Shanghai – January 11, 2021 – VF Corporation (NYSE: VFC) , a leading global apparel and footwear company, today announced its business transformation plan in the Asia-Pacific region, aimed at optimizing the company’s organizational deployment in the region, strengthening capacity building and promoting its subsidiaries Brand growth.
V.F.'s business transformation plan includes the relocation of its brand operations center from Hong Kong to Shanghai. Weifu has about 900 employees in offices and stores in Shanghai. The Asian product supply center, which is the base of global supply chain operations, will also move from Hong Kong to Singapore. At the same time, the company will also set up an Asia-Pacific shared business support center in Kuala Lumpur, Malaysia. The transformation plan will be carried out in stages in the next 12 to 18 months, with the first stage expected to begin in April this year.
Steve Rendle, Chairman, President and Chief Executive Officer of V.F., said: "The business transformation plan announced today once again demonstrates V.F.’s determination to invest in the Asia-Pacific region and will help the company achieve a consumer-oriented, retail-oriented and highly digitalized Corporate goals. Weifu began to enter the Asia-Pacific region 25 years ago, and continue to seize opportunities to optimize business development plans. Now, we will further improve the business model of the Asia-Pacific region, accelerate the company’s response speed, and enhance comprehensive capabilities to better To serve the rapidly changing, technology-driven market in the Asia-Pacific region."
By moving the brand operation center to Shanghai, the company hopes to establish closer and more meaningful connections with domestic consumers. Moving the product supply center to Singapore will help the Asia-Pacific region to more effectively integrate with VF's global supply chain network, including Europe and North and South America. In addition, VF will redeploy part of the talents and resources of the product supply center to the company's major procurement countries in the Asia-Pacific region to strengthen close cooperation with important suppliers and improve efficiency.
Rendle continued to point out: "In recent years, VF has actively promoted the development of brand strategy in the Asia Pacific region, such as establishing new digitalization and data analysis capabilities, establishing closer cooperation with technology giants, and adding senior management in Tokyo and Shanghai. In addition, Based on this solid foundation, VF also sees an important opportunity to establish a highly digitalized supply chain with Singapore as the hub, which will help us become more rapid and flexible in product manufacturing, procurement and logistics."
Marvin Marvin, President of VF Corporation Greater China, believes that the company's move is to actively respond to the rapid changes in the domestic market and actively seize important opportunities. She pointed out: "The domestic apparel and footwear market is very unique, and consumer preferences are changing rapidly. In order to seize future market opportunities, we must be closer to consumers, including through expansion of retail business and good cooperation with digital technology partners. It will enable us to respond more quickly to changes in consumer trends and help our brands create better products and service experiences for consumers."
The company's additional shared business support center in Kuala Lumpur, Malaysia will strengthen VF's administrative support capabilities to meet the needs of the entire Asia-Pacific brand and supply chain. The new sharing center will cover departments such as digital technology, finance, human resources and logistics. Hong Kong will remain an important retail market for V.F. and its brands.
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