What changed in this filing

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Item 1. Business

2023-05-25 compared with 2022-05-26 · 112 added, 106 removed, 264 unchanged (45% of the section changed)

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

As such, the Occupational Workwear business that was sold on June 28, 2021 has been excluded.

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

Our ability to connect with consumers, as diverse as our brand portfolio, creates a unique platform for sustainable, long-term growth.

Our ability to connect with consumers creates a unique platform for sustainable, long-term growth.

Our long-term growth strategy is focused on four strategic choices:

• Drive and optimize our portfolio.

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, 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;

• Elevate direct channels.

Investing in our direct-to-consumer business to make it the pinnacle expression of our brands, and prioritizing serving consumers through e-commerce and digitally enabled transactions;

• 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 vertically integrated manufacturer and retailer.

• Find and amplify consumer tailwinds.

Innovate within our existing brand portfolio while also strategically expanding into adjacencies that complement our current brands and tap into consumer growth spaces.

• Build brands on multiple growth horizons.

Gain market share through building and managing our brands at different stages of growth across the portfolio, as well as through mergers and acquisitions and business development to benefit both individual brands and the enterprise.

• Leverage platforms for speed to scale and efficiency.

Leveraging our strategic platforms, which provide a unique set of large-scale capabilities to enable our brands to connect more directly with consumers and operate more efficiently, including consumer data and analytics, direct-to-consumer centric supply chain, digitally-enabled seamless consumer experience and international platforms.

• Resource for portfolio agility and performance.

Managing our business with organizational agility and dynamically

allocate capital and deploy people to drive our highest-priority strategic and growth-focused initiatives.

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

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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.

Our highly sophisticated and diversified supply chain utilizes leading technologies for inventory replenishment that enable us to match our assortment of products to consumer demand.

Through an increasingly localized approach, we have established three main regional sourcing hubs which has led to reduced lead times by moving production closer to end consumption.

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

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VF Corporation Fiscal 2023 Form 10-K 1

Table of Conten ts

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

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

High performance apparel and accessories based on natural fibers

Performance-based footwear

High performance apparel and accessories based on natural fibers

Active Vans ®

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Streetwear apparel, footwear, accessories

Premium outdoor-inspired apparel, footwear, accessories

Handbags, luggage, backpacks, totes, accessories

Premium outdoor-inspired apparel, footwear, accessories

Backpacks, luggage

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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 stores, 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, approximately 230 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.

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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 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.

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.

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

Icebreaker ® products are sold globally through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximately 25 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.

Key drivers of long-term growth in our Outdoor segment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable 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.

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Table of Conten ts

ACTIVE SEGMENT

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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 stores, more than 700 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

Vans ® products are available globally through chain stores, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retai l stores, approximately 750 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.

Supreme ® products are available globally through approximately 15 VF-operated stores, select partner retail 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, approximately 40 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 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 , approximately 25 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.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.

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

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.

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, profitable growth of our direct-to-consumer business including our digital presence, enhancement 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.

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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.

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

In addition, VF operates outlet stores in both premium outlet malls and more traditional value-based locations.

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.

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 also 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.

Our global direct-to-consumer operations included 1,265 stores at the end of Fiscal 2023.

We operate retail store locations for the following brands:

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

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

Approximately 60% of our stores are located in the Americas (53% in the U.S.), 25% in Europe and 15% in Asia-Pacific.

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

Additionally, we sell certain of our branded products through

VF Corporation Fiscal 2023 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.

Table of Conten ts

approximately 900 concession retail stores located principally in Europe and Asia.

E-commerce represented approximately 43% of our direct-to-consumer business and 19% of total VF revenues in Fiscal 2023.

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 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.

We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance.

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.

We expect our direct-to-consumer business to gain share in our revenue mix as we leverage strategic platforms that enable our brands to more directly connect with consumers.

In addition to our direct-to-consumer operations, independent parties own and operate approximately 2,400 partnership stores.

Sales to these partners are reported in our wholesale channel.

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 in Asia, and are concentrated amongst 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 North Face ® , Timberland ® , Vans ® , Dickies ® , Kipling ® and Napapijri ® brands.

LICENSING ARRANGEMENTS

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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 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.

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, 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 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.

Royalty income was $75.0 million in Fiscal 2023 (less than 1% of total revenues), primarily from the Vans ® , Dickies ® and Timberland ® brands.

SOURCING AND DISTRIBUTION

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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 .

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

In Fiscal 2023, VF sourced approximately 362 million units spread across our brands.

Our products were primarily obtained from approximately 340 independent contractor manufacturing facilities in approximately 35 countries.

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

Additionally, we operate 21 distribution centers and 1,265 retail stores across the globe.

We also utilize distribution centers managed by third parties, as necessary, for certain brands and locations.

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.

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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 Singapore (with satellite offices across Asia) and Panama.

These contractors are engaged through VF's sourcing hub in Singapore (with

satellite offices across Asia), and to a lesser extent, VF's sourcing hubs in Panama and Switzerland.

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.

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No single supplier represented more than 6% of our total cost of goods sold during Fiscal 2023.

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

All independent contractor facilities that manufacture VF products, are subject to 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.

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

Each of the approximately 252 independent contractor facilities, including those serving our independent licensees, must be pre-certified before producing VF products.

This pre-certification includes passing a factory inspection and signing a VF Terms of Engagement agreement.

Independent contractor facilities, including those serving our independent licensees, are subject to pre-certification before producing VF products.

This pre-certification includes passing a factory

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Table of Conten ts

inspection and signing a VF Terms of Engagement agreement.

We maintain an ongoing audit program to ensure compliance with these requirements by using dedicated internal staff and externally contracted firms.

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.

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.

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 and logistical challenges during Fiscal 2023.

VF has worked with its suppliers to minimize disruption and employed expedited freight as needed.

products, and (iii) cost reduction efforts.

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

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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 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.

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

In total, we operate 21 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 and France.

In addition, VF leases a distribution center in Ontario, California, that will be operational in early-Fiscal 2024 and will become VF's largest distribution center.

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.

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.

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

On a quarterly basis in Fiscal 2023, revenues ranged from a low of 19% of full year revenues in the first fiscal quarter to a high of 30% in the third fiscal quarter, with corresponding operating margins of 3% in the first fiscal quarter and 15% in the third fiscal quarter.

This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 14% of the segment's revenues occurred in the first fiscal quarter compared to 35% in the third

fiscal quarter of Fiscal 2023.

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.

Working capital requirements vary throughout the year.

Working capital typically increases early in the calendar year as inventory builds to support peak shipping periods and then moderates later in the year as those inventories are sold and accounts receivable are collected.

Working capital typically increases early in the calendar year as inventory builds to support peak shipping periods and then moderates later in the calendar year as those inventories are sold and accounts receivable are collected.

Historically, cash provided by operating activities is substantially higher in the second half of the calendar year due to higher net income during that period and reduced working capital requirements, particularly during the fourth quarter of the calendar year.

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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 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.

For example, The North Face ® brand has committed to programs that encourage and enable outdoor participation, such as The North Face Explore Fund™ program, and provide trailblazing athletes with funding, gear, education and mentorship to accelerate their progress through its "Athlete Development Program".

The Timberland ® brand has a strong heritage of volunteerism, including the Path of Service™ program, which celebrated its 30-year anniversary in Fiscal 2023, offering 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 2023, the Vans ® brand supported programs and nonprofits committed to equality, mental health support and empowering everyone to use creativity to discover themselves.

VF Corporation Fiscal 2023 Form 10-K 5

Table of Conten ts

SUSTAINABILITY AND RESPONSIBILITY

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

VF and our portfolio 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.

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

• VF is a people-focused company.

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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.

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

VF’s President and Chief Executive Officer, as we ll as the Company's Executive Leadership Team ("ELT") and Board of Directors are responsible for the oversight of VF’s sustainability and responsibility strategies and targets.

VF's ELT Corporate Responsibility Working Group, comprised of executive leaders and subject matter experts from across the enterprise, address salient environmental and social issues.

Progress updates and key outcomes of the ELT Corporate Responsibility Working Group 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.

'Climate Change & 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.

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

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

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

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• 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.

• Key packaging materials shall be reduced and originate from more sustainable sources by Fiscal 2031.

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.

In Fiscal 2023, VF issued its second €500.0 million green bond;

the inaugural green bond was issued in Fiscal 2020.

VF has dedicated an amount equivalent to the green bond net proceeds to support projects that align with key United Nations’ Sustainable Development Goals, deliver meaningful environmental benefits and drive progress toward its science-based targets.

Additional information regarding VF’s sustainability and responsibility strategy and actions can be found within our latest sustainability and responsibility 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.

Information contained on our website or in our sustainability and responsibility reports 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.

As a performance-driven company that is committed to its purpose, 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 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.

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 acquire, 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;

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

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Table of Conten ts

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

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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, and diversity and belonging

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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.

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

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

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

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.

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At the end of Fiscal 2023, approximately 19% of our U.S.

director and above workforce voluntarily self-identified as BIPOC.

director and above workforce 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.

At the end of Fiscal 2023, approximately 53% of the overall VF workforce and approximately 42% of director and above roles 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.

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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.

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

VF endeavors to support the diverse wellbeing needs of our associates and their families.

We define wellbeing as not only physical health, but also emotional, social, financial and career wellbeing.

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 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

We define wellbeing as not only physical health, but also mental, emotional, social, financial and career wellbeing.

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

VF Corporation Fiscal 2023 Form 10-K 7

culturally appropriate throughout the geographies in which we operate.

Table of Conten ts

Associate safety rests at the heart of our decisions.

3 unchanged sentences

Our goal is zero workplace injuries within our operations.

We’re using our scale, influence and insight to help establish safe, stable working environments in the factories producing our products, while simultaneously improving the lives of those in local communities beyond the factory walls.

We’re using our scale, influence and insight to help establish safe, stable

working environments in the factories producing our products, while simultaneously improving the lives of those in local communities beyond the factory walls.

Ethics and Compliance

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Our business depends on our ability to stimulate consumer demand for VF’s brands and products.

VF is well-positioned to compete in the apparel, footwear and accessories sector by developing high quality, innovative products at competitive prices that meet consumer needs, providing high service levels, ensuring the right products are on the retail sales floor to meet consumer demand, investing significant amounts into existing brands and managing our brand portfolio through acquisitions and dispositions.

Many of VF’s brands have long histories and enjoy strong recognition within their respective consumer segments.

As a leader in the industry with a portfolio of iconic brands, VF is well-positioned to compete in its target markets for apparel, footwear, and accessories.

Our brands support the active lifestyles of their consumers through the development of innovative and differentiated products and experiences.

We support our brands in meeting their commitments to consumers by leveraging our platforms and capabilities to innovate and ensure sufficient availability of high-quality products when and where consumers choose to engage with our brands, and to communicate and maintain long-lasting relationships.

Intellectual Property

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In addition, we grant licenses to other parties to manufacture and sell products utilizing our intellectual property in product categories and geographic areas in which VF does not operate.

VF products are sold on a wholesale basis to specialty stores, mid-tier and traditional department stores, national chains and mass merchants.

VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners.

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.

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8 VF Corporation Fiscal 2023 Form 10-K

Table of Conten ts

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

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None of the VF Corporation executive officers have any family relationship with one another or with any of the directors of VF Corporation.

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 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.

Benno Dorer , 59, has been Interim President and Chief Executive Officer of VF since December 2022 and a Director of VF since 2017.

Dorer served as VF's Lead Independent Director from July 2021 until December 2022.

Puckett , 49, has been Executive Vice President and Chief Financial Officer of VF since June 2021.

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Bailey , 62, 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 , 57, has been Executive Vice President, and President EMEA and Emerging Brands since March 2022.

He served as Executive Vice President and President, APAC and Emerging Brands from August 2020 until February 2022 (Emerging Brands) and June 2022 (APAC), 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 with the Vans ® acquisition.

Martino Scabbia Guerrini , 58, has been Executive Vice President, and President, EMEA and Emerging Brands since March 2022, and President, APAC since November 2022.

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

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McNeill joined VF in 1993.

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

Nicole Otto , 52 , has been Global Brand President, The North Face ® since June 2022.

She also served as President, APAC from July 2022 until November 2022.

Otto joined VF in June 2022.

Sim , 49, has been Executive Vice President, General Counsel and Secretary since May 2022.

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VF Corporation Fiscal 2023 Form 10-K 9

Table of Conten ts

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