VF’s Reinvention Results in 500 Layoffs – WWD

Extra adjustments are coming to VF Corp., which is doing a little extra belt tightening underneath chief government officer Bracken Darrell. 

“As a part of VF’s new Reinvent technique and with the purpose of bettering operational effectivity, now we have eradicated roughly 500 salaried positions throughout the corporate globally,” an organization spokesperson stated in an emailed assertion. VF has a workforce of about 33,000.

“Whereas these selections are by no means simple, they’ll give us the monetary flexibility to take a position behind our manufacturers and higher place us for long-term progress,” the spokesperson stated. “We’re dedicated to dealing with this restructuring with dignity and respect for all concerned and need to thank these impacted for his or her valued contributions to VF.”

Bracken, who circled Logitech earlier than being tapped for the nook workplace at VF, would possibly properly have extra in retailer as he seeks to rejuvenate the corporate, which noticed revenues decline 4 % to $5.1 billion within the first half.

The North Face has been sturdy, however Vans remains to be very a lot in turnaround mode. And activists are pushing the corporate to take a tough have a look at the remainder of the portfolio, which incorporates Supreme, Timberland and different manufacturers. 

“I really feel a whole lot of freedom to do the proper issues,” Darrell informed WWD in October. “I additionally really feel surrounded by good folks right here and on our board. And I’ve additionally gotten a whole lot of suggestions from buyers. I feel I’ve gotten a whole lot of suggestions from each path, so I really feel very comfy that I could make nearly any change you’ll be able to consider and I’ll get the assist for it.”

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