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The company's beginnings can be traced to the year 1899, when eight men formed the Reading Glove and Mitten Manufacturing Company in Reading, Pennsylvania, and began producing and selling knitted and silk gloves.
VF Corporation was first established in the year 1899 by John Barbey and few other investors.
Public Company Incorporated: 1899 as Reading Glove & Mitten Manufacturing CompanyEmployees: 45,100Sales: $2.61 billionStock Exchanges: New York Pacific
The company was founded in 1899 as the Reading Glove and Mitten Manufacturing Company in Reading, Pennsylvania.
Blue Bell traced its origins to Hudson Overall Company, which was formed in Greensboro, North Carolina, in 1904.
Jantzen Inc. was established in 1910 as the Portland Knitting Company, a combination retail store and knitting operation.
After 12 years of slow growth, Barbey purchased his partners' interests in the company in 1911.
The firm began manufacturing its own brand of work clothes in 1911 when the founder, Henry David Lee, became dissatisfied with the quality of merchandise his suppliers were providing.
The following year, Barbey's son John Edward (known as J.E.) joined the firm as vice-president, and in 1913 the company's name was changed to Schuylkill Silk Mills.
In 1913, the firm began producing rib-stitched, wool swimsuits.
VF Corp. is a company with a long history of successfully managing change. It was renamed Schuylkill Silk Manufacturing in 1914 when it expanded into silk lingerie.
Blue Bell was founded under the name of the Jellico Clothing Manufacturing Company in 1916.
1917: Through a contest, "Vanity Fair" is selected as a brand name for the line of lingerie.
The company started manufacturing undergarments in 1919.
Through a contest, the name “Vanity Fair” was selected as a brand name for a line of lingerie leading to the 1919 company name change to Vanity Fair Silk Mills Inc.
Health-tex had been formed in 1921 as the Standard Romper Company, Inc. to produce and market children’s clothing.
Red Kap was formed in 1923 as a wholesaler of bib overalls.
J.E. Barbey was named general manager of the company in 1931 in addition to his position as vice-president.
Bassett-Walker was started in 1936 as the Bassett Knitting Corporation.
Upon his father's death in 1939, J.E. Barbey assumed the presidency of Vanity Fair, a position that he held for the next quarter century.
During that time, he led the company through turbulent times, such as the economic changes that came with World War II. In 1941, the war brought about an embargo on silk, and the company began using rayon in the production of its lingerie.
In 1943 Lee Mercantile changed its name to the H. D. Lee Company, Inc.
In 1943 the name was shortened to Blue Bell, Inc.
In 1947 the brand name Wrangler was developed for this rapidly growing product line.
In 1949 Lee introduced Lady Lee Riders, the first line of women's jeans.
These innovations changed the face of the lingerie industry. As a result, in 1950 Vanity Fair became the first lingerie manufacturer to receive the Coty Award for Design.
In 1951 Barbey, who owned nearly all of the company's common stock, decided to take the company public.
1951: Vanity Fair Mills goes public.
The shares of the company were sold to the public in the year 1951.
Overseas expansion began in 1958 when Vanity Fair entered into an agreement with the U.K. firm Wolsey Ltd. to make Vanity Fair-style lingerie under the brand Wolsey-Vanity Fair.
Neal Dow and Miller both served brief stints as president before Manford O. Lee began a long tenure in the position in early 1959.
Led first by S. S. (Sam) Walker and then by his son, Dudley Walker, after Sam’s death in 1960, the firm became one of the largest manufacturers of knitted outerwear in the United States.
An International Division was created in 1962 to help drive foreign expansion.
During the 1960s, the firm added coveralls to its product line. It became a division of Blue Bell, Inc. in 1964.
In 1967, as sales growth for lingerie items was beginning to top off, Vanity Fair attempted to offset the effects by expanding into the robe and loungewear market.
In 1969, the H.D. Lee Company (now Lee) was acquired, accompanied by Vanity Fair Mills changing to VF Corporation.
In 1970 some of Berkshire’s unused factory space in Wyomissing, Pennsylvania, three miles west of Reading was converted into the first VF factory outlet store.
Meanwhile, in 1971, VF acquired Kay Windsor, Inc., a manufacturer of budget-priced, ready-to-wear women’s dresses and sportswear.
In 1973, Health-tex was acquired by Chesebrough-Pond’s Inc., a marketer of consumer products.
In 1977 a VF Corporation International Division was established to manage the company’s growing operations overseas.
The Rustler brand had been introduced by Blue Bell in 1979 as a basic jean to be sold through mass merchandisers.
In 1979 VF established an International Division to manage its growing operations overseas.
In 1979 VF Corporation, becoming serious about global expansion, opened an International Division.
In 1980 Lawrence R. Pugh joined VF as president and chief operating officer.
Blue Bell acquired Jantzen in 1980, 70 years after the swimwear maker’s founding.
Manford Lee lost a battle with cancer in early 1982, and Pugh became CEO in addition to president.
In 1982 Lawrence Pugh joined the company as president and became chairman the following year.
By 1982 VF posted profits of $15.5 million on sales of $184 million.
Following that record year, Pugh handed down his role as president to Mackey J. McDonald, while still remaining at the company's helm as chairman and CEO. McDonald was a one-time president of the Wrangler division who had worked his way through the ranks since joining VF in 1983.
Lee became the first brand to offer women's jeans with multiple fits, which were introduced in 1983.
VF also purchased Bassett-Walker, Inc., a producer of fleece activewear based in Martinsville, Virginia, in November 1984 for $293.3 million.
In 1984 continuing to diversify, VF acquired Modern Globe, Inc., a manufacturer of men’s and women’s cotton undergarments.
Health-tex was sold in 1985 in a leveraged buyout to a group of investors who subsequently sold the firm to VF six years later.
VF also purchased Troutman Industries, Inc., a manufacturer of men’s casual slacks that was subsequently closed in 1986, and Bassett-Walker, Inc., a producer of fleece activewear.
By 1989 declining jeans sales finally caught up to VF. In the past, whenever one division’s sales had slowed, VF had managed to survive the slump by relying on strong sales in its other divisions.
In 1990 the company purchased the manufacturing operations of intimate apparel brands Vassarette and Form-O-Uth from Munsingwear, Inc. for $11.5 million and added them to the intimate apparel division.
Agins, Teri, “Bottom Line: Once-Hot Lee Jeans Lost Their Allure In a Hipper Market,” The Wall Street Journal, March 7, 1991.
1991: Children's wear maker Healthtex, Inc. is acquired.
With the purchases, VF's international division posted a sales increase of 52 percent for 1992.
VF International serves more than 150 countries with the company’s jeanswear products and expects significant growth to occur with the creation of the single European market in 1992, as well as in the North American market.
The new initiatives helped propel revenues past $1 billion for the first time in 1993.
Wrangler, Inc., a division of VF Corporation, launched a new line of clothing in 1993.
Also engineered in 1993 were the acquisitions of Nutmeg Industries, Inc. and the H. H. Cutler Company, both of which helped VF become a leading supplier of licensed sports apparel.
Completed in January 1994 were the acquisitions of Nutmeg Industries, Inc., for $352.2 million, and the H.H. Cutler Company, for $154.7 million, both of which helped VF become a leading supplier of licensed sports apparel.
Jantzen worked with Nike, Inc. to develop a new line of performance swimwear, while Nutmeg readied itself to launch some of its 1995 sports apparel under the Lee Sport name.
Unique projects and ideas such as those above, coupled with VF's conservative financial strategies and high level of brand name recognition by consumers, enabled the company to break the $5 billion mark in annual sales for 1995.
At the end of 1995, VF announced that it would close nine United States plants, laying off 3,800 workers in the process, and open new plants in Mexico and Central America.
Many in the industry felt the pinch, including VF, which saw profits decline nearly 20 percent in 1995.
Garfield, Bob. "Lusty Jeans Watchers Provide Pants for Lee." Advertising Age, July 22, 1996.
According to market research firm NPD Group, United States jean sales hit $10.65 billion in 1996.
Then in October 1997 the company announced that it would break with its Pennsylvania roots by moving the corporate headquarters from Wyomissing to Greensboro, North Carolina, in order to locate the corporate staff closer to where much of the firm's marketing and support units were positioned.
Then in October 1997 the company announced that it would break with its Pennsylvania roots by moving the corporate headquarters from Wyomissing to Greensboro, North Carolina, in order to locate the corporate staff closer to where much of the firm’s marketing and support units were positioned.
Starting in 1997 the company's 17 domestic and foreign divisions were consolidated into five operating units called "coalitions": Jeanswear, Intimate Apparel, Knitwear, Playwear, and International.
Levi's share shrunk to 26.2 percent by 1997, whereas VF's grew to 31 percent.
In order to craft such an image for its Rugged Wear line, Wrangler turned to its advertising shop, the Martin Agency, in 1997.
VF succeeded in bolstering its intimate apparel lines by acquiring Bestform Group Inc. in February 1998.
Palmieri, Jean. "The New and Improved Wrangler." Daily News Record, March 2, 1998.
Lee president Terry Lay spoke with CNN's Biz Buzz and noted that NPD Group figures indicated that Lee's market share grew 16 percent in the first half of 1998.
Net income reached its peak in 1998 when the company reported $388 million.
Three more workwear companies were acquired in 1999: Horace Small (public safety and postal apparel), Todd Uniform (custom-designed business uniforms), and Fibrotek (clean-room apparel).
All told, VF spent $206.5 million and assumed $107.7 million in debt on these 2000 purchases.
VF's acquisition spree continued in 2000.
In late 2000 a new Outdoor coalition was created to house North Face, Eastpak, and JanSport brands.
Restructuring charges for 2001 totaled $236.8 million, as the company aimed to cut its yearly operating costs by $115 million.
Wal-Mart is VF Corporation's largest single buyer, accounting for over 14 percent of total sales in 2001.
When the United States economy slid suddenly into an economic slump in 2001, VF Corporation found itself burdened by excessive inventory, which the company worked throughout the year to reduce.
The chain reported a 24 percent drop in sales in April 2002 at stores open one year or more.
The cost-cutting efforts resulted in improved profitability for nearly every VF business in 2002, although all told the firm posted a net loss of $154.5 million as a result of restructuring charges and a $527.3 million charge taken for a change in accounting policy for goodwill.
Television spots for the campaign began running in June 2003.
Jeans Marketing." WWD, June 23, 2003.
For the initial launch in 2003, Fallon focused exclusively on television spots that ran on the major broadcast and cable networks, including ABC, CBS, NBC, Fox, MTV, and E! Entertainment Television.
By 2003, although Levi's had been in a five-year sales slump, it was still the most recognized brand in the denim category.
The campaign was successful in achieving its goals of restoring the cool image of the brand among young men and improving sales, and it won a Silver EFFIE in 2004.
Additional television spots were developed for subsequent use and were aired throughout 2004.
In 2004 Health Magazine named them "Dream Jeans" for their ability to please all of the women on the publication's editorial staff.
"Moms Are Getting Hip and Hot: Historic Jeans Maker Is Primed; Lee Jeans Touts Its One True Fit Jean the Choice of Hot Moms." PR Newswire, February 1, 2005.
Have you found your perfect fit? Lee." Cahill said that the campaign was also broadened in 2005 to appeal to the mothers of the young women in the original target demographic.
The company sold its 'Vanity Fair Intimates' lingerie business to Fruit of the Loom for US$350 million in cash on 23 January 2007.
Under the guidance of Eric Wiseman, President and CEO since 2008, VF Corp. strives to be innovative and ahead of the curve.
Eric C. Wiseman became President, CEO, and Chairman in 2008, the same year that VF would acquire Mo Industries Holdings, parent company of sportswear brands Splendid and Ella Moss.
In 2011, VF Corporation announced its intention to purchase Timberland for $2.2 billion, a deal that would close in September that year.
They also acquired Timberland in the year 2011.
On 21 December 2012, VF Imagewear was awarded a multimillion-dollar contract to provide uniforms and insignia for United States Customs and Border Protection officers.
In 2012, the company recorded total revenues of $10.9 billion.
On January 14, 2013 the company made a bid for Billabong International Ltd. together with Altamont Capital Partners.
In February 2013, Imagewear was awarded a $50 million contract to manufacture uniforms for Transportation Security Administration officers.
With the advent of e-commerce, they also launched their e-commerce portal in 2013.
With the company projecting 2013 cash flow of approximately $1.4 Billion, there are ample funds for capital investments as well as acquisitions.
Effective 1 January 2017 Steve Rendle took over CEO and President responsibilities.
In 2017, VF acquired Williamson-Dickie’s brands, including Dickies, Workrite, Kodiak, Terra, and Walls.
In August 2018, it was announced that VF would be splitting into two separate companies.
All brands which until 2018 had maintained separate divisional headquarters (e.g., Jansport) were also consolidated into VF's new Denver headquarters at that point in time.
In 2020, VF acquired streetwear brand Supreme for US$2.1 billion.
In 2021, VF announced a definitive agreement to sell a portion of its occupational Work segment to a subsidiary of Redwood Capital Investments, LLC. On June 28, 2021, the sale was finalized, and the 11 divested brands became part of a new standalone company, Workwear Outfitters.
In September 2021, it was announced that the former president of emerging brands of VF Corporation Travis Campbell will acquire the Eagle Creek brand.
"VF Corporation ." International Directory of Company Histories. . Encyclopedia.com. (June 21, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/vf-corporation-1
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| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Nordstrom | 1901 | $15.0B | 74,000 | 1,543 |
| American Eagle Outfitters | 1977 | $5.3B | 37,000 | 1,246 |
| Eastern Mountain Sports | 1967 | $1.3B | 1,000 | - |
| Gap Inc. | 1969 | $15.1B | 117,000 | 34 |
| Chico's FAS | 1983 | $2.1B | 18,500 | 1,674 |
| Neiman Marcus Group | 1907 | $4.9B | 13,500 | 513 |
| Aeropostale | 1987 | $1.8B | 21,007 | 599 |
| Williams Sonoma | 1956 | $7.7B | 28,200 | 1,343 |
| Tailored Brands | 1973 | $2.9B | 19,300 | 1,643 |
| REI | 1938 | $3.1B | 15,000 | 154 |
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VF may also be known as or be related to V.F. Corporation, VF, VF Corporation and Vanity Fair Mills.