The troubled US clothing group VF Corporation has brought additional expertise in-house. On Tuesday evening, the parent company of brands such as The North Face, Vans and Timberland announced the appointment of Caroline Brown to the board of directors. The industry veteran will join the board as an independent director on Wednesday.
According to the company, Brown has more than 30 years of experience in the clothing industry. After career positions at well-known brands such as Giorgio Armani, Akris and Carolina Herrera, she was CEO of the fashion house Donna Karan International from 2015 to 2017, which includes the Donna Karan and DKNY labels. Most recently, from 2019 to 2023, she was Managing Director of the investment firm Closed Loop Partners, which focuses on promoting circular economy models.
The background to the appointment is a “constructive agreement” with the investment company Engaged Capital LLC, VF said. The finance house, which holds 1.3 percent of the group’s shares, recently pushed for personnel and strategic changes in the group of companies in view of significant sales losses and red numbers. As part of the agreement, Engaged Capital will now nominate another additional board member after Caroline Brown, the clothing group said.