What changed in this filing

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Item 1. Business

2024-05-23 compared with 2023-05-25 · 99 added, 114 removed, 262 unchanged (45% of the section changed)

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Corporation and its consolidated subsidiaries.

All references to "Fiscal 2023" relate to VF's current fiscal year which ran from April 3, 2022 through April 1, 2023.

All references to "Fiscal 2024" relate to VF's current fiscal year which ran from April 2, 2023 through March 30, 2024.

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, 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 creates a unique platform for sustainable, long-term growth.

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

• 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.

Following the appointment of a new Chief Executive Officer ("CEO") during Fiscal 2024, VF introduced the Reinvent turnaround program, which aims to reinvent how the Company operates as an organization across its brands, geographies and integrated enterprise functions.

As part of Reinvent, VF is taking measures to streamline and right-size its cost base, identify and capture efficiencies in its business model, and strengthen the balance sheet while reducing leverage.

During the year, a new operating model was introduced with the establishment of a global commercial organization.

This includes the creation of an Americas regional platform, modeled on the Company's successful operations in Europe and Asia-Pacific, all of which support VF’s global brands.

VF also created the new role of Chief Commercial Officer, with responsibility for go-to-market execution globally.

As the Company remains focused on its turnaround, it has also identified areas, particularly in brand building and product innovation, into which it will reinvest a portion of the savings generated to fuel sustainable and profitable growth in the future.

The Company plans to articulate its strategic vision during the course of Fiscal 2025.

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

We own a broad portfolio of brands in the outerwear, footwear, apparel, backpack, luggage and accessories categories.

Our largest brands are Vans ® , The North Face ® , Timberland ® and Dickies ® .

a broad portfolio of brands in the outerwear, footwear, apparel, backpack, luggage and accessories categories.

Our largest brands are The North Face ® , Vans ® , Timberland ® and Dickies ® .

Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners.

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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.

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.

Our 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.

VF's President and CEO, who is considered the Company's chief operating decision maker, allocates resources and assesses performance based on a global brand view which represents VF's operating segments.

Global brands have been combined into reportable segments based on similar economic characteristics and qualitative factors.

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VF Corporation Fiscal 2024 Form 10-K 1

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

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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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ACTIVE SEGMENT

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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 35 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.

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

Products are sold in Europe, through department and specialty stores, independently-operated partnership stores, concession retail stores, independent distributors , approximately 20 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, 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 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 available primarily in North America, 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 U.S.

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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.

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

DIRECT-TO-CONSUMER OPERATIONS

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We operate retail store locations for the following brands:

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

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

Approximately 65% of our stores are located in the Americas (57% in the U.S.), 25% in Europe and 10% in Asia-Pacific.

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VF Corporation Fiscal 2024 Form 10-K 3

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approximately 840 concession retail stores located principally in Europe and Asia.

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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 North Face ® , Timberland ® , 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 ® , Kipling ® , Dickies ® and Napapijri ® brands.

LICENSING ARRANGEMENTS

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

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

Royalty income was $67.1 million in Fiscal 2024 (less than 1% of total revenues), primarily from the Dickies ® , Vans ® and Timberland ® brands.

SOURCING AND DISTRIBUTION

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In Fiscal 2024, VF sourced approximately 266 million units spread across our brands.

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

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

Our products were primarily obtained from approximate ly 320 independent contractor manufacturing facilities in approximately 35 countries.

Additionally, we operate 21 distribution center s and 1,185 re tail stores across the globe.

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

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inspection and signing a VF Terms of Engagement agreement.

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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 and logistical challenges during Fiscal 2023.

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

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.

Product is shipped from our independent suppliers to distribution centers around the world.

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

In some instances,

product is shipped directly to our customers.

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

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.

Our largest distribution centers by region are located in Ontario, 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, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico, Israel and Japan.

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 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.

On a quarterly basis in Fiscal 2024, revenues ranged from a low of 20% of full year revenues in the first fiscal quarter to a high of 29% in the second fiscal quarter, with corresponding operating margins of (0.4)% in the first fiscal quarter and 12.0% in the second fiscal quarter.

This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 15% of the segment's revenues occurred in the first fiscal quarter compared to 31% in the second fiscal quarter of Fiscal 2024.

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.

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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.

The Timberland ® brand has a strong heritage of volunteerism, including the Path of Service™ program, which offers 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.

Since its inception in 1992, Timberland employees have served more than 1.4 million hours.

In Fiscal 2024, the Vans ® brand supported programs and nonprofits committed to equality, mental health support and empowering everyone to use creativity to discover themselves.

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SUSTAINABILITY AND RESPONSIBILITY

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

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 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.

Collectively, we work to be a leading global citizen, advancing positive environmental and social change - throughout our Company, industry and the world at large.

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

• VF employees are at the heart of everything we do.

They form a global community of movement makers who constantly strive to do better and have a positive impact on society and our planet.

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

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• 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.

Innovation and responsible product stewardship are 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, 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 & 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.

Other critical components of our environmental 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 Global Leadership Team and Board of Directors are responsible for the oversight of VF’s sustainability and responsibility strategies and targets.

Additionally, the Governance and Corporate Responsibility Committee of the Board oversees key strategies, programs, policies and risks related to the sustainability and social responsibility impacts of VF’s businesses, including sustainability policies and initiatives

to address climate change risks.

Regular updates on the progress towards associated sustainability and responsibility targets are provided to the Governance and Corporate Responsibility Committee of the Board.

VF has completed an analysis of potential climate-related risks and opportunities, and as a result, 'Climate Change & Sustainability' was established as a VF enterprise risk and embedded in our enterprise risk management framework.

Updates on enterprise risks are provided to the Audit Committee of the Board of Directors quarterly.

VF's science-based targets include the following:

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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.

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

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

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

• Key packaging materials will be reduced and originate from sustainable sources, and processes redesigned enabling packaging reuse or recyclability, by Fiscal 2031.

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

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.

Additional information regarding VF’s strategy and actions can be found within our latest Environmental & Social 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 sustainability and responsibility reports 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 Environmental & Social 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 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 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;

As a performance-driven company that is committed to its values and having a positive impact on people and the planet, VF aspires to leverage the size and scale of our business and the capabilities of our people to drive profitable and sustainable growth and create value for shareholders and stakeholders.

We are guided by our values and our purpose.

Together with a laser focus on performance and delivering on our commitments, we are able 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.

As such, we put in place strategies to acquire, develop and retain diverse talent with the skills and passion to build our brands with innovative products

and experiences for our consumers around the globe.

Our Human Capital Management ("HCM") practices are designed to promote belonging;

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.

offer competitive rewards for performance achievements and benefits;

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

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

Initiatives to promote overall alignment with our performance, purpose, values, and strategy are therefore important and include internal communications and education about our business initiatives through regular

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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, 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.

townhalls with executive management across our business, and a listening strategy that engages associates and encourages them to provide 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 HCM efforts.

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

VF’s Audit Committee monitors current and emerging enterprise 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 overseeing the selection of nominees to the Board, and reviews the Company's Code of Business Conduct as well as its sustainability policies, goals and 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.

In addition, VF’s Global Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture 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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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”) 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.;

We strive to provide an environment that allows our associates to bring their unique 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 Leadership Team sets global goals and strategic direction in alignment with VF’s global IDEA strategy, including oversight of the aspirational goals established in 2021 by our Council to Advance Racial Equity (“CARE”) to promote:

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

diverse candidate slates;

leader compensation tied to successful implementation of our IDEA strategy;

mentorship and sponsorship of BIPOC employees and members of the community;

mentorship and sponsorship programs inclusive of BIPOC employees and members of the community;

and elevating our commitment to education, listening and learning.

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At the end of Fiscal 2024, approximately 53% of the overall VF workforce and approximately 43% 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.

VF 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 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.

VF is committed to maximizing inclusion, diversity and equity not only within the Company, but also within the communities where we live and work.

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 semiannual surveys.

Our culture is built on our five core values:

Integrity, Consumer-focused, Growth Mindset, Simplicity and Winning Together.

We measure our culture and Employee Net Promoter Score ("eNPS") via periodic surveys.

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

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.

Recent actions have included 1) adopting a flexible approach to where associates 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 a variety of 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.

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

Associate Wellbeing and Safety

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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

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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 culturally appropriate throughout the geographies in which we operate.

Associate safety rests at the heart of our decisions.

Nothing is more fundamental than providing people with an environment where they feel safe, secure and supported.

Nothing is more fundamental than providing people with an environment

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where they feel safe, secure and supported.

Our mission is simple:

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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

VF’s Code of Business Conduct sets forth business policies and principles for all directors, officers and associates of VF.

The key principles of our code are as follows:

principles of our code are as follows:

we will lead with integrity;

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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.

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.

Bracken Darrell , 61, has been President and Chief Executive Officer since July 2023.

Prior to joining VF, Mr.

Darrell served as Chief Executive Officer of Logitech International, S.A.

from January 2013 to June 2023, after joining Logitech as President in April 2012.

Puckett , 50, has been Executive Vice President and Chief Financial Officer of VF since June 2021.

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Puckett joined VF in 2001.

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 (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.

Martino Scabbia Guerrini , 59, has been Executive Vice President, Chief Commercial Officer and President, Emerging Brands since October 2023.

He served as Executive Vice President, and President, EMEA and Emerging Brands from March 2022 until October 2023, with additional responsibilities as President, APAC since November 2022 until October 2023.

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.

and President — Sportswear and Packs from August 2006 until January 2009.

Guerrini joined VF in 2006.

Hyd er , 59, has been Executive Vice President, Chief People Officer since September 2023.

Prior to joining VF, Mr.

Hyder served as President and Chief People Officer of Salesforce, Inc.

from September 2019 to September 2023.

McNeill , 62, has been Vice President — Controller and Chief Accounting Officer since April 2015.

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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 25, 2023 (“2023 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended April 1, 2023, which information is incorporated herein by reference.

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 23, 2024 (“2024 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 30, 2024, which information is incorporated herein by reference.

AVAILABLE INFORMATION

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VF Corporation Fiscal 2024 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