Eric Wiseman has set the tone early for his tenure as new president and chief executive officer of VF Corp., unveiling a five-year growth strategy that targets increasing revenues to $11 billion from $7 billion by 2012.
Wiseman, who assumed the roles of president and ceo on Jan. 1, outlined the Greensboro, N.C.-based behemoth's growth plans during the company¹s annual analysts' meeting, upping revenue growth targets to 8 to 10 percent annually from previous targets of 6 to 8 percent annual growth.
The company expects to achieve earnings per share growth of between 10 and 11 percent annually.
“This is a tremendously exciting day for us as we share our vision for a VF that is bigger, more international, more diversified and more profitable,” said Wiseman in a statement.
Growth will be accomplished with the company’s existing portfolio of brands, with a particular emphasis on international expansion and aggressive growth of the company's retail and e-commerce operations. Revenues for the outdoor segment, which includes The North Face, are expected to increase by $1.5 billion over the next five years. The newly formed contemporary unit, anchored by Seven For All Mankind, is expected to increase revenues by $700 million.
Jeanswear has a targeted revenue increase of $450 million, sportswear targets $300 million and imagewear is looking for a $150 million increase. Future acquisitions are expected to contribute $900 million over the next five years.
For more, see Thursday’s issue of WWD.