New VF Corp. CEO talks plans to improve business, including Vans turnaround
After a disappointing quarterly report, new VF Corp. CEO Bracken Darrell told CNBC's Jim Cramer how he is working to get the company back on track.
Bracken Darrell, the new CEO of VF Corp., told CNBC's Jim Cramer that he would help revamp the business after a disappointing quarter report.
VF Corp. is the owner of a number notable brands including Vans The North Face, Timberland and Timberland.
After
VF Corp
's Monday quarterly
Reportage
The company
Withdrawal
In an interview with CNBC, Bracken Darrell, the new CEO of CNBC, outlined his plans for improving business.
Jim Cramer
.
The company's second quarter sales in the U.S. were down 11%, and Vans alone was down 21%. The company's stock was down 8% in after-hours trades on Monday.
Darrell joined VF Corp. as of
August
He said that he was no stranger to reinvigorating businesses, citing his 10 years as the CEO at
Logitech
Darrell was also the leader in helping Old Spice to turn around its brand earlier in his career.
Darrell stated, "I see that there are four things we must do." Then we will have a larger strategy.
Darrell began by highlighting the company's goal to make its U.S. operations as popular as they are abroad. VF Corp. grew its foreign sales by 10% in the last quarter. He said that the company would lower its costs, reinvest in innovation and brand-building, and then reduce its debt through deleverage.
He stressed VF Corp.’s intention to “deliver the Vans turn-around." He claimed that the brand initially catered to skaters, alternative people and other groups but then lost sight of this demographic as they gained popularity.
"There's an underdog inside of all of us, an outsider. Not everyone, but almost everyone. "Vans really catered to this through the skaters community," said he. "I think that as we grew, we started catering to people who were only interested in fashion. This was fine, but we lost sight of the fun, mischievous side of ourselves that we all possess."
Correction: VF Corp. shares began falling after-hours. The closing trend was incorrect in an earlier version.
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