The CEO sought to highlight the company’s breadth and potential in its smaller brands amid a China slowdown and supply chain woes.
But Rendle, who is also chairman and president of the company, underscored a broader view in an interview with WWD.
Rendle noted that there are other brands scoring “outsized valuations” in the market today that aren’t performing as well, although perhaps they might get more credit. “It’s just elevating the conversation and getting off of just one part of the portfolio,” Rendle said, referring to Wall Street’s focus on Vans.
“We’re all competitive and it’s a big milestone,” Rendle said. “There’s not many billion-dollar brands that have global reach and when you hit one of these big milestones, you’re now at a scale where your awareness is growing, the access to your brand is growing and your ability to tell your story in a more compelling way is increasing.”
Revenues for the second quarter ended Oct. 2 rose 22.6 percent to $3.2 billion from $2.6 billion a year earlier. Net income increased 81 percent to $464.1 million, or $1.18 a diluted share, compared with $256.7 million, or 66 cents a year ago, when the first coronavirus lockdowns took a big bite out of the business. Investors were feeling cautious despite the gains and pushed VF shares down 4.8 percent to $70.54 on Friday.
“If it weren’t for the slowdown in China, we would not have reset the Vans growth for the year,” Rendle said. “There is a consumer confidence element in China today.” It’s a longer-term shift that is playing out against the backdrop of unprecedented supply chain disruptions.
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