The strategic move outlined in its newly unveiled Reinvent strategy, VF Corp, the parent company of famous brands Vans and Supreme, has recently undertaken a significant company-wide restructuring.
As we previously reported, Vans Faced tough times as U.S. footwear sales continued to decline about 3% from January 2023 to August 2023.
Now, their initiative, aimed at enhancing operational efficiency, has eliminated approximately 500 salaried positions globally.
A spokesperson for VF Corp confirmed the job cuts. In an email on Thursday, "As part of VF’s new Reinvent strategy and with the aim of improving operational efficiency, we have eliminated approximately 500 salaried positions across the company globally."
The spokesperson emphasized the challenging nature of such decisions but highlighted their necessity to provide financial flexibility for brand investments and ensure long-term growth.
The company is committed to navigating this restructuring process with dignity and respect for all affected employees. The spokesperson thanked those impacted for their valued contributions to VF and assured a careful and considerate approach throughout the transition.
VF Corp's Reinvent strategy signifies a proactive approach to adapting to market dynamics, focusing on bolstering the company's financial footing and strengthening its brands for sustained growth.