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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Evergrande shares briefly plunge more than 10%, after $2.6 billion asset sale falls throughChina Evergrande shares briefly fell more than 10% Thursday after a deal fell through to sell part of its services unit to Hopson Development Holdings.
Read more »
Tesla's China Gigafactory has managed to boost production even amid supply chain challengesInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
At least 1 killed, 33 injured in gas explosion in northeast ChinaAt least one person was killed and 33 injured in a powerful explosion at a restaurant in the northeastern Chinese city of Shenyang on Thursday morning, according to local authorities.
Read more »
Biden's pick for US ambassador to China backs increasing security assistance to TaiwanPresident Joe Biden's pick to be US Ambassador to China called for a continued commitment to the longstanding 'One China' Policy but defended the United States' right to increase security assistance to Taiwan amid Beijing's aggression towards the island.
Read more »
U.S. China ambassador nominee Burns takes tough line on dealings with BeijingWASHINGTON (Reuters) -President Joe Biden's nominee to be U.S. ambassador to China, Nicholas Burns, took a tough line on dealings with China at his Senate confirmation hearing on Wednesday, saying 'genocide in Xinjiang,' abuses in Tibet, and bullying of Taiwan must stop. Burns, calling China the United States' 'most dangerous competitor', said Beijing is 'blasting past' its pledge to maintain only a minimum nuclear deterrent, and added that Washington should work with allies in Europe and elsewhere to build economic leverage.
Read more »
At least 3 dead in apparent gas explosion in north ChinaAt least three people have been killed and 30 injured in an apparent gas explosion at a hotel in the northern Chinese city of Shenyang
Read more »