EX-99.1
2
dp143166_ex9901.htm
EXHIBIT 99.1
Exhibit
99.1
VF CORPORATION
COMPLETES ACQUISITION OF SUPREME®
DENVER, Colo., December
28, 2020 -
VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories,
today announced that it has completed its previously announced acquisition of
Supreme
®
, a privately-owned
global streetwear brand, for an aggregate base purchase price of $2.1 billion subject to customary adjustments for cash, indebtedness,
working capital and transaction expenses. As a result of the transaction,
Supreme
®
has become a wholly owned
subsidiary of VF Corporation.
The acquisition of the
Supreme
®
brand accelerates
VF's consumer-minded, retail-centric, hyper-digital business model transformation and builds on a long-standing relationship
between
Supreme
®
and VF, with the
Supreme
®
brand being a regular collaborator with
VF's
Vans
®
,
The North Face
®
and
Timberland
®
brands.
Supreme
®
is expected to be modestly accretive
to VF's revenue and adjusted earnings per share in fiscal 2021. The
Supreme
®
brand is expected to contribute
at least $500 million of revenue and $0.20 of adjusted EPS in fiscal 2022.
Forward-looking Statements
Certain statements included in this release are "forward-looking
statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations
and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these
statements by the fact that they use words such as "will", "anticipate", "estimate", "expect,"
"should", and "may" and other words and terms of similar meaning or use of future dates, however, the absence
of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF's
plans, objectives, projections and expectations relating to VF's operations or financial performance, and assumptions related
thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could
differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ
materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the
widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus
(COVID-19) global pandemic; the level of
consumer demand for apparel, footwear and accessories; disruption
to VF's distribution system; the financial strength of VF's customers; fluctuations in the price, availability and
quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF's
response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition
from online retailers; manufacturing and product innovation; increasing pressure on margins; VF's ability to implement its
business strategy; VF's ability to grow its international and direct-to-consumer businesses; retail industry changes and
challenges; VF's and its vendors' ability to maintain the strength and security of information technology systems;
the risk that VF's facilities and systems and those of our third-party service providers may be vulnerable to and unable
to anticipate or detect data security breaches and data or financial loss; VF's ability to properly collect, use, manage
and secure consumer and employee data; foreign currency fluctuations; stability of VF's manufacturing facilities and foreign
suppliers; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand
for products; continuity of members of VF's management; VF's ability to protect trademarks and other intellectual property
rights; possible goodwill and other asset impairment; maintenance by VF's licensees and distributors of the value of VF's
brands; VF's ability to execute and integrate acquisitions; changes in tax laws and liabilities; legal, regulatory, political
and economic risks; the risk of economic uncertainty associated with the exit of the United Kingdom from the European Union ("Brexit")
or any other similar referendums that may be held; adverse or unexpected weather conditions; VF's indebtedness and its ability
to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; climate change and
increased focus on sustainability issues; and risks associated with the spin-off of our Jeanswear business completed on May 22,
2019, including the risk that VF will not realize all of the expected benefits of the spin-off; the risk that the spin-off will
not be tax-free for U.S. federal income tax purposes; and the risk that there will be a loss of synergies from separating the businesses
that could negatively impact the balance sheet, profit margins or earnings of VF. More information on potential factors that could
affect VF's financial results is included from time to time in VF's public reports filed with the SEC, including VF's
Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
About VF
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
.
VF Corporation Contacts
Joe Alkire
Craig Hodges
Vice President, Corporate Development,
Vice President,
Investor Relations and Treasury
Corporate Affairs
Joe_Alkire@vfc.com
Craig_Hodges@vfc.com

EX - 99 . 1 2 dp143166 _ ex9901 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 VF CORPORATION COMPLETES ACQUISITION OF SUPREME ® DENVER , Colo . , December 28 , 2020 - VF Corporation ( NYSE : VFC ) , a global leader in branded lifestyle apparel , footwear and accessories , today announced that it has completed its previously announced acquisition of Supreme ® , a privately - owned global streetwear brand , for an aggregate base purchase price of $ 2.1 billion subject to customary adjustments for cash , indebtedness , working capital and transaction expenses . As a result of the transaction , Supreme ® has become a wholly owned subsidiary of VF Corporation . The acquisition of the Supreme ® brand accelerates VF 's consumer - minded , retail - centric , hyper - digital business model transformation and builds on a long - standing relationship between Supreme ® and VF , with the Supreme ® brand being a regular collaborator with VF 's Vans ® , The North Face ® and Timberland ® brands . Supreme ® is expected to be modestly accretive to VF 's revenue and adjusted earnings per share in fiscal 2021 . The Supreme ® brand is expected to contribute at least $ 500 million of revenue and $ 0.20 of adjusted EPS in fiscal 2022 . Forward - looking Statements Certain statements included in this release are " forward - looking statements " within the meaning of the federal securities laws . Forward - looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties . You can identify these statements by the fact that they use words such as " will " , " anticipate " , " estimate " , " expect , " " should " , and " may " and other words and terms of similar meaning or use of future dates , however , the absence of these words or similar expressions does not mean that a statement is not forward - looking . All statements regarding VF 's plans , objectives , projections and expectations relating to VF 's operations or financial performance , and assumptions related thereto are forward - looking statements . We caution that forward - looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward - looking statements . VF undertakes no obligation to publicly update or revise any forward - looking statements , whether as a result of new information , future events or otherwise , except as required by law . Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward - looking statements include , but are not limited to : risks arising from the widespread outbreak of an illness or any other communicable disease , or any other public health crisis , including the coronavirus ( COVID - 19 ) global pandemic ; the level of consumer demand for apparel , footwear and accessories ; disruption to VF 's distribution system ; the financial strength of VF 's customers ; fluctuations in the price , availability and quality of raw materials and contracted products ; disruption and volatility in the global capital and credit markets ; VF 's response to changing fashion trends , evolving consumer preferences and changing patterns of consumer behavior ; intense competition from online retailers ; manufacturing and product innovation ; increasing pressure on margins ; VF 's ability to implement its business strategy ; VF 's ability to grow its international and direct - to - consumer businesses ; retail industry changes and challenges ; VF 's and its vendors ' ability to maintain the strength and security of information technology systems ; the risk that VF 's facilities and systems and those of our third - party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss ; VF 's ability to properly collect , use , manage and secure consumer and employee data ; foreign currency fluctuations ; stability of VF 's manufacturing facilities and foreign suppliers ; continued use by VF 's suppliers of ethical business practices ; VF 's ability to accurately forecast demand for products ; continuity of members of VF 's management ; VF 's ability to protect trademarks and other intellectual property rights ; possible goodwill and other asset impairment ; maintenance by VF 's licensees and distributors of the value of VF 's brands ; VF 's ability to execute and integrate acquisitions ; changes in tax laws and liabilities ; legal , regulatory , political and economic risks ; the risk of economic uncertainty associated with the exit of the United Kingdom from the European Union ( " Brexit " ) or any other similar referendums that may be held ; adverse or unexpected weather conditions ; VF 's indebtedness and its ability to obtain financing on favorable terms , if needed , could prevent VF from fulfilling its financial obligations ; climate change and increased focus on sustainability issues ; and risks associated with the spin - off of our Jeanswear business completed on May 22 , 2019 , including the risk that VF will not realize all of the expected benefits of the spin - off ; the risk that the spin - off will not be tax - free for U . S . federal income tax purposes ; and the risk that there will be a loss of synergies from separating the businesses that could negatively impact the balance sheet , profit margins or earnings of VF . More information on potential factors that could affect VF 's financial results is included from time to time in VF 's public reports filed with the SEC , including VF 's Annual Report on Form 10 - K , and Quarterly Reports on Form 10 - Q , and Forms 8 - K filed or furnished with the SEC . About VF 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 . VF Corporation Contacts Joe Alkire Craig Hodges Vice President , Corporate Development , Vice President , Investor Relations and Treasury Corporate Affairs Joe_Alkire@vfc.com Craig_Hodges@vfc.com
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