<SEC-DOCUMENT>0001193125-21-071418.txt : 20210409
<SEC-HEADER>0001193125-21-071418.hdr.sgml : 20210409
<ACCEPTANCE-DATETIME>20210305155058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-071418
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210305

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:			0403

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1551 WEWATTA STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		(720) 778-4000

	MAIL ADDRESS:	
		STREET 1:		1551 WEWATTA STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 1
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;5, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Melissa Gilmore </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andrew Blume </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <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">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>V.F. Corporation (the &#147;Company&#148;)</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended March&nbsp;28, 2020</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended December&nbsp;26, 2020</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Furnished January&nbsp;27, 2021</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-05256</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Gilmore and Mr.&nbsp;Blume: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are responding to the comments of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission as set
forth in your letter dated February&nbsp;22, 2021 (the &#147;Comment Letter&#148;) relating to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended March&nbsp;28, 2020, Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended December&nbsp;26, 2020 and Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished on January&nbsp;27, 2021. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Confidential Treatment Request </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the
commercially sensitive nature of information contained herein, this letter is accompanied by a request for confidential treatment for selected portions of this letter that have been omitted and, where applicable, have been marked with asterisks to
denote where omissions have been made. The Company has filed a separate letter with the Office of Freedom of Information and Privacy Act Operations in connection with the confidential treatment request, pursuant to Rule 83 of the Commission&#146;s
Rules on Information and Requests, 17 C.F.R. &#167; 200.83. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are responding to comments from the Staff received in the Comment Letter. For ease of
reference in this letter, each of your comments appears in italics directly above the Company&#146;s related response. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 2
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended March&nbsp;28, 2020 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Critical Accounting Policies and Estimates </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Long-Lived
Assets, Including Intangible Assets and Goodwill </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Testing of Indefinite-Lived Assets and Goodwill, page 42 </U></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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you performed quantitative impairment tests of both the Timberland reporting unit goodwill and
the Timberland indefinite-lived trademark during the fourth quarter of fiscal 2020. You disclose that the tests resulted in a goodwill impairment charge of $323.2&nbsp;million and an estimated fair value of the trademark exceeding its carrying
amount &#147;by a significant amount.&#148; Given the different outcomes of these impairment tests, please clarify why the trademark had a fair value significantly exceeding its carrying value. Consider disclosing the specific factors or assumptions
used in the estimated fair value of your trademark.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The quantitative impairment analysis of the Timberland indefinite-lived trademark intangible asset as of March&nbsp;28, 2020 resulted in an estimated fair
value that exceeded its carrying amount by approximately 35%. For reference, the revenue projections used in the different valuation methods were substantially the same. The key differences between the quantitative analysis of the Timberland
indefinite-lived trademark intangible asset as compared to the quantitative impairment analysis of the Timberland reporting unit that drove the different outcomes included: </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The carrying value of the Timberland indefinite-lived trademark intangible asset as of March&nbsp;28, 2020 of
$1.0&nbsp;billion was significantly lower than the carrying value of the Timberland reporting unit, including goodwill prior to impairment, of $2.0&nbsp;billion and thus a significantly lower estimated fair value was required to recover the carrying
value of the trademark; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial projections used in the quantitative impairment analysis of the Timberland indefinite-lived trademark
intangible asset are limited to revenues given the nature of the relief-from-royalty method, and thus are not burdened by operating expenses included in the discounted cash flows for the quantitative impairment analysis of the Timberland reporting
unit. As such, there was no impact to the estimated fair value of the Timberland indefinite-lived trademark intangible asset from the near-term decrease in profitability, primarily resulting from <FONT STYLE="white-space:nowrap">COVID-19,</FONT>
when compared to the income approach used for the quantitative impairment analysis of the Timberland reporting unit; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 3
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tax rates used in the quantitative impairment analysis of the Timberland indefinite-lived trademark intangible
asset over the period covered by the financial projections range from 11.3% to 14.9% based on the statutory rate for the country where the intellectual property is domiciled. This compares to a tax rate of 22.5% used in the income approach for the
quantitative impairment analysis of the Timberland reporting unit, which is based on statutory rates for the countries in which the brand operates. The difference in tax rates resulted in a higher value of
<FONT STYLE="white-space:nowrap">after-tax</FONT> royalty income under the relief-from-royalty method of approximately $125&nbsp;million; and </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The estimated fair value of the Timberland indefinite-lived trademark intangible asset reflects the tax
amortization benefit related to amortizing the intangible asset for tax purposes, which provides incremental value (approximately $116 million) not considered in the income approach used for the quantitative impairment analysis of the Timberland
reporting unit. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we respectfully submit that we believe our disclosures included in the
&#147;Timberland Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis&#148; section on page 43 of our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended March&nbsp;28, 2020 appropriately provide key
factors and assumptions used in the quantitative impairment analysis of the Timberland indefinite-lived trademark intangible asset similar to that provided for the Timberland reporting unit. As noted in the considerations above, the primary
assumption difference between the Timberland quantitative impairment analyses relates to the different tax rates used, which we note in the key assumptions disclosed in our Form <FONT STYLE="white-space:nowrap">10-K.</FONT> The other differences
relate to the nature of the valuation methods and the carrying values of the balances being reviewed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended December&nbsp;26, 2020 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1 - Basis of Presentation, page 11 </U></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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that on January&nbsp;21, 2020, you announced your decision to explore the divestiture of your
Occupational Workwear business and that it met the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and discontinued operations criteria. You disclosed in your fiscal year 2020 Form <FONT
STYLE="white-space:nowrap">10-K</FONT> that you expected to divest the business in the next twelve months. Please tell us what consideration you gave to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">205-20-45-1</FONT></FONT></FONT> when determining that these assets should still be classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale,</FONT></FONT> given the extended length of
time that they have been classified as such. In your response, include an assessment of the probability that a sale will be consummated and the anticipated timing. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 4
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of March&nbsp;28, 2020, the Occupational Workwear business met the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and discontinued operations accounting criteria, which was after the public announcement on January&nbsp;21, 2020 regarding our plans to explore the
divestiture. We concluded that it was probable that a sale of the Occupational Workwear business would be completed within one year based on initial market interest in the business, the fact that our estimated market price was reasonable in relation
to the estimated fair value of the business, and our recent history of successfully completing the divestitures of other businesses within one year, including the <I>Reef</I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand business
sold in October 2018, the <I>Nautica</I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand business sold in April 2018 and the Licensing business sold in April 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsequent to the initial classification of the Occupational Workwear business as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and discontinued operations, we maintained an active program to complete a sale of the business, identified multiple interested parties and engaged in
discussions with potential buyers, including certain advanced negotiations; however, a signed agreement to complete a sale has not been consummated. [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We assessed the classification of the Occupational Workwear business as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and discontinued operations as of December&nbsp;26, 2020 in connection with our quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> based
on the latest information regarding our ability to complete a sale, including the criteria set forth in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">205-20-45-1E,</FONT></FONT></FONT> and we
concluded that the classification remained appropriate while also noting the <FONT STYLE="white-space:nowrap">one-year</FONT> period from initial classification as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-sale</FONT></FONT> and discontinued operations had not lapsed. While we considered all of the classification criteria, we placed particular emphasis on the probability of
sale and the reasonableness of the price range being actively marketed compared to prevailing market conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also considered the criteria set
forth in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">205-20-45-1G</FONT></FONT></FONT> which states &#147;events or circumstances beyond an entity&#146;s control may extend the period
required to complete the sale of an entity to be sold beyond one year&#148; and provides exceptions to the <FONT STYLE="white-space:nowrap">one-year</FONT> requirement in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">205-20-45-1E(d),</FONT></FONT></FONT> specifically ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">205-20-45-1G(c)</FONT></FONT></FONT> that acknowledges &#147;if
during the initial <FONT STYLE="white-space:nowrap">one-year</FONT> period, circumstances arise that previously were considered unlikely and, as a result, an entity to be sold previously classified as held for sale is not sold by the end of that
period.&#148; [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our assessment, we believed a sale continued to be probable at December&nbsp;26, 2020 and that we would be able to complete
the divestiture within one year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 5
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Furnished January&nbsp;27, 2021 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99 </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Reconciliation of Select GAAP Measures to <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Measures </U></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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures exclude costs related to
&#147;specified strategic business decisions,&#148; comprised of &#147;cost optimization&#148; activities indirectly related to the &#147;strategic review&#148; of your Occupational Workwear business, costs related to strategic business decisions
and &#147;planned business model changes&#148; in South America, and the operating results of jeanswear wind down activities following the <FONT STYLE="white-space:nowrap">spin-off</FONT> of Kontoor Brands. We further note your disclosure on page <FONT
STYLE="white-space:nowrap">F-23</FONT> of your fiscal year 2020 Form <FONT STYLE="white-space:nowrap">10-K</FONT> that certain overhead and segment costs previously allocated to the Jeans business for segment reporting did not qualify for
discontinued operations and have been reallocated to continuing operations. Please tell us your basis for excluding these specified strategic business decisions costs in your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures and your
consideration of Questions 100.01 and 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance and Disclosure Interpretations. In particular, tell us how the excluded items do not represent standard cash expenses
necessary to operate your business.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure included on page <FONT STYLE="white-space:nowrap">F-23</FONT> of our fiscal year 2020 Form <FONT STYLE="white-space:nowrap">10-K</FONT>
referenced in the Staff&#146;s comment relates to items that are not clearly identifiable as costs of the Company&#146;s discontinued operations and will continue to be recognized on an ongoing basis, thus considered to be retained costs of the
Company. These amounts primarily relate to allocations of shared-service costs of functions including information technology, finance, human resources, and other corporate activities. These activities are considered normal operating expenses and
thus have been reported within the Company&#146;s continuing operations in the current and all historical reporting periods as presented in our filed Form <FONT STYLE="white-space:nowrap">10-K&#146;s,</FONT> Form
<FONT STYLE="white-space:nowrap">10-Q&#146;s</FONT> and furnished Form <FONT STYLE="white-space:nowrap">8-K&#146;s.</FONT> Furthermore, to clarify, these retained costs are not excluded as part our <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measures and thus are not reflected in the activity referenced in the Staff&#146;s comment related to the &#147;Reconciliation of Select GAAP Measures to <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures&#148; provided in our
earnings release furnished on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> The Company recognizes these retained costs do represent standard cash expenses as necessary to operate our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 6
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The activities referenced in the Staff&#146;s comment related to &#147;specified strategic business
decisions&#148; costs that have been excluded as part of our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures in fiscal 2021 primarily represent costs of projects and actions indirectly related to the strategic review of the
Occupational Workwear business, which represent approximately $52&nbsp;million on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> basis. These strategic decisions primarily relate to exiting our existing global manufacturing footprint and resulted
in both cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> charges including severance and employee-related benefits, asset write downs and other costs. The other significant costs referenced in the Staff&#146;s comment associated with our
strategic actions in fiscal 2021 included the shutdown of our operational footprint in South America in connection with the jeanswear wind down. The largest component of the costs was a <FONT STYLE="white-space:nowrap">non-cash</FONT> charge of
approximately $42&nbsp;million related to the release of currency translation amounts associated with the substantial liquidation of foreign entities in certain countries in South America. The remaining costs and related impact in fiscal 2021 were
insignificant. Substantially all of the net impact of the adjustments associated with this exit strategy in fiscal 2020 related to various restructuring activities and other expenses associated with the shutdown of our operational footprint. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have considered Questions 100.01 and 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance and Disclosure
Interpretations and note these charges clearly do not represent normal, recurring operating expenses necessary to operate the Company&#146;s business. By excluding these items as part of our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial
measures, we provide investors with useful supplemental information regarding our underlying business trends and the performance of our ongoing operations that is consistent with key financial information reviewed by the Company&#146;s executives
for assessing performance and decision-making. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Top 4 Brand Revenue Information </U></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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the supplemental financial information disclosed herein and within your investor presentations that
shows, on a percentage change and percentage change constant currency basis, &#147;Top 4 Brand&#148; revenue growth in total and by geographic region. We also note that you discuss the global changes in your periodic filings. Please tell us your
consideration of disclosing in your periodic filings the dollar amounts of revenue for these top four brands and the geographic information provided in the supplemental table. It appears such information would be meaningful to investors. Refer to
Item 303 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT></I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<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="center"><B>The Registrant has requested confidential treatment of this response letter pursuant to
Rule 83 of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Securities and Exchange Commission. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>
 7
 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432644.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we will enhance our disclosures in future periodic filings to include the dollar amounts of revenue for the
Company&#146;s most significant brands in total and by geographic region. The following illustrates the tabular form disclosure we plan to incorporate within Management&#146;s Discussion and Analysis in future periodic filings based on our current
brand portfolio, with the initial disclosure provided in our annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the period ending April&nbsp;3, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables present revenues by geography for VF&#146;s top four brands: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended March 2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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; ">(in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Americas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Europe</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Asia-Pacific</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Global</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Vans</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>The North
Face</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Timberland</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Dickies</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended March 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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; ">(in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Americas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Europe</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Asia-Pacific</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Global</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Vans</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>The North
Face</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Timberland</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Dickies</I></B><B><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">XXX</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate the Staff&#146;s time and attention. I am available to discuss the above comments and our responses, as needed. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Scott A. Roe</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Scott A. Roe</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIAL TREATMENT
REQUESTED BY V.F. CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CIK No. 0000103379 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g949452g0305211432831.jpg" ALT="LOGO">
&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>VF CORPORATION | 1551 Wewatta St., Denver, CO 80202 | VFC.com </B></P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g949452g0305211432644.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g949452g0305211432644.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 %$# 2(  A$! Q$!_\0
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M>KRKH& I\M/F?4^:/B'KW_"0>,;N>-]UM ?L\&.FU>X^IR?QKE:^K/\ A&-
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&1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g949452g0305211432831.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g949452g0305211432831.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ( ! # 2(  A$! Q$!_\0
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JV601@8X!Y_*DL$U%KI?M#2+&.3DGFBBO&6&YL1SN<M]KZ'5SVA:R/__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
