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    VF Corporation

    VF Corporation

    VF Corporation outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including Vans®, The North Face, Timberland, Wrangler and Lee. Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels.

    Ethics and compliance program

    World’s Most Ethical Companies 2017

    Our Ethics and Compliance Program helps ensure our associates have the guidance and resources needed to operate with the highest standards of corporate conduct in all of our business dealings globally. The Program is led by our Vice President, General Counsel and Corporate Secretary, who also serves as our Chief Ethics and Compliance Officer. Senior executives form our Ethics and Compliance Leadership Council, which focuses on monitoring the effectiveness of our program and providing guidance and input into Program-related initiatives. VF’s Vice President of Ethics and Compliance, manages the Program’s day-to-day operations. Through collaboration with Ethics and Compliance liaisons worldwide – associates who support our program in addition to their primary responsibilities – we strive to ensure a collaborative and inclusive perspective in the way we manage our Program across the globe.

    Program framework

     

    Code of business conduct

    In 2017, our Board of Directors adopted an updated Code of Business Conduct, which applies to all VF directors, officers and associates. Our Code outlines the principles that have guided our company throughout the years, and that continue to guide us today.

    The Code provides direction on acting in accordance with laws, other legal requirements and company policies. VF also provides more detailed policies and procedures for demonstrating ethical behavior, many of which are referenced in the Code. Our Code contains Q&A scenarios to demonstrate ways in which our core values can come to life in our day-to-day interactions with others.

    By setting forth the high standards that VF expects, our Code of Conduct serves as a pledge we make to our shareholders, our customers and each other. All VF associates worldwide are expected to read and acknowledge our Code and to become familiar with its contents.

    Reflecting VF's global reach and the diversity of our associates, our Code is available in 24 languages.

    The five key principles of our code

    • We will lead with integrity
    • We will treat everyone with respect
    • We will compete fairly and honestly
    • We will follow the law everywhere we do business
    • We will strive to make our communities better

    2021 Strategic Growth Plan

    The 2021 strategic growth plan fuels our aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives of consumers worldwide. The 2021 strategic growth plan addresses the quickly changing market landscape with a measurable goal of delivering top quartile total shareholder returns.

    Strategic choices: Where to play & how to win

    The five-year plan focuses on four strategic choices that serve as the foundational elements of the new strategy. These choices include:

    1. Reshaping the company's brand portfolio & enabling VF’S powerful brands
    2. Transforming to a consumer & retail-centric model
    3. Elevating direct-to-consumer while prioritizing digital 
    4. Distorting investment toward Asia, with a heightened focus on China

    Strategic choices: Capabilities

    These choices will be enabled by amplified investments and focus on six critical capabilities, including:

    1. Design & innovation
    2. Demand, creation & brand experience
    3. Insights & analytics
    4. Retail excellence
    5. Demand & supply chain agility
    6. Talent

    2021 Financial targets

    All forward-looking numbers and growth rates below exclude VF’s Licensed Sports Group given the company’s publicly announced decision to sell LSG to Fanatics on April 4, 2017.

    • Revenue through 2021 is expected to grow at a five-year compounded annual growth rate (CAGR) between 4 percent and 6 percent, fueled by VF’s largest brands (the Vans, The North Face and Timberland brands) and the company’s International and Direct-to-Consumer business platforms.
    • Gross margin is expected to reach 51.5 percent in 2021.
    • Operating margin is expected to reach 16.0 percent in 2021.
    • Earnings per share is expected to grow at a five-year CAGR of between 10 percent and 12 percent.
    • The company expects to generate more than $9 billion of cash from operations on a cumulative basis between 2017 and 2021 and return $8 billion to shareholders through dividends and share repurchases.
    • VF expects to deliver annual total shareholder return (TSR) in the 13 percent to 15 percent range as the company continues to target top quartile TSR performance.

    The value of our differences is significant

    At VF, the diversity of our workforce makes a world of difference. Our respect for each other’s unique experiences, perspectives and skill sets is woven throughout the fabric of our culture and guides our actions.

    We encourage our 65,000-plus associates to bring their authentic selves to work every day, and our results show it; when we each feel valued for who we are and what we offer, we give our very best.

    Our vision

    To foster diversity of thought and sustain an environment that turns individual differences into insights and capabilities that fuel VF’s growth.

    Our values, practices and standards are ingrained in our culture of respect and inclusion that allows VF to:

    • Attract 
    • Engage 
    • Connect

    Diversity

    is the visible and invisible differences that shape our view of the world, our perspective and our approach. These differences include:

    • Identity differences
    • Acquired differences
    • Cognitive differences

    Inclusion

    Is the extent to which associates feel valued and included by the organization. Inclusion is embracing and leveraging diversity to drive ongoing innovation and business success.

    'When people with different viewpoints, experiences and knowledge come together to solve problems, the end result is far better than if that same group lacked diver

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