Driven By its Purpose, VF Works for the Betterment of People and Planet; Details in FY 2023 Environmental & Social Responsibility Report

Rhea-AI Summary

VF Corporation (NYSE: VFC) Releases Fiscal Year 2023 Environmental & Social Responsibility Report 'Purpose. Driven.' Detailing progress against environmental and social targets, inclusion, diversity, equity, and action (IDEA) content, and brand initiatives. Key highlights include increased representation of BIPOC employees in leadership positions, improved sourcing of recycled polyester, launch of VF's Pride employee resource group in APAC, and progress in worker and community development program.

Positive

• Increased representation of BIPOC employees in leadership positions in the U.S.
• Improved sourcing of recycled polyester to 40% in FY22
• Launch of VF's Pride employee resource group in APAC
• Progress in worker and community development program
• Alignment with GRI Standard 2021, SASB Apparel, Accessories & Footwear Standard 2018, TCFD, and UN SDGs

Negative

• None.

DENVER--(BUSINESS WIRE)-- Today, VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, released its fiscal year (FY) 2023 Environmental & Social Responsibility report, “Purpose. Driven.” The comprehensive publication details the company’s progress against its environmental and social targets, as well as additional Inclusion, Diversity, Equity and Action (IDEA) content, which had previously been provided through two separate reports.

“In the face of ongoing challenges impacting the global business community, our employees continue to demonstrate resilience and determination in advancing our Purpose to power movements of sustainable and active lifestyles for the betterment of people and our planet,” said Bracken Darrell, VF’s President and Chief Executive Officer. “I’m impressed with the progress the company made in FY23, and we will remain focused on this important work as a key element of our overall business strategy going forward.”

The company’s annual Environmental & Social Responsibility report focuses on VF’s primary areas of focus: People, Planet and Product. Report topics cover gender parity; racial equity; human rights; product traceability; climate change; renewable energy; waste reduction; use of responsibly sourced, recycled and regenerative materials; and the reduction of unwanted chemistries from its value chain.

The report also highlights how VF brands are taking action to help drive meaningful results for people and our planet. Examples of VF brand initiatives and achievements featured in the report from FY23 include how the Smartwool® brand invested in inclusive sizing with their first plus-size base layers apparel line; the Vans® brand championed the LGBTQ+ community with its Off The Wall Pride Gallery Collection and donations to LGBTQ+ advocacy organizations; nearly half (48%) of the icebreaker® brand’s wool is sourced from growers implementing regenerative practices; The North Face® brand launched its first Circular Design products; and the Timberland®, Vans® and The North Face® brands are launching products featuring regeneratively-grown natural rubber.

Additionally, the company overall made progress advancing its Purpose. Some key highlights from the report include:

• Representation of Black, Indigenous and People of Color (BIPOC) employees in VF leadership positions (director level and above) in the U.S. increased to 19.0% in FY23 from 18.1% in FY22.
• Sourcing of recycled polyester by VF increased to 40% in FY22. This is an improvement from 36% in FY21 and puts VF 80% of the way toward achieving our target to use 50% recycled polyester by FY26.
• The Asia Pacific (APAC) region launched its first chapter of VF’s Pride employee resource group (ERG), APAC Pride & Allies, bringing the number of global VF ERG chapters to 23 in FY23.
• As of FY23, VF’s Worker & Community Development program has achieved over 80% of its near-term goal to improve the lives of 1 million workers and their communities by FY26.
• Seven VF brands operating in the Europe, Middle East and Africa (EMEA) region have diverted ~96,000 kilograms of single-use packaging plastics from landfills as of FY23.
• VF traced 72% of its wool supply chain from farm to finished product in FY23; wool is one of the five key materials that VF has committed to tracing through all five supply chain tiers by FY28.

VF’s FY23 Environmental & Social Responsibility report was prepared with reference to the Global Reporting Initiative (GRI) Standard 2021; aligned with Sustainability Accounting Standards Board (SASB) Apparel, Accessories & Footwear Standard 2018; informed by the Task Force on Climate-related Financial Disclosures (TCFD); and with reference to United Nations Sustainable Development Goals (UN SDGs). Unless otherwise stated, all data reported is for VF’s fiscal year 2023.

About VF

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans^®, The North Face^®, Timberland^® and Dickies^®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114897339/en/

Colin Wheeler

VP, Corporate Communications

VF Corporation

Colin_Wheeler@vfc.com

Source: VF Corporation

FAQ

What is the content of VF Corporation's fiscal year 2023 Environmental & Social Responsibility report?

The report details the company's progress against environmental and social targets, inclusion, diversity, equity, and action (IDEA) content, and brand initiatives.

How has VF Corporation improved its sourcing of recycled polyester?

Sourcing of recycled polyester increased to 40% in FY22, an improvement from 36% in FY21.

What are some key highlights from VF Corporation's fiscal year 2023 Environmental & Social Responsibility report?

Key highlights include increased representation of BIPOC employees in leadership positions, improved sourcing of recycled polyester, launch of VF's Pride employee resource group in APAC, and progress in worker and community development program.

What standards and frameworks was VF Corporation's FY23 Environmental & Social Responsibility report aligned with?

The report was prepared with reference to the Global Reporting Initiative (GRI) Standard 2021; aligned with Sustainability Accounting Standards Board (SASB) Apparel, Accessories & Footwear Standard 2018; informed by the Task Force on Climate-related Financial Disclosures (TCFD); and with reference to United Nations Sustainable Development Goals (UN SDGs).