What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-05-26 compared with 2021-05-27 · 168 added, 183 removed, 202 unchanged (63% of the section changed)

2 unchanged sentences

Corporation and its consolidated subsidiaries.

All references to "Fiscal 2021" relate to VF's current fiscal year which ran from March 29, 2020 through April 3, 2021.

All references to "Fiscal 2022" relate to VF's current fiscal year which ran from April 4, 2021 through April 2, 2022.

Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF’s continuing operations.

As such, both the Occupational Workwear business that met the held-for-sale and discontinued operations criteria as of March 28, 2020 and the Jeans business subject to the spin-off completed May 22, 2019, have been excluded.

As such, both the Occupational Workwear business that was sold on June 28, 2021 and the Jeans business subject to the spin-off completed May 22, 2019, have been excluded.

VF’s diverse portfolio meets consumer needs across a broad spectrum of activities and lifestyles.

3 unchanged sentences

Investing in our brands to realize their full potential, while ensuring the composition of our portfolio positions us to win in evolving market conditions;

• Distort investments to Asia.

• Distort investments to Asia, with a heightened focus towards China.

Investing in and scaling our business across the Asia-Pacific region, especially China, to unlock growth opportunities for our brands in this fast-growing region;

2 unchanged sentences

• Accelerate our consumer-minded, retail-centric, hyper-digital business model transformation.

Becoming consumer- and retail-centric to meet and exceed consumers' needs across all channels, and operate our business differently - from the design studio to the factory floor to the point of sale - by thinking and acting more like a vertical retailer.

VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics.

3 unchanged sentences

Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

Revenues from the direct-to-consumer business represente d 45% of VF’s total Fiscal 2021 revenues.

In addition to selling directly into international markets, many of our brands also sell products throu gh licensees, agents and distributors.

In Fiscal 2021, VF derived 55% of its revenues from the Americas region, 28% from the Eur ope region an d 17% f rom the Asia-Pacific region.

To provide diversified products across multiple channels of distribution in different geographic areas, we primarily rely on our global sourcing of finished goods from independent contractors.

We utilize state-of-the-art supply chain technologies for inventory replenishment that enable us to effectively and efficiently get the right assortment of products that match consumer demand.

Revenues from the direct-to-consumer business represented 46% of VF’s total Fiscal 2022 revenues.

In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributors.

In Fiscal 2022, VF derived 57% of its revenues from the Americas, 29% from Europe and 14% from Asia-Pacific.

To provide diversified products across multiple channels of distribution in different geographic areas, we rely on our global sourcing of finished goods from independent contractors.

We utilize state-of-the-art supply chain technologies for inventory replenishment that enable us to effectively and efficiently match our assortment of products to consumer demand.

VF's chief operating decision maker allocates resources and assesses performance based on a global brand view which represents VF's operating segments.

3 unchanged sentences

VF Corporation Fiscal 2022 Form 10-K 1

Table of Conte nts

The following table summarizes VF’s brands by reportable segment:

2 unchanged sentences

High performance outdoor apparel, footwear, equipment, accessories

Outdoor lifestyle footwear, apparel, accessories

Outdoor-adventure inspired lifestyle footwear, apparel, accessories

Performance merino wool and other natural fibers-based apparel and accessories

High performance apparel based on natural, plant-based and recycled fibers

High performance apparel and accessories based on natural fibers

Performance-based footwear

2 unchanged sentences

Streetwear apparel, footwear, accessories

Premium outdoor-inspired apparel, footwear, accessories

Handbags, luggage, backpacks, totes, accessories

Premium outdoor apparel, footwear, accessories

Backpacks, luggage

Eagle Creek ®

Luggage, backpacks, travel accessories

Work Dickies ®

2 unchanged sentences

Protective work footwear, work and work-inspired lifestyle apparel

(1) VF acquired the Supreme ® b rand on December 28, 2020.

Financial information regarding VF’s reportable segments is included in Note 20 to the consolidated financial statements.

6 unchanged sentences

Many of The North Face ® products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice and rock climbing.

The North Face ® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail store s, over 200 VF-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.

The North Face ® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, over 200 VF-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.

The Timberland ® brand offers outdoor, adventure-inspired lifestyle footwear, apparel and accessories that combine performance benefits and versatile styling for men, women and children.

We sell Timberland ® products globally through chain, department and specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, over 200 VF-operated stores, on websites with strategic digital partners and online at www.timberland.com.

We sell Timberland ® products globally through chain, department and specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 200 VF-operated stores, on websites with strategic digital partners and online at www.timberland.com.

The Smartwool ® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function.

Smartwool ® products are sold globally through s pecialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.

Smartwool ® products are sold globally through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.

The Icebreaker ® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and other plant-based fibers.

Icebreaker ® products are sold globally through s pecialty outdoor and premium sporting goods stores , independent distributors, over 30 VF-operated stores, on websites with strategic digital p artners and online at www.icebreaker.com.

Icebreaker ® products are sold globally through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximately 30 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.

Altra ® is a performance-based footwear brand primarily in the road and trail running categories.

Altra ® products are sold globally through premium outdoor and specialty stores, independent distributors, on websites with strategic digital partners and online at www.altrarunning.com.

We expect continued long-term growth in our Outdoor segment as we focus on product innovation, extend our brands into new product categories, grow our direct-to-consumer business including our digital presence, expand wholesale channel partnerships, develop geographically and acquire additional brands.

Key drivers of long-term growth in our Outdoor segment are expected to be a focus on product innovation, extension of our brands into new product categories, growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, geographical diversification and development, as well as the potential for the acquisition of additional brands.

2 VF Corporation Fiscal 2022 Form 10-K

Table of Conte nts

ACTIVE SEGMENT

3 unchanged sentences

The Vans ® brand offers performance and casual footwear and apparel targeting younger consumers that sit at the center of action sports, art, music and street fashion.

Vans ® products are available globally through chain stores, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail store s, more than 700 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

The Supreme ® brand was acquired by VF on December 28, 2020.

Supreme ® is a leading streetwear brand that sells apparel, accessories and footwear.

Supreme ® products are available globally through more than 10 VF-op erated stores and online at www.supremenewyork.com.

Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally through department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, more than 60 VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.

The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price.

Products are marketed to men, women and children primarily in Europe.

Products are sold in department and specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, more than 25 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

Vans ® products are available globally through chain stores, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, more than 700 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

Supreme ® is a leading streetwear brand that offers apparel, accessories and footwear.

Supreme ® products are available globally through more than 10 VF-operated stores, select partner retail stores and online at www.supremenewyork.com.

The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price with a focus on marketing to men, women and children in Europe.

Products are sold in department and specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, 25 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally through department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, approximately 40 VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.

Eastpak ® backpacks, travel bags and luggage are sold primarily through department and specialty stores across Europe, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.

JanSport ® backpacks and accessories are sold in North America, through department, office supply and chain stores, as well as sports specialty stores and independent distributors.

JanSport ® backpacks and accessories are sold primarily in North America, through department, office supply and chain stores, as well as sports specialty stores and independent distributors.

JanSport ® products are also sold on websites with strategic digital partners and online at www.jansport.com.

Eagle Creek ® adventure travel gear products include luggage, backpacks and accessories sold through specialty luggage, premium outdoor and department stores primarily in North America, on websites with strategic digital partners and online at www.eaglecreek.com.

We expect continued long-term growth in our Active segment as we focus on product innovation, extend our brands into new product categories, grow our direct-to-consumer business including our digital presence, expand wholesale channel partnerships, develop geographically and acquire additional brands.

Key drivers of long-term growth in our Active segment are expected to be our continued focus on product innovation, extension of our brands into new product categories, growth of our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, geographical diversification and development, as well as the potential for the acquisition of additional brands.

Our Work segment consists of work and work-inspired lifestyle brands with product offerings that include apparel, footwear and accessories.

1 unchanged sentence

The Dickies ® brand is a leader in authentic, functional, durable and affordable workwear and has expanded to produce work-inspired, casual- use products.

Dickies ® products are available globally through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail store s, 20 VF-operated stores, on websites with strategic digital p artners and online at www.dickies.com.

Dickies ® products are available globally through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 20 VF-operated stores, on websites with strategic digital partners and online at www.dickies.com.

The Timberland PRO ® brand offers work and work-inspired products that provide comfort, durability and performance.

Timberland PRO ® products are available through specialty stores, chain stores, independent distributors, on websites with strategic digital partners and online at www.timberland.com.

Timberland PRO ® products are also available in most domestic VF-operated Timberland ® stores.

We believe there is a strategic opportunity for growth in our Work segment in both existing and future markets and all channels and geographies by introducing innovative products that address workers’ desires for increased comfort and performance, combined with our increased presence in the retail workwear market and work-inspired lifestyle product offerings.

Timberland PRO ® products are also available in most U.S.

VF-operated Timberland ® stores.

We believe there is a strategic opportunity for growth in our Work segment in both existing and future markets, and in all channels and geographies.

We expect growth will be driven by an increased presence in the retail workwear market, additional work-inspired lifestyle product offerings and by continuing to innovate products that address workers’ desires for increased comfort and performance.

DIRECT-TO-CONSUMER OPERATIONS

1 unchanged sentence

Direct-to-consumer revenues were 46% of total VF revenues in Fiscal 2022.

Our full-price retail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers.

Our full-price ret ail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers.

These experiences provide high visibility for our brands and products and enable us to stay close to the needs and preferences of our consumers.

The complete and impactful presentation of products in our stores also helps to increase sell-through of VF products at our

wholesale customers due to increased brand awareness, education and visibility.

The complete and impactful presentation of products in our stores also helps to increase sell-through of VF products at our wholesale customers due to increased brand awareness, education and visibility.

VF-operated full-price stores generally provide gross margins that are well above VF averages.

1 unchanged sentence

These outlet stores carry merchandise that is specifically designed for sale in our outlet stores and serve an important role in our overall inventory management and profitability by allowing VF to sell a significant portion of excess, discontinued and out-of-season products at better prices than otherwise available from outside parties, while maintaining the integrity of our brands.

VF Corporation Fiscal 2021 Form 10-K 3

Table of Conte nts

Our global direct-to-consumer operations included 1,322 stores at the end of Fiscal 2022.

We operate retail store locations for the following brands:

Vans ® , Timberland ® , The North Face ® , Kipling ® , Dickies ® , Icebreaker ® , Napapijri ® and Supreme ® .

Approximately 56% of our stores are located in the Americas region (49% in the U.S.), 24% in the Europe region and 20% in the Asia-Pacific region.

We opened 80 stores, concentrating on the brands with the highest retail growth potential:

Vans ® and The North Fac e ® , and acquired 12 Suprem e ® brand stores during Fiscal 2021 .

Additionally, we have approximately 900 concession retail stores located principally in Europe and Asia.

VF-operated retail stores across the globe were signific antly impacted during Fiscal 2021 due to temporary closures for varying periods of time in response to the novel coronavirus ("COVID-19") pandemic.

The majority of VF-operated retail stores were open by the end of the second quarter;

however, certain stores reclosed during the third and fourth quarters based on guidance from health advisors and governmental actions and regulations, which primarily impacted the Europe region and North America.

At the end of Fiscal 2021, approximately 60% of VF-operated retail stores were closed in the Europe region and less than 5% of stores were closed in North America.

In the Asia-Pacific region, nearly all VF-operated retail stores remained open.

E-commerce represented approximately 50% of our direct-to-consumer business in Fiscal 2021.

Vans ® , The North Face ® , Timberland ® , Kipling ® , Dickies ® , Icebreaker ® , Napapijri ® and Supreme ® .

Approximately 57% of our stores are located in the Americas (50% in the U.S.), 26% in Europe and 17% in Asia-Pacific.

Additionally, we sell certain of our branded products through approximately 900 concession retail stores located principally in

VF Corporation Fiscal 2022 Form 10-K 3

Europe and Asi a.

During Fiscal 2022, VF-operated retail stores across the globe remained open for the majority of the year.

However, at varying times during the year, VF experienced temporary closures in response to the coronavirus ("COVID-19") pandemic.

Closures were based on guidance from health advisors and governmental actions and regulation s.

Overall, VF- operated retail store closures were less significant in Fiscal 2022 when compared to Fiscal 2021.

E-commerce represented approximately 44% of our direct-to-consumer business and 20% of total VF revenues in Fiscal 2022.

All VF brands are marketed online.

We continue to expand our e-commerce initiatives by rolling out additional, country-specific brand sites in Europe and Asia, which enhances our ability to deliver a superior, localized consumer experience.

We also continue to increase focus on digital innovation and growth across other third-party digital platforms.

Changes in the retail landscape resulting from the COVID-19 pandemic have accelerated our e-commerce growth.

We expect our direct-to-consumer business to continue growing as we accelerate our consumer-minded, retail-centric, hyper-digital business model transformation.

We also continue to increase focus on digital innovation and growth across other third-party digital platforms that are reported

within our direct-to-consumer business.

Changes in the retail landscape resulting from the COVID-19 pandemic has accelerated the growth of our e-commerce platform resulting in levels well above periods prior to COVID-19.

We expect our direct-to-consumer business to continue to gain share in our revenue mix as we accelerate our consumer-minded, retail-centric, hyper-digital business model transformation.

In addition to our direct-to-consumer operations, independent parties own and operate approximately 2,700 partnership stores.

These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores.

Most of these partnership stores are located in Europe and Asia, and are concentrated in the Timberland ® , The North Face ® , Vans ® , Dickies ® , Kipling ® and Napapijri ® brands.

Most of these partnership stores are located in Europe and in Asia, and are concentrated amongst the Timberland ® , The North Face ® , Vans ® , Dickies ® , Kipling ® and Napapijri ® brands.

LICENSING ARRANGEMENTS

As part of our strategy of expanding market penetration of VF-owned brands, we enter into licensing agreements with independent parties for specific apparel and complementary product categories when such arrangements provide more effective manufacturing, distribution and marketing than could be achieved internally.

As part of our strategy of expanding market penetration of VF-owned brands, we enter into licensing agreements with independent parties for specific apparel and complementary product categories when such arrangements provide more effective sourcing, distribution and marketing than could be achieved internally.

We provide support to these business partners and ensure the integrity of our brand names by taking an active role in the design, quality control, advertising, marketing and distribution of licensed products.

Licensing arrangements relate to a broad range of VF brands and are for fixed terms of generally 3 to 5 years, with conditional renewal options.

Licensing ar rangements relate to a broad range of VF brands and are for fixed terms of generally 3 to 5 years, with conditional renewal options, outside of certain licensing arrangements for the Dickies ® brand that have longer terms.

Each licensee pays royalties to VF based on its sales of licensed products, with most agreements providing for a minimum royalty requirement.

Royalties generally range f rom 4% to 10% of the licensing partners’ net licensed products sales.

Royalty income was $51.7 million in Fiscal 2021 (less than 1% of total revenues), primarily from the Vans ® , Dickies ® and Timberland ® brands.

MANUFACTURING, SOURCING AND DISTRIBUTION

Royalties generally range from 4% to 10% of the licensing partners’ net licensed product sales.

Royalty income was $66.6 million in Fiscal 2022 (less than 1% of total revenues), primarily from the Dickies ® , Vans ® and Timberland ® brands.

SOURCING AND DISTRIBUTION

Product design and innovation, including fit, fabric, finish and quality, are important elements across our businesses.

These functions are performed by employees located in our global supply chain organization and our branded business units across the globe.

VF’s centralized global supply chain organization is responsible for producing, procuring and delivering products to our customers.

VF’s centralized global supply chain organization is responsible for procuring and delivering products to support our brands and businesses.

VF is highly skilled in managing the complexities associated with our global supply chain .

In Fiscal 2021, VF sourced or produced approximately 295 million units spread across our brands.

In Fiscal 2022, VF sourced approximately 408 million units spread across our brands.

Our products were primarily obtained from approximately 252 independent contractor manufacturing facilities in approximately 37 countries.

Additionally, we operate 29 distribution centers and 1,374 retail stores.

Ad ditionally, we operate 25 distribution centers and 1,322 retail stores.

Managing this complexity is made possible by the use of a network of information systems for product development, forecasting, order management and warehouse management, along with our core enterprise resource management platforms.

In Fiscal 2021, 96% of our units were obtained from independent contractors.

Products obtained f rom contractors in the Western Hemisphere generally have a higher cost than products obtained from contractors in Asia.

Products obtained from contractors in the Western Hemisphere generally have a higher cost than products obtain ed from contractors in Asia.

However, contracting in the Western Hemisphere gives us greater flexibility, shorter lead times and allows for lower inventory levels for the U.S.

contracted production with different geographic regions and cost structures, provides a flexible approach to product sourcing.

The use of contracted production with different geographic regions and cost structures, provides a flexible approach to product sourcing.

We will continue to manage our supply chain from a global perspective and adjust as needed to changes in the global production environment.

Independent contractors generally own the raw materials and ship finished, ready-for-sale products to VF.

These contractors are engaged through VF sourcing hubs in Hong Kong (with satellite offices across Asia) and Panama.

These hubs are responsible for managing the manufacturing and procurement of product, supplier oversight, product quality assurance, sustainability within the supply chain, responsible sourcing and transportation and shipping functions.

These contractors are engaged through VF sourcing hubs in Singapore (with satellite offices across Asia) and Panama.

These hubs are responsible for managing the procurement of product, supplier oversight, product quality assurance, sustainability within the supply chain, responsible sourcing and transportation and shipping functions.

In addition, our hubs leverage proprietary knowledge and technology to enable certain contractors to more effectively control costs and improve labor efficiency.

2 unchanged sentences

(i) diversifying production among countries and contractors, (ii) sourcing production to merchandise categories where product is readily available, and (iii) sourcing from countries with tariff preference and free trade agreements.

VF does not directly

4 VF Corporation Fiscal 2021 Form 10-K

Table of Conte nts

or indirectly source products from suppliers in countries that are prohibited by the U.S.

VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S.

State Department.

No single supplier represented more than 7% of our total cost of goods sold during Fiscal 2022.

The independent contractor facilities that manufacture VF products, must comply with VF’s Global Compliance Principles.

These principles, established in 1997 and consistent with international labor standards, are a set of strict standards covering legal and ethical business practices, worker age, work hours, health and safety conditions, environmental standards and compliance with local laws and regulations.

All independent contractor facilities that manufacture VF products, must comply with VF’s Global Compliance Principles.

These principles, consistent with international labor standards, are a set of strict standards covering legal and ethical business practices, worker age, work hours, health and safety conditions, environmental standards and compliance with local laws and regulations.

4 VF Corporation Fiscal 2022 Form 10-K

VF, through its contractor monitoring program, audits the activities of the independent businesses and contractors that produce VF products at locations across the globe.

3 unchanged sentences

Additional information about VF’s Code of Business Conduct, Global Compliance Principles, Terms of Engagement and Environmental Compliance Guidelines, along with a Global Compliance Report, is available on the VF website at www.vfc.com.

In response to COVID-19, VF has actively worked with its suppliers to minimize disruption while comply ing with local health advisories and governmental restrictions.

VF did not experience significant difficulty in fulfilling its raw material and contracting production needs during Fiscal 2021.

Absent any material changes, VF believes it would be able to largel y offset any increases in product costs through (i) the continuing shift in the mix of its business to higher margin brands, geographies and channels of distribution, (ii) increases in the prices of its products, and (iii) cost reduction efforts.

COVID-19 has impacted some of VF's suppliers, including the resurgence of COVID-19 lockdowns in key sourcing countries that resulted in additional manufacturing constraints during Fiscal 2022;

however, this situation has improved over time.

Additionally, Fiscal 2022 was impacted by continued port congestion, lengthened transit times, equipment availability and other logistics challenges.

These issues have caused significant product delays, which have resulted in challenges to timely meet

customer demand in Fiscal 2022;

however, VF has actively worked with its suppliers to minimize disruption.

VF has and will continue to work to offset any increases in product costs through (i) the continuing shift in the mix of its business to higher margin brands, geographies and channels of distribution, (ii) increases in the prices of its products, and (iii) cost reduction efforts.

The loss of any one supplier or contractor would not have a significant adverse effect on our business.

1 unchanged sentence

In some instances, product is shipped directly to our customers.

Most distribution centers are operated by VF, and some support more than one brand.

A portion of our distribution needs are met by contract distribution centers.

Most distribution centers are operated by VF, and most support more than one brand.

In response to COVID-19, VF's distribution centers have maintained operations in accordance with local government guidelines while maintaining enhanced health and safety protocols.

Our largest fully operational distribution centers by region are located in Visalia, California, Prague, Czech Republic and Shanghai, China.

In total, we operate 29 owned or leased distribution centers primarily in the U.S., but also in the United Kingdom, Belgium, the Netherlands, Canada, Mexico, Israel, Japan and France.

Our largest distribution centers by region are located in Visalia, California, Prague, Czech Republic and Shanghai, China.

In total, we operate 25 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, United Kingdom, the Netherlands, China, Canada, Mexico, Belgium, Israel, Japan and France.

VF’s quarterly operating results vary due to the seasonality of our individual brands, and are historically stronger in the second half of the calendar year.

This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where revenues are historically weighted towards the second and third fiscal quarters.

Our Fiscal 2021 results were also significantly impacted by COVID-19, which resulted in temporary store closures, reduced traffic and changes in consumer behavior.

On a quarterly basis in Fiscal 2022, revenues ranged from a low of 19% of full year revenues in the first fiscal quarter to a high of 31% in the third fiscal quarter, while operating margin was 9% in the first fiscal quarter and 19% in the third fiscal quarter.

This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 12% of the segment's revenues occurred in the first fiscal quarter compared to 36% in the third fiscal quarter of

Fisca l 2022.

With changes in our mix of business and the growth of our retail operations, historical quarterly revenue and profit trends may not be indicative of future trends.

4 unchanged sentences

During Fiscal 2022, our advertising and promotion expense was $840.6 million, representing 7% of total revenues.

We advertise in consumer and trade publications, on radio and television and through digital initiatives including social media and mobile platforms on the Internet.

We advertise in consumer and trade publications and through digital initiatives, including social media and mobile platforms on the Internet.

We also participate in cooperative advertising on a shared cost basis with major retailers in print and digital media, radio and television.

2 unchanged sentences

We provide advertising support to our wholesale customers, including independent partnership stores, in the form of point-of-sale fixtures and signage to enhance the presentation and brand image of our products.

We also participate in shop-in-shops and concession retail arrangements, which are separate

sales areas dedicated to a specific VF brand within our customers' stores and other locations, to help differentiate and enhance the presentation of our products.

We also participate in shop-in-shops and concession retail arrangements, which are separate sales areas dedicated to a specific VF brand within our customers' stores and other locations, to help differentiate and enhance the presentation of our products.

We contribute to incentive programs with our wholesale customers, including cooperative advertising funds, discounts and allowances.

We also offer sales incentive programs directly to consumers in the form of discounts, rebates and coupon offers that are eligible for use in certain VF-operated stores, brand e-commerce sites and concession retail locations.

VF also offers loyalty programs for certain brands that provide a range of benefits to consumers.

In addition to sponsorships and activities that directly benefit our products and brands, VF and its associates actively support our communities and various charities.

For example, The North Face ® brand has committed to programs that encourage and enable outdoor participation, such as The North Face Endurance Challenge ® and The North Face Explore Fund™ programs.

The Timberland ® brand has a strong heritage of volunteerism, including the Path of Service™ program that offers full-time

VF Corporation Fiscal 2021 Form 10-K 5

Table of Conte nts

employees up to 40 hours of paid time off a year to serve their local communities through global service events such as Earth Day in the spring and Serv-a-palooza in the fall.

The Vans ® brand has hosted Vans ® Gives Back Day events in which all employees at the brand's headquarters spend the day volunteering in the community.

In Fiscal 2021, Vans ® "Foot The Bill" program

partnered with local and community-driven skate shops, restaurants, art galleries and music venues to design Vans ® custom footwear.

The net proceeds from the sale of each pair of the custom shoes went directly to small business partners in this critical time of need.

SUSTAINABILITY

VF is one of the world’s largest apparel, footwear and accessories companies.

As such, we have both an opportunity and responsibility to make a positive impact on our industry and planet through advancing sustainable business practices.

VF plans to achieve significant progress in several key areas of sustainability, including people, the planet, our products, the supply chain, raw materials and facilities, to create a positive global impact.

VF’s Sustainability & Responsibility strategy, Made for Chang e, targets three key pillars to drive transformational change and create value for our business.

The strategy is focused on new circular and sustainable business models to (i) harness retail opportunities in new sectors, (ii) scale foundational social and environmental programs to lead the industry toward greater progress at a faster rate, and (iii) empower our brands, associates, and consumers to act with purpose and impact with intention.

VF has committed to measurably improve the lives of two million supply chain workers and others within their communities, by 2030.

As a result, VF launched the Worker and Community Development Program with strategic initiatives focused on (i) water and sanitation, (ii) health and nutrition, and (iii) childcare and education.

We are also prioritizing transparency to ensure our global supply chain improves the lives of people and the planet.

VF maintains traceability maps to demonstrate the end-to-end (farm-to-front door) traceability of nine iconic VF-brand products.

In Fiscal 2021, VF increased the number of published maps, and will continue to scale traceability efforts and enhance visibility across all VF brands.

Aligned with our scale for good ideology, VF has some of the industry’s most ambitious science-based targets.

VF’s science-based carbon emissions targets include (i) an absolute reduction of Scope 1 and 2 greenhouse gas emissions of 55% by 2030, from a 2017 baseline year;

and, (ii) an absolute reduction of Scope 3 greenhouse gas emissions of 30% by 2030, from a 2017 baseline year focusing on farm-to-retail materials, sourcing operations and logistics.

Dedication to continued sustainability progress is particularly focused in the realm of VF product raw materials.

VF’s goal is to source 50% recycled nylon and polyester for products by 2025, with a targeted 35% reduction in negative impact of key materials.

VF has also pledged to not use fur in any of our

products, in support of its Animal Derived Materials & Forest Derived Materials policies.

The Company has a sustainable materials vision which outlines a clear path for environmental impact reduction through its commitment that 100% of its top nine materials, which account for approximately 90% of its materials-related carbon emissions, will originate from regenerative, responsibly sourced renewable, or recycled sources by 2030.

In addition, during Fiscal 2021 we announced our goal to eliminate all single-use plastic packaging, including polybags, by 2025.

From that point on, all remaining non-plastic packaging used by VF and our brands would originate from sustainable sources and be designed for reuse or recyclability.

VF has set goals for internal facilities that include (i) the sourcing of 100% of electricity from renewable sources within VF-owned and operated facilities by 2025, in line with the enterprise commitment to RE100, and (ii) achieving Zero Waste at 100% of VF internal distribution center locations during Fiscal 2022.

In Fiscal 2021, VF formed strategic partnerships with several international organizations to advance rooftop solar installations and energy efficiency improvement projects across the supply chain.

Currently, various strategic suppliers are participating in one of VF’s several partner programs that facilitate technical and financial resources to improve operational efficiency and transition to renewable energy.

VF issued a €500.0 million green bond in Fiscal 2020, the first in the apparel and footwear industry.

VF published its Green Bond Impact Report in February 2021, demonstrating full allocation of the net proceeds to eligible sustainability projects that deliver progress toward the achievement of VF’s sustainability goals including its science-based targets.

VF brands are equally committed to sustainability action in their sectors.

In Fiscal 2021, the Timberland ® brand launched an industry-first regenerative leather boot.

The North Face ® brand expanded its iconic Base Camp Duffel line made with 100% recycled fabrics and webbing.

The North Face ® brand also expanded its 'Renewed' program by introducing ‘Remade’, a collection of upcycled garments, allowing customers to purchase one-of-a-kind products.

The recommerce model addresses one of the apparel industry’s biggest challenges, textile waste, and offers our products at a lower price point, which allows new consumers to experience our brands.

For example, The North Face ® brand has committed to programs that encourage and enable outdoor participation, such as The North Face Explore Fund™ program.

The Timberland ® brand has a strong heritage of volunteerism, including the Path of Service™ program that offers full-time employees paid time off to serve their local communities through global service events such as Earth Day in the spring and "Serv-a-palooza" in the fall.

In Fiscal 2022, the Vans ® brand launched "Checkerboard Day", the brand's single largest philanthropic initiative, supporting charities from around the world who share a mission of revitalizing public spaces through arts, sports, culture and social impact programming.

VF Corporation Fiscal 2022 Form 10-K 5

Table of Conte nts

HUMAN CAPITAL

As a purpose-led, performance-driven enterprise, VF leverages the strength of our business to drive profitable growth and create value for our shareholders and our stakeholders.

SUSTAINABILITY AND RESPONSIBILITY

VF and our family of brands strive to be more than just an apparel and footwear company.

Collectively, we work to be a leading global citizen, setting a high bar for corporate sustainability and responsibility.

Our enterprise-wide sustainability and responsibility strategy, entitled Made for Change , focuses on key areas including people, the planet and our products.

• VF is a people-focused company.

Our associates are a force for good in the world, sparking global movements that genuinely make a difference.

We have a responsibility to protect and lift-up all who work across our operations and supply chain.

• The well-being of people and the planet are inextricably connected.

Through our sustainability efforts, we are taking bold action on climate change to protect the planet for generations to come.

• VF brands touch millions of lives every year – from the people that design and make apparel and footwear to the consumers who purchase them.

Innovation and responsible product stewardship is infused at every step.

VF prioritizes sustainable materials, circularity, and sustainable packaging to drive scalable change by working to reduce our environmental impact.

Other critical components of our sustainability strategy include reducing greenhouse gas ("GHG") emissions, renewable energy use, responsible sourcing of materials, reducing waste and implementing green buildings across both our operations and supply chain.

VF’s Chairman, President and Chief Executive Officer, as well as the Company's Executive Leadership Team and Board of Directors are responsible for the oversight of VF’s sustainability and responsibility strategies and targets.

Progress updates are presented to the Governance and Corporate Responsibility Committee of the Board of Directors on a biannual cadence.

In alignment with the Taskforce on Climate-Related Financial Disclosures ("TCFD"), VF has completed an analysis of potential climate-related risks and opportunities.

'Climate Change & Environmental Sustainability' has been established as a VF enterprise risk and embedded in our enterprise risk management framework.

Updates on enterprise risks, and progress towards associated targets, are provided to the Audit Committee of the Board of Directors quarterly.

VF's science-based targets include the following:

• Reduce absolute Scope 1 and 2 GHG emissions 55% by 2030 from a 2017 baseline;

• Reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation 30% by 2030 from a 2017 baseline.

Other planet- and product-related goals include the following:

• Utilize 100% renewable energy across our owned-and-operated facilities by Fiscal 2026, to be primarily achieved through off-site renewable energy investments, including renewable energy credits.

• Source 50% of our polyester from recycled materials by Fiscal 2026.

• Eliminate all non-essential, single-use plastics from VF direct operations and sponsored events by Fiscal 2024.

VF is currently on course with its internal milestones, tracking progress towards these targets and goals.

Additional information regarding VF’s sustainability and responsibility strategy and actions can be found within our latest Made for Change report within our “Responsibility” page on www.vfc.com.

Also included on that webpage are downloads of our Sustainability Accounting Standards Board ("SASB") and Global Reporting Initiative ("GRI") indices.

Information contained on our website or in our Made for Change report or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.

HUMAN CAPITAL MANAGEMENT

As a purpose-led, performance-driven company, VF leverages the strength of our business and the capabilities of our people to drive profitable growth and create value for shareholders and stakeholders.

Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet.

This purpose, combined with a focus on delivering on our commitments, allows us to offer a unique value proposition to our associates – a place where you can do good and do well at the same time.

Our human capital management strategy focuses on ensuring that we attract, develop and retain diverse talent through practices that promote inclusion, diversity and equity;

development opportunities for associates across the organization;

competitive rewards and benefits;

and programs that support wellbeing in an engaging work environment built on enduring guiding principles and values.

We also believe that having an engaged, diverse and committed workforce not only enhances our culture but also drives our business success.

Initiatives to promote overall alignment with our purpose, guiding principles and strategy are therefore important and include extensive internal communications and education about our programs, interactive townhalls across various parts of our business, and a listening strategy that engages associates in providing input and feedback on a variety of topics.

This purpose, combined with a laser focus on performance and delivering on our commitments, allows us to offer a unique value proposition to our associates – a place where you can do well and do good at the same time.

We consider the talent and capabilities of our people as essential to our business strategy and execution, and, as such, put in place strategies to attract, develop and retain highly diverse talent with the skills and passion to build our brands for our consumers around the globe.

Our Human Capital Management ("HCM") practices are designed to promote inclusion, diversity and equity;

provide development opportunities for associates across the organization;

offer competitive rewards and benefits;

and sponsor programs that support wellbeing in an engaging work environment built on enduring guiding principles and longstanding values.

We believe that having an engaged, diverse and committed workforce not only enhances our business performance but also our culture.

Initiatives to promote overall alignment with our performance, purpose, guiding principles, and strategy are therefore important and include internal communications and education about our programs, townhalls across various parts of our business, and a listening strategy that engages associates in providing input and feedback on a variety of topics.

Our Board of Directors and its Committees provide governance and oversight on a broad range of VF’s human capital management efforts.

The Board’s oversight includes review of CEO and executive officer performance, compensation and succession planning and inclusion, diversity and belonging programs and initiatives.

The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews inclusion and diversity, benefits, wellbeing, culture, and talent development strategies.

VF’s Audit Committee monitors current and emerging risks, including human capital management risks, and VF’s health and safety program.

The Governance and Corporate Responsibility Committee is responsible for conducting Director succession planning and the selection of Director nominees, and reviews VF’s Code of Business Conduct and VF’s sustainability policies, goals and programs.

These Committees report and provide recommendations to the Board and are part of the broader framework that guides how VF attracts, develops, and retains a workforce that aligns with VF’s values and supports its strategies.

The Board’s oversight includes review of CEO and executive officer performance, compensation and succession planning and inclusion, and diversity and belonging

6 VF Corporation Fiscal 2022 Form 10-K

programs and initiatives.

The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-wide HCM priorities, including inclusion and diversity, benefits, wellbeing, culture, succession and talent development strategies.

VF’s Audit Committee monitors current and emerging risks, including HCM risks, and VF’s health and safety program.

The Governance and Corporate Responsibility Committee is responsible for conducting Board succession planning and the selection of nominees to the Board, and reviews VF’s Code of Business Conduct and VF’s sustainability policies, goals and programs.

These Committees provide recommendations to the Board and are part of the broader framework that guides how VF attracts, develops, and retains a workforce that aligns with VF’s values and supports its business strategies and performance objectives.

In addition, VF’s Executive Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture, employee value proposition and talent development programs.

Examples of our key programs and initiatives that are focused to achieve our objectives include:

The sections that follow provide further background on our associate base, as well as examples of our key programs and initiatives that are focused on the achievement of our objectives.

Associate Base

VF had approximately 35,000 employees at the end of Fiscal 2022.

Of VF’s total employees, approximately 58% were full-time and approximately 58% were located in the U.S.

In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements.

Employee relations are considered to be good.

Inclusion, Diversity, Equity, Action ("IDEA")

IDEA is fundamental to our business and we aim to sustain a workplace that celebrates the diversity of our associates.

IDEA is fundamental to our business as we aim to sustain a workplace that celebrates the diversity of our associates.

We strive to provide an environment that allows our associates to bring their authentic selves to work every day, and we’re determined to foster a workplace that is free of discrimination and harassment, and promotes allyship, advocacy and belonging.

Our Global Inclusion, Diversity and Equity Council sets global goals and strategic direction in alignment with VF’s global IDEA strategy.

Our Council to Advance Racial Equity (“CARE”) has committed to assisting in actions that promote, among other things;

1) increasing Black, Indigenous and People

of Color (“BIPOC”) associate representation within director and above roles in the U.S.;

Our Council to Advance Racial Equity (“CARE”) oversees our commitments on actions that promote:

increasing Black, Indigenous and People of Color (“BIPOC”) representation at the director and above population in the U.S.;

diverse candidate slates;

3) pay equity;

leader compensation tied to successful implementation of our IDEA strategy;

3 unchanged sentences

At the end of Fiscal 2022, approximately 18% of our U.S.

workforce within director and above roles voluntarily self-identified as BIPOC.

VF is a member of the Paradigm for Parity coalition, which has pledged to prom ote organizational gender parity globally by 2030.

At the end of Fiscal 2021, nearly 55% of the overall VF workforce and approximately 40% of director and above roles voluntarily self-identified as women.

VF a ims to remove barriers to uplifting women and has added and expanded resources to support women in the workplace, including career advancement workshops, community building activities through our Employee Resource Groups (“ERGs”), and a suite of benefits designed to promote wellbeing and provide support for parents and families.

director and above workforce voluntarily self-identified as BIPOC.

VF is a member of the Paradigm for Parity coalition, which has pledged to promote organizational gender parity globally in leadership roles by 2030.

At the end of Fiscal 2022, approximately 53% of the overall VF workforce and approximately 42% of director and above roles voluntarily self-identified as women.

VF aims to remove barriers to uplifting women and has added and expanded resources to support women in the workplace, including career advancement

workshops, community building activities through our Employee Resource Groups (“ERGs”), and a suite of benefits designed to promote wellbeing and provide support for parents and families, including paid parental leave.

Our dedication to inclusion and diversity is further reflected in programs sponsored by our ERGs.

Our ERGs enhance our culture of belonging by creating a safe space for learning and dialogue about underrepresented groups, establishing a sense of community among associates and providing platforms to collect and share insights to support business imperatives.

Our ERGs enhance our culture of belonging by creating a safe space for learning and dialogue for underrepresented groups, establishing a sense of community among associates and providing platforms to collect and share insights to support business imperatives.

We currently have various ERGs for women, BIPOC, Veterans and LGBTQ+ communities.

VF is committed to maximizing inclusion, diversity and equity not only within the company, but within the communities where we live and work, while also being a positive influence within the apparel and footwear sector, and society at large.

Culture, Talent Management and Engagement

Culture and Engagement

Our culture is built on our five Guiding Principles:

Live with Integrity, Act with Empathy, Be Curious, Persevere, and Act Courageously.

We have codified this culture through the lens of “what we do”, “what we see” and “how we feel”, and we measure our culture and Employee Net Promoter Score (eNPS) via semi-annual surveys.

We have codified this culture through the lens of “what we do”, “what we see” and “how we feel”, and we measure our culture and Employee Net Promoter Score ("eNPS") via semiannual surveys.

Results are evaluated, shared with associates and used to guide management focus and attention.

Recently, actions have included enhanced training and resources for managing in a distributed workplace and aid for managers with coaching and supporting associates through the COVID-19 pandemic.

VF also conducts periodic pulse check surveys for interim feedback on specific topics such as ethics & compliance, safety, and remote/flexible work.

Recent actions have included our Workplace Next initiative, which is focused on 1) driving flexibility for associates where they work, 2) creating engaging work environments that bring associates together to collaborate and innovate, and 3) equipping leaders to manage in a complex, hybrid environment.

VF also conducts periodic pulse check surveys for interim feedback on specific topics such as ethics and compliance, safety, communications, and related topics.

Talent Management

Talent Management includes the acquisition, development, skilling and upskilling, and deployment of our talent.

We utilize a range of tools and programs including diverse candidate slates, talent reviews, performance coaching and development, succession planning, access to volunteering opportunities, IDEA training and hundreds of online learning modules that are available to all associates.

VF Corporation Fiscal 2021 Form 10-K 7

Table of Conte nts

We also have an active internal mobility program, with approximately 31% of our office associates taking on larger or new responsibilities within the company in the last year, and hundreds contributing their skills through short-term assignments or “gigs” across the organization.

Associate Wellbeing and Safety

2 unchanged sentences

We offer a comprehensive and competitive benefits program to our full-time associates that is designed to provide choices and flexibility to meet their needs now and in the future.

These include health & welfare programs, retirement programs, paid parental leave, adoption assistance, paid time off, tuition reimbursement, product discounts, fitness facilities or programs, childcare and educational resources and various on-site services, employee assistance program, and regular wellbeing programming as culturally appropriate throughout the geographies in which we operate.

These include health and welfare programs, retirement programs, paid parental leave, reproductive and adoption assistance, paid time off, tuition reimbursement, product discounts, fitness facilities or programs, childcare and educational resources and various on-site services, employee assistance program, and regular wellbeing programming, as

VF Corporation Fiscal 2022 Form 10-K 7

culturally appropriate throughout the geographies in which we operate.

Associate safety rests at the heart of our decisions.

12 unchanged sentences

and we will strive to make our communities better.

Our global Ethics & Compliance program provides VF associates with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.

A discussion of VF’s human capital management response to COVID-19 is included in Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

VF had approximately 40,000 employees at the end of Fiscal 2021.

Of VF's total employees , approximately 68% were full-time and approximately 49% were located in the U.S.

In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements.

Employee relations are considered to be good.

Our global Ethics and Compliance program provides VF associates with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.

OTHER MATTERS

11 unchanged sentences

In addition, we sell products on a direct-to-consumer basis through VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

Our sales in international markets are growing and represented 50% of our total revenues in the year ended March 2021, the majority of which were in Europe.

Our international sales represented 48% of our total revenues in the year ended March 2022, with Europe being the largest international market.

Sales to VF’s ten largest customers amounted to approximately 17% of total revenues in Fiscal 2022.

1 unchanged sentence

Sales to VF’s largest customer totaled approximately 2% of total revenues in Fiscal 2022.

The dollar amount of VF’s order backlog as of any date may not be indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole.

The dollar amount of VF’s order backlog as of any date is not indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole.

8 VF Corporation Fiscal 2022 Form 10-K

Table of Conte nts

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

3 unchanged sentences

Rendle , 62, has been Executive Chairman of the Board since October 2017, President and Chief Executive Officer of VF since January 2017 and a Director of VF since June 2015.

Rendle served as President and Chief Operating Officer from June 2015 to December 2016, Senior Vice President — Americas from April 2014 until June 2015, Vice President and Group President — Outdoor & Action Sports Americas from May 2011 until April 2014, President of VF’s Outdoor Americas businesses from 2009 to 2011, President of The North Face ® brand from 2004 to 2009 and Vice President of Sales of The North Face ® brand from 1999 to 2004.

Rendle served as President and Chief Operating Officer from June 2015 until December 2016, Senior Vice President — Americas from April 2014 until June 2015, Vice President and Group President — Outdoor & Action Sports Americas from May 2011 until April 2014, President of VF’s Outdoor Americas businesses from 2009 until 2011, President of The North Face ® brand from 2004 until 2009 and Vice President of Sales of The North Face ® brand from 1999 until 2004.

Rendle joined VF in 1999.

Roe , 56, has been Executive Vice President and Chief Financial Officer of VF since March 2019.

He served as Vice President and Chief Financial Officer of VF from April 2015 to February 2019, Vice President — Controller and Chief Accounting Officer of VF from February 2013 until March 2015, Vice President — Finance of VF from 2012 to 2013, Vice President — Chief Financial Officer of VF International from 2006 to 2012 and Vice President — Chief Financial Officer of VF’s former intimate apparel business from 2002 to 2006.

Roe joined VF in 1996.

Bailey , 60, has been Executive Vice President and President, APAC and Emerging Brands since August 2020.

He served as Executive Vice President and Group President, APAC and Vans from January 2017 until December 2017, President Action Sports & VF CASA from March 2016 to December 2016, President Action Sports & the Vans ® brand from April 2014 to February 2016, Global President of the Vans ® brand from June 2009 to March 2014 and Vice President Direct-to-Consumer for the Vans ® brand from June 2002 to November 2007.

Puckett , 48, has been Executive Vice President and Chief Financial Officer of VF since June 2021.

He served as Vice President — Global Financial Planning & Analysis from June 2019 until May 2021, Vice President — Chief Financial Officer of VF International from April 2015 until May 2019, Vice President – Chief Financial Officer Timberland from October 2011 until March 2015 and Vice President — Chief Financial Officer VF Sportswear April 2009 until October 2011.

Puckett joined VF in 2001 .

Bailey , 61, has been Global Brand President, Vans ® since March 2022.

He served as Executive Vice President and President, APAC and Emerging Brands from August 2020 until February 2022, Executive Vice President and Group President, APAC from January 2017 until August 2020, President Action Sports & VF CASA from March 2016 until December 2016, President Action Sports and the Vans ® brand from April 2014 until February 2016, Global President of the Vans ® brand from June 2009 until March 2014 and Vice President Direct-to-Consumer for the Vans ® brand from June 2002 until November 2007.

Bailey joined VF in 2004.

Martino Scabbia Guerrini , 56, has been Executive Vice President and Group President — EMEA since January 2018.

He served as President — VF EMEA from April 2017 until December 2017, Coalition President — Jeanswear, Sportswear and Contemporary International from January 2013 to November 2017, President — Sportswear and Contemporary EMEA from February 2009 to December 2012 and President — Sportswear and Packs from August 2006 to January 2009.

Martino Scabbia Guerrini , 57, has been Executive Vice President, and President EMEA and Emerging Brands since March 2022.

He served as Executive Vice President and Group President — EMEA from January 2018 until March 2022.

He served as President — VF EMEA from April 2017 until December 2017, Coalition President — Jeanswear, Sportswear and Contemporary International from January 2013 until November 2017, President — Sportswear and Contemporary EMEA from February 2009 until December 2012 and President — Sportswear and Packs from August 2006 until January 2009.

Guerrini joined VF in 2006.

2 unchanged sentences

McNeill joined VF in 1993.

Meagher , 61, has been Executive Vice President, General Counsel and Secretary since March 2019.

She served as Vice President, General Counsel and Secretary from 2012 to February 2019.

She served as Vice President — Deputy General Counsel from 2008 to 2012 and Assistant General Counsel from 2004 to 2008.

Meagher joined VF in 2004.

Murray , 61, has been Executive Vice President and Group Brand President, The North Face since October 2020.

He served as Executive Vice President — Strategic Projects from April 2018 until October 2019 and as Group President, American from October 2019 until October 2020.

He served as Group President, Americas from October 2019 until October 2020 and as Executive Vice President — Strategic Projects from April 2018 until October 2019.

Earlier in his career, he served as President — Action Sports Coalition from 2009 until 2010 and President of the Vans ® brand from August 2004 until 2009.

Murray originally joined VF in 2004.

Sim , 48, has been Executive Vice President, General Counsel and Secretary since May 2022.

She served as Vice President, Deputy General Counsel from 2019 until May 2022, Vice President, General Counsel — Americas West from 2016 until 2019 and Vice President, General Counsel — Outdoor & Action Sports Americas from 2013 until 2016.

Sim joined VF in 2013.

Additional information is included under the caption “Election of Directors” in VF’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held July 26, 2022 (“2022 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended April 2, 2022, which information is incorporated herein by reference.

11 unchanged sentences

VF Corporation Fiscal 2022 Form 10-K 9

Table of Conte nts

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business