Fashion holding VF Corp is aiming to “reinventing itself”, and it is becoming clear what that means. In a reorganisation, the owner of brands like Vans, Supreme and The North Face is now cutting 500 jobs.
Losses continue to pile up at American fashion group VF Corporation: its second quarter ended with a tripled net loss of 300 million euros and decreased sales. CEO Bracken Darrell had already announced the transformation plan Reinvent, but is now making that plan more concrete: he wants to improve sales in North America, restore flagship brand Vans and cut 300 million dollars in costs.
The latter means that VF has “eliminated approximately 500 salaried positions across the company globally”, Darrell told WWD. This should provide the financial flexibility needed to invest in the brands and improve operational efficiency.