<SEC-DOCUMENT>0001193125-19-127035.txt : 20190430
<SEC-HEADER>0001193125-19-127035.hdr.sgml : 20190430
<ACCEPTANCE-DATETIME>20190430065555
ACCESSION NUMBER:		0001193125-19-127035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190430
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190430
DATE AS OF CHANGE:		20190430

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:			0330

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05256
		FILM NUMBER:		19778346

	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>d738923d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): April&nbsp;30, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>V.F. Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Pennsylvania</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-5256</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">23-1180120</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction<BR>of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>105 Corporate Center Boulevard </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greensboro, North Carolina 27408 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(336)&nbsp;424-6000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;30, 2019, V.F. Corporation (VF) announced the approval of the previously announced separation of its Jeanswear organization (the
&#147;Separation&#148;) by its Board of Directors, which will be achieved through the distribution of 100% of the shares of Kontoor Brands, Inc. (Kontoor Brands) to holders of VF common stock on the record date of May&nbsp;10, 2019. VF stockholders
of record will receive one share of Kontoor Brands common stock for every seven shares of VF common stock. The distribution is expected to be completed after the New York Stock Exchange market closing on May&nbsp;22, 2019. Following the Separation,
Kontoor Brands will be an independent, publicly traded company, and VF will retain no ownership interest in Kontoor Brands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the
press release announcing these matters is attached hereto as Exhibit 99.1 and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements included in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and attachments are
&#147;forward-looking statements&#148; 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 &#147;will,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;should,&#148; and &#147;may&#148; 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: risks associated with the proposed <FONT
STYLE="white-space:nowrap">spin-off</FONT> of VF&#146;s Jeanswear business, including the risk that the <FONT STYLE="white-space:nowrap">spin-off</FONT> will not be consummated within the anticipated time period or at all; the risk of disruption to
VF&#146;s business in connection with the proposed <FONT STYLE="white-space:nowrap">spin-off</FONT> and that VF could lose revenue as a result of such disruption; the risk that the companies resulting from the
<FONT STYLE="white-space:nowrap">spin-off</FONT> do not realize all of the expected benefits of the <FONT STYLE="white-space:nowrap">spin-off;</FONT> the risk that the <FONT STYLE="white-space:nowrap">spin-off</FONT> will not be <FONT
STYLE="white-space:nowrap">tax-free</FONT> for U.S. federal income tax purposes; 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 both
businesses; and the risk that the combined value of the common stock of the two publicly-traded companies will not be equal to or greater than the value of VF common stock had the <FONT STYLE="white-space:nowrap">spin-off</FONT> not occurred. There
are also risks associated with the relocation of VF&#146;s global headquarters and a number of brands to the metro Denver area, including the risk of significant disruption to VF operations, the temporary diversion of management resources and loss
of key employees who have substantial experience and expertise in VF&#146;s business, the risk that VF may encounter difficulties retaining employees who elect to transfer and attracting new talent in the Denver area to replace our employees who are
unwilling to relocate, the risk that the relocation may involve significant additional costs to us and that the expected benefits of the move may not be fully realized. Other risks for both companies include foreign currency fluctuations; the level
of consumer demand for apparel, footwear and accessories; disruption to VF&#146;s distribution system; VF&#146;s reliance on a small number of large customers; the financial strength of VF&#146;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&#146;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&#146;s ability to implement its business strategy; VF&#146;s ability to grow its international and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> businesses; VF&#146;s and its vendors&#146; ability to maintain the strength and security of information technology systems; the risk that facilities and systems and those of third-party
service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss; ability to properly collect, use, manage and secure consumer and employee data; stability of VF&#146;s manufacturing
facilities and foreign suppliers; continued use by VF&#146;s suppliers of ethical business practices; VF&#146;s ability to accurately forecast demand for products; continuity of members of VF&#146;s management; VF&#146;s ability to protect
trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF&#146;s licensees and distributors of the value of VF&#146;s brands; VF&#146;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 pending exit of the United Kingdom from the European Union (&#147;Brexit&#148;) or any other similar referendums that
may be held; and adverse or unexpected weather conditions. More information on potential factors that could affect VF&#146;s financial results is included from time to time in VF&#146;s public reports filed with the Securities and Exchange
Commission, including VF&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d738923dex991.htm">Press Release dated April&nbsp;30, 2019 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">V.F. CORPORATION</TD></TR>
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<TD VALIGN="top">Date: April&nbsp;30, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Laura C. Meagher</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Laura C. Meagher</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President, General Counsel&nbsp;&amp; Secretary</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d738923dex991.htm
<DESCRIPTION>EX-99.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VF CORPORATION APPROVES SEPARATION OF KONTOOR BRANDS, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GREENSBORO, N.C. &#150; April</B><B></B><B>&nbsp;30, 2019</B> &#150; VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and
accessories, today announced that its Board of Directors has approved the previously announced separation of VF&#146;s Jeanswear organization into an independent, publicly traded company. The new company, named Kontoor Brands, Inc., will include
the<I>&nbsp;Wrangler</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>,<I>&nbsp;Lee</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>&nbsp;and<I>&nbsp;Rock</I><I></I><I>&nbsp;&amp; Republic</I><I><SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>&nbsp;brands, and the <I>VF Outlet</I><I><SUP STYLE="font-size:85%; vertical-align:top">TM</SUP></I> business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The separation will be achieved through the distribution of 100&nbsp;percent of the shares of Kontoor Brands to holders of VF common stock. VF shareholders
entitled to receive the distribution will receive a book-entry account statement or a credit to their brokerage account reflecting their ownership of Kontoor Brands common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The distribution of Kontoor Brands&#146; shares is expected to be completed after the market close on May&nbsp;22, 2019, with VF shareholders receiving one
share of Kontoor Brands common stock for every seven shares of VF common stock held at the close of business on the record date of May&nbsp;10, 2019. Fractional shares of Kontoor Brands common stock will not be distributed. Any fractional share of
Kontoor Brands common stock otherwise issuable to a VF shareholder will be sold in the open market on such shareholder&#146;s behalf, and such shareholder will receive a cash payment for the fractional share based on its pro rata portion of the net
cash proceeds from all sales of fractional shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the distribution of Kontoor Brands&#146; common stock on May&nbsp;22, 2019, Kontoor Brands
will be an independent, publicly traded company. Kontoor Brands has received approval for the listing of its common stock on the New York Stock Exchange under the symbol &#147;KTB.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to the distribution, VF expects to mail an information statement to all shareholders entitled to receive the distribution of shares of Kontoor
Brands&#146; common stock. The information statement will describe Kontoor Brands, including the risks of owning Kontoor Brands&#146; common stock and other details regarding the <FONT STYLE="white-space:nowrap">spin-off.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The completion of the distribution is subject to a number of customary conditions, including the Securities and Exchange Commission (SEC) having declared
effective Kontoor Brands&#146; Registration Statement on Form 10, as amended, which Kontoor Brands has filed with the SEC and is available at the SEC&#146;s website at http://www.sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VF expects to receive an opinion from its tax advisors confirming the <FONT STYLE="white-space:nowrap">tax-free</FONT> status of the <FONT
STYLE="white-space:nowrap">spin-off</FONT> to VF and its stockholders (except to the extent of cash received in lieu of fractional shares). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VF expects
that a &#147;when-issued&#148; public trading market for Kontoor Brands&#146; common stock will commence on or about May&nbsp;9, 2019 under the symbol &#147;KTB WI&#148;, and will continue through the distribution date. VF also anticipates that <FONT
STYLE="white-space:nowrap">&#147;regular-way&#148;</FONT> trading of Kontoor Brands&#146; common stock will begin on May&nbsp;23, 2019, the first trading day following the distribution date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beginning on or about May&nbsp;9, 2019, and through the distribution date, it is expected that there will be two ways to trade VF common stock &#150; either
with or without the distribution of Kontoor Brands&#146; common stock. VF shareholders who sell their shares of VF common stock in the <FONT STYLE="white-space:nowrap">&#147;regular-way&#148;</FONT> market (that is, the normal trading market on the
NYSE under the symbol &#147;VFC&#148;) after the record date and on or prior to the distribution date will be selling their right to receive shares of Kontoor common stock in connection with the <FONT STYLE="white-space:nowrap">spin-off.</FONT> It
is </P>
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anticipated that shares of VF common stock will also trade <FONT STYLE="white-space:nowrap">ex-distribution</FONT> (that is, without the right to receive the Kontoor Brands distribution) during
that period under the symbol &#147;VFC WI.&#148; Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of VF common stock on or before the distribution date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays acted as financial advisor to VF regarding the <FONT STYLE="white-space:nowrap">spin-off.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>About VF </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VF Corporation (NYSE: VFC) outfits
consumers around the world with its diverse portfolio of iconic lifestyle brands, including <I>Vans</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I>, The North
Face</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>,<I>&nbsp;Timberland</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I>, Wrangler</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I>
</I>and<I> Lee</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>. Founded in 1899, VF is one of the world&#146;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&nbsp;<U>www.vfc.com</U>.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>About Kontoor Brands </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kontoor Brands, Inc.
(NYSE: KTB) will be a global lifestyle apparel company, with a portfolio led by some of the world&#146;s most iconic denim brands: <I>Wrangler</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>,<I>&nbsp;Lee</I><I><SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>&nbsp;and<I>&nbsp;Rock</I><I></I><I>&nbsp;&amp; Republic</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I>. Kontoor Brands designs, manufactures and distributes superior
high-quality products that look good and fit right, giving people around the world the freedom and confidence to express themselves. Kontoor Brands is focused on leveraging its global platform, strategic sourcing model and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> supply chain to drive brand growth and deliver long-term value for its stakeholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certain statements
included in this release and attachments are &#147;forward-looking statements&#148; 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 Kontoor and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as &#147;will,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;should,&#148; and
&#147;may&#148; 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 or Kontoor to differ materially from those expressed or implied by forward-looking statements in this release include, but
are not limited to: risks associated with the proposed <FONT STYLE="white-space:nowrap">spin-off</FONT> of VF&#146;s Jeanswear business, including the risk that the <FONT STYLE="white-space:nowrap">spin-off</FONT> will not be consummated within the
anticipated time period or at all; the risk of disruption to VF&#146;s business in connection with the proposed <FONT STYLE="white-space:nowrap">spin-off</FONT> and that VF could lose revenue as a result of such disruption; the risk that the
companies resulting from the <FONT STYLE="white-space:nowrap">spin-off</FONT> do not realize all of the expected benefits of the <FONT STYLE="white-space:nowrap">spin-off;</FONT> the risk that the <FONT STYLE="white-space:nowrap">spin-off</FONT>
will not be <FONT STYLE="white-space:nowrap">tax-free</FONT> for U.S. federal income tax purposes; 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 both businesses; and the risk that the combined value of the common stock of the two publicly-traded companies will not be equal to or greater than the value of VF common stock had the <FONT STYLE="white-space:nowrap">spin-off</FONT> not
occurred. There are also risks associated with the relocation of VF&#146;s global headquarters and a number of brands to the metro Denver area, including the risk of significant disruption to VF operations, the temporary diversion of management
resources and loss of key employees who have substantial experience and expertise in VF&#146;s business, the risk that VF may encounter difficulties retaining employees who elect to </I></P>
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transfer and attracting new talent in the Denver area to replace our employees who are unwilling to relocate, the risk that the relocation may involve significant additional costs to us and that
the expected benefits of the move may not be fully realized. Other risks for both companies include foreign currency fluctuations; the level of consumer demand for apparel, footwear and accessories; disruption to distribution systems; reliance on a
small number of large customers; the financial strength of customers; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; 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; ability to implement their business
strategy; ability to grow their international and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> businesses; each company and its vendors&#146; ability to maintain the strength and security of
information technology systems; the risk that facilities and systems and those of third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss; ability to properly collect,
use, manage and secure consumer and employee data; stability of manufacturing facilities and foreign suppliers; continued use by suppliers of ethical business practices; ability to accurately forecast demand for products; continuity of members of
management; ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by licensees and distributors of the value of VF&#146;s brands; 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 pending exit of the United Kingdom from the European Union (&#147;Brexit&#148;) or any other
similar referendums that may be held; and adverse or unexpected weather conditions. More information on potential factors that could affect VF&#146;s financial results is included from time to time in VF&#146;s public reports filed with the
Securities and Exchange Commission, including VF&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and more information on potential factors that
could affect Kontoor Brands&#146; financial results is included in Kontoor Brands&#146; registration statement on Form 10 filed with the Securities and Exchange Commission. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VF Corporation</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joe Alkire, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">336-424-7711</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President, Corporate Development, Investor Relations and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial Planning&nbsp;&amp; Analysis </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Craig Hodges, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">336-424-5636</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President, Corporate Affairs </P>
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