Following a streak of earnings wins, Vans continues to gain favor among teenagers, becoming the demographic’s fastest-growing footwear brand, according to a Piper Jaffray study.
The investment banking firm today released its semiannual “Taking Stock With Teens” survey, finding that the iconic skate lifestyle brand not only is consistently the No. 2 footwear choice among teenagers (second only to Nike) but also hit an all-time high among upper-income female teens. (The survey included results from about 8,600 teens averaging 16 years old across 48 states in the country.)
The surge puts Vans closer than ever to Nike, which has maintained its spot as the No. 1 apparel and footwear brand among teenagers as athletic brands remain dominant. However, the sportswear giant is said to be losing market share as Adidas, Lululemon and Crocs see swift growth.
Comparatively, streetwear brands such as Tommy Hilfiger and Supreme, as well as luxury brands inspired by ’90s trends — think Balenciaga and Gucci — are also on the rise.
Vans has time and again served as VF Corp.’s hero brand, which reported this month that third-quarter sales advanced 15 percent to $3.9 billion, driven by a 27 percent gain at the Costa Mesa, Calif.-headquartered company. (The firm is also parent to The North Face, Timberland and Reef.)
Last month, Vans chairman, president and CEO Steve Rendle announced plans to boost revenues to $5 billion, from $2 billion, by fiscal year 2023, expecting the bulk of sales to come from a direct-to-consumer business model.
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