Vans, which continues to power growth at parent company VF Corp., today said it plans to boost revenues to $5 billion, from $2 billion, by fiscal year 2023.
“I am confident in the Vans team’s ability to deliver on a bold $5 billion revenue target, which will be a key driver of VF’s plan to deliver superior total return to shareholders over the next five years,” Steve Rendle, VF Corp. chairman, president and CEO, said in a statement.
VF, which recently announced plans to spin off its jeans division and relocate its headquarters to Denver, said it would further grow its Vans footwear business at an annual rate of 10 to 12 percent through a “diversified and balanced” strategy across geographies.
The company said it expected the bulk of sales to come from a direct-to-consumer business model. Vans is targeting about $3 billion, or 60 percent, in revenue from DTC.
“Vans is moving into its rightful place as the No. 3 global sport lifestyle brand by being clear about who we are and who we are not,” said Doug Palladini, global label president. “By forsaking ubiquity and instead focusing on Vans’ brand pillars of art, music, action sports and street culture, we continue to generate deep and meaningful consumer connectivity that is growing the Vans family worldwide.”
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