Sponsors
Billabong ▲ +0.010 | PPR ▼ -1.40 | American Apparel ▼ 0.000 | The Buckle ▼ 0.00 | Columbia ▼ 0.00 | Deckers Outdoor ▼ 0.00 | Dicks ▼ 0.00 | Foot Locker ▼ 0.00 | Genesco ▼ 0.00 | Iconix Brand Group ▼ 0.00 | Jarden Corp ▼ 0.00 | Nordstrom ▼ 0.00 | Luxottica ▼ 0.00 | Nike ▼ 0.00 | Pacific Sunwear ▼ 0.00 | Skullcandy ▼ 0.00 | Sport Chalet - 0 | Urban Outfitters ▼ 0.00 | VF Corp ▼ 0.00 | Quiksilver ▼ 0.00 | Zumiez ▼ 0.00 | Macys ▼ 0.00 | Tillys ▼ 0.00 |
Ticker Sponsor
Readers Say
Since the inception of Executive Edition, I only need 1 stop
Since the inception of Executive Edition, I only need 1 stop

As a retailer in the surf industry for the past 21 years, I have had to use multiple sources to stay informed to the news within surf. Since the inception of the Executive Edition of Shop-Eat-Surf.com, I need only one stop. Thanks for providing such a valuable tool to all of us in the industry. Shop-Eat-Surf is a must read for all of our staff at Maui Nix.

- By George Karamitos, CEO, Maui Nix
The first thing I look at
The first thing I look at

I find Shop-Eat-Surf to be a very useful and informative site that I enjoy browsing daily. Shop-Eat-Surf is the first thing I look at every morning to keep up-to-date on the latest talk, events, and happenings in the industry. I must say I am a fan of Shop-Eat-Surf.

- By Bobby Abdel, Partner, Jack's Surfboards
Industry Insight

SDSI: 7 new companies accepted into the Springboard business mentoring program. AGENDA: Registration and travel planning now open for January and February trade shows.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

ICRX Report: VF CEO tells how consumers have changed

By Diana McCabe
January 14, 2009 12:20 PM

Eric Wiseman, CEO of VF Corp., which owns Vans and Reef, said the retail industry should expect more store closings, bankruptcies and consolidations in 2009.

However, he was mum about his own company, which also owns other brands such as North Face and Wrangler. "Don't ask me about our clients," he told an audience at ICR XChange this morning.

He offered some insights into what VF is seeing with its consumers, who he says have changed dramatically in the past year:

  • Shifting to buying what is needed
  • Emphasis on thrift
  • Conspicous consumption and flash are out of style
  • Greater consideration for value
  • Shift from credit to cash

On its business mix and the current environment:

  • Diversity is its key to managing risk
  • Our Outdoor (includes Vans, Reef) now matches its Heritage group as a percentage of projected revenue of VF at 36%.
  • Manage pace of its store openings ("Not as ambitious of a plan as last year.")
  • Invest prudently ("We will pick our spots")

 

Two notes related to the economy:

  • VF will incur a pension expense in its next fiscal year. (In 2008, its plan had $1 billion in assets but that has changed due to market conditions)
  • Currency: "In 2008, it was a tailwind, but in 2009 it will become a headwind."
  • He expects that both issues will amount to a total drag of 70 cents per share.

 

 

 

Airfare.com - Flights, hotels and more!

 


Articles You Might Have Missed