The VF Corporation Jeanswear division is a company who basically oversees a bunch of Jeanswear companies and brands and makes sure that they are gaining the most profit that they possibly can. The presentation was very extensive and got repetitive at times, but it was very informative and I learned a lot about VF Corporation and the retail business. I had worked for Toys R Us for a seasonal employment job, but I had not really thought about how the retail business works. This presentation from VF Corporation Jeanswear was very informative and descriptive about how they run their business. I do not personally buy any of their branded products, but when I was little I had several pairs of Wrangler and Lee’s jeans.
The mission of VF is to create the leading jeans and lifestyle apparel company in North America by offering their customers branded product solutions at compelling value. They absolutely meet their mission statement by having several different brands within their Jeanswear branch and making profit off of healthy competition between their own brands. They treat their brands like children and supply them with the same materials that each is asking for but in the end, one ends up making more profit than the other simply because of the consumer behavior. They have to be very careful about their brands in order to not infuse bias or as they put it, “paying for one child to go to college but not the other.” I felt that this part of the discussion was best aligned with their mission statement.
The main customer of VF is the mass distributor such as Wal Mart. The customer name that was brought up constantly was Wal Mart because VF needs them as they need VF. It is a great relationship because VF has all of the brands they want to sell and since VF does not do direct relationships with consumers and is not actually in retail they just make the products, it works out great for both sides. This is an example of outsourcing in order to get their products sold. This is what VF Jeanswear does a lot of the time. They already have their brands as their main companies, but sometimes these brands do not have enough stores to meet the potential profit that VF is looking for so outsourcing is always the next option.
What customers value of VF’s products and services is their quality of jeans at an affordable price and the efficiency in supplying the products to the customer demands. VF is constantly looking for new customers while also trying to keep their everyday customers satisfied. So, they are looking at trends and changes in demographics in order to meet new customer needs and maintain their current customer satisfaction. This is exactly what customers value of VF; they are watching changes in trends to keep the customer up to date in trends and also diversifying their products to potentially attract other customers.
The result of VF is great quality jeans at a great price, exactly how they planned it. They have been buying more and more brands to add to their portfolio, and the success and profit has been outstanding over the last few years. They almost doubled their worth over the course of five years and they are well on their way into the teen-millions. This is quite an impressive result for any type of business and I was personally blown away at how much profit they have recorded in only 5 years.
The plan for VF Corporation Jeanswear is to win in the marketplace and be highly competitive within that marketplace. They also plan on continuing to watch the changes in competition, demographics, supply chain and sourcing. All of these changes have a heavy influence in the plan and strategy for VF. Their goal is to strive for constant sustainability and profitable growth through innovation and execution of what has always been effective. From what they showed to us about their plan, they are right on top of things and are doing things right in order to make the most amount of profit possible.
Follow
