What changed in this filing

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Item 1. Business

2021-03-30 compared with 2020-03-31 · 204 added, 202 removed, 288 unchanged (59% of the section changed)

Vera Bradley, Inc.

operates two unique lifestyle brands – Vera Bradley and Pura Vida.

We believe Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases;

alignment as causal, comfortable, affordable, and fun brands;

positioning as “gifting” and socially-connected brands;

strong, entrepreneurial cultures;

a keen focus on community, charity, and social consciousness;

multi-channel distribution strategies;

and talented leadership teams aligned and committed to the long-term success of their brands.

In July 2019, Vera Bradley, Inc.

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Financial Statements and Supplementary Data,” of this report.

Vera Bradley is a leading designer of women’s handbags, luggage and travel items, fashion and home accessories, and unique gifts.

Vera Bradley is a leading designer of women’s handbags, luggage and other travel items, fashion and home accessories, and unique gifts.

Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R.

Miller, the brand’s innovative designs, iconic patterns, and brilliant colors inspire and connect women.

Vera Bradley offers a unique, multi-channel sales model, as well as a focus on service and a high level of customer engagement.

Miller, the brand is known for its innovative designs, iconic patterns, and brilliant colors that inspire and connect women.

The reportable segments within the Vera Bradley brand are VB Direct and VB Indirect.

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the Vera Bradley online outlet site;

and the Vera Bradley annual outlet sale in Fort Wayne, Indiana.

As of February 1, 2020 , the Company operated 88 full-line stores and 63 factory outlet stores.

and typically the Vera Bradley annual outlet sale in Fort Wayne, Indiana.

As of January 30, 2021, the Company operated 75 full-line stores and 69 factory outlet stores.

The annual outlet sale was cancelled in 2020 as a result of the COVID-19 pandemic.

VB Indirect .

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The Pura Vida brand has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories.

The Pura Vida segment represents revenues generated through the Pura Vida websites, www.puravidabracelets.com and www.puravidabracelets.eu, and through the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States.

Refer to Note 16 of the Notes to Consolidated Financial Statements set forth in Part II, “Item 8.

The Pura Vida segment represents revenues generated through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca and through the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States.

R efer to Note 15 o f the Notes to Consolidated Financial Statements set forth in Part II, “Item 8.

Financial Statements and Supplementary Data,” of this report for additional information regarding the Pura Vida acquisition.

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The founders, together with past and present members of the executive management team, have been instrumental in our growth and success.

The following timeline sets forth a summary of some milestones in Vera Bradley, Inc.’s history by calendar year:

Barbara Bradley Baekgaard and Patricia Miller launched Vera Bradley by introducing three products:

the handbag, the sports bag, and the duffel bag.

To accommodate the increasing number of attendees, we relocated our annual outlet sale from a tent in our parking lot to its present location at the Allen County War Memorial Coliseum Exposition Center in Fort Wayne, Indiana.

We founded our primary philanthropy, the Vera Bradley Foundation for Breast Cancer.

Our products were sold in all 50 states through Indirect retailers.

We launched our e-commerce business through our website, verabradley.com.

We opened a state-of-the-art distribution facility in Roanoke, Indiana and also opened our first full-line store at the Natick Collection, in greater Boston.

We opened our first outlet store at Chicago Premium Outlets in Aurora, Illinois.

We completed our initial public offering.

The Company launched its three-year strategic plan, Vision 20/20, to return the business to health and lay a foundation for growth.

Vera Bradley, Inc.

acquired a majority interest in Pura Vida.

The passion for design and customer service established by our founders has driven our Company for nearly 40 years and remains the cornerstone of Vera Bradley, Inc.

Baekgaard retired from Vera Bradley operations in 2017 but continues to serve on the Board of Directors.

The passion for design and customer service established by our founders has driven our Compan y for nearly 40 years and remains the cornerstone of Vera Bradley, Inc.

Baekgaard retired from Vera Bradley operations in 2017 but continues

to serve on the Board of Directors and as a brand ambassador.

Miller retired in October 2012 as our National Spokesperson and in August 2019 from the Board of Directors.

In July 2019, Vera Bradley, Inc.

acquired a majority interest in Pura Vida.

Similar to the Vera Bradley brand, Pura Vida was founded by two Southern California friends, Griffin Thall and Paul Goodman.

Thall and Goodman, while traveling through Costa Rica in 2010, crossed paths with two bracelet artisans who were living in poverty.

Thall and Goodman, while traveling through Costa Rica in 2010, crossed paths with two bracelet artisans.

Thall and Goodman asked the artisans to make 400 bracelets to take home with them.

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a unique lifestyle company.

We further believe that they are highly complementary businesses, as both businesses have:

devoted, emotionally-connected, and multi-generational female customer bases;

alignment as casual, comfortable, affordable, and fun lifestyle brands;

positioning as “gifting” and socially connected brands;

strong, entrepreneurial cultures and shared values of ingenuity, tenacity, and optimism;

a keen focus on community, charity, and social consciousness;

complementary, multi-channel distribution strategies;

talented core leadership teams aligned and committed to the long-term success of their brands.

Vision 20/20 Initiatives

In fiscal 2018, we embarked on Vision 20/20 - our aggressive three-year plan to restore the Vera Bradley brand and business to a healthy foundation and to return our Company to solid growth.

Two years into our plan, we have made meaningful headway, strengthening the Vera Bradley business and acquiring Pura Vida.

In fiscal 2019, the first stage of Vision 20/20 was to restore brand and Company health.

We reduced clearance revenues and restored full-price selling, delivered SG&A and cost of sales reductions, maximized retention of the Vera Bradley customer base, and generated cash from operations.

We continued to build on that progress in fiscal 2020 by once again improving the quality of sales in our full-line stores and on verabradley.com by increasing comparable full price selling in these two channels by approximately 3%, which is on top of a 20% increase in the prior year.

As we completed year two of our three-year journey in fiscal 2020, our commitment to growing our customer base, sales, and profitability paid off.

Our key areas of focus for fiscal 2020 were:

Our main objective was to return to positive comparable sales growth this year, and we generated comparable sales growth of 3.4% at Vera Bradley despite the challenging handbag and accessories environment.

We believe this improvement was driven by innovative product and supported by data-driven marketing and a continual focus on customer engagement and the consumer experience.

The addition of Pura Vida to the Vera Bradley, Inc.

portfolio was an important element of our fiscal 2020 growth.

We consider Pura Vida a great strategic fit and believe it has bolstered our position as a unique lifestyle company.

Operational Excellence :

We mitigated the impact of increased tariffs through rapid re-platforming and diversification of our sourcing countries.

We decreased our production in China to approximately 25% in fiscal 2020 from approximately 54% in fiscal 2019 and 70% in fiscal 2018.

Mid-year, we also began a two-year process of re-platforming our ERP (enterprise resource planning) and other key information systems to become more streamlined, nimble, and efficient in our technology platform and business processes.

We continually reinforced our unique culture as an ownership-based model.

Every associate has the ability to drive significant value creation through both individual and team efforts.

Our 2019 Associate Engagement Survey once again generated best-in-class engagement scores, and our 2019 Customer Satisfaction Score and Net Promoter Scores were also best in class.

Growth Strategies

Our long-term vision is to build on the Company’s rich heritage and establish Vera Bradley and Pura Vida as premium global lifestyle brands, expand our customer reach, and grow our customer connections.

Our long-term strategic plan, integrated with Vision 20/20, is centered upon the three planks of product, distribution, and marketing.

Vision 20/20 Initiatives and Growth Strategies

In fiscal 2018, we embarked on Vision 20/20 - our aggressive three-year plan to restore the Vera Bradley brand and business to a healthy foundation, and in fiscal 2021 we completed the first full year of consolidated operations of Pura Vida.

Despite challenges related to the pandemic, we strengthened our infrastructure and better positioned both the Pura Vida and Vera Bradley brands for the future.

Some achievements in the product, marketing, and distribution areas for fiscal 2021 follow.

We have identified three key franchise businesses – Youth/Campus, Travel, and Everyday where we can offer our customers thoughtful solutions that we believe will propel our future growth.

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In fiscal 2021:

We continued to establish our key franchise areas of Youth/Campus, Travel, and Everyday, which includes our top 10 items;

We developed a pipeline for innovative fabrications to drive customer engagement and modernization of the brand;

We launched our first in a series of performance fabrics called Performance Twill, which is lightweight, durable, and water-repellent.

We introduced our environmentally-friendly Re-Active collection, made of fabric from recycled plastic bottles.

We anticipate that nearly four million bottles will be recycled in fiscal 2021 for the Re-Active fabric.

We also drove silhouette innovation.

We introduced the sling along with our Lay Flat collection, versatile travel pieces that unzip on three sides for easy accessibility.

The Accessories Council selected Vera Bradley’s Lay Flat Duffel as a winner for its Design Excellence Awards in the Travel/Luggage Category.

We successfully introduced collaborations with several iconic brands, including Starbucks, Crocs, Disney, and Gillette Venus to create and sell limited-edition product collections.

We announced another exciting collaboration with Warner

Consumer Products to create a Vera Bradley + Harry Potter back-to-campus and dorm line, which will launch in summer 2020.

These collaborations increase our brand exposure and we believe will provide momentum for growth.

We expanded our customization program, where our customers can design their own bag by mixing patterns and solids along with creating embroidered personalization both inside and out.

In fiscal 2021, we plan to focus on:

Continuing to establish our key franchise businesses;

Expanding upon the success of our newest offerings of Performance Twill and Re-Active;

Launching more fabric innovations, new styles, and differentiated silhouettes;

Establishing additional collaborations and strategic alliances that excite customers, expand our brand reach, and test new product categories.

We believe these partnerships are truly a testament to the strength and wide appeal of our brand.

This year, we will enter into another year of high-profile product collaborations with brands like Gillette Venus, Disney, and Crocs and plan to launch several new partnerships in addition to Harry Potter.

• We accelerated our robust fabric innovation pipeline to develop new fabric offerings and build on our platform of sustainable fabrics;

we expanded our full-line Performance Twill and recycled ReActive collections, introduced our Ultralight fabrication in our factory stores, and developed our recycled cotton collection that will launch in spring 2021;

• We quickly reacted to the consumer demand for personal protective equipment, producing and selling millions of cotton face masks, generating revenue and gross margin dollars for the fiscal year;

• We continued another year of collaborations with several iconic brands, including Crocs, Disney, and Gillette Venus to create and sell limited-edition product collections;

introduced our signature masks and 1982 backpacks in Target stores and on target.com;

and launched our collaboration with Warner Bros.

Consumer Products for the creation of our Harry Potter™ + Vera Bradley collection.

These collaborations will continue into fiscal 2022.

Distribution Channels.

Vera Bradley products are available through our Direct channel including full-line and factory outlet stores, online through verabradley.com and our online outlet site, and our Vera Bradley annual outlet sale, as well as through the Indirect channel including department and specialty retail stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators.

Vera Bradley products are available through our Direct channel including full-line and factory outlet stores, online through verabradley.com and our online outlet site, and typically our Vera Bradley annual outlet sale, as well as through the Indirect channel including department and specialty retail stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators.

We continue to focus on tightly integrating our multi-channel business by strengthening and right-sizing both our Direct and Indirect distribution channels.

We opened six new factory outlet stores in fiscal 2020 and expanded and relocated three of our top performing factory outlet stores.

We plan to open up to six new Vera Bradley factory outlet stores in fiscal 2021.

We are working to improve the profitability of our full-line store portfolio by re-balancing our existing fleet through select closures along with identifying future market opportunities.

We opened six new factory outlet stores in fiscal 2021.

We plan to open five new factory outlet stores in fiscal 2022.

We are continuing to improve the profitability of our full-line store portfolio by re-balancing our existing fleet through select closures along with identifying future market opportunities.

We will continue to focus on our highest-potential stores, enhancing the customer experience and further localizing our assortments.

We will continue to develop and test new formats;

however, we have temporarily suspended full-line store growth.

however, we have currently suspended full-line store growth.

In fact, we have closed 39 underperforming full-line stores since the beginning of fiscal 2018 and forecast that we will close additional full-line stores.

Building our digital flagship, verabradley.com, remains a key part of our distribution strategy.

Our Vera Bradley online outlet flash sales allowed us to sell clearance merchandise in a more discreet manner and reduce clearance activity on verabradley.com and in our full-line stores.

During fiscal 2021, we converted our e-commerce platform to Shopify Plus.

This conversion was part of our overall IT project called Project Novus, which also replaced our ERP, POS, Business Intelligence, and Order Management systems.

These changes decreased the complexity of our

systems and provided us with a technology platform to help us make quick, data-based, informed decisions, which we believe will further enhance the customer experience and help us achieve our growth objectives.

Our Vera Bradley online outlet flash sales allowed us to continue to sell clearance merchandise in a more discreet manner, reducing clearance activity on verabradley.com and in our full-line stores.

In fiscal 2021, we had approximately 66 million visits to our website and our online outlet site.

Our department store relationships allow us to expose our brand to new customers and showcase new product assortments.

We are currently in approximately 440 department store locations, including Dillard’s, Macy’s, Belk, and Von Maur.

In the department stores, we are continuing to work on enhancing our brand presentation and profitability.

We are currently in approximately 276 department store locations.

In the department stores, we continue to work on enhancing our brand presentation and profitability.

The specialty retail channel is the heritage of our business and remains important to us.

We continue to add select accounts while discontinuing unproductive accounts.

While the specialty retail business is becoming a smaller percentage of our total revenue base, we are working to stabilize it by assisting retailers with optimizing their businesses.

While the specialty retail business is a smaller percentage of our total revenue base, we are working to stabilize it by assisting retailers with optimizing their businesses.

Marketing and brand positioning are both critical elements as we continue to engage new consumers and strengthen our bond with existing customers.

In fiscal 2021:

We completed the in-sourcing of our customer data science team, added to our business analytics group, and completed the roll-out of our new customer data platform.

The insights gained from our data now allow us to adjust our marketing mix and approach on a real-time basis.

We believe our digital first strategy, focused on targeted digital efforts, increased brand awareness, with total impressions up more than 170% to over 5.7 billion for the year.

We further believe that increased brand collaborations and influencer engagement show the strength and relevance of our brand.

• As mentioned, we launched our new verabradley.com Shopify Plus site which we believe allowed us to improve our customer's buying experience.

• Our investments in customer data science, and business analytics allowed us to collect and analyze data, respond to customer changes, and adjust marketing spending in an agile way, which helped us to navigate the COVID-19 pandemic.

Data science and analytics will continue to drive our marketing decisions going forward.

• We believe our digital first strategy, focused on targeted digital efforts, increased brand awareness.

Total impressions for the fiscal year more than doubled to almost 10.0 billion compared to the prior-year period.

• Under the umbrella of VB Cares, we reinforced our position as a total stakeholder-focused and socially-conscious organization and continued to strengthen our community support and charitable initiatives that are meaningful to our customers and that make a significant impact on those in need, particularly women and children.

Efforts included

supporting New Hope Girls, our national “Blessings in a Backpack” program, and the Vera Bradley Foundation for Breast Cancer.

We are proud to have supported nearly 30 different charitable organizations in fiscal 2020.

In fiscal 2021, we plan to capitalize on and build upon the investments we made last year in data science, business analytics, and customer data.

Additional engagement will be driven by more advanced use of customer data to further refine media spend and mix on a real-time basis.

In addition, we will utilize more user-generated content, drive more engagement on social media, extend our brand ambassador program, strengthen our customer journey-centered activations, improve storytelling, and amplify our VB Cares messaging.

We will also allocate funding to expand customer acquisition efforts.

Under the umbrella of VB Cares, we are strengthening our sustainable, purpose-driven company that delivers meaningful social impact and value for all stakeholders - our associates, our customers, our shareholders, and our communities.

Although our Company has been purpose-driven throughout our history, we are enhancing that focus and increasing the visibility of our activities in this area.

This spring, we plan to publish a comprehensive ESG Report and post it to our website, which will outline our accomplishments and initiatives in detail.

We will continue to strengthen our community support and charitable initiatives, identifying areas where we can make a real impact, particularly for women and children.

We want to create positive change and often invite our customers to participate with calls-to-action.

Pura Vida offers products in the accessories category, primarily bracelets, with the balance of products in other jewelry categories such as rings and necklaces.

Efforts included supporting the Vera Bradley Foundation for Breast Cancer, the Coronavirus Response Fund for Nurses, New Hope Girls, and our national “Blessings in a Backpack” program.

We will continue our VB Cares focus.

Pura Vida offers prod ucts in the accessories category, primarily bracelets, with the balance of products in other jewelry categories such as rings and necklaces.

These products are created with the “pura vida” lifestyle and aesthetic in mind, slowing down and living life to the fullest.

During fiscal 2020 Pura Vida continued to experiment with and introduce new designs in their signature cord bracelets and jewelry and introduced new products including their mood ring and bracelet, enameled daisy collection, semi-precious stone charms, and stone hoops.

Charity bracelets remained popular, with Pura Vida reaching over $2.0 million in lifetime charitable contributions.

In fiscal 2021, we will continue to experiment with and introduce new designs in our signature cord bracelets and jewelry and build upon last year’s new product launches.

This year, we will launch charm bracelets that tie back to specific charities, which we believe will be very popular with Pura Vida’s cause-minded customers.

New product categories will include engravables - leaning into the personalization trend, hair accessories - jewelry for the hair, and fashion bags - which will be distinct from Vera Bradley bags.

During fiscal 2021 Pura Vida further expanded into new product categories.

Nearly 50% of our e-commerce business is comprised of jewelry categories other than traditional string bracelets, such as metal, semi-precious stone charms, charms, and the engravable collection.

We believe these product categories highlight the brand's lifestyle appeal which we believe will continue to be a key driver of growth.

C harity bracelets remained popular, reaching over $3.0 million in lifetime charitable contributions to more than 200 charities.

Distribution Channels.

Our Pura Vida products are available on our websites, www.puravidabracelets.com and www.puravidabracelets.eu.

Our Pura Vida products are available on our websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca.

Pura Vida is a digitally native brand and continuing to develop our websites and transmit the “pura vida” lifestyle through our digital storefront is a key distribution strategy.

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We will continue to target some larger accounts for growth which should help build the Pura Vida brand.

We expanded our presence with our wholesale partners by introducing larger in-store presentations in fiscal 2021.

During fiscal 2021, we added Pura Vida shop-in-shops to six Vera Bradley full-line stores.

We also plan to open Pura Vida's first retail store in fiscal 2022.

We have established what we believe to be a robust digital marketing platform with highly effective consumer engagement across social media and other online platforms.

The Pura Vida digital marketing strategy is anchored in innovative and effective ways to connect with our consumers, including partnerships with select individuals who we believe encapsulate the brand’s identity and serve as natural extensions of the Pura Vida marketing strategy.

These partnerships translate into authentic, user-generated content that we can repurpose as ads, email campaigns, and our own social media content.

Pura Vida remains one of the most highly-engaged brands in the accessories space, surpassing the 1.9 million mark of followers on Instagram and is consistently listed as one of the most engaged jewelry brands on Instagram.

Instagram followers, Facebook likes, and monthly club subscribers all rose during fiscal 2020.

These partnerships translate into authentic, user-generated content that we can repurpose as ads, e-mail campaigns, and our own social media content.

Pura Vida remains one of the most highly-engaged brands in the accessories space, surp assing the 2.0 million m ark of followers on Instagram and is consistently listed as one of the most engaged jewelry brands on Instagram.

Instagram followers and Facebook likes rose during fiscal 2021.

Pura Vida continued to rank among the top of the industry for our Net Promoter and Customer Satisfaction Scores.

Over 100,000 micro-influencers have been on-boarded, and reliance on micro-influencers is a key part of Pura Vida’s strategy.

Micro-influencers are brand ambassadors who showcase Pura Vida products on their social media channels in exchange for commission.

In fiscal 2021, Pura Vida plans to continue to build upon its influencer program, particularly focusing on individuals with the greatest number of followers.

Co-founders Thall and Goodman also plan to reinvigorate their “grassroots” customer outreach efforts.

2019 Novel Coronavirus (COVID-19) Impact on Fiscal 2021 Plans

The Company’s strategy was created prior to the COVID-19 pandemic.

The COVID-19 pandemic has resulted in global travel restrictions and community and self quarantines.

The Company has temporarily closed its Vera Bradley full-line and factory outlet stores.

The stores are currently closed through April 4, 2020;

however, some or all of the closures will likely continue beyond this date.

The Company has also temporarily suspended its share repurchase program.

We cannot reasonably estimate the length or severity of the pandemic or its results on the Company’s fiscal 2021 strategic plans.

Over 150,000 m icro-influencers have been on-boarded, and reliance on micro-influencers is a key part of Pura Vida’s strategy.

Micro-i nfluencers are brand ambassadors who showcase Pura Vida products on their social media channels in exchange for commission.

In fiscal 2021, we entered into an agreement with TikTok sensation Charli D'Amelio for our collaborative Pura Vida bracelet style pack which launched on March 5, 2021, during our fiscal 2022.

We plan to continue to build upon the influencer program, particularly focusing on individuals with the greatest number of followers.

During fiscal 2021, we doubled our SMS messaging list from fiscal 2020 to over one million active subscribers.

Enterprise Vision and Fiscal 2022 Growth Drivers

For our enterprise's vision to become a purpose-driven, multi-brand, growth-oriented company, we will focus on enhancing our purpose-driven efforts while seeking out appropriate acquisitions of other comfortable, affordable, purpose-driven, digitally-native brands, similar to our Pura Vida acquisition.

We will also expand our reach by adding adjacent product categories and geographies.

For fiscal 2022, we believe the four key growth drivers for the Company will be:

• Driving our digital-first strategy , by evolving the digital distribution of our products and further refining and utilizing digital experiences to serve our customers.

We will support this initiative by continuously refining our technology, developing business process and technology platforms to improve agility, data-based decision making, customer centricity, and speed-to-market.

• Enhancing our product innovation pipeline, collaborations, and category extensions to attract new customers and increase the share of wallet with existing customers.

• Building our community , through marketing and by creating an impactful, engaging brand movement that deepens brand loyalty.

• Evolving our distribution channels , by focusing on future growth opportunities and addressing the drastically changing retail environment and the consumer marketplace.

Our Product Release Strategy

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We typically introduce new collections monthly.

Each launch typically consists of one to three signature cotton-quilted prints, as well as other fabrications including microfiber, leather, Performance Twill, and Re-Active, some of which are also available in solid colors.

Each launch typically consists of one to three signature cotton-quilted prints, as well as other fabrications including Performance Twill, Re-Active, microfiber, or leather some of which are also available in solid colors.

These collections of prints and solids are incorporated into the designs of a wide range of products, including bags, accessories, and travel items.

These collections typically include classic styles, updates to existing designs, and new product introductions.

We do not know the full impact the COVID-19 pandemic will have on our launches at this time but believe it is likely that the pandemic will delay future launches.

To keep our assortment current and fresh, and to focus our inventory investments on our best performers, we discontinue prints and fabrications as necessary.

We sell our remaining inventory of retired products primarily through our website (including our online outlet site), factory outlet stores, annual outlet sale, and third-party liquidators.

We introduce new Pura Vida products seasonally, approximately four times a year.

We sell our remaining inventory of retired products primarily through our website (including our online outlet site), factory outlet stores, typically our annual outlet sale, and third-party liquidators.

We introduce new Pura Vida products seasonally, approximately three times a year (spring, summer, and fall).

Each product launch collection typically consists of 50 to 100 SKUs.

We offer a mix of seasonally inspired designs and certain core designs.

The following chart presents net revenues generated by each of the Company’s four product categories and other revenues as a percentage of our total net revenues for fiscals 2020 , 2019 , and 2018 .

In April 2021, we plan to launch our Pura Vida apparel collection of shirts and hoodies, initially as a limited collection.

The following chart presents net revenues generated by each of the Company’s product categories and other revenues as a percentage of our total net revenues for fiscals 2021, 2020, and 2019.

Fiscal Year Ended

2021 February 1,

2020 February 2,

Bags 28.2 % 35.9 % 41.1 %

Accessories (1)

35.1 % 31.3 % 22.3 %

Travel 15.3 % 21.9 % 25.8 %

Apparel/Footwear 11.1 % 1.2 % 1.2 %

Home 7.3 % 7.2 % 7.1 %

3.0 % 2.5 % 2.5 %

Total 100.0 % 100.0 % 100.0 %

(1) Fiscal 2020 increase in accessories due to the inclusion of Pura Vida beginning July 17, 2019.

Includes primarily apparel/footwear, stationery, licensing, freight, merchandising, and gift card breakage revenue.

(2) Includes primarily stationery, licensing, freight, merchandising, and gift card breakage revenue.

Bags are a core part of our product offerings and are the primary component of every seasonal assortment.

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Accessories include Vera Bradley-branded fashion accessories such as wallets, wristlets, eyeglass cases, scarves, various technology accessories, as well as Pura Vida-branded accessories such as bracelets, rings, and necklaces.

We believe our accessories are attractively priced and allow the consumer to include some color in her wardrobe, even if tucked into another bag.

We believe our accessories are attractively priced and allow the consumer to include some color in her wardrobe.

Our product development team consistently updates the accessories assortment based on consumer demand and fashion trends.

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We believe their popularity, as well as the appeal of our other travel items, results from our vibrant designs, functional styles, and lightweight fabrications.

Apparel/Footwear .

Our apparel and footwear category includes sleepwear, footwear, cotton face masks, outerwear, socks, and scarves.

Cotton face mask sales began during fiscal 2021 at both Vera Bradley and Pura Vida.

Our home category includes textiles, including throw blankets, beach towels, and comforters, as well as items such as mugs and tumblers.

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Once developed, we generally copyright our patterns as appropriate.

We believe that great design is not only central to our product, but also is a fundamental part of our brand development and growth strategies.

Our design team works to ensure that new collections contain an assortment of products and styles that are in line with both trends and customer needs and regularly updates classic styles to enhance functionality.

Our team monitors fashion trends and customer needs by attending major trend and industry shows in Europe, Asia, and the United States, subscribing to trend monitoring services, and engaging in comparison-shopping.

We believe that great design is not only central to our products, but also is a fundamental part of our brand development and growth strategies.

Our design team works to ensure that new collections contain an assortment of products and styles that are in line with both trends and customer desires and regularly updates classic styles to enhance functionality.

Our team monitors fashion trends and customer needs by typically attending major trend and industry shows in Europe, Asia, and the United States, subscribing to trend monitoring services, and engaging in comparison-shopping.

Our product development team works closely with our marketing and merchandising teams to gather consumer insights through a variety of methodologies, including seasonal market research, in-store testing, scheduled interviews, and online and in-person surveys conducted by our internal team.

Our work is also informed in part by market data analysis provided through our membership to industry services and organizations.

The design and product development teams work to ensure that we offer products that are constructed to meet our design, function, construction, and quality standards in a cost-effective manner.

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In addition to products developed in-house, we also pursue brand extensions through strategic partnerships, licensing agreements, and brand collaborations.

We currently have licenses in place for eyewear, collegiate, bedding, hosiery, swimwear, technology accessories, stationery, health care uniforms and accessories, sleepwear and loungewear, bath collections, Disney Theme Park Merchandise, and certain U.S.

We currently have licenses in place for eyewear, collegiate (NCAA), bedding, technology accessories, stationery/drinkware, sleepwear and loungewear, bath collections, certain footwear, and female shaving products.

We also have licensing agreements with Disney Theme Park Merchandise, Warner Brothers, and certain U.S.

Military forces.

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New Customer Acquisition Advertising.

We primarily employ digital (i.e., display banner, mobile, geo-targeting, and pre-roll video) and print advertising to increase overall brand awareness and attract new customers.

Our advertisements are placed in fashion, lifestyle, and family publications and websites that complement the wide breadth of appeal of our brand.

Our ads have recently appeared in StyleWatch , InStyle, Glamour , Cosmopolitan , Vogue , Elle, and O the Oprah Magazine .

We primarily employ digital (i.e., display banner, mobile, geo-targeting, and pre-roll video) advertising to increase overall brand awareness and attract new customers.

Public Relations and Product Placement.

Vera Bradley has received considerable editorial exposure in the press, with mentions in O the Oprah Magazine , Magnolia Journal , Garden & Gun, InStyle , and Southern Living .

Vera Bradley has received considerable editorial exposure in the press, with mentions in O the Oprah Magazine , WWD , Forbes , The Wall Street Journal , and Better Homes and Gardens .

In addition, we have expanded our public relations efforts to reach popular online influencers and bloggers.

Product placement of Vera Bradley products in feature-length films and on prime-time television shows remains strong with television placements in Modern Family , The Big Bang Theory , Blackish , Speechless, American Housewife, The Conners, Bless This Mess, Carol's Third Act, Single Parents, and Blacklist .

Product placement of Vera Bradley products in feature-length films and on prime-time television shows remains strong with television placements in Call Me Kat , The Neighbors , Blackish , Superstore , American Housewife , The Conners , Bless This Mess , The Neighborhood , Last Man Standing , and A.P.

Movie placements include:

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Partnerships.

During fiscal 2020, under the umbrella of VB Cares, we reinforced our position as a total stakeholder-focused and socially-conscious organization and continued to strengthen our community support and charitable initiatives that are meaningful to our customers and that make a significant impact on those in need, particularly women and children.

Efforts included supporting New Hope Girls, our national “Blessings in a Backpack” program, and the Vera Bradley Foundation for Breast Cancer.

During fiscal 2021, under the umbrella of VB Cares, we reinforced our position as a total stakeholder-focused and socially-conscious organization and continued to strengthen our community support and charitable initiatives that are meaningful to our customers and that make a significant impact on those in need, particularly women and child ren.

Efforts included supporting the Vera Bradley Foundation for Breast Cancer, the Coronavirus Response Fund for Nurses, our national “Blessings in a Backpack” program, and New Hope Girls, among others.

Social Media and Online Marketing.

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This information provides us with deeper insight into the products and categories that are of the highest interest to our customers, and allows us to better target our customers with appropriate messages.

As of February 1, 2020 , we had approximately 1.9 million Facebook fans and approximately 80,000 Twitter followers.

Our Instagram, which we launched in October 2012, has grown to approximately 500,000 followers and is our most highly engaged social medium.

As of January 30, 2021, we had approximately 2.0 million Facebook fans and approximately 80,000 Twitter followers.

Our Instagram has grown to approximately 540,000 followers and is our most highly engaged social medium.

In addition, we often partner with brand-right bloggers to promote product.

Seasonal Vera Bradley catalogs are a vehicle for promoting the Vera Bradley brand and product portfolio.

Vera Bradley catalogs are a vehicle for promoting the Vera Bradley brand and product portfolio.

Each catalog is sent to a targeted customer mailing list.

In addition to distributing the catalog, we produce and distribute a number of other marketing pieces, including postcards and mini-mailers.

We believe our direct mail medium generates excitement and awareness about the Vera Bradley brand and seasonal introductions and allows us to reach both new and loyal customers in their homes.

We believe our direct mail medium generates excitement and awareness about the Vera Bradley brand and allows us to reach both new and loyal customers in their homes.

Retention Advertising.

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We utilize our vintage 1972 airstream that we have converted into a traveling retail store to bring the Pura Vida brand to life for our customers.

We travel nationwide to different music festivals, surf competitions, yoga festivals, as well as local events in San Diego.

We would typically travel nationwide to different music festivals, surf competitions, yoga festivals, as well as local events in San Diego.

However, events marketing has been temporarily suspended since March 2020 as a result of COVID-19.

Because Vera Bradley and Pura Vida products are frequently given as gifts, we have historically realized, and expect to continue to realize, higher sales and operating income in the fourth quarter of our fiscal year, which includes the holiday months of November and December.

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We have developed a retail presence through our full-line stores, all located in the United States, which provides us with a format to showcase our brand and the full array of Vera Bradley products.

As of February 1, 2020 , we operated 88 full-line stores averaging approximately 1,900 square feet per store.

As of January 30, 2021, we operated 75 full-line stores averaging approximately 1,900 square feet per store.

Our sales associates are passionate about our products and customer service, which, we believe, translates into a superior shopping experience.

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Our factory outlet stores average approximately 3,400 square feet per store.

As of February 1, 2020 , we operated 63 factory outlet stores, all located in the United States.

As of January 30, 2021, we operated 69 factory outlet stores, all located in the United States.

Store Location Selection Strategy.

Our store location decisions for both full-line and factory outlet stores are made based upon our comprehensive retail strategy that includes actual and planned penetration in both Indirect and Direct segments, as well as existing e-commerce demand.

existing e-commerce demand.

At this time, we do not believe all geographical markets have been fully penetrated by our distribution channels, although we have temporarily suspended full-line store growth and forecast that we will close additional full-line stores.

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Consequently, an essential requirement for the success of our stores is our ability to attract, train, and retain talented, highly motivated district managers, store managers, and sales associates.

Store Economics.

St ore Economics.

We expect our full-line stores to average approximately 1,800 square feet per store, and we expect to invest approximately $0.4 million per new store, consisting of inventory, pre-opening costs, and build-out costs, less tenant-improvement allowances.

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The objective of verabradley.com is to provide both a mechanism for marketing directly to consumers and a storefront where consumers can find the entire full-line Vera Bradley collection.

During the third quarter of fiscal 2018, we created an online outlet site to reduce clearance sales from verabradley.com.

During fiscal 2020, we began the process of re-platforming our website to become more streamlined, nimble, and efficient in our technology platform and business processes.

During fiscal 2021, we re-platformed our website to Shopify Plus to become more streamlined, nimble, and efficient in our technology platform and business processes.

Since 2018, we have also operated an online outlet site to reduce clearance sales from verabradley.com.

We had approximately 66 million visits to verabradley.com and our online outlet site during fiscal 2021.

Annual Outlet Sale.

Our annual outlet sale is held in the Allen County War Memorial Coliseum Exposition Center in Fort Wayne, Indiana each spring.

Our annual outlet sale is typically held in the Allen County War Memorial Coliseum Exposition Center in Fort Wayne, Indiana each spring.

The annual outlet sale is an important tradition for Vera Bradley, has many loyal followers, and is an opportunity for us to sell our retired merchandise at discounted prices in a brand-right fashion.

We attracted nearly 43,000 attendees to our 2019 annual outlet sale.

In light of the COVID-19 pandemic, we have cancelled our 2020 annual outlet sale.

Our 2021 sale is planned for April 2021.

In light of the COVID-19 pandemic, we cancelled our calendar year 2021 and 2020 annual outlet sale.

Our calendar year 2022 sale is currently planned for April 2022.

Vera Bradley Indirect Segment

As of February 1, 2020 , we sold our products in approximately 2,200 specialty retail locations, as well as department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators, as well as through licensing agreements.

As of January 30, 2021, we sold our products in approximately 2,000 specialty retail locations, as well as department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators, as well as through licensing agreements.

In fiscal 2012, we launched our products in the department store channel.

We are currently in approximately 440 department store locations, including Dillard’s, Macy’s, Belk, and Von Maur.

The top 30% of our specialty retailers account for approximately 70% of total specialty retailer revenue.

No single Indirect retailer represented more than 10% of consolidated net revenues in fiscal 2020 , with the top ten Indirect retailers representing in the aggregate approximately 40% of total Indirect net revenues.

We are currently in approxima tely 276 d epartment store locations.

The top 25% of our specialty retailers account for approximately 70% of total specialty retail er revenue.

No single Indirect retailer represented more than 10% of consolidated net revenues in fiscal 2021, with the top ten Indirect retailers, representing in the aggregate approxim ately 50% of tot al Indirect segment net revenues.

The majority of our Indirect retailers have been customers for over five years.

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We believe that having a combination of an in-house field sales force and a third-party agency, covering certain geographies, results in a more consistent brand presentation and messaging, enhanced support for our Indirect customers, and a more predictable, scalable, and cost-efficient business model.

As of February 1, 2020 , our in-house sales team consisted of approximately 25 full-time sales consultants.

Beginning in fiscal 2019, the compensation structure for these consultants was based upon a full commission model.

As of January 30, 2021, our in-house sales team consisted of approximate ly 30 f ull-time sales consultants.

In addition to acquiring new and growing existing accounts, our sales consultants serve as a support center for our Indirect customers by assisting and educating them in areas such as merchandising and visual presentation, marketing the brand, product selection, and inventory management.

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The subscription club is a mechanism to continue to build brand loyalty and stimulate higher retention.

The Pura Vida wholesale channel is comprised primarily of specialty stores including Tilly’s, The Buckle, The Paper Store, Ron Jon Surf Shops, and Hallmark stores, among others.

The Pura Vida wholesale channel is comprised primarily of specialty stores including Tilly’s, The Buckle, The Paper Store, Ron Jon Surf Shops, Hallmark stores, and Nordstrom, among others.

Pura Vida also has a presence on Amazon through a third-party wholesaler.

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Our manufacturing and sourcing strategy is part of the larger cross-functional product development process.

The overall objective for our sourcing team is to build and sustain collaborative partnerships throughout our supply chain, with a focus on identifying appropriate countries and partners to manufacture our products.

The sourcing team leverages its expertise in negotiation, relationship management, and change management to maintain a strong global supply chain.

Our sourcing team leverages its expertise in negotiation, relationship management, flexibility, and change management to maintain a strong global supply chain.

Our sourcing team also focuses on achieving the right balance of production sites and countries of origin to mitigate the risk of concentrated production, including potential incremental tariffs.

During fiscal 2020, to continue to assist in this risk mitigation, our sourcing team reduced our Vera Bradley production in China from approximately 54% in fiscal 2019 to approximately 25% in fiscal 2020.

To continue to assist in this risk mitigation, our sourcing team reduced our Vera Bradley production in China from approximately 25% in fiscal 2020 to less than 15% in fiscal 2021 (which excludes mask production).

With exception to China-centric production categories, we have an ongoing strategy that continues to reduce our China exposure in both finished goods and raw materials.

We strive to maintain the appropriate balance of inventory to enable us to provide a high level of service to our customers, including prompt and accurate delivery of our products.

We strive to maintain the appropriate balance of inventory to enable us to provide a high level of service to our customers, including prompt and accurate delivery of our products at a reasonable cost.

We believe that we have an active and nimble sales and operations planning process that helps us balance the supply and demand issues that we encounter in our business, optimize our inventory levels, and anticipate inventory needs.

We have also integrated our Vera Bradley planning, forecasting, and segmentation processes under one function called Merchandise Planning and Allocation.

Approximately half of Vera Bradley products are cotton-based.

We have started to experience delays as a result of port congestion for imported products, which may result in longer lead times or increased inbound freight costs.

While we are working to mitigate the impact of these delays through various actions, there is a risk that these delays could adversely impact our sales during fiscal 2022.

Approximately half of Vera Bradley product sales are cotton-based.

Our other fabrics include primarily nylon, polyester, microfiber, and leather.

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Our global sourcing team works with select suppliers enabling us to optimize the mix of cost, lead time, quality, and reliability within our global supply network.

We actively mitigate raw materials price increases through purchasing at advantageous times and periods.

All of our suppliers must comply with our quality standards, and we use only a limited number of pre-approved suppliers who have demonstrated a commitment to delivering the highest quality products.

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With the oversight of our office in Hong Kong and our independent contractors, we believe these financial benefits have been realized without sacrificing the level of quality inherent in our products or service to our customers.

Pura Vida products are sourced primarily from El Salvador, as well as Costa Rica (where the first orders for Pura Vida were placed), India, and China.

Pura Vida products are sourced primarily from El Salvador, as well as China, Guatemala, and India.

We have begun an active supply chain diversification process to ensure a focus on maintaining flexibility and to help mitigate the risk of concentrated production, similar to the Vera Bradley supply chain.

When determining the size of orders placed with our manufacturers, we take into account forward-looking demand, lead times for specific products, current inventory levels, and minimum order quantity requirements.

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We believe that our systems for the processing and shipment of orders from our distribution center have enabled us to improve our overall customer service through enhanced order accuracy and reduced turnaround time;

however, we continue to make technology and automation enhancements to our distribution center processes to ensure optimal output.

however, we continue to make technology and automation enhancements to our distribution center processes to promote optimal output.

Vera Bradley products are shipped primarily via third-party common carriers to our stores, our Indirect retailers, and directly to our customers who purchase through our website.

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e-commerce site and wholesale accounts are distributed primarily through a third-party provider in Tijuana, Mexico.

Pura Vida also distributes product though a third-party provider in the Netherlands, which supports European e-commerce operations.

To support international e-commerce sales, we plan on adding an additional third-party provider in Canada in fiscal 2021 and are exploring a potential provider in Asia in the future.

Pura Vida also distributes product through a third-party provider in the Netherlands and Canada, which supports European and Canadian e-commerce operations, respectively.

To support international e-commerce sales, we are exploring a potential provider in Asia in the future.

Management Information Systems

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We maintain computer hardware, applications, and networks to enhance and accelerate the design process, to support the sale and distribution of our products to our customers, and to improve the integration and efficiency of our operations.

Our information systems are designed to provide, among other things, comprehensive order processing, production, accounting, and management information and analytics for the product development, retail, sales, marketing, distribution, finance, and human resources functions of our business.

During the second quarter of fiscal 2020, we began a two-year process of re-platforming our enterprise resource planning and other key information systems to become more streamlined, nimble, and efficient in our technology platform and business processes.

We continue to assess our on premise and cloud-based technology solutions to ensure we have the optimal solutions for our business.

Our information systems are designed to provide, among other things, comprehensive order processing, production, accounting, and mana gement information and analytics for the product development, retail, sales, marketing, distribution, finance, and human resources functions of our business.

In fiscal 2021 at Vera Bradley, we migrated our ERP, POS, Business Intelligence, and Order Management systems to cloud-based Microsoft D365 streamlining and simplifying our work and providing for additional capabilities such as mobile POS.

Our ERP integration is planned for the fall of fiscal 2022 for Pura Vida.

When complete, our entire enterprise will be on a unified technology platform.

We continue to assess our on premise and cloud-based technology solutions in an effort to ensure we have the optimal solutions for our business.

For both Vera Bradley and Pura Vida, we face strong competition in each of the product lines and markets in which we compete.

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Our products compete with other branded products within their product categories and with private label products sold by retailers.

Moreover, the general availability of contract manufacturing allows new entrants access to the markets in which we compete, which may increase the number of competitors and adversely affect our competitive position and our business.

Moreover, the general availability of contract manufacturing allows new entrants to relatively easily access the markets in which we compete, which may increase the number of competitors and adversely affect our competitive position and our business.

We compete against other independent retailers, department stores, catalog retailers, gift retailers, and Internet businesses that engage in the retail sale of similar products.

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In varying degrees, depending on the product category involved, we compete on the basis of design (aesthetic appeal), quality (construction), function, price point, distribution, and brand positioning.

We believe that our primary competitive advantages are consumer recognition of our brands, customer loyalty, product development expertise, and our widespread presence through our multi-channel distribution model.

We believe that our primary competitive advantages are consumer recognition of our brands, customer loyalty and engagement, product development expertise, and our widespread presence through our multi-channel distribution model.

Some of our competitors have achieved significant recognition for their brand names or have substantially greater financial, distribution, marketing, and other resources than we do.

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We have no material patents.

As of February 1, 2020 , we had approximately 2,700 employees.

Human Capital

Equal employment opportunities are available to all persons at Vera Bradley, Inc.

without regard to race, sex, sexual orientation, gender, gender identity, gender expression, marital status, age, color, religion, creed, national origin, ancestry, mental or physical disability, medical condition, genetic information, military or veteran status or any other category protected under applicable federal, state, or local law.

We put this standard into practice through our hiring, training, and an annual affirmative action program.

As of January 30, 2021, we had approximately 2,450 employees.

Of the total, approximately 1,800 were engaged in Vera Bradley retail selling positions;

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None of our employees are represented by a union.

We believe that our relations with our employees are good, and we have never encountered a significant work stoppage.

We are monitoring the fluid events of the COVID-19 pandemic.

In light of the pandemic, we have temporarily closed our Vera Bradley full-line and factory outlet stores.

The stores are currently closed through April 4, 2020;

however, some or all of the closures will likely continue beyond this date.

We believe that our relations with our employees are good, and we have never encountered a significant work stoppage other than as related to temporary stoppages necessitated by the COVID-19 pandemic.

Project Quilt .

In fiscal 2021, we launched our Company-wide diversity and inclusion initiative, Project Quilt, to continue to enhance diversity, equality, and inclusion, focusing on three key areas – the Associate Experience, the Customer Experience, and the Community Experience.

Vera Bradley believes it is critical to engage its different stakeholders in order to understand their views, values, and ideas and to design a more responsible environment for all involved.

This stakeholder group includes associates.

The Company engages its associates through surveys, town halls, and focus groups.

Collectively, the Company's success is based upon the unique value of each person's contributions.

Our long term success depends on talented and engaged associates.

Every year, we conduct an associate engagement survey in order to better understand our associates’ insights into our Company’s strengths and opportunities.

In 2020, we once again had outstanding participa tion, with 85% of ou r associates sharing their candid feedback.

Our 2020 overall engagement score was once again in the upper quartile compared to peer companies, which was exceptional and best in class, particularly in light of the pandemic and difficult work circumstances for many.

The feedback gave us insight into improvement opportunities and was instrumental in decisions we made to shape, strengthen, and improve our Company.

As a result of the survey feedback, over the last several years we have made meaningful improvements to benefits, career development, compensation, wellness programs, and our facilities.

We believe listening to our associates’ feedback provided through the annual Engagement Surveys continually strengthens our corporate culture.

Pay and Benefits .

The Company offers competitive pay packages that include market-competitive base and hourly compensation, healthcare, a 401(k) savings plan that typically includes a Company contribution match, paid time off (including for volunteer work), paid family leave, matching gifts program, and an Employee Assistance Program.

Leadership Programs .

Our associates are our biggest asset and when they win, we all win.

We recognize everyone in the Company has the ability to lead by example and influence others in a positive way that ultimately provides meaningful value and will make us stronger.

Our long-term initiative, Leaders by Design, encourages our associates to grow as leaders through

new associate orientation and onboarding, formal training programs, mentorship programs, job shadowing and career-pathing programs and development, including THE LEADERSHIP CHALLENGE®, a globally recognized, research-based leadership development program designed to enhance leadership effectiveness.

Associate Safety .

Associate safety and well-being is of paramount importance to our Company.

We have a comprehensive Safety Manual that emphasizes our high standard of safety throughout all operations of the organization.

The Safety Manual

addresses a variety of topics including reporting injuries, OSHA compliance and emergency procedures (related to workplace violence, active shooters, severe weather and blood-borne pathogens, among others).

Policies are routinely communicated and training is provided to associates as appropriate.

Government Regulation

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The following table sets forth certain information concerning each of our executive officers:

Robert Wallstrom

Chief Executive Officer, President and Director, Vera Bradley, Inc.

John Enwright

Chief Financial Officer, Vera Bradley, Inc.

Chief Administrative & Legal Officer and Corporate Secretary, Vera Bradley, Inc.

Chief Customer Officer, Vera Bradley

Chief Merchandising Officer, Vera Bradley

Beatrice Mac Cabe

Chief Creative Officer, Vera Bradley

Stephanie Scheele

Chief Marketing Officer, Vera Bradley

Mary Beth Trypus

Chief Sales Officer, Vera Bradley

Co-founder, Pura Vida

Griffin Thall

Co-founder, Pura Vida

Name Age Position(s)

Robert Wallstrom 55 Chief Executive Officer, President and Director, Vera Bradley, Inc.

John Enwright 48 Chief Financial Officer, Vera Bradley, Inc.

Dely 45 Chief Administrative & Legal Officer and Corporate Secretary, Vera Bradley, Inc.

Daren Hull 47 Brand President, Vera Bradley

Kevin Korney 51 Chief Merchandising Officer, Vera Bradley

Beatrice Mac Cabe 42 Chief Creative Officer, Vera Bradley

Stephanie Scheele 44 Chief Marketing Officer, Vera Bradley

Mary Beth Trypus 55 Chief Revenue Officer, Vera Bradley

Paul Goodman 32 Co-founder, Pura Vida

Griffin Thall 34 Co-founder, Pura Vida

Robert Wallstrom has served as our Chief Executive Officer, President and Director since November 2013.

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Dely began his legal career at New York law firm Fried Frank, LLP.

Daren Hull has served as our Chief Customer Officer since July 2018 and is responsible for all sales, marketing, and digital initiatives.

Daren Hull was promoted to Vera Bradley Brand President in February 2021 where he will focus on building customer engagement and expanding revenue while cultivating the ethos of the Vera Bradley brand.

Prior to this, Mr.

Hull served as our Chief Customer Officer since July 2018 where he was responsible for all sales, marketing, and digital initiatives.

Prior to joining Vera Bradley, Mr.

Hull served as Senior Vice President, Stores and West Elm Digital for Williams-Sonoma where he evolved the technology and customer experience from November 2016 until July 2018.

Hull served as Senior Vice President, Stores and West Elm Digital for Williams-Sonoma, a consumer retailer of cookware and tools, electrics, entertainment-related, and other products, where he evolved the technology and customer experience from November 2016 until July 2018.

Between November 2015 and September 2016, he served as Chief Operating Officer of Outdoor Voices where, among other things, he developed the team, process, programs, and infrastructure to drive revenue growth.

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Prior to joining Vera Bradley, Mr.

Korney served as Vice President, Global Merchandising for Converse where he introduced the Global Merchandising function in June 2015.

Between November 2012 and June 2015, he served as Senior Divisional Merchandise Manager for Fossil.

Korney served as Vice President, Global Merchandising for Converse, a shoe, apparel and accessories manufacturer and distributor, where he introduced the Global Merchandising function in June 2015.

Between November 2012 and June 2015, he served as

Senior Divisional Merchandise Manager for Fossil.

From July 2011 to November 2012, he served as the General Merchandise Manager for Dallas Cowboys Merchandising and from September 2006 to March 2009, he served as Global Vice President within various Merchandising and Creative functions at The Walt Disney Company.

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Scheele has spent over 15 years with Vera Bradley in various roles of increasing responsibility.

Mary Beth Trypus joined the Company in May 2016 as our Vice President – Global Wholesale Sales and was promoted to her current post as Chief Sales Officer in March 2018.

Mary Beth Trypus joined the Company in May 2016 as our Vice President – Global Wholesale Sales and was promoted to Chief Sales Officer in March 2018 and then to Chief Revenue Officer in March 2021.

In her current role, she is responsible for all revenue channels including retail, wholesale, and e-commerce, as well as customer service.

From September 2015 to May 2016, Ms.

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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