After we heard that there had been more layoffs at Vans, VF Corp. confirmed to SESO that hundreds of employees across several brands and regions have lost their jobs at the company.
“Over the past few months, VF has been working to reorganize select commercial functions globally, as part of the company’s ongoing business turnaround,” reads a statement provided by VF Corp. In addition to Vans, the company’s portfolio includes The North Face, Timberland, Dickies, and more. “The reorganization has impacted approximately 400 employees globally across VF’s brands and regions (Americas, Europe, Asia).”
VF Corp.’s turnaround strategy, dubbed Reinvent, has involved multiple rounds of layoffs. At the end of 2024, VF Corp. employed approximately 28,000 people, 5,000 fewer workers than the company employed at the end of fiscal year 2023. In January, the company announced more layoffs were being implemented, but did not share how many employees or what areas of the business would be affected. In March, the company confirmed that 70 to 80 workers could lose their jobs at its EMEA headquarters in Stabio, Switzerland.
VF executives and brand leaders outlined their plans to pay down debt and return to profitability at two investor day presentations earlier this year and last year. The North Face Brand President Caroline Brown, Sun Choe of Vans, and Altra’s Jen McLaren shared their respective plans to grow the brands in March. In November 2024, VF Corp. CEO Bracken Darrell and CFO Paul Vogel warned that more cost-cutting would be necessary.
VF Corp. beat its estimates in the third quarter, which it reported in January. The North Face and Timberland both reported revenue growth, while Vans and Dickies showed signs of improvement though still reported revenue declines.
“While these decisions are never easy, we are confident this work will result in a stronger foundation that supports the company’s growth and value creation objectives,” continued the statement. “We’re committed to handling these changes with dignity and respect for all involved and want to thank those impacted through this process for their valued contributions to VF.”
