Fashion group VF Corp, which owns brands such as The North Face, Timberland and Dickies, has announced it will cut around 500 jobs as part of its restructuring under the leadership of Chief Executive Officer Bracken Darrell.
The “Project Reinvent” restructuring plan, launched at the end of October, aims to increase the focus on brand building and improve operational performance. A spokesman for VF confirmed the layoffs to the trade magazine WWD. The US clothing company wants to use the savings to invest more in its brands and better position itself for long-term growth.
The decision comes after VF reported a 2 percent decline in second-quarter revenue to $3 billion, leading to the withdrawal of its fiscal 2024 profit forecast and the launch of “Reinvent.”
This translated and edited post previously appeared on FashionUnited.uk.