<SEC-DOCUMENT>0001157523-18-001797.txt : 20180813
<SEC-HEADER>0001157523-18-001797.hdr.sgml : 20180813
<ACCEPTANCE-DATETIME>20180813061258
ACCESSION NUMBER:		0001157523-18-001797
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180813
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180813
DATE AS OF CHANGE:		20180813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			V F CORP
		CENTRAL INDEX KEY:			0000103379
		STANDARD INDUSTRIAL CLASSIFICATION:	MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]
		IRS NUMBER:				231180120
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05256
		FILM NUMBER:		181010192

	BUSINESS ADDRESS:	
		STREET 1:		105 CORPORATE CENTER BOULEVARD
		CITY:			GREENSBORO
		STATE:			NC
		ZIP:			27408
		BUSINESS PHONE:		(336)424-6000

	MAIL ADDRESS:	
		STREET 1:		P. O. BOX 21488
		CITY:			GREENSBORO
		STATE:			NC
		ZIP:			27420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VF CORPORATION
		DATE OF NAME CHANGE:	19900621

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VANITY FAIR MILLS INC
		DATE OF NAME CHANGE:	19690520
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51851276.htm
<DESCRIPTION>V.F. CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 10pt">Washington,
      D.C. 20549</font>
    </p>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Date of
      report (Date of earliest event reported): August 13, 2018</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>V.F. Corporation</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in charter)</font><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Pennsylvania</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-5256</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>23-1180120</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>105 Corporate Center Boulevard</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Greensboro, North Carolina 27408</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>(336)
      424-6000</b></font><br>(<font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code)</font><br><br>
    </p>
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 100%">


    <p style="text-align: left; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="text-align: left; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 ((&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <hr style="text-align: center; color: #000000; height: 3.0 pt; width: 100%">


    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 5.02. Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers.</b>
    </p>
    <p style="text-indent: 30.0px">
      It is anticipated that, effective upon the consummation of the
      separation referred to in Item 8.01 below, Scott H. Baxter will assume
      the role of Chief Executive Officer of the new independent publicly
      traded company resulting from the separation.&#160;&#160;In order to assume his
      new role, at the time of the separation Mr. Baxter will resign from his
      role as Vice President and Group President &#727; Americas West of V.F.
      Corporation.&#160;&#160;
    </p>
    <p>
      <b>Item&#160;8.01 Other Events</b>
    </p>
    <p style="text-indent: 30.0px">
      On August 13, 2018, V.F. Corporation issued a press release announcing,
      among other things, its intention to pursue a separation of its
      Jeanswear business into a new independent publicly traded company.&#160;&#160;A
      copy of the press release is attached as Exhibit 99.1, and is
      incorporated herein by reference.
    </p>
    <p>
      <b>Item&#160;9.01 Financial Statements and Exhibits</b>
    </p>
    <p>
      (d)&#160;Exhibits.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by V.F. Corporation, dated August 13, 2018.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            V.F. CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 5%">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            August 13, 2018
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 3%">
          By:
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Laura C. Meagher
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 7%">
          Name:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Laura C. Meagher
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 7%">
          Title:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President, General Counsel &amp;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 7%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51851276ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51851276ex99_1.htm">Press Release issued by V.F.
            Corporation, dated August 13, 2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51851276ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2018 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>VF
      Corporation Announces Intention to Create Two Independent, Publicly
      Traded Companies</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Company
        Plans Tax-Free Spin-off of Jeans Business to VF Shareholders</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Separation
        to Create Enhanced Prospects for Long-Term Value Creation</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Transaction
        Expected to be Completed in the First Half of Calendar 2019</b></font></i>
      </li>
    </ul>
    <p>
      GREENSBORO, N.C.--(BUSINESS WIRE)--August 13, 2018--VF Corporation
      (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and
      accessories, today announced that its Board of Directors intends to
      separate the company into two independent, publicly traded companies: VF
      Corporation, a global apparel and footwear powerhouse, and a yet-to-be
      named company (NewCo), which will hold VF&#8217;s Jeans and VF Outlet
      businesses and will be a global leader in the denim category.<b> </b>The
      company expects to create these companies through a tax-free spin-off of
      NewCo to VF&#8217;s shareholders.
    </p>
    <p>
      &#8220;As shown by our recent quarterly results, VF continues to gain momentum
      on our transformation journey, marked by strong progress on our
      strategic initiatives and portfolio management,&#8221; said Steve Rendle,
      Chairman, President and Chief Executive Officer. &#8220;With these strong
      foundations in place, we are now ideally positioned to create two
      independent, leading, global companies. In alignment with our strategic
      plan, the decision to separate these businesses will allow VF to sharpen
      its focus as a consumer-centric and retail-minded organization anchored
      in activity-based lifestyle brands. Our Jeans platform is a successful,
      sustainable business with iconic global brands and a clear path to value
      creation as a standalone entity. This exciting step forward will mean
      that both VF and NewCo have the resources, management focus and
      financial flexibility to thrive in a dynamic consumer marketplace,
      creating an even brighter future for both organizations and all of their
      stakeholders.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Compelling Strategic Rationale</b>
    </p>
    <p>
      During the past several years, VF has undertaken a series of
      transformational portfolio actions that have driven superior value
      creation, including an annualized total shareholder return of more than
      17 percent since 2000 &#8211; ranking the company in the top 10 percent of S&amp;P
      500 Index performers during that period.
    </p>
    <p>
      In 2017, VF unveiled its five-year growth priorities. These included a
      disciplined reshaping of the brand portfolio to better position the
      company for long-term success in a quickly changing business landscape.
      Since then, VF has pursued a range of opportunities pivotal to its
      portfolio transformation, including the acquisitions of
      Williamson-Dickie, and the<i> Icebreaker&#174;</i> and <i>Altra&#174;</i>
      brands, and the divestitures of the <i>Nautica&#174; </i>brand and the
      Licensed Sports Group, including the <i>Majestic</i>&#174; brand. Through
      these actions, the company has sharpened its focus on activity-based
      outdoor, active and work lifestyles.
    </p>
    <p>
      As VF continues implementing its 2021 strategic growth plan, its Board
      of Directors has consistently explored opportunities to enhance
      long-term shareholder value, and believes that separating these
      businesses into two, independent, publicly traded companies is the best
      path forward. The strategic priorities and financial characteristics of
      VF and NewCo have evolved over time and the synergies across these
      businesses have become less clear. Enabling the Jeans business to
      operate independently from VF will allow it to focus on its long-term
      strategic priorities and achieve even greater potential as a separate
      company with a separate management team.
    </p>
    <p>
      The company believes the separation will offer several benefits:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Both companies will benefit from enhanced strategic and management
        focus;
      </li>
      <li style="margin-bottom: 10.0px">
        Each company will benefit from reduced managerial and operational
        complexity;
      </li>
      <li style="margin-bottom: 10.0px">
        Both companies will be able to optimize their distinct capabilities
        and focus investment on independent growth priorities, positioning
        each for stronger, more sustainable value creation;
      </li>
      <li style="margin-bottom: 10.0px">
        Each company will have a flexible capital structure with the ability
        to fund targeted profitable growth; and,
      </li>
      <li style="margin-bottom: 10.0px">
        The operational and financial profile of each company will more
        closely align with its natural investor type.
      </li>
    </ul>
    <p>
      <b>A More Focused VF</b>
    </p>
    <p>
      The separation will sharpen VF&#8217;s focus as a global apparel and footwear
      powerhouse with a portfolio of iconic brands in highly attractive and
      growing consumer segments and categories, leading to enhanced long-term
      revenue growth and margin expansion. With estimated annual revenue of
      more than $11 billion, the new VF will have a mid-teen total shareholder
      return target, including a strong dividend yield in line with the S&amp;P
      500. Building on VF&#8217;s successful track record of acquiring and
      accelerating brand growth, the separation will give the company more
      flexibility to pursue its M&amp;A strategy, explore new growth vectors and
      apply even more investment behind its organic brand portfolio.
    </p>
    <p>
      Consistent with its enhanced focus on the outdoor and active consumer,
      VF will move its global headquarters to the metro Denver area, which
      will also serve as the home for <i>The North Face&#174;</i>, <i>JanSport&#174;,
      Smartwool&#174;, Altra&#174;</i> and <i>Eagle Creek&#174;</i> brands and
      both VF&#8217;s Global Innovation Center for technical fabrics and Digital
      Lab. The new Colorado location will be staffed by brand leaders and
      associates, innovation staff, certain members of VF&#8217;s global leadership
      team and other corporate functions.
    </p>
    <p>
      &#8220;Locating these brands, along with select VF leaders, at the base of the
      Rocky Mountains will enable us to accelerate innovation, unlock
      collaboration across brands and functions, attract and retain talent and
      connect with consumers,&#8221; said Rendle, who will continue to lead VF.
    </p>
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    <p>
      <b>A Global Leader in Denim</b>
    </p>
    <p>
      NewCo will be a global leader in the denim category, with iconic brands
      steeped in rich heritage and authenticity, including the <i>Wrangler</i>&#174;
      and <i>Lee</i>&#174; brands. The VF Outlet business will be part of NewCo&#8217;s
      portfolio.
    </p>
    <p>
      With estimated annual revenue of more than $2.5 billion and a high
      single-digit total shareholder return target, NewCo will have an
      attractive financial profile, including a sustainable high dividend
      yield. NewCo will have a best-in-class supply chain, channel and
      category management expertise, reinforced by deep and long-standing
      relationships with leading global retailers. Additionally, NewCo will
      have diversified geographic exposure and plans to further extend its
      geographic footprint with a sharp focus on Asia, building on its
      established presence in China. NewCo also will have the opportunity to
      expand its distribution to new customers and categories, with a focus on
      both their owned and wholesale digital partner channels. NewCo expects
      to unlock significant scale and cost efficiencies by streamlining
      operations, providing flexibility to pursue strategic acquisitions over
      time.
    </p>
    <p>
      The company also today announced the anticipated designation of Scott
      Baxter as Chief Executive Officer of NewCo and Rustin Welton as Chief
      Financial Officer, effective upon completion of the transaction.
    </p>
    <p>
      &#8220;Scott is an extremely talented leader who has a long track record of
      success, which includes leading the Jeans business from 2011 through
      2015, a period during which the business grew at a mid-single-digit
      rate,&#8221; said Rendle. &#8220;There&#8217;s no one more qualified and appropriate to
      serve as CEO than Scott. I am confident he will do an exceptional job as
      CEO of NewCo.&#8221;
    </p>
    <p>
      The company plans to announce additional members of the NewCo executive
      team and further details on the composition of the Board of Directors
      ahead of the completion of the transaction.
    </p>
    <p>
      NewCo&#8217;s global headquarters will be in Greensboro, N.C. The <i>Lee&#174;</i>
      brand will move its headquarters to Greensboro from Kansas City, joining
      the <i>Wrangler&#174;</i> brand.
    </p>
    <p>
      Rendle added, &#8220;We&#8217;re proud of our Greensboro, N.C., roots and remain
      committed to the community, including a strong ongoing employment
      presence. Combined with the relocation of the <i>Lee&#174;</i> brand
      from Kansas City and the establishment of a major new public company
      with Greensboro headquarters, we expect that total VF and NewCo
      employment in the area will remain at current levels.&#8221;
    </p>
    <p>
      &#8220;This is great news for our associates, who will become part of two more
      sharply-focused, dynamic companies, with the ability to build even
      stronger partnerships with customers and deliver fantastic innovation
      for consumers,&#8221; he said. &#8220;I want to thank all of our outstanding
      colleagues for the extraordinary work they have done to get us to this
      point. Their talent, passion and hard work will allow both VF and NewCo
      to succeed long into the future.&#8221;
    </p>
    <p>
      <b>Next Steps</b>
    </p>
    <p>
      The separation is currently targeted to be completed in the first half
      of calendar 2019, subject to final approval by the company&#8217;s Board of
      Directors, customary regulatory approvals and tax and legal
      considerations. Throughout the separation process, VF management will
      remain committed to business as usual with all key stakeholders,
      including customers, employees and local communities.
    </p>
    <p>
      Investor days will be held for both VF and NewCo during the first half
      of calendar 2019.
    </p>
    <p>
      Barclays is acting as financial advisor to VF Corporation and Davis Polk
      and Wardwell LLP is acting as legal advisor.
    </p>
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    </div>
    <p>
      <b>Webcast, Conference Call and Presentation Materials</b>
    </p>
    <p>
      VF will host a conference call to discuss the transaction at 8:00 a.m.
      Eastern Time today. Webcast registration and presentation materials are
      accessible at ir.vfc.com. For those unable to listen to the live
      broadcast, an archived version will be available at the same location.
      Those interested to participate in the call may dial (877) 407-8129
      (domestic) or (201) 493-6710 (international).
    </p>
    <p>
      Additional information regarding the proposed separation is available at
      TwoGlobalLeaders.com.
    </p>
    <p>
      <b>About VF</b>
    </p>
    <p>
      VF Corporation (NYSE: VFC) outfits consumers around the world with its
      diverse portfolio of iconic lifestyle brands, including Vans&#174;, The North
      Face&#174;,&#160;Timberland&#174;, Wrangler&#174; and Lee&#174;. Founded in 1899, VF is one of
      the world&#8217;s largest apparel, footwear and accessories companies with
      socially and environmentally responsible operations spanning numerous
      geographies, product categories and distribution channels. VF is
      committed to delivering innovative products to consumers and creating
      long-term value for its customers and shareholders. For more
      information, visit&#160;<u>www.vfc.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      Certain statements included in this release and attachments are
      &#8220;forward-looking statements&#8221; 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 &#8220;will,&#8221;
      &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;should,&#8221; &#8220;may,&#8221; &#8220;believe,&#8221;
      &#8220;intend,&#8221; and &#8220;plan,&#8221; and other words and terms of similar meaning or
      use of future dates. 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. 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 in this release include, but are
      not limited to: foreign currency fluctuations; the level of consumer
      demand for apparel, footwear and accessories; disruption to VF&#8217;s
      distribution system; VF&#8217;s reliance on a small number of large customers;
      the financial strength of VF&#8217;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&#8217;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&#8217;s ability to implement its business strategy; VF&#8217;s ability
      to grow its international and direct-to-consumer businesses; VF&#8217;s and
      its customers&#8217; and vendors&#8217; ability to maintain the strength and
      security of information technology systems; stability of VF&#8217;s
      manufacturing facilities and foreign suppliers; continued use by VF&#8217;s
      suppliers of ethical business practices; VF&#8217;s ability to accurately
      forecast demand for products; continuity of members of VF&#8217;s management;
      VF&#8217;s ability to protect trademarks and other intellectual property
      rights; possible goodwill and other asset impairment; maintenance by
      VF&#8217;s licensees and distributors of the value of VF&#8217;s brands; VF&#8217;s
      ability to execute and integrate acquisitions; changes in tax laws and
      liabilities; legal, regulatory, political and economic risks; and
      adverse or unexpected weather conditions; and risks associated with the
      proposed spin-off of our Jeans business and our ability to realize the
      expected benefit of the spin-off. More information on potential factors
      that could affect VF&#8217;s financial results is included from time to time
      in VF&#8217;s public reports filed with the Securities and Exchange
      Commission, including VF&#8217;s Annual Report on Form 10-K and Quarterly
      Reports on Form 10-Q. Our forward-looking statements in this release and
      attachments speak only as of the date of this release and attachments.
      Factors or events that could cause our actual results to differ may
      emerge from time to time, and it is not possible for us to predict all
      of them. Unless required by law, we undertake no obligation to update
      publicly any forward-looking statements as a result of new information,
      future events or otherwise. Additional information about the company is
      contained in the company&#8217;s filings with the SEC and is available on VF&#8217;s
      website, <u>www.vfc.com</u>.
    </p>
    <p>
      CONTACT:<br><b>VF Corporation</b><br><u><b>Investors</b></u><b>:</b><br>Joe
      Alkire, 336-424-7711<br>Vice President, Corporate Development, Investor
      Relations and Financial Planning &amp; Analysis<br><u>joe_alkire@vfc.com</u><br>or<br><u><b>Media</b></u><b>:</b><br>Craig
      Hodges, 336-424-5636<br>Senior Director, Corporate Communications<br><u>Craig_hodges@vfc.com</u>
    </p>
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