The American owner of brands including The North Face, Timberland and Vans is moving its Asian center of operations and product supply hub, both currently based in Hong Kong, to Shanghai and Singapore, respectively.
Colorado-based apparel and footwear group VF Corporation announced on Monday that it will acquire NYC streetwear brand Supreme for $2.1 billion. The company plans to achieve $1 billion in sales with the label by 2024.
The apparel and footwear company announced on Tuesday that it has named former Dr Martens CEO Steve Murray as the new global brand president of The North Face and implemented broader organizational changes.
The owner of Vans, The North Face and Timberland managed an impressive transformation in the fiscal year ended March 28, 2020, achieving a 2% increase in revenue despite a strong downturn in sales in Q4 due to Covid-19.
The owner of Vans and Timberland announced on Tuesday that it now expects its full-year revenues to total between $11.3 billion and $11.4 billion in fiscal 2020, down from $13.85 billion in the previous year.
As the outbreak continues in China, the American company has announced that it has closed 60% of its stores in the country, but is yet to provide a prediction of the impact the crisis will have on its financial results.