VF Corporation

VF Corporation

Type	Public
Traded as	: VFC S&P 500 Component
Industry	clothing, accessories
Founded	October 1899; 117 years ago (1899-10) (as Reading Glove and Mitten Manufacturing Company) Reading, Pennsylvania, U.S.
Headquarters	Greensboro, North Carolina, U.S.
Revenue	US$ 12.3 billion (2014) US$ 10.879855 billion (2012)
Operating income	US$ 1.647147 billion (2013) US$ 1.465267 billion (2012)
Net income	US$ 1.210119 billion (2013) US$ 1.085999 billion (2012)
Total assets	US$ 10.315443 billion (2013) US$ 9.633021 billion (2012)
Total equity	US$ 6.077038 billion (2013) US$ 5.125625 billion (2012)
Number of employees	58,000 (2011)
Website	vfc.com

VF Corporation is an American worldwide apparel and footwear company founded in 1899 and headquartered in Greensboro, North Carolina. The company’s more than 30 brands are organized into five product categories: Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear and Contemporary Brands. The company controls 55% of the U.S. backpack market with the Jansport, Eastpak, Timberland and North Face brands.

The company was established first as Reading Glove and Mitten Manufacturing Company in Pennsylvania in October 1899 by John Barbey and a group of investors. The company was started with $11,000 and a 320-square-foot (30 m²) factory that was leased for $60/month. It was incorporated in Pennsylvania on December 4 of that same year. The manufacture of undergarments began in 1919, accompanied by a name change to Vanity Fair Mills. Shares were initially sold to the public in 1951.

The H.D. Lee Company (now Lee) was acquired by the company in 1969 and the corporate name was changed to VF Corporation, a fictitious name that is not even legally registered, to reflect the more diverse product line. Blue Bell Inc., the owner of such brands as Wrangler and JanSport, was acquired in 1986, effectively doubling the size of VF and making it the largest publicly held clothing company.

The company announced the purchase of VF Corporation's "Vanity Fair" lingerie business by Fruit of the Loom for $350 million in cash on January 23, 2007.

On February 28, 2007, VF Corporation acquired Majestic Athletic. On July 26, 2007, VF Corporation announced the purchase of 7 for all Mankind and lucy Activewear for a combined $885 million.Eric C. Wiseman became President, CEO, and Chairman in 2008. Effective January 1, 2017 Steve Rendle took over CEO and President responsibilities.

In 2011, VF Corporation announced its intention to purchase Timberland for $2.2 billion. The deal closed in September 2011. On December 21, 2012, VF Imagewear was awarded a multimillion-dollar contract to provide uniforms and insignia for Customs and Border Protection officers. In February 2013, Imagewear was awarded a $50-million contract to manufacture uniforms for Transportation Security Administration officers.