationwide rollout of Lee ® Premium 
Select jeans, a new straight-legged style for men. 
The combination of premium denim and an 
updated fit, endorsed by Dirty Jobs ® TV star 
Mike Rowe, made Premium Select jeans one  
of Jeanswear Americas’  biggest sellers of the 

year. “The number one thing we hear from 
consumers who haven’t bought a Lee® product  
in a long time is how pleasantly surprised  
they are,” says Baxter. “That points to a huge 
opportunity for us.”

In 2010, the Wrangler ® brand updated its 
legendary Western Cowboy Cut ® jean for the  
first time in 63 years, using insights gained from 
firsthand research with working cowboys. In 2011, 
the brand used a similar process to develop the 
Booty Up® jean, which uses stretch denim and 
new styling to create a more flattering feminine 
silhouette for women. Now, the brand is looking to 
broaden its distribution beyond hard-core Western 
consumers with the new Wrangler  Retro® line, 
which blends fashion elements with Western style 
to appeal to younger male consumers who aren’t 
ranchers or cowboys, but who still want to live  
a Western lifestyle. “Our innovation process is 
repeatable and it’s working,” says Baxter. 

In Latin America, where the Wrangler® and Lee® 
brands are positioned as premium brands, VF 
used a mixed model of wholesale accounts and 
partnership stores to deliver double-digit top and 
bottom line growth in 2011. “There’s a natural fit 
for the Wrangler ® brand in a fast-growing market 
like Brazil because of that shared Western heritage,” 
says Baxter. “Rodeos, with their local music 
offerings, get as many spectators every week as 
major soccer matches.” In addition to participating 
heavily in rodeos in the U.S., Wrangler is the 
official sponsor of the Cia Paulo Emilio rodeo 
company, which is responsible for more than  
100 of the most important rodeos in Brazil. y

14  |  vf 2011 

vf 2011  |   15

Lee ®

16  |  vf 2011 

“We call Lugano the United Nations of VF because we have over  
30 nationalities here,” says Karl Heinz Salzburger, Vice President  
and Group President—International. “In order to build and grow  
brands that are anchored in the U.S., it’s very important to get people  
who understand local markets, cultures and complexities.”

vf 2011  |   17

laces like Lugano, Switzerland, 
and Bornem, Belgium, are key to  
understanding VF’s international  
growth strategy. These two cities,  
which together house all of VF’s  
European businesses, are part  

of a small group of cities such as Hong Kong, 
Shanghai and Bangalore that serve as hubs for 
the company’s expansion in Europe and Asia. 
Inside the company, these hubs are known as 
platforms, a term that simultaneously means the 
place, the people, the brands and the experience 
required to win. In a growth-driven company,  
a platform is the combination of ingredients 
needed as a launching pad for future growth.

“To win internationally, you need a combination 
of local market knowledge to grow sales and build 
brands, together with strong, enabling support 
functions such as finance, operations, legal and 
human resources,” says Salzburger. “We own and 

operate platforms in our most important markets 
of the Americas, Europe, China and now India, 
each of which can be leveraged as we continue  
to grow and add new brands.”  These platforms 
also enable VF’s brands to learn from each other, 
sharing talent and expertise within each region and 
around the world.  “In Asia, we benefit from the 
knowledge we have gained building our platform 
in Europe, and vice versa,” says Salzburger. “And 
we’re now taking lessons we learned in China 
and applying them to India.”

VF’s international platforms share a common 
goal—to understand local consumers better than 
anyone else. VF’s scale and resources allow it to 
invest in gaining deep local consumer insights in a 
wide range of markets. This is a significant strategic 
advantage, especially in fast-growing markets with 
increasingly empowered and demanding consumers. 
Smart localization driven by consumer insights 
was the key to VF’s international success in 2011.

Asia is VF’s fastest growing international  
market and the strongest example of the power 
of consumer insights to build brands and grow 
businesses. For example, most people in the world 
travel on two wheels rather than four. In 2011, two 
of VF’s jeanswear brands looked at the unmet needs  
of cycling cultures in the region’s two largest 
countries and found a big opportunity. Across 
Asia, Lee tapped into the growing fixed-gear bike 
youth sub-culture and launched the Urban Riders 
Collection. Theses riders know their city inside out. 
Waterproof zippers, reflective printing on the 
fabric and new pockets are just some of the details 
of the collection, which was conceived as a new 
interpretation of the original “Lee Riders” who 
rode on horseback in the American West. In India, 
the Wrangler ® brand conducted ethnographic 
research into the attitudes and behaviors of 
motorcycle riders to see if the brand could stretch 
its Western riding heritage to India’s motorcycle- 
riding consumers. Today, the Wrangler ® brand is  

selling jeans with water-repellent and other features 
to meet the needs of India’s large, rapidly growing 
—and mobile—youth market. (Support for this 
project came from the VF Innovation Fund, which 
you can read more about beginning on page 29.) 

To Salzburger, these successes are a direct result 
of the strength and longevity of VF’s Asia platform. 
“We started in China in the mid-1990s with our 
jeans brands, so we have more experience than 
many other Western companies,” he explains. 
“Since then, we’ve added The North Face ®, Vans® 
and Kipling ® brands, leveraging our existing 
platform with additional talent and resources  
to support our growth. Now, we’re looking to 
further leverage this platform to support our 
newly acquired Timberland ® brand.” 

launched there, and is a leader in premium 
denim. The Vans ® brand is using a fusion of art, 
music and action sports to tap into a tremendous 
demand by young consumers for self-expression. 
The North Face ® brand is attempting to create  
an outdoor category in China by understanding 
Chinese consumers’ attitudes toward the outdoors, 
encouraging outdoor participation through 
events and providing online resources about 
outdoor activities. In India, VF launched its 
jeans brands via a majority-owned joint venture 
in 2006. In 2011 VF acquired full ownership of 
the business, and is taking the first steps to launch  
its Vans® brand because, according to Salzburger, 
“as a country that adds the equivalent of the 
population of Australia every year, India’s long- 
term potential is huge.” 

In China, VF seeks to shape and define categories, 
not just lead them. The Lee ® brand was one  
of the first international jeans brands to be 

In europe, VF’s revenues from its portfolio  
of 10 brands have continued to grow, despite the 
financial turmoil there. The company has honed 

Lugano

Just north of the Italian border 

and just south of the Alps sits  

a picturesque medieval town 

on the shores of a glassy 

mountain lake. Lugano is 

sometimes called the “Monte 

Carlo of Switzerland,”  but inside 

VF it’s called a growth platform. 

Here, VF associates from more 

than 30 local markets share  

the expertise, insights, and 

resources that VF needs to win.

18  |  vf 2011 

In India, the “True Wanderers” initiative 

selected 10 riders from over 1,500 

entrants for weeklong solo road  

trips. Each rider created his own  

“worn across the country” denim 

documentary through blogs and live 

radio segments. The Wrangler ® brand’s 

Facebook ® fan base in India grew from 

600 to 35,000 in just one month.

Revenue growth  
in India in 2011

In Chinese slang, “finding north” means gaining a 

clear understanding of an issue or the direction of your 

life. The North Face® brand’s 2011 campaign, “Going 

True North,” connected with this part of Chinese culture, 

communicating the brand’s message of outdoor 

exploration and the spirit of self-exploration. 171  

local outdoor clubs participated in events sponsored 

by the brand, exploring nine Chinese cities and the 

outdoor areas along China’s northern border.

This marketing campaign integrated social 

media, key creative influencers and the hip 

youth sub-culture of fixed-gear bikers to 

highlight city hot spots across the Asian 

market. Consumers were inspired to share  

the passion for their respective cities,  

which resulted in deep engagement in the 

campaign and more than 200,000 new Lee® 

fans—over twice the capacity of Beijing’s 

Olympic Bird’s Nest stadium—in under  

four months.

Organic revenue growth  
in Asia in 2011

vf 2011  |   19

 
 
 
 
 
 
We’re now taking  
lessons we learned in 
China and applying 
them to India.

In London, more than 10,000 spectators visited the 

third annual Vans  Downtown Showdown ® event,  

getting a fully immersive experience from this 

multifaceted brand. The daylong event and skate-

boarding competition featured the best European 

skateboarders competing on street obstacles,  

athlete autograph sessions and an on-site pop-up 

store. More than 70 million additional fans followed 

the event through news coverage on the BBC and  

other major media outlets.

In attendance at the 
Downtown Showdown

karl heinz salzburger
 —
Vice President & Group  
President—International

its marketing investments, concentrating them in 
the brands and markets with the highest revenue 
and profit potential. Because of strong country 
organizations that understand the nuances of this 
highly fragmented market, VF is investing its 
marketing dollars behind specific initiatives in 
specific markets. For example, The North Face ® 
brand transformed one of its professional athlete 
expeditions, the first winter ascent of 8,035-meter 
Gasherbrum II, into an edge-of-your-seat 
adventure story. The campaign, which included 
cinema, outdoor and online components, 
generated over 460 million impressions in key 
European markets. Vans also reached over  
60 million consumers in 32 cities with striking 
outdoor advertisements in high-traffic urban 
locations. And with a well-established and 
growing European business, the Timberland ® 
brand presents VF with an additional vehicle  
for future growth.

VF also expanded its international direct-to-
consumer business in 2011 by investing in 
e-commerce and accelerating retail store 
openings for The North Face®, Vans® and 7 For 
All Mankind ® brands. Through a mix of owned 
and partnership stores, VF is raising brand 
awareness and filling voids in the market while 
minimizing fixed costs. “Economic uncertainty 
makes it important to balance risks and capital 
investment,” says Salzburger. “We will continue 
to invest in developing consumer insights, 
raising brand awareness and expanding our 
direct-to-consumer business. The diversity of our 
brands and the flexibility of our business model 
provide us with a great competitive advantage.” y

Impressions in key European markets  
generated by The North Face ®
Gasherbrum II campaign, which  
included cinema, outdoor and  
online components

In France, Spain and the U.K., the “Kipling Goes 

Art” project invited trendsetting celebrities, artists 

and musicians to design their own versions of the 

brand’s iconic monkey symbol. Consumers were 

able to create their own designs online as well as 

vote to select which designs would be placed in 

store windows.

Kipling global revenue  
growth in 2011 

Dozens of one-of-a-kind monkey designs were 

displayed at events across Europe and auctioned 

off to raise money for charitable causes, such 

as supporting the social development of under-

privileged communities in India and relief efforts 

following the tsunami in Japan.

20  |  vf 2011 

vf 2011  |   21

 
In a video featuring The North Face® ultra-runners tackling the wild landscapes of  
the Patagonia region in South America, the most impressive thing to Mike Gannaway 
isn’t the rugged scenery, beautiful sunsets or slow-motion camera work. It’s the small 
product images and red “Order Now” buttons that appear unobtrusively in the lower 
left-hand corner of the screen. To Gannaway, Vice President—VF Direct/Consumer 
Teams, this video represents the future. 

The North Face ®

22  |  vf 2011 

vf 2011  |   23

VF’s revenues from its  
direct-to-consumer  
businesses

The number of owned retail 
stores, exceeding 1,000 for 
the first time in VF’s history 

New stores  
opened in 2011 

We’re putting  
consumers in  
the center and  
making it easy  
for them to  
shop our brands  
through any  
media they choose.

mike gannaway
 —
Vice President— 
VF Direct/ 
Customer Teams

The Splendid ® brand’s “Crafting Community” pop-up  

experience brought the everyday joy of handmade 

crafts to new store openings in California and the 

southwest U.S. At this “hands-on” event, consumers  

get to experience the brand through crafting  

workshops that use its famously soft fabrics to  

create colorful bracelets, belts, necklaces, custom 

scarves and even gardens.

e are making  
significant invest-   
ments to become  
leaders in connecting  
our brands to their  
consumers through 

communications and commerce, both online and 
in our owned stores,” says Gannaway. “The single 
most important development impacting our brands’ 
direct-to-consumer business is the emergence of 
the digital space and its impact on how consumers 
connect with retailers, brands and each other.”

That video seamlessly blending storytelling  
with sales is part of what The North Face calls  
its “Digital Ecosystem,” a content distribution 
platform that automatically pushes content out 
to multiple media sources. You can see that ultra- 
runners video (and countless others) on the brand’s 
website, in a retail store, on a CRM e-mail, at a 
dealer website, on an athlete’s personal blog, on  
a social network such as Facebook ® or Twitter®,  
or even through one of the brand’s apps. “We are 
building towards true omni-channel connectivity,” 
says Gannaway. “We’re putting consumers in the 
center and making it easy for them to shop our 
brands through any media they choose.” The 
diversity of media also encourages a good balance 
between organic content created by athletes and 
product innovation messages created by the 
brand itself. Other VF brands are applying this 
consumer-centric approach in different ways. For 
example, the Vans® brand takes a broader, more 
decentralized approach built on its four cultural 
pillars of art, music, action sports and street culture. 

“We know that consumers want to interact with 
the Vans ® brand in a variety of different ways,” 
says Steve Rendle, VF Vice President and Group 
President—Outdoor & Action Sports Americas. 
“Skateboarders want skateboarding. Punk rockers 
want punk rock. Artists want art. We build for 
each constituency, binding them all together under 
a single umbrella of creative self-expression.” The 
brand operates a network of 25 different websites, 
and numerous other programs and events built 
for specific activities and interests.  

The strategy is working. All VF brands in North 
America had strong, double-digit e-commerce 
growth in 2011, with the Nautica ®, 7 For All 
Mankind ®, Wrangler ®, The North Face® and Vans® 
brands performing exceptionally well. European 
e-commerce sales grew by over 25% as regional 
e-commerce rollouts for the Kipling®,  Napapijri®, 
Eastpak®, The North Face® and 7 for all Mankind ® 
brands continued. The first website for the Vans® 
brand in Asia was launched in 2011. While  
still a small percentage of VF’s total revenues, 
e-commerce is VF’s fastest growing channel, and 
Gannaway believes there’s much more to come, 
given the current momentum, additional regional 
rollouts and increased knowledge-sharing among 
the brands. “We share our expertise across brands 
and geographies through our Direct-to-Consumer 
Councils that identify and develop best practices 
for adaptation by other brands,” says Gannaway. 
“Each key region also has its own DTC Council, 
which works with our DTC leadership team to 
ensure best practice adaptation across regions and 
a consistent approach to planning and reporting.”

Facebook

Retail 

E-mail

Websites

Twitter

Apps

Blogs

With the press of a button at its headquarters 

in San Leandro, California, The North Face 

can instantly share the best of its expedition 

footage from around the globe with consumers 

through a wide variety of digital touchpoints. 

This centralized approach to content distribution 

drives consistency in messaging to the global 

regions, and allows the brand to link unique 

content to product innovation messaging  

as it hits thenorthface.com homepage, store 

windows and traditional media outlets.  

The first freestanding, owned Ella Moss ® 

retail store opened in Newport Beach,  

California’s Fashion Island shopping center. 

The 1,400-square-foot store features a  

whimsical atmosphere designed to feel  

like a girl’s dream closet, and gives  

consumers the opportunity to shop all of  

the brand’s feminine, playful collections:  

Ella Moss, Ella Moss Girl and Little Ella. 

The increase in VF’s 
e-commerce revenues  
in 2011, excluding 
Timberland

24  |  vf 2011 

vf 2011  |   25

 
 
 
 
 
 
Founded in 1995, the Vans Warped 

Tour reaches more than 600,000  

youth in the U.S. alone. Because of 

the influence music has on young 

people’s lives, being part of music 

culture is vital to the brand.

The Vans ® brand and DQM, a leading New york City streetwear  

purveyor and skateshop, opened the doors to a co-branded retail 

store, a first-of-its-kind collaboration in the U.S. for Vans. Located  

in the heart of New york’s SoHo district, the new store is Vans’ 

first in Manhattan. “The General” blends Vans’ Southern California 

surf and skate roots with DQM’s New york City skate and street 

heritage to create a unique retail concept. In a 2,600-square-foot 

space that was formerly a haven for skateboarders and artists, 

the store carries original, exclusive co-branded DQM for Vans ® 

footwear and apparel, as well as select Vans ® and DQM  premium 

products for men, women and kids. 

Vans is a leader in social media activation, breaking through  

the plateaus of two, three and four million fan “Likes” on  

Facebook  in 2011. Vans also reaches its youth consumers  

directly through more than 15 unique websites such as  

offthewall.tv, vanssurf.com and vanssnow.com. 

VF brands still have  
tremendous room to  
open new stores in  
North America,  
Europe and Asia.

7 For All Mankind 

opened new retail  

stores in Italy, Germany 

and the Netherlands, 

expanding its presence 

across Europe.

Creating direct connections and deeper 
brand loyalty is the ultimate goal of VF’s direct- 
to-consumer strategy. “VF brand stores and 
websites are vehicles to deliver the essence of 
each brand to individual consumers. We want 
consumers to be surrounded by the entire sense  
of the brand and its full product offerings,” says 
Gannaway. “We want them to interact with staff 
and interactive tools to learn what the brand and 
products can do. We want them to connect with 
activities and stories, and immerse themselves in 
what the brand is all about.” 

At year-end 2011, VF owned and operated 1,053 
stores. Though this is a large number in total, 
Gannaway is confident that, because of the 
diversity of VF’s portfolio and the strength of  
its brands, there is still tremendous opportunity 
to add a substantial number of stores over the 
coming years without saturating the market. 
“Only Vans and Timberland have more than 100 
stores globally, and over 50% of Vans ® stores are 
concentrated on the West Coast of the United 
States,” Gannaway says. “These and other VF 
brands still have tremendous room to open stores 
in North America, Europe and Asia.” VF opened 
121 stores in 2011, and acquired 188 Timberland ® 
brand stores. 7 For All Mankind continued its 
expansion, opening six stores in North America 
and eight more in Europe. The Kipling® brand 
opened 30 stores, mostly operated by retail 
partners, in addition to 70 shop-in-shop 
locations and its first partnership store in South 
Africa. Vans doubled its European retail footprint, 
with 15 new stores, all owned and operated.  

Store growth wasn’t just limited to VF’s larger 
brands. Splendid opened five stores with a new 
concept featuring a “Sew Splendid” special event 
cart that lets consumers craft their own pieces 
using the brand’s famously soft fabrics. And Ella 
Moss  opened its first retail store in Newport 
Beach, California. To ensure that the portfolio 
remains strong and profitable as it expands, VF 
applies a rigorous set of financial disciplines and 
performance metrics for all new store openings. 
“We believe that VF brands must earn the right 
to grow,” explains Gannaway. “They work hard to 
test and develop the right kind of models, then 
VF invests behind scaling them globally.” y

26  |  vf 2011 

vf 2011  |   27

WET Design

28  |  vf 2011 

This seemingly simple message from CEO Eric Wiseman is the spark  
behind a substantial undertaking to make the world’s largest apparel  
company become more consistently innovative. In early 2011, VF adopted  
“Lead in Innovation” as a new growth driver. This more aggressive push  
was driven by a number of factors, both inside and outside the company. 

vf 2011  |   29

Over the last two years, Jeanswear has 

generated more than $100 million in organic 

revenue growth using a repeatable, best-in-class 

product innovation process to spot opportunities, 

shape ideas, build solutions and scale products. 

This process has created a string of successful 

new products for both men and women such  

as Lee® Premium Select, Booty Up ®, Wrangler 

Premium Performance Cowboy Cut ®, the Wrangler® 

Comfort Solutions Series, and Wrangler Retro ®.

ven during the worst of the  
recession we saw that new  
and relevant products still  
continued to sell well,”  
says Stephen Dull, Vice  
President— Strategy and 

Innovation. “Even today, we realize we can’t rely 
on raw demand growth anywhere, so in order to 
meet our targets we need to focus on growing our 
market share. And to do that, we need products 
and services that offer clear and tangible benefits 
to consumers.” In studying the success of other 
companies VF realized that there was untapped 
potential to use innovation more aggressively to 
drive additional revenues, increase margins and 
improve brand strength. The company’s own 
trends and research pointed to vast new areas  
of opportunity—if VF stretched to seize them. 

VF started with a very simple roadmap. “This kind 
of transformation program can get complicated,” 
says Dull. “We boiled it down to one singular 
message—to go outside for new ideas. And our 
people have really responded to it.”

While 2011 is just the first full year of VF’s 
innovation agenda, important progress has already 
been made. “We have significantly improved the 
quantity and quality of ideas we can commer-
cialize by using a new set of diverse experts and 
techniques,” says Dull. “We have fuller pipelines, 
bigger ideas than we had before and new ideas we 
could not have imagined.” VF is working with a 
number of outside experts such as the MIT Media 
Lab. As the only apparel company sponsor of the 
Lab, VF has unique access to the Lab’s research and 
technologies. Teams from each of VF’s coalitions 
have visited the Lab to learn about topics such  
as how technology can sense human emotion, 
how visualization of supply chain data can lead 
to more sustainable decisions and how smart 
electronic price tags will transform retail.  VF’s 
marketing and retail leaders have participated in 
master classes with Hollywood screenwriters, 
directors, costume designers and theater lighting 
designers to learn how the art of storytelling can 
help their brands resonate more strongly with 
consumers. Associates at every level have gone 
outside to visit dozens of other organizations, 
from Procter & Gamble to NASA. According  
to Dull, these trips have made a big impact, both  
in generating ideas and in changing culture and 
behavior. Finally, new collaboration tools are 
connecting VF associates across brands, coalitions 
and regions, enabling them to share and generate 
new ideas. What Dull describes as “going outside 
by staying inside” is yet another way to transform 
VF’s diversity into a strategic advantage. “We’re 

We’re such a large organization  
that if one of our associates has 
a question, chances are there’s 
another associate somewhere in 
the world who has either seen  
it before or is already working  
on an answer.

Working with a variety  

of outside experts gives 

VF the inside track on 

emerging research and 

technologies. VF is the 

only apparel company 

sponsor of the MIT Media 

Lab, which generates an 

average of 20 patents 

per year.

stephen dull
 —
Vice President— 
Strategy & Innovation

fail fast and cheap through rapid prototyping 
of everything from products to store design,” 
says Dull. Projects funded by the Innovation 
Fund include a fully interactive digital product 
catalog for tablet computers and smartphones, 
experiments with advanced materials and rapid 
prototyping of new women’s jeans fit solutions.

“We’re just at the beginning of instituting a 
comprehensive, holistic agenda, with much  
more to come,” says Dull. “We have many more 
interesting initiatives in the hopper to help us 
accomplish our innovation agenda.” That agenda 
includes boosting VF’s innovation culture; 
identifying new platforms for growth; better 
connecting people internally and broadening 
connections to outside expertise; building new 
innovation processes; and building innovation 
talent through training and new hiring.  
“Businesses get into trouble when they let  
others innovate their core business,” says Dull. 
“We don’t intend to let that happen to us.” y

such a large organization that if one of our 
associates has a question, chances are there’s 
another associate somewhere in the world who 
has either seen it before or is already working on 
an answer,” he explains. 

Techniques such as design thinking, an approach 
for creating new products and services through 
deep consumer empathy, are also making an 
impact. “Adopting and incorporating design 
thinking into how we solve problems and create 
value for consumers is one of the most significant 
changes we’re making,” says Dull. Design thinking 
is enabled by the use of other techniques such as 
ethnographic research, which yields better insights 
and, ultimately, many more and better-targeted 
ideas. “We have a much greater degree of consumer 
centricity in how we approach our businesses, 
which is leading to stronger, more profitable 
growth,” he says. 

“Spend a little, learn a lot” is a phrase 
used by Dull to crystalize another 2011 accom-
plishment: a significant degree of culture and 
behavior change to encourage risk taking.  
That’s the goal of the VF Innovation Fund, 
which has funded 77 projects to date and is 
already beginning to provide a positive return  
on investment. Equally important is what VF is 
learning in the process. “We’re learning how to 

Sustaining

Cost

Breakthrough

Commercial

VF defines innovation simply as “something  

new that creates value.” All types of 

innovation are on VF’s agenda, from creating 

new products and using new materials to 

developing new marketing strategies and 

finding new efficiencies. 

An investment from the VF Innovation Fund 

allowed a team of VF and outside researchers 

and designers to spend weeks studying the 

unique motorcycle culture of India. The 

insights from this immersion helped the 

Wrangler ® team uncover opportunities to 

meaningfully connect with Indian consumers 

through a new brand positioning and new 

“road-ready” products featuring water-repellent 

storm denim technology.

30  |  vf 2011 

vf 2011  |   31

 
 
 
 
 
 
founded: 1973 
countries: 80
target: Men, 
women and  
kids looking for 
authentic outdoor 
gear for work  
or play

Equipping  
people to make  
a difference in 
their world

From product design to manufac-
turing, the Timberland ® brand is 
committed to doing its part to 
lessen its environmental impact. 
The Timberland ® Earthkeepers® 
Collection incorporates recycled 
PET bottles in linings, recycled 
rubber in soles, leather from 
silver- and gold-rated tanneries and 
organic content throughout the 
apparel line. Timberland is proving 
that doing better for the environment 
can also be better for the bottom 
line—the Earthkeepers® footwear 
line grew by 35% in 2011.  
timberland.com

rallying cry of the importance of the 
arts to an even broader audience. 
vans.com

founded: 1967
countries: 65
target: 14-28 
year-old male and 
female consumers 
with mobile

lifestyles

Discover      
 Freedom™  

In November, JanSport launched 
the Skip Yowell Collection. Named 
after the brand’s co-founder, the 
collection debuted in New York 
City with billboard advertising. Its 
six backpack and messenger bag 
styles feature full- grain or waxed 
cotton with leather trim and each 
bear the name of a place where 
Yowell has lived, including Fort 
Hayes, Kansas; Mukilteo, Wash-
ington; and Pleasanton, California.  
jansport.com

founded: 1966
countries: 170
target: Youth 
culture: art, music, 
action sports and 
street/fashion 
devotees

Off the Wall® 
Since ‘66 

The Vans® Custom Culture Contest 
allows high school art students to 
participate in designing Vans® shoes 
for a chance to raise $50,000 for their 
arts program. Now in its third year, 
the contest reached students in 500 
U.S. schools in 2011 and plans to 
reach 1,000 next year. The Vans® 
Custom Culture program captured 
more than 250 million media 
impressions in 2011, bringing Vans’ 

founded: 1994
countries: 35
target: Active 
outdoor enthusiasts

 Feels Good® 

In fall 2011, Smartwool launched its 
first fully integrated brand media 
campaign, Strip to Your Smartwool. 
The campaign spoke to the brand’s 
core outdoor audience and showcased 
apparel that is typically covered up 
by outerwear. With print, digital and 
social components, the campaign 
delivered more than 111 million 
impressions. And the December Strip 
to Your Smartwool ad in Outside® 
magazine was the top-performing ad 
in the issue for purchase consideration. 
smartwool.com

founded: 1987
countries: 67
target: Active, 
fashionable women

Bags and lifestyle 
essentials that 
lighten your day  

2011 was a year of direct-to-consumer 
expansion for Kipling. Internationally, 
the brand opened 30 new stores, 
mostly operated by retail partners, 
in addition to 70 new shop-in-shops. 
The brand opened its 23rd owned 
store in Mexico, its fifth store  
in Istanbul and its first store in 
South Africa. 
kipling.com

Napapijri ® 

founded: 1987
countries: 40
target: Lifestyle 
and premium 
casualwear-
oriented travelers 
ages 25-45

Ready for your 
every journey

Napapijri is committed to supporting 
and raising awareness of efforts  
to protect the world’s Arctic and 
Antarctic regions. In 2011, the 
brand continued a longtime 
partnership with environmental 
activist, author and photographer 
Sebastian Copeland to sponsor 
several of his polar expeditions  
and developed special technical 
outerwear to help him survive the 
journey’s extreme temperatures. 
napapijri.com

vf 2011  |   33

founded: 1968
countries: 65
target: 
Outdoor athletes  
and enthusiasts

Never Stop  
 Exploring® 

The North Face issued its first 
external sustainability report in 
2011. The report highlights the brand’s 
significant reductions in chemical, 
water and energy use in its factories 
via its partnership with bluesign ™. 
This report is the latest step in  
the brand’s ongoing sustainability 
journey, which includes sustainable 
product innovations like the Venture 
Jacket, which replaces non renewable 
petroleum-based material with castor 
oil. The jacket received recognition 
from Treehugger®, Backpacker®, and 
Apparel ® magazines.  
expeditionsustainability.com

Vans ® 

VF’s Licensed Sports Group, which 

The lucy® Nightlight Jacket is a water- 

The North Face® Better Than Naked™ 

With new features inspired by “work 

includes the Majestic ® brand, saw its 

resistant jacket with 360-degree 

Technology has water-resistant pieces 

along” sessions with automotive 

second consecutive year of growth  

reflectivity for winter runs. LED piping 

to keep athletes dry on late-winter 

workers, the Red Kap® Crew Shirt was 

of over 30% in its women’s business, 

along the back lights up and zipper 

early-spring runs, while VaporWick ® 

one of the most successful product 

thanks to a full assortment of new 

tape on the front reflects light.

and body-mapped laser ventilation 

launches in the brand’s 85-year history.

silhouettes, fabrics and finishes.

keep them cool in warmer months. 

Timberland ® Anti-Fatigue Technology 

The Lee® brand’s Shapetastic™ 

Wrangler filed for its first-ever utility 

features molded, inverted cones that 

technology is a patent-pending 

patent for Booty Up™ technology, which 

support, collapse and rebound in  

combination of features that gives 

uses unique darts, seams, stitching 

key pressure zones, enhancing shock 

women the confidence of a perfect, 

patterns and fabrics to visually lift  

absorption, increasing energy return 

360-degree fit around the waist,  

the rear.

and reducing fatigue. 

hips and seat.

32  |  vf 2011 

products intended for Western lifestyle  
enthusiasts. The line, featuring new 
embellishments, fits and washes, is 
performing exceptionally well with 
younger consumers who may not 
work on a ranch, but still want  
to celebrate their Western roots. 
wrangler.com

founded: 1965
countries: 3
target: Men 
ages 25-55

target:
Contemporary 
urbanites from  
all walks of life

Hard Working  
  Jeans… 
 Guaranteed.®

A Lee Don’t Lie

founded: 1947
countries: 76
target: Men 
ages 25-54

Real. Comfortable.  
  Jeans.®

Wrangler launched its Next Blue ™ 
crowd-sourced collaboration, an 
online contest that gave consumers 
and aspiring designers a chance to 
create the next style of Wrangler ® 
jeans. From all the entrants, five 
finalists were brought to Wrangler’s 
headquarters in Greensboro, N.C., 
to further develop their designs 
with Wrangler merchandisers and 
marketers. The winning design will 
go on sale online in 2012 as the 
first Next Blue ™ style.
wrangler.com

Wrangler ® Western 

Building on its reputation for hard-  
working denim, Rustler expanded 
its product assortment to capitalize 
on its brand relevance.  The new 
durable canvas Carpenter jean 
provides an additional apparel 
solution that addresses specific 
consumer needs. 
rustler.wrangler.com

target:  
Sociable 
style-seekers  
ages 21-35

We Are  
 Animals® 

The Wrangler ® brand in Europe 
used its consumer focus to define  
a new segmentation strategy and 
reach consumers who look for 
modern style with Wrangler® 
handwriting. As a result, the brand 
has strengthened its total product 
offering and reduced the polarization 
between classic and contemporary 
choices. The best-selling Texas, 
Arizona and Ace styles were also all 
enhanced with upgraded aesthetics 
and commercial finishes. 
eu.wrangler.com

founded: 1889
countries: 76
target: Women 
and men ages 
25-50

Get What Fits

The Lee ® brand continues to build 
strong connections with consumers 
through social media and digital 
engagement. Lee developed an 
interactive “Spin + Win” game that 
enabled fans to play for the chance to 
win jeans, gift cards to Lee® retailers 
and more, while also continuing their 
conversations with the brand through 
its Facebook ® page. 
lee.com

Wrangler ® 

target: 
Authentic 
cowboys ages 
40-60

Long Live  
 Cowboys® 

As part of Jeanswear’s strategy  
of growing in areas adjacent to its 
core consumers and businesses, the 
Wrangler® brand expanded Wrangler 
Retro®, a line of fashion-forward 

target:  
Classic adult  
men and women 
ages 30+ 

New fits,  
new jeans

In 2011, the Wrangler ® brand in 
Argentina expanded its direct-to-
consumer touchpoints by opening 
five new partnership stores, which 
each greeted consumers with  
vivid window displays, new visual 
merchandising and updated fixtures. 
wrangler-jeans.com.ar/global

target: 
Self-assured men 
and women ages 
20-35

WHY NOT?

In 2011, the Lee ® brand in South 
America consolidated its WHY 
NOT? campaign, as well as gaining 
important space in points-of-sale 
and introducing new premium jeans 
with unique washes and details. 
lee-jeans.com.ar/global

The Lee ® brand is a top denim 
performer in Sweden. In March 2011, 
Lee collaborated with key partners 
in the Stockholm region to launch the 
brand’s new campaign and collection, 
“A Lee Don’t Lie.” The integrated 
campaign featured in-store presenta-
tions, window displays, and print and 
outdoor ads, as well as social media 
initiatives and special events. The 
campaign’s success, combined with 
the opening of Lee’s first partnership 
store in Sweden, led to double-digit 
sales growth for the brand.  
eu.lee.com

founded: 1949
countries: 2
target: Female 
traditionalists 
ages 25-55

Instantly  
 Slims You ®

The Riders® by Lee® brand continued 
its work with celebrity spokeswoman, 
style and fit expert Stacy London, 
the co-host of TV show What Not 
to Wear. London was featured in 
advertising and in-store displays, 
helping to share the brand’s great 
fits. Recent expansion included 
extending popular Slender Stretch® 
Denim styles to the women’s plus-size 
market. The brand also was the first 
to bring easy care fabrics to the missy 
and plus-size casuals category in the 
mass channel at a value price point.  
ridersbylee.com

Riders® by Lee® 

vf 2011  |   35

Timberland ® 

founded: 1976
countries: 70
target: Urban 
insiders

Built to resist®   

Reef ® 

The project was created to commu-
nicate the benefit of partnering 
with artisans, as well as NEST, the 
nonprofit organization that represents 
them, to promote worldwide ethical 
consumerism and trade.  
reef.com

founded: 1999
countries: 1
target: Active 
women

lucy inspires  
 performance™  

The Eastpak® Artist Studio project 
invited over 100 creative personalities 
from across Europe to customize  
a limited-edition “blank” Eastpak® 
brand bag. DJs, painters, jewelry 
designers, sculptors and many more 
each turned a classic Padded Pak’r 
backpack into a unique work of  
art, with all proceeds from the  
bags’ sales donated to charities.  
artiststudio.eastpak.com

d
r
a
n
r
e
B
n
a
t
ë
a
G

Eastpak®

34  |  vf 2011 

founded: 1984
countries: 72
target: Beach  
enthusiasts ages 
16-24

Ridiculously  
 comfortable®  

The Reef ® team and a small film 
crew traveled to a lakeside village  
in Guatemala to document a 
collaboration with a special group 
of female artisans. Reef partnered 
with these artisans as part of the 
brand’s “We Heart” collection  
to create the Guatemalan Threads 
sandal, which features colorful 
handcrafted chords on the strap.  

founded: 1975
countries: 40
target: World  
travelers

Inspired by  
 Travel®  

The Eagle Creek ® brand received a 
fresh look in 2011, with a new logo 
and new packaging rolled out to all 
distribution channels. The brand also 
unveiled a new focus on its 1-2-3-4 
Travel System, which outfits travelers 
with the high-performing gear  
they need to discover the world.  
In addition, Eagle Creek increased 
connectivity with audiences through 
a travel blog.  
eaglecreek.com

The lucy® brand was the title 
sponsor of the 8th-annual Solstice 
in New York City’s Times Square, 
an all-day free yoga-fest celebrating 
the longest day of the year. The lucy® 
brand reached a record-breaking 
crowd of more than 6,000 yoga 
enthusiasts, along with thousands 
of passersby and millions of yoga 
fans who were exposed to media 
coverage of the event.  
lucy.com

lucy ® 

 
founded: 2000 
countries: 80
target: 
Premium fashion 
forward consumers

The world’s 
premier brand of 
premium denim 
lifestyle products.

John Varvatos ® 

The 7 For All Mankind ® brand 
continued to embody southern 
California glamour with its 2011 
“Affair With Flare” initiative. This 
360-degree marketing program 
reached the brand’s core consumers 
with press and celebrity outreach, 
advertising in major fashion 
publications and large scale retail 
events. Social media efforts 
included a Flare Facebook® shop  
for e-commerce and the “Denim 
Fit Forum,” a weekly live chat  
with the brand’s designers.  
7forallmankind.com

founded: 2001
countries: 23
target: Women 
ages 18-39

Fresh, Flirty  
and Fashion-
Forward

Ella Moss celebrated its 10th 
anniversary with a star-studded 
event and a commemorative  
capsule collection.  
ellamoss.com

Splendid ® 

7 For All Mankind ® 

founded: 2002
countries: 27
target: Men 
and women ages 
20-50

Colorful and soft  
fabrics with a 
luxurious fit.

founded: 2000
countries: 15
target: Ages 25- 
50, from the young 
professional to the 
creative executive

For those  
about to rock.

Splendid opened five new retail 
stores in Arizona, California and 
Washington, as well as continuing 
to expand its product assortment 
with the introduction of footwear 
and personal care lines.  
splendid.com

The John Varvatos® brand’s fall 2011 
ad campaign featured hip-hop and 
neo-soul band The Roots, who are 
also the house band of the popular 
TV talk show Late Night with Jimmy 
Fallon.  The brand capitalized on this 
relationship to maximize social 
media exposure and expand its 
online presence, boosting the brand’s 
number of Facebook ® fans by 350% 
in the second half of the year.  
johnvarvatos.com

Ella Moss ® 

36  |  vf 2011 

founded: 1983 
countries: 75
target: Men 
and women ages 
25-44

Takes You to  
the Water

Nautica deepened and expanded  
its “Ocean to Ocean” initiative,  
traveling to coastal communities 
across the U.S. to collect product 
and marketing inspiration, and 
highlight stories of real people who 
embody its brand spirit. Instead  
of hiring a conventional model for 
its 2011 international marketing 
campaign, Nautica hired Will Tant,  
a young Florida surfer featured in a 
2010 Ocean to Ocean video.  
nautica.com

founded: 1937 
countries: 12
target: Public 
safety officers

Made for Heroes®

The Horace Small ® brand’s “function 
fit” innovation for female officers 
helped drive double-digit revenue 
growth in 2011. Function Fit pants 
combine a modern cut that better 
fits female frames, along with an 
innovative inner waistband that 
withstands the weight of duty-belts 
worn by police officers.  
horacesmall.com

founded: 1976
countries: 27
target:  
Baseball 
enthusiasts

If it happens in 
baseball, it 
happens in  
 Majestic.™ 

Majestic is the official uniform of 
Major League Baseball. The brand 
ran its first-ever national TV 
commercial for its newly redesigned 
batting practice jersey. The new design 
and marketing exposure boosted 
sales by 75% over the previous jersey. 
majesticathletic.com

Majestic® 

Red Kap ® 

founded: 1923 
countries: 37
target: 
Industrial 
workers and  
auto enthusiasts

Done right.® 

The Red Kap ® brand is the  
leader in performance apparel for 
the industrial workplace. As the  
world’s largest automotive apparel 
manufacturer, the brand is worn by 
workers in all areas of the automotive 
industry, from manufacturing to 
local repair and service. 
redkap.com

Horace Small ® 

founded: 1971 
countries: 28
target: 
Industrial workers

Life goes on.

Bulwark, one of VF’s fastest-growing 
brands, is the industry standard in 
flame-resistant (FR) clothing. The 
brand’s market share leadership is 
based on unmatched technical 
expertise, breadth of product selection 
and superior service, which is critical 
in the safety (PPE) market. Bulwark 
is well-positioned to take advantage 
of growth in oil and natural gas 
exploration and expanded FR  
usage in the mining, combustible 
dust, food, pharmaceuticals and 
manufacturing industries.  
bulwark.com

Nautica ® 

Nautica ® 

Bulwark ® 

vf 2011  |   37

eric c.  
wiseman
 —
Chairman,  
President & Chief 
Executive Officer

robert k.  
shearer
 —
Senior Vice President  
& Chief Financial 
Officer

scott h.  
baxter
 —
Vice President & Group 
President—Jeanswear 
Americas & Imagewear

bradley w.  
batten
 —
Vice President—  
Controller & Chief  
Accounting Officer

michael t.  
gannaway
 —
Vice President 
—VF Direct/ 
Customer Teams

steven e.  
rendle
 —
Vice President & Group 
President—Outdoor & 
Action Sports Americas

candace s.  
cummings
 —
Vice President—  
Administration, General 
Counsel & Secretary

thomas a. 
glaser
 —
Vice President &  
President— 
Supply Chain

karl heinz  
salzburger
 —
Vice President &  
Group President
—International

stephen f.  
dull
 —
Vice President 
—Strategy &  
Innovation

martin s.
schneider
 —
Vice President &  
Chief Information 
Officer

franklin l.  
terkelsen
 —
Vice President— 
Mergers &  
Acquisitions

susan larson  
williams
 —
Vice President— 
Human Resources

From left to right: M. Rust Sharp, Clarence Otis Jr., Juliana L. Chugg, W. Alan McCollough, Juan Ernesto de Bedout,  

Eric C. Wiseman, George Fellows, Robert J. Hurst, Raymond G. Viault, Ursula O. Fairbairn, Richard T. Carucci, Laura W. Lang 

eric c. wiseman 2,3*
 —
Chairman,  
President & Chief 
Executive Officer
Director since 2006, Age 56

richard t. carucci 1,3
 —
Chief Financial Officer
Yum! Brands, Inc.
Louisville, Kentucky
(Casual dining restaurants)
Director since 2009, Age 54

juliana l. chugg 1,4
 —
Senior Vice President
General Mills, Inc.
Minneapolis, Minnesota
(Consumer food products)
Director since 2009, Age 44

juan ernesto de bedout 1,3
 —
Former Group President
Latin American Operations
Kimberly-Clark Corporation
Roswell, Georgia
(Consumer products)
Director since 2000, Age 67

ursula 0. fairbairn 2,4,5
 —
President & Chief Executive Officer
Fairbairn Group LLC
New York, New York
(Human Resources Consultant)
Director since 1994, Age 69

george fellows 1,2,4
 —
Former President  
& Chief Executive Officer
Callaway Golf Company
Carlsbad, California
(Sporting goods) 
Director since 1997, Age 69

robert j. hurst 2,3,4
 —
Managing Director
Crestview Partners LLC
New York, New York
(Private equity firm)
Director since 1994, Age 66

laura w. lang 3,5
 —
Chief Executive Officer 
Time Inc.
New York, New York
(Branded media company)
Director since 2011, Age 56

w. alan mccollough 4,5
 —
Former Chairman of the Board
Circuit City Stores, Inc.
Richmond, Virginia
(National retailer)
Director since 2000, Age 62

clarence otis jr.1,2,4
 —
Chairman & Chief Executive Officer 
Darden Restaurants, Inc.
Orlando, Florida
(Casual dining restaurants)
Director since 2004, Age 55

m. rust sharp 5
 —
Of Counsel
Heckscher, Teillon, Terrill & Sager
West Conshohocken, Pennsylvania
(Attorneys)
Director since 1984, Age 71

raymond g. viault 2,3,5
 —
Former Vice Chairman
General Mills, Inc.
Minneapolis, Minnesota
(Consumer food products)
Director since 2002, Age 67

committees of the board: 1 Audit Committee, 2 Executive Committee, 3 Finance Committee,  

4 Nominating and Governance Committee, 5 Compensation Committee, * Ex officio member

38  |  vf 2011 

vf 2011  |   39

Dollars and shares in thousands, except per share amounts 

2011 

2010 

2009 

2008 

2007

Summary of Operations(1)
Total revenues  
Operating income 
Income from continuing operations attributable to VF Corporation 
Discontinued operations attributable to VF Corporation 
Net income attributable to VF Corporation 

$ 9,459,232  
  1,244,791 
888,089  
- 
888,089  

$ 7,702,589 
820,860  
571,362 
-  
571,362  

$ 7,220,286 
736,817 
   461,271  
-  
   461,271  

$ 7,642,600 
938,995 
   602,748 
- 
   602,748 

$ 7,219,359 
965,441
   613,246 
(21,625)
   591,621 

Earnings (loss) per common share attributable to  
VF Corporation common stockholders—basic 
Income from continuing operations  

   Discontinued operations 
   Net income  

Earnings (loss) per common share attributable to  
VF Corporation common stockholders—diluted 

Income from continuing operations  

   Discontinued operations 
   Net income 
Dividends per share 
Dividend payout ratio (2) (7) 

Financial Position 
Working capital 
Current ratio 
Total assets 
Long-term debt 
Stockholders’ equity 
Debt to total capital ratio (3) 
Average number of common shares outstanding 
Book value per common share 

Other Statistics (4) 
Operating margin (7) 
Return on invested capital (5) (6) (7) 
Return on average stockholders’ equity (6) (7) 
Return on average total assets (6) (7) 
Cash provided by operations 
Cash dividends paid 

$  

 $  

8.13  
–  
8.13 

7.98  
–  
7.98 
2.61 
32.7%  

$ 

$ 

5.25  
–  
5.25  

5.18  
–  
5.18  
2.43  
37.6% 

 $ 

 $ 

4.18  
–  
4.18  

4.13  
–  
4.13  
 2.37  
46.0% 

 $ 

 $ 

5.52  
   –  
 5.52  

5.42  
  –  
 5.42  
2.33  
43.0% 

 $ 

 $ 

5.55 
(0.20)
 5.36 

5.41 
(0.19)
 5.22
2.23
42.7%

$ 1,521,912 
1.9 
$ 9,313,126 
   1,831,781 
  4,525,175 
31.9% 
109,287 
40.93 

$ 

$ 1,716,585  
2.5  
$ 6,457,556  
935,882  
  3,861,319  
20.2% 
108,764  
35.77  

$ 

$ 1,536,773  
2.4  
$ 6,473,863  
   938,494  
  3,813,285  
23.7% 
110,389  
34.58  

$ 

$ 1,640,828  
2.6  
$ 6,433,868  
   1,141,546  
  3,557,245  
25.2% 
109,234  
32.37  

$ 

$ 1,510,742 
2.3 
$ 6,446,685 
   1,144,810 
  3,578,555 
26.4%
110,443 
32.58 

$ 

13.2% 
15.8% 
22.0% 
11.9% 
 $1,081,371  
285,722 

13.3% 
15.6% 
20.1% 
11.8% 
$ 1,001,282  
 264,281  

11.9% 
12.6% 
17.2% 
9.6% 
 $  973,485  
   261,682  

12.3% 
13.5% 
18.2% 
10.0% 
 $  679,472  
   255,235  

13.4%
14.8%
19.7%
11.1%
 $  833,629
   246,634 

(1)  Operating results for 2010 include a noncash charge for impairment of goodwill and intangible assets—$201.7 million 

(3)  Total capital is defined as stockholders’ equity plus short-term and long-term debt.

(pretax) in operating income and $141.8 million (aftertax) in income from continuing operations and net income attributable  

(4)   Operating statistics are based on continuing operations (excluding the effect of the charges for impairment of  

to VF Corporation, $1.30 basic earnings per share and $1.29 diluted earnings per share. Operating results for 2009 include  

goodwill and intangible assets in 2010 and 2009).

a noncash charge for impairment of goodwill and intangible assets—$122.0 million (pretax) in operating income and $114.4 

(5)  Invested capital is defined as average stockholders’ equity plus average short-term and long-term debt.

million (aftertax) in income from continuing operations and net income attributable to VF Corporation, $1.03 basic and  

(6)  Return is defined as income from continuing operations before net interest expense, after income taxes.

diluted earnings per share.

(7)  Information presented for 2010 and 2009 excludes the impairment charge for goodwill and intangible assets. 

(2)   Dividends per share divided by the total of income from continuing and discontinued operations per diluted share  

(excluding the effect of the charge for impairment of goodwill and intangible assets in 2010 and 2009).

In thousands  

Assets
Current Assets

Cash and equivalents 
Accounts receivable, net 
Inventories 
Deferred income taxes 
Other current assets 

Total current assets 

Property, Plant and Equipment 

Intangible Assets 
Goodwill 
Other Assets 

Liabilities and Stockholders’ Equity
Current Liabilities

Short-term borrowings 
Current portion of long-term debt 
Accounts payable 
Accrued liabilities 

Total current liabilities 

Long-term Debt 
Other Liabilities 

Commitments and Contingencies

Stockholders’ Equity
Common Stock 
Additional paid-in capital 
Accumulated other comprehensive income (loss) 
Retained earnings 

Total equity attributable to VF Corporation  

Noncontrolling interests 

Total stockholders’ equity 

December

2011  

2010

$   341,228  
  1,120,246  
  1,453,645 
106,717 
166,108  

$   792,239
773,083
  1,070,694
68,220
121,824

  3,187,944 

  2,826,060 

737,451 

602,908

  2,958,463  
  2,023,460  
405,808  

  1,490,925
  1,166,638
371,025 

$ 9,313,126 

$ 6,457,556

$   281,686  
2,744 
637,116  
744,486  

$ 

36,576
2,737
510,998
559,164

  1,666,032 

  1,109,475

  1,831,781  
  1,290,138  

935,882
550,880 

110,557  
  2,316,107  
(421,477)  
  2,520,804  

107,938
  2,081,367 
(268,594)
  1,940,508 

  4,525,991  

  3,861,219

(816)  

100

  4,525,175 

  3,861,319

$ 9,313,126 

$ 6,457,556

40  |  vf 2011 

vf 2011  |   41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
  
 
  
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
  
  
 
  
 
 
  
 
 
  
  
 
 
 
 
 
 
 
 
 
  
 
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In thousands except per share amounts 

Net Sales 
Royalty Income 

Total Revenues 

Costs and Operating Expenses 

Cost of goods sold 

  Marketing, administrative and general expenses 

Impairment of goodwill and intangible assets 

Operating Income 

Other Income (Expense) 

Interest income 
Interest expense 
  Miscellaneous, net 

Income Before Income Taxes 

Income Tax Expense 

Net Income 

Net (Income) Loss Attributable to Noncontrolling 

Interests in Subsidiaries 

Net Income Attributable to VF Corporation 

Earnings Per Share Attributable to 

VF Corporation Common Stockholders 
Basic 
Diluted 

Weighted Average Shares Outstanding 

Basic 
Diluted 

Cash Dividends Per Common Share 

Basis of presentation: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to December 

31 of each year.  For presentation purposes herein, all references to periods ended December 2011, December 2010 and 

December 2009 relate to 52 week fiscal periods ended December 31, 2011, January 1, 2011 and January 2, 2010, respectively. 

42  |  vf 2011 

year ended December
2010 

2009 

2011 

$ 9,365,477  
93,755  

$ 7,624,599  
 77,990  

 $7,143,074  
 77,212  

 9,459,232  

  7,702,589  

  7,220,286  

  5,128,602  
  3,085,839  
–  

  4,105,201  
  2,574,790  
 201,738  

  4,025,122  
  2,336,394  
 121,953  

  8,214,441  

  6,881,729  

  6,483,469  

 1,244,791  

 820,860  

 736,817  

4,778  
(77,578) 
(7,248) 

 2,336  
 (77,738) 
 4,754  

 2,230  
 (85,902) 
 1,528  

(80,048) 

 (70,648) 

 (82,144) 

  1,164,743  

 750,212  

 654,673  

   274,350  

 176,700  

 196,215  

   890,393  

 573,512  

 458,458  

(2,304) 

 (2,150) 

 2,813  

$  888,089  

$  571,362  

$  461,271  

$ 

8.13  
7.98  

$ 

5.25  
 5.18  

$ 

4.18  
 4.13  

 109,287  
 111,288  

 108,764  
 110,328  

 110,389  
 111,605  

$ 

2.61  

$ 

2.43  

$ 

2.37

In thousands except per share amounts  

Operating Activities  

Net income  
Adjustments to reconcile net income to cash provided by operating activities:  

Impairment of goodwill and intangible assets  
Depreciation  
Amortization of intangible assets  
Other amortization  
Stock-based compensation  
Provision for doubtful accounts  
Pension contributions under (over) expense  
Deferred income taxes  
Other, net  
Changes in operating assets and liabilities, net of acquisitions:  

Accounts receivable  
Inventories  
Other current assets  
Accounts payable  
Accrued compensation  
Accrued income taxes  
Accrued liabilities  
Other noncurrent assets and liabilities  

year ended December
2010 

2011 

2009

$  890,393  

$  573,512  

$  458,458

–  
127,203  
41,708  
29,824  
76,739  
12,490  
46,346  
(10,867) 
32,665 

(154,487) 
(7,509) 
(18,449)  
(32,898) 
2,448  
16,009 
(10,834) 
40,590  

 201,738  
 116,837  
 39,373  
 17,186  
 63,538  
 7,441  
 (45,850) 
 (92,068) 
 29,179  

 (12,954) 
 (114,334) 
 (7,689) 
 140,470  
 27,817  
 (14,649) 
 50,889  
 20,846  

 121,953 
 113,207 
 40,500 
 16,745 
 36,038 
 24,836 
 (114,149)
 54,674 
 (6,923)

 75,449 
 209,439 
 77,173 
 (69,560)
 (11,714)
 14,763 
 (25,182)
 (42,222)

Cash provided by operating activities   

  1,081,371  

   1,001,282  

 973,485 

Investing Activities  

Capital expenditures  
Business acquisitions, net of cash acquired  
Trademarks acquisition  
Software purchases  
Other, net  

Cash used by investing activities  

Financing Activities  

Increase (decrease) in short-term borrowing  
Payments on long-term debt  
Proceeds from long-term debt  
Payment of debt issuance and hedging settlement costs  
Purchase of Common Stock  
Cash dividends paid  
Proceeds from issuance of Common Stock, net  
Tax benefits of stock option exercises  
Acquisitions of noncontrolling interest  
Other, net  

(170,894) 
  (2,207,065) 
 (58,132) 
(20,102) 
(3,840) 

 (111,640) 
 (38,290) 
 –  
 (13,610) 
 (16,940) 

 (85,859)
 (212,339)
–  
 (9,735)
 (8,943)

  (2,460,033) 

(180,480) 

(316,876)

250,824  
(2,738) 
 898,450  
(55,536) 
(7,420) 
(285,722) 
134,012  
33,153  
(52,440) 
(338) 

 (9,741) 
 (203,063) 
 –  
 –  
 (411,838) 
 (264,281) 
 137,732  
 8,599  
 –  
 (240) 

 (11,019)
 (3,242)
– 
 – 
 (111,974)
 (261,682)
 62,590 
 6,464 
–
 (480)

Cash provided (used) by financing activities  

912,245  

 (742,832) 

 (319,343)

Effect of Foreign Currency Rate Changes on Cash and equivalents  

15,406  

 (17,280) 

 12,439 

Net Change in Cash and Equivalents  
Cash and Equivalents—Beginning of Year  

Cash and Equivalents—End of Year  

(451,011) 
792,239  

 60,690  
 731,549  

 349,705  
 381,844  

 $  341,228  

$  792,239  

$  731,549 

vf 2011  |   43

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CORPORATE OFFICE
VF World Headquarters
105 Corporate Center Blvd.
Greensboro, NC 27408
Telephone: 336.424.6000
Facsimile: 336.424.7696
Mailing Address: 
P.O. Box 21488
Greensboro, NC 27420

ANNUAL MEETING
The Annual Meeting of Shareholders  
will be held on Tuesday, April 24, 2012  
at 10:30 a.m. at the O.Henry Hotel, 
Caldwell Room, 624 Green Valley Road,  
Greensboro, NC 27408

INVESTOR RELATIONS
Cindy Knoebel, CFA
Vice President, Corporate Relations
VF Services, Inc.
105 Corporate Center Blvd. 
Greensboro, NC 27408

TRANSFER AGENT AND REGISTRAR
Computershare Trust
Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Shareholder Relations 
Department 800.446.2617

INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
800 Green Valley Road, Suite 500
Greensboro, NC 27408

CERTIFICATIONS
VF has filed the certifications required under 
Section 302 of the Sarbanes-Oxley Act of 2002 
regarding the quality of the Company’s public 
disclosure as exhibits to the Company’s annual 
report on Form 10-K for the fiscal year ended 
December 31, 2011.

After VF’s 2012 Annual Meeting of Shareholders, 
VF intends to file with the New York Stock 
Exchange (NYSE) the certification regarding 
VF’s compliance with the NYSE’s corporate 
governance listing standards as required by 
NYSE Rule 303A.12. Last year, VF filed this 
certification with the NYSE on May 10, 2011.

OTHER INFORMATION
VF’s filings with the SEC, including its annual 
report on Form 10-K, quarterly reports on Form 
10-Q, press releases and reports on Form 8-K and 
other information, are available and can be accessed 
free of charge through the Company’s website at 
vfc.com. VF’s Corporate Governance Principles, 
Code of Business Conduct and charters for the 
Audit Committee, Compensation Committee, 
Nominating and Governance Committee and 
Finance Committee are also available on our 
website.

These documents will also be provided to any 
shareholder free of charge upon request to the 
Secretary of VF at P.O. Box 21488, Greensboro, 
NC 27420.

The following trademarks owned by VF Corporation affiliates  
appear in this report:

Registered Trademarks
Timberland, Smartwool, The North Face, Vans, Reef, Eagle 
Creek, lucy, Napapijri, JanSport, Eastpak, Kipling, Lee,  
Riders by Lee, Wrangler, Wrangler Retro, Rustler, Bulwark, 
Horace Small, Red Kap, Majestic, Splendid, Ella Moss,  
7 For All Mankind, John Varvatos, Nautica, Inspired by Travel, 
Never Stop Exploring, Earthkeepers, Off the Wall, Downtown 
Showdown, Ridiculously Comfortable, Instantly Slims You,  
FitInnovations, Real. Comfortable. Jeans., Hard Working 
Jeans…Guaranteed, Made for Heroes, We Are Animals, 
Done Right, Slender Stretch, Shapetastic, Feels Good, Booty 
Up, Cowboy Cut, Slender Secret, Built to Resist, Long Live 
Cowboys, VaporWick

Trademarks
Discover Freedom, Better Than Naked, FlashDry, lucy inspires 
performance, If it happens in baseball, it happens in Majestic, 
Next Blue, Athlete Tested, Expedition Proven

The following trademarks owned by other companies also  
appear in this report: Facebook, Twitter, DQM New York,   
MLB, Grammy, Hitwise, NFL, bluesign, 60 Minutes, Dirty 
Jobs, Outside, Treehugger, Apparel, Backpacker, Late Night, 
National Geographic

Concept/Design
And Partners, NY 
andpartnersny.com

executive portrait illustration
Vivienne Flesher

executive photography
Peter Ross

COMMON STOCK
Listed on the New York Stock Exchange — 
trading symbol VFC.

SHAREHOLDERS OF RECORD
As of January 31, 2012, there were 4,143 
shareholders of record.

DIVIDEND DIRECT DEPOSIT
Shareholders may have their dividends deposited 
into their savings or checking account at any bank 
that is a member of the Automated Clearing House 
(ACH) system. Questions concerning this service 
should be directed to Computershare Trust 
Company, N.A. at computershare.com/investor.

DIVIDEND REINVESTMENT PLAN
The Plan is offered to shareholders by  
Computershare Trust Company, N.A. The Plan 
provides for automatic dividend reinvestment 
and voluntary cash contributions for the purchase 
of additional shares of VF Corporation Common 
Stock. Questions concerning general Plan 
information should be directed to the Office of 
the Vice President — Administration, General 
Counsel and Secretary of VF Corporation.

    2011    

  2010    

  2009

  High    Low     High     Low     High     Low

$ 100.24  $  80.40   $ 80.99  $ 70.25  $ 59.98  $ 46.06
  109.73    91.60     89.23     71.04     69.72     53.27
  132.82    101.74     82.11     69.24     73.81     53.53
  68.60
 142.50   115.91 

  89.74 

  78.21 

  79.79 

DIVIDEND POLICY
Quarterly dividends on VF Corporation Common 
Stock, when declared, are paid on or about the 
20th day of March, June, September and December.

QUARTERLY COMMON STOCK PRICE INFORMATION
The high and low sales prices on a calendar quarter basis for  
the periods indicated were as follows:

QUARTERLY COMMON STOCK PRICE

First Quarter 
Second Quarter  
Third QuarteR  
Fourth Quarter 

44  |  vf 2011 

 
 
 
 
 
 
 
105 Corporate Center Blvd.

Greensboro, NC 27408

336.424.6000

vfc.com

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