Layoffs at VF Corp

Steve Larese for Outside Business Journal:

VF Corporation is laying off 300 employees and eliminating 300 open positions…

This comes with the caveat that:

VF reported an increase in total income to $2.3 billion for Q1 FY 2023.

So clearly a company growing revenue must layoff its employees.

And further:

The North Face saw an increase of $500 million, while Vans revenue declined almost $1 billion.

Clearly the “outdoors” are the new “street”.

And another thought:

VF seems to be letting The North Face go all in on their athlete team and they are increasing their trail running shoe offering. This might not be good news for Altra, another one of the brands in their portfolio. It’s direct competiton and The North Face clearly has a bigger visibility, by a mile. This could be a reason on why we haven’t seen much from Altra lately. No new event sponsorships, no big athletes on podiums.