Driven By its Purpose, VF Works for the Betterment of People and Planet; Details in FY 2023 Environmental & Social Responsibility Report
November 14 2023 - 6:55AM
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.
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Colin Wheeler VP, Corporate Communications VF Corporation
Colin_Wheeler@vfc.com
VF (NYSE:VFC)
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