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V.F. CORPORATION

(VFC)
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V F : VF Corporation Advances Global Partnership with Better Work; On International Workers' Day, VF is progressing its goal to improve the lives of one million people by 2025 through enhanced worker well-being programs

04/30/2021 | 09:45am EDT

DENVER - VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear, and accessories, today announced that it is advancing its engagement with Better Work by strengthening its partnership status to Global Partner. This action is part of VF's ongoing commitment to human rights and improving worker well-being throughout its global supply chain.

As a Global Partner, VF will increase collaboration with Better Work through enhanced training and assessments on critical supply chain issues such as child labor, discrimination, forced labor, freedom of association, and occupational health and safety.

Better Work is a collaboration between the UN's International Labor Organization (ILO) and the International Finance Corporation (IFC), a member of the World Bank Group, that brings together all levels of the garment industry to improve working conditions, respect labor rights for workers, and improve the competitiveness of the industry. VF is one of 40 Global Partners of the Better Work program.

'Our partnership with Better Work is another demonstration of our deep commitment to managing an ethical, responsible, and sustainable supply chain that puts people at the center,' said Peter Higgins, VF's Vice President Global Responsible Sourcing. 'I'm confident this strengthened partnership will do even more to support the advancement of key human rights priorities, including those focused on freedom of association, gender-based violence and workplace harassment.'

As a Better Work Global Partner, VF-authorized contract facilities will go through in-depth training and assessments on material issues that can impact apparel supply chains. The program will run in supplier factories located in Bangladesh, Cambodia, Egypt, Haiti, Indonesia, Jordan, Nicaragua, and Vietnam, where working conditions and improvements will be assessed at each location. If issues arise, VF, Better Work and the factory, including workers, will collaborate on effective remediation solutions that directly impact and improve factory workers' lives. The program will also implement Better Work's two-fold strategy to promote compliance with national law and international core labor standards.

VF's strengthened partnership with Better Work builds on the prior success of VF's 2018 Industrial Relations Leadership pilot program with Better Factories Cambodia. This pilot successfully enhanced collaboration and communication at VF's strategic factories while building capacity for worker representatives and management, as well as delivering a positive impact on workplace issues, especially industrial relations. The pilot was expanded to include two more factories in Cambodia and Vietnam.

'Better Work looks forward to its deeper engagement with VF as a global partner,' said Tara Rangarajan, Head of Better Work's Brand Engagement Team. 'This is a significant milestone in our ability to work together to continue improving working conditions in the apparel industry.'

To learn more about Better Work, please visit: https://betterwork.org/

About VF Corporation

Founded in 1899, VF Corporation is one of the world's largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans, The North Face, Timberland and Dickies. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

About Better Work

Better Work is a collaboration between the UN's International Labour Organization (ILO) and the International Finance Corporation (IFC) that brings together all levels of the garment industry to improve working conditions and respect of labour rights for workers. Better Work is dedicated to improving working conditions and boosting the competitiveness of the apparel sector in nine key garment producing countries: Bangladesh, Cambodia, Egypt, Haiti, Indonesia, Jordan, Nicaragua, and Vietnam.

Media Contacts:

VF Corporation

Molly Cuffe

Director, Corporate Responsibility Communications

Molly_Cuffe@vfc.com

Better Work

Sarah Thomas

Communications Officer

thomass@ilo.org

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2022 11 847 M - -
Net income 2022 1 203 M - -
Net Debt 2022 2 955 M - -
P/E ratio 2022 26,7x
Yield 2022 2,42%
Capitalization 32 158 M 32 158 M -
EV / Sales 2022 2,96x
EV / Sales 2023 2,76x
Nbr of Employees 33 600
Free-Float 92,7%
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Average target price 93,86 $
Last Close Price 81,97 $
Spread / Highest target 34,2%
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Steven E. Rendle Executive Chairman, President & CEO
Matt Puckett Chief Financial Officer & Executive Vice President
Velia Carboni Executive VP, Chief Technology & Digital Officer
Clarence Otis Independent Director
W. Alan McCollough Lead Independent Director
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