VF Corp.

  • 1899: Company established under the name of Reading Glove and Mitten Manufacturing Company.
  • 1919: Begins manufacturing undergarments and changes name to Vanity Fair Mills.
  • 1951: Shares first sold to the public
  • 1969: Acquires H.D. Lee Company and changes name to VF Corporation.
  • 1986: Acquires Greensboro’s Blue Bell for $813 million. Within days VF announces plans to close Blue Bell headquarters in Greensboro and trim 900 jobs in the company's North Carolina factories. VF nearly doubles its size by acquiring Blue Bell. It becomes the world’s largest publicly held clothing company, adding such brands as Wrangler and Jantzen. The acquisition, the most significant in VF history, gives the company more than 25 percent of the world market for jeanswear.
  • 1995: Announces $150 million restructuring program that will result in nine plant closings and will lay off 3,800 workers.
  • 1996: Takes over third floor of First Union Tower; also occupies space in CCB Bank building.
  • 1997: In Oct, announces that the company will relocate it headquarters to Greensboro, giving the city a label it hadn't had in a long time - home of a Fortune 500 company. Acquires Maidenform Worldwide, Inc. and Brittania label from Levi Strauss & Company. Reports sales of $5.22 billion for the year.
  • 1998: Relocates its corporate headquarters from Pennsylvania to Greensboro.
  • 1999: Reports sales of $5.55 billion.
  • 2000: Buys the Gitano division of Fruit of the Loom for $17.5 million.
  • 2001: Closes Reidsville distribution center, cutting 235 jobs. Announces a massive restructuring that will cut 13,000 jobs, representing 18 percent of the company’s workforce and will close more than 30 plants. 9,000 jobs will move overseas. The cuts include 80 jobs in Greensboro and 2,300 in and around Martinsville, Va. Closes a children's clothing plant in Alabama cutting 296 jobs.
  • 2002: Cuts 2,300 jobs in Martinsville, Va.
  • 2003: Jeanswear Division eliminates 1,800 NC and Oklahoma jobs, representing 8 percent of VF Jeanswear’s total workforce. Increases quarterly dividend for 13th consecutive year. Reports $5.21 billion in sales. Announces license agreement worth $15 million with Candor Hosiery Mills Inc.
  • 2004: Second quarter sales jump 12 percent to $1.2 billion. Announces sale of Healthtex Playwear to Lollytogs Ltd.
  • 2005: Closes plant in Wilson, NC; 445 jobs phased out. Reportes total revenues of $6.5 billion and a net income near $507 million, or $4.54 per share.
  • 2006: International business grows from 19 percent of total revenue to 25 percent.
  • Mar. 2007: Fortune names VF Corp. to the magazine's 2007 list of the nation's most admired companies
  • Apr. 2007: Sold its global intimate apparel business to Fruit of the Loom, Inc., a subsidiary of Berkshire Hathaway, Inc. for $350 million. Acquires The North Face branded business in China from its licensee, Korea-based Youngone Corp.
  • Jul 2007: Purchases Seven For All Mankind denim company for $775 million and Lucy, a women's activewear company for $110 million.
  • Oct. 4, 2007: Announces Eric C. Wiseman will become chief executive officer, effective Jan 2008. CEO Mackey J. McDonald, will continue to serve as chairman of VF's board of directors.
  • Jan. 9, 2008: Wiseman announces raised long-term revenue growth target from 6 to 8 percent annually to 8 to 10 percent annually and sets goal for $11 billion in revenues by 2012 – which would be 9 percent growth per year.
  • Feb 2009: Fourth-quarter profit dropped 30 percent. For 2008, income declined from $613.2 million to $602.7 million.
  • Mar 2009: Acquires the remaining two-thirds of the capital stock of Mo Industries, owner of the Splendid and Ella Moss contemporary sportswear brands for $161 million, plus the repayment of $47 million in existing net debt, and will be funded through VF’s cash flow from operations.
  • April 2009: CEO Eric Wiseman tells shareholders that the apparel group’s profit rose 2 percent in 2008.
  • July 2009: VF Corp. is among the companies that have made a bid to purchase the assets of Eddie Bauer.
  • July 2009: VF Corp. reports a 27 percent decline in quarterly profits yet beats Wall Street estimates.
    Net income for the second quarter fell to $75.5 million, or 68 cents a share. That compares to $104 million, or 94 cents, a year ago.
  • Feb 2010: VF announces that the Jeanswear distribution center in Holly Pond is shutting down after more than 25 years of operation. This shutdown is related to its need to balance its distribution and supply capacity and to keep its product costs competitive. About 150 jobs will be lost. The 100,000-square-foot distribution center once employed close to 300 people
  • Mar 2010: VF Corp.’s Jeanswear Americas announces that 20 Greensboro jobs are moving to Panama by the end of October.
  • Sept 2010: VF Corp. ranks 89th on the 2010 's Information Week 500 - a list of the top technology innovators in the U.S.
  • Oct 2010: Announces deal beginning April 2012 that will make VF Corp an official partner with the NFL. VF will manufacture fan gear.
  • Dec 2010: Agrees to buy the trademarks and intellectual property of Rock and Republic, a bankrupt, Los Angeles-based, upscale denim brand for $57 million.
  • May 2011: Employs 45,000 people worldwide and 1,300 people in Greensboro.
  • June 2011: Announces plans to buy boot and clothing maker Timberland Co. for more than $2.2 billion. VF is offering $43 for each Timberland share, a premium of 43.4 percent to the latest Timberland closing price on Friday, June10.
  • July 21, 2011: Net income rises 17% for second quarter.
  • Sept. 2011: Timberland purchase completed.
  • Oct. 2011: Third-quarter profit rose a better-than-expected 24%, helped by the September purchase of Timberland and gains in brands from Vans to Nautica; hiked dividends 14 percent; stock price up 54 percent for the year.
  • Feb 2012: Released fourth quarter report: For all of 2011, VF's revenues increased 23 percent to $9.45 billion, up from $7.7 billion in 2010. Timberland added $713 million to revenues in 2011. Company officials say they predict earnings of about $9.30 a share and 15 percent revenue growth.
  • Mar 2012: VF announced that it has agreed to sell the majority ownership in John Varvatos Enterprises , a men’s clothing design business, to Lion Capital , a London buyout firm.
  • Apr 2012: AFL-CIO'S Executive PayWatch report says that VF's CEO, Eric C. Wiseman compensation for 2011 was $10.6 million.
  • Mar 2013: VF Corp. is named to investment researcher The Motley Fool’s list of the best 25 companies in America. VF was ranked 19th. VF, employs 869 workers in its Greensboro headquarters.
  • Mar 2014: Announced plans to open a 3,000-square-foot retail lab on Lindsay Street. Employees will work with customers to gain insights and test new jeanswear products for brands such as Wrangler and Rock & Republic.
  • Apr. 2014: Opened a $60 million distribution center in Kunshan, China. VF also added new distribution centers in Sint-Niklaas, Belgium; Mexico City, Mexico; Los Angeles, Calif and reopened its Hackleburg, Ala. facility which was destroyed by an April 2011 tornado.
  • Sept. 2014: Dan Cherian hired as VP for global innovation.
  • Oct. 2014:VF Corp. CEO and President Eric Wiseman and his wife, Susan are donating $1 million to expand the Greensboro Science Center will finance the addition of at least 40 to 50 new species to the SciQuarium. The donation is the largest individual gift in the 57-year history of the organization.
  • Feb. 2015: VF announced plans to open 150 new retail stores worldwide. The company also reported revenues in 2014 increased 8 percent to $12.3 billion - a record.
  • Feb. 25, 2015: VF selected Gateway University Research Park for the Global Jeanswear Innovation Center which will create 30 jobs by the end of 2016.
  • April 3, 2015: VF board of directors elected Scott A. Roe as the new chief financial officer.
  • July 15, 2015: Footwear News reported that VF might be interested in buying Puma.
  • Sept., 2015: Wrangler Jeans launched a national campaign for its Advanced Comfort line featuring NASCAR driver, Dale Earnhardt Jr., retired NFL quarterback Brett Favre and current NFL quarterback Drew Brees.
  • Oct. 2015: VF hired former NFL linebacker David Pollack to pitch the company's Wrangler brand.
  • Jun. 30, 2016:VF announced that it has agreed to sell its Contemporary Brands division - highlighted by 7 for All Mankind, Splendid and Ella Moss premium brands - for $120 million to Delta Galil Industries of Tel Aviv, Israel.
  • Oct. 2016:VF Corp. reverted to splitting its chairman and chief executive duties. Steven Rendle will take over as CEO on Jan. 1, 2017. Eric Wiseman, 60, has served in both roles since August 2008. He will remain as executive chairman. Rendle, 57, has been with VF for 16 years, serving as president and chief operating officer since June 2015.
Also see Blue Bell

Compiled by Diane Lamb, News & Record Researcher
Sources: News & Record archive; Triad Business Journal

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