1

FORWARD LOOKING STATEMENTS

Certain statements included in this presentation are "forward-looking statements" within the meaning
of the federal securities laws. Forward-looking statements are made based on our expectations and
beliefs concerning future events impacting VF and therefore involve a number of risks and
uncertainties. You can identify these statements by the fact that they use words such as “will,”
“anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or
use of future dates. We caution that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the forward-looking statements.
Potential risks and uncertainties that could cause the actual results of operations or financial condition
of VF to differ materially from those expressed or implied by forward-looking statements in this release
include, but are not limited to: foreign currency fluctuations; the level of consumer demand for apparel,
footwear and accessories; disruption to VF’s distribution system; VF's reliance on a small number of
large customers; the financial strength of VF's customers; fluctuations in the price, availability and
quality of raw materials and contracted products; disruption and volatility in the global capital and
credit markets; VF's response to changing fashion trends; increasing pressure on margins; VF's ability
to implement its business strategy; VF's ability to grow its international and direct-to-consumer
businesses; VF’s and its customers’ and vendors’ ability to maintain the strength and security of
information technology systems; stability of VF's manufacturing facilities and foreign suppliers;
continued use by VF's suppliers of ethical business practices; VF’s ability to accurately forecast
demand for products; continuity of members of VF’s management; VF's ability to protect trademarks
and other intellectual property rights; possible goodwill and other asset impairment; maintenance by
VF’s licensees and distributors of the value of VF’s brands; changes in tax liabilities; legal, regulatory,
political and economic risks; and adverse or unexpected weather conditions. More information on
potential factors that could affect VF's financial results is included from time to time in VF's public
reports filed with the Securities and Exchange Commission, including VF's Annual Report on Form 10-
K and Quarterly Reports on Form 10-Q.
STEVE RENDLE
PRESIDENT & CHIEF EXECUTIVE OFFICER
 WE ASKED – YOU TOLD US

STRENGTHS CONCERNS
 Diverse portfolio of brands, growth  Apparel and footwear industry
opportunity of three largest brands headwinds, structural shifts

 Capital stewardship  Portfolio management

 Historical performance  Recent management turnover

 Strength of balance sheet  Lack of M&A activity

 Supply chain and operational

excellence
 17 X 17 STRATEGY INTRODUCED IN 2013

LEAD SERVE
in Innovation Consumers
Directly

CONNECT EXPAND
with Consumers Geographically
 17 X 17 PLAN PERFORMANCE

2013 to 2016 17 X 17 TARGET

REVENUE 6% 8%
INTERNATIONAL 9% 11%
DTC 13% 12%
GROSS MARGIN 50.1% 49.5%
ROIC 19% 20%
EPS 12% 13%

TSR 11% 15%

*Figures above exclude the impact of changes in foreign currency exchange rates and are presented on an adjusted basis. All figures are presented on a continuing
operations basis and exclude Licensed Sports Group. Gross margin and ROIC reflect 2016 results, all other figures are presented as a CAGR.
CHANGING MARKET LANDSCAPE

EVOLVING MANUFACTURING
CONSUMER INNOVATION
PREFERENCES
IMPACT
TRENDS
RESHAPED PRODUCT
RETAIL INNOVATION
LANDSCAPE
OUR ASPIRATION

VF will grow by creating amazing products and brand

experiences that transform and improve the lives of
consumers worldwide, while delivering superior returns
to our shareholders.
DEEP CONSUMER INSIGHT

45%

35% 10
 2021 PLAN
TOTAL SHAREHOLDER RETURN
TARGET: TOP QUARTILE

+13% to +15%
OUR STRATEGY

WHERE TO PLAY AND HOW TO WIN

RESHAPE PORTFOLIO
ENABLE OUR POWERFUL BRANDS
PORTFOLIO MANAGEMENT CRITERIA

STRATEGIC
 Access to attractive
consumer segments,
category adjacencies
 Capability additions and
enhancements
TSR
 Synergies with existing
VF portfolio
FINANCIAL
 Accretive growth and
margin profile
 Strong free cash flow yield
 > 15% return on capital
over time
 TSR accretive

 $1 billion brand potential

VALUE CREATION
 TRANSFORM MODEL
CONSUMER & RETAIL CENTRIC ACROSS CHANNELS
ELEVATE DTC
PRIORITIZING DIGITAL
DISTORT ASIA
FOCUSING ON CHINA
OUR STRATEGY: CAPABILITIES
DESIGN &
INNOVATION
DEMAND
CREATION &
TALENT BRAND
EXPERIENCE

CAPABILITIES

DEMAND & INSIGHTS &

SUPPLY CHAIN ANALYTICS
AGILITY

RETAIL
EXCELLENCE
DESIGN & INNOVATION
• Elevate our commitment to
design.

• Increase our capability to create

products that consumers covet.

• Continue our relentless pursuit

of innovation.

• Focus on three-year commercial

line plans.
DEMAND CREATION &
BRAND EXPERIENCE
• Improve operational discipline.

• Allocate data-driven spend

across marketing tactics.

• Create must-have products

that deliver meaningful brand
experiences.
INSIGHTS & ANALYTICS
• Establish a best-in-class consumer
and shopper insights practice.

• Develop a deep understanding of our

brands’ consumer targets.

• Understand many aspects of

consumers’ lives.

• Strengthen VF’s data and analytics

capabilities.

• Activate demand chain analytics.

RETAIL EXCELLENCE

• Open fewer stores and

sharpen focus on current fleet.

• Drive consumer and

operational productivity.

• Establish ‘frictionless
commerce.’
DEMAND & SUPPLY CHAIN AGILITY
• Connect demand and supply
chains to enable speed and
responsiveness.

• Leverage manufacturing
innovation to create and
deliver breakthrough products.

• Advance omnichannel
fulfillment to meet rising
consumer expectations.
TALENT
• Become THE employer of
choice.

• Sharpen focus on succession

planning and leadership
development.

• Power the organization’s

performance through structure,
culture, and diversity and
inclusion.

• Be a purpose-driven company.
 Create amazing product and brand experiences that
transform and improve the lives of consumers worldwide.

SHAPE THE
DESIGN &
PORTFOLIO INNOVATION
DEMAND
CREATION &
TALENT BRAND
EXPERIENCE
DISTORT TRANSFORM TOP-QUARTILE
TSR & VALUE CAPABILITIES
ASIA MODEL
CREATION
DEMAND &
SUPPLY CHAIN INSIGHTS &
AGILITY ANALYTICS

RETAIL
ELEVATE EXCELLENCE
DTC
 DIVERSIFIED GROWTH
DIVERSIFIED POWERFUL INCREASED
MODEL PLATFORMS METABOLIC RATE
 Brand Leverage Scale & Skill
 Consumer  Supply Chain  Leadership Team
STRONG  Category  Strategy
FOUNDATION  Channel  International
 Geography  DTC

 More active Elevated Capabilities Agility

portfolio management  Design  Go-to-market
 Linking product and  Demand creation  Decision making
DIVERSIFIED experience
GROWTH  Insights & analytics  Allocation of
 Consumer and resources
retail centric model
 2021 PLAN
REVENUE GROWTH TARGET

CAGR
+4% to +6%

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN REVENUE
GROWTH EVOLUTION
ACCELERATE
REVENUE GROWTH

RESHAPE

2017-2018 2018-2019 2019-2021

 2021 PLAN
EPS GROWTH TARGET

CAGR
+10% to +12%

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN
TOTAL SHAREHOLDER RETURN
TARGET: TOP QUARTILE

+13% to +15%
DOUG PALLADINI
GLOBAL BRAND PRESIDENT,
VANS
 17 x 17 PLAN PERFORMANCE
2016
$2.3B

2012
$1.5B

*Growth rate excludes the impact of changes in foreign currency exchange rates.
 EMEA GROWTH EVOLUTION*

EMEA +21%
TURN-AROUND +15%

UNDERWAY +8%
+3%
+HSD

2013 2014 2015 Q4 2016 2017

-9% Outlook

Q1 - Q3
2016

*Growth rate excludes the impact of changes in foreign currency exchange rates.
THE VANS BRAND IS STEEPED IN
AUTHENTICITY AND HERITAGE
VANS’ GLOBAL SKATE LEADERSHIP
YIELDS A BROADER OPPORTUNITY
 ART MUSIC

VANS CONNECTS
ACROSS MANY
FORMS OF
CREATIVE
EXPRESSION
ACTION STREET
SPORTS CULTURE
 THE EXPRESSIVE CREATOR IS AT
THE CENTER OF EVERYTHING WE DO
 THE EC SITS AT THE CENTER OF
A LARGE MARKET OPPORTUNITY
VANS MARKET VANS CONSUMER OPPORTUNITY
OPPORTUNITY
($ IN BILLIONS)

FOOTWEAR

$39B EXPRESSIVE
CREATOR
5%
$43B 12%
APPAREL OF MARKET
1%

Source: NPD 2015 40

 VANS GROWTH DRIVERS

1 2 3 4
ICONS AND EXPANDING NEXT INSPIRE DEEP CONSUMER
INNOVATION GENERATION DTC ASIAN ECs CONNECTIVITY
1
ICONS &
INNOVATION:
LEVERAGING
VANS’ ICONS
1
ICONS &
INNOVATION:
LEVERAGING
VANS’ ICONS
1 ICONS & INNOVATION:
PRODUCT DESIGN AND INNOVATION
2 EXPANDING NEXT GENERATION DTC
 DIGITAL AS % OF TOTAL VANS REVENUE

2
EXPANDING
NEXT 16%
GENERATION
DTC: 3%
7%
LEADING WITH
DIGITAL 2012 2016 2021
2
EXPANDING
NEXT
GENERATION
DTC:
BLENDING THE
EXPERIENTIAL
WITH THE
TRANSACTIONAL
3

INSPIRE
ASIAN ECs
 CHINA AS % OF TOTAL VANS REVENUE
3
INSPIRE
ASIAN ECs:
GROWING 11%

OUR ASIA
FOOTPRINT 7%
3%
2012 2016 2021
3
INSPIRE THEIR BRAND OUR CAMPAIGN

ASIAN ECs:
INNOVATIVE
DIGITAL
ACTIVATION
IN ASIA
THEIR PLATFORM CO-CREATED
CONTENT
4
31.1M+ Followers across social
platforms today…

@Vans Instagram Engagement is BEST IN

CLASS among our competitors.

DEEP INSTAGRAM FOLLOWER ENGAGEMENT

CONSUMER 600%

500%

CONNECTIVITY: 400%

LEADING 300%

DIGITAL 200%

PLATFORM 100%

0%
Vans
Competitor A
Converse
Competitor B
Nike
Competitor C
Adidas
Engagement (as % of Followers in 2016)
% of Increase in Engagement (2015 vs. 2016)

*Engagement includes aggregate Likes and Comments; regardless of the number of posts
4
DEEP
CONSUMER
CONNECTIVITY:
WE DRIVE
BRAND LOVE &
DEMAND BY
BRINGING VANS
TO LIFE
 2021 GLOBAL TARGET

+8% to +10% CAGR

 2021 TARGET BY REGION

EMEA EMEA
22% 21%

GLOBAL USA
USA 2016 APAC +8% to +10% CAGR
48% 2021
55% APAC
13%
19%
NON-US
NON-US
AMERICAS
AMERICAS
10%
12%

USA EMEA APAC NON-US AMERICAS

+5% to +7% CAGR +6% to +8% CAGR +17% to +19% CAGR +12% to +14% CAGR
 2021 TARGET BY CHANNEL

WHOLESALE WHOLESALE
52% 43%
DTC: DTC:
STORES GLOBAL STORES
41%
2016 41%
+8% to +10% CAGR
2021

DTC: DTC:
DIGITAL DIGITAL
7% 16%

DTC: STORES
WHOLESALE DTC: DIGITAL
+8% to +10% CAGR
+3% to +5% CAGR +28% to +30% CAGR
+5% to +7% Store Count
 2021 TARGET BY CATEGORY

HERITAGE
HERITAGE PROGRESSION PROGRESSION
43%
55% 24% 30%
GLOBAL
2016 +8% to +10% CAGR
2021
APPAREL/
OTHER
21% APPAREL/
OTHER
27%

HERITAGE FOOTWEAR PROGRESSION FOOTWEAR APPAREL/OTHER

+3% to +5% CAGR +12% to +14% CAGR +13% to +15% CAGR

56
ARNE ARENS
GENERAL MANAGER AMERICAS,
THE NORTH FACE
NEVER STOP
EXPLORING
THE CHANGING
CONSUMER PHYSICAL EMOTIONAL

OUR
CONSUMER

CREATIVE CULTURAL
 17 x 17 PLAN PERFORMANCE
2016
$2.3B

2012
$1.9B

*Growth rate excludes the impact of changes in foreign currency exchange rates.
OUR CONSUMER TERRITORY MODEL

MOUNTAIN ATHLETICS

CONSUMER INSIGHT
NI COLE CLARK"

MOUNTAIN SPORTS MOUNTAIN LIFESTYLE URBAN EXPLORATION

MOUNTAIN
SPORTS
The ultimate representation of
Athlete Tested | Expedition
Proven, a showcase of elite
exploration as the foundation
of our brand.

CLIMB • MOUNTAINEER • HIKE

SKI • SNOWBOARD
 THE MOUNTAIN SPORTS
OPPORTUNITY

GLOBAL OUR 2021

MARKET FOCUS TARGET

SPECIALTY
$22B LEADERSHIP +4% to +6%
FOOTWEAR CAGR
INTERNATIONAL
MOUNTAIN
ATHLETICS
Below every summit are
thousands of hours of
preparation.

RUN • TRAIN
 THE MOUNTAIN ATHLETICS
OPPORTUNITY

GLOBAL OUR 2021

MARKET FOCUS TARGET

$63B APPAREL +11% to +13%

WOMENS CAGR
MOUNTAIN
LIFESTYLE
The base camp is the soul of
exploration.

CAMPING • LIFESTYLE
 THE MOUNTAIN LIFESTYLE
OPPORTUNITY

GLOBAL OUR 2021

MARKET FOCUS TARGET

$25B APPAREL +8% to +10%

EQUIPMENT CAGR
URBAN
EXPLORATION
The concrete mountain of the
city.

LIFESTYLE
 THE URBAN EXPLORATION
OPPORTUNITY

GLOBAL OUR 2021

MARKET FOCUS TARGET

OUTERWEAR
$72B +9% to +11%
FOOTWEAR CAGR
INTERNATIONAL
DTC
BRINGING
URBAN
EXPLORATION
TO LIFE
 THE FOUR CONSUMER
TERRITORY VISION WILL:
SOLIDIFY OUR GLOBAL MOUNTAIN SPORTS LEADERSHIP
+
ATTRACT NEW CONSUMERS TO OUR BRAND
+
DRIVE STRONGER YEAR ROUND RELEVANCE
 THE NORTH FACE GROWTH DRIVERS

1 2 3 4
RELENTLESS DIRECT-TO-CONSUMER DISTRIBUTION, AUTHENTIC
FOCUS ON DESIGN AS OUR PREMIER PRODUCTIVITY & STORYTELLING
& INNOVATION EXPRESSION EXPANSION & EXPERIENCES

73
 1

RELENTLESS FOCUS ON
DESIGN AND INNOVATION
 2

DTC AS OUR PREMIER

EXPRESSION
SAN FRANCISCO HUB & SPOKE MODEL

FLAGSHIP POTENTIAL
“HUB” STORE MOUNTAIN
ATHLETICS
“SPOKE” STORE

URBAN
EXPLORATION
“SPOKE” STORE
 3

DISTRIBUTION,
PRODUCTIVITY &
EXPANSION
 MARKETPLACE EXPANSION
OPPORTUNITIES
MOUNTAIN MOUNTAIN MOUNTAIN URBAN
SPORTS ATHLETICS LIFESTYLE EXPLORATION

LEADERSHIP IN OUTDOOR SPECIALTY

YEAR-ROUND
PRODUCTIVITY

SEGMENTATION
STRATEGIC KEY ACCOUNT PARTNERSHIPS

SPORTING GOODS & ATHLETIC SPECIALTY LIFESTYLE DISTRIBUTION

NEW ACCOUNT
EXPANSION

ONLINE RETAILERS
 4

AUTHENTIC
STORYTELLING &
EXPERIENCES
 NEVER STOP
COMMUNITIES
LONDON | PARIS |
MUNICH | STOCKHOLM

+6 NEW CITIES IN 2017

2021 GLOBAL TARGET

+6% to +8% CAGR

2021 TARGET BY CONSUMER TERRITORY
MTN ATH.
MTN ATH.
7%
9%

MTN LIFE
19% MTN LIFE
GLOBAL 20%

2016 +6% to +8% CAGR

2021
URBAN
13% URBAN
MTN MTN 15%
SPORTS SPORTS
61% 56%

MOUNTAIN SPORTS MOUNTAIN ATHLETICS MOUNTAIN LIFESTYLE URBAN EXPLORATION

+4% to +6% CAGR +11% to +13% CAGR +8% to +10% CAGR +9% to +11% CAGR
 2021 TARGET BY REGION

EMEA EMEA
22% 23%

GLOBAL
2016 APAC
10% +6% to +8% CAGR USA
2021 APAC
USA
60% 11%
63% NON-US
NON-US
AMERICAS
AMERICAS
5%
6%

USA EMEA APAC NON-US AMERICAS

+4% to +6% CAGR +7% to +9% CAGR +8% to +10% CAGR +7% to +9% CAGR
 2021 TARGET BY CHANNEL

WHOLESALE WHOLESALE
62% DTC: DTC:
54%
STORES STORES
29% 30%
GLOBAL
2016 +6% to +8% CAGR
2021
DTC:
DIGITAL DTC:
9% DIGITAL
16%

DTC: STORES
WHOLESALE DTC: DIGITAL
+7% to +9% CAGR
+2% to +4% CAGR +18% to 20% CAGR
+5% to +7% Store Count
JIM PISANI
GLOBAL BRAND PRESIDENT,
TIMBERLAND
OUR
STORY
BE THE LARGEST,
MOST SUSTAINABLE
OUTDOOR LIFESTYLE
BRAND ON EARTH
 THE OUTDOOR LIFESTYLER
KEY ATTRIBUTES ALIGN WITH OUR BRAND POSITIONING

OUTDOORS IS MORE OFTEN AN URBAN STYLE MATTERS,

CASUAL AND EVERYDAY OUTDOORS VERSATILITY IS KEY
 SIGNIFICANT MARKET OPPORTUNITY
GLOBAL MEN’S FOOTWEAR GLOBAL WOMEN’S FOOTWEAR GLOBAL MEN’S APPAREL

$94B $141B $217B

Source: Euromonitor 2017

 17 x 17 PLAN PERFORMANCE
2016
$1.8B

2012
$1.5B

*Growth rate excludes the impact of changes in foreign currency exchange rates.
TIMBERLAND GROWTH DRIVERS

1 2 3
DIVERSIFY ELEVATE DTC, DISTORT ASIA
PRIORITIZING
DIGITAL
1 DIVERSIFY

MEN’S WOMEN’S MEN’S

FOOTWEAR FOOTWEAR APPAREL
1 MEN’S FOOTWEAR: REDUCE
RELIANCE ON CLASSICS IN NORTH
AMERICA

CLASSICS
NORTH AMERICA
NON-CLASSICS

40% 60% 5%

CLASSICS
INTERNATIONAL NON-CLASSICS

18% 82%
1 LAUNCH POWERFUL NEW
FOOTWEAR PLATFORMS

CLASSICS
RE-IMAGINED
1 WOMEN’S
FOOTWEAR
1
MEN’S APPAREL
1 ENABLERS OF DIVERSIFICATION

DESIGN AND INNOVATION ELEVATE “G” IN

STYLE - PERFORMANCE - GREEN
2 ELEVATE DTC

EXPERIENTIAL WOMEN’S FOCUS

2 PRIORITIZE DIGITAL

DIGITAL E-COMMERCE
 3 DISTORT ASIA: LEAD WITH CHINA

$200B
2021 CHINA RELEVANT MARKET SIZE

Source: Euromonitor 2017

3 DISTORT ASIA: LEAD WITH CHINA
PRODUCT
 Footwear first
initiative
 Locally driven
 Differentiated
capsules

DISTRIBUTION MARKETING
 Adding stores  TeeBooLang
with China
 High-profile
partners
collaborations
 Growing DTC  Sponsorship
presence with influencers
 Expanding current
partnerships
2021 GLOBAL TARGET

+4% to +6% CAGR

 2021 TARGET BY REGION

EMEA USA EMEA

USA
42% 37% GLOBAL 39% 37%

2016 +4% to +6% CAGR

2021

NON-US NON-US
APAC AMERICAS APAC
AMERICAS
16% 6% 18%
5%

USA EMEA APAC NON-US AMERICAS

+3% to +5% CAGR +4% to +6% CAGR +6% to +8% CAGR +8% to +10% CAGR
 2021 TARGET BY CHANNEL

DTC: DTC:
STORES STORES
26% 25%
GLOBAL
2016 DTC:
DIGITAL +4% to +6% CAGR
2021 DTC:
5% DIGITAL
11%
WHOLESALE WHOLESALE
69% 64%

DTC: STORES
WHOLESALE DTC: DIGITAL
+3% to +5% CAGR
+2% to +4% CAGR +23% to +25% CAGR
+1% to +3% Store Count
 2021 TARGET BY CATEGORY

WOMEN'S WOMEN'S
15% 16%

GLOBAL
MEN'S
MEN'S
57% 2016 APPAREL
& OTHER +4% to +6% CAGR
54% 2021 APPAREL
28% & OTHER
30%

MEN’S FOOTWEAR WOMEN’S FOOTWEAR APPAREL & OTHER

+3% to +5% CAGR +6% to +8% CAGR +6% to +8% CAGR
INTERNATIONAL PANEL

AIDAN O’MEARA SCOTT BAXTER

Vice President & Group President, Vice President & Group President,
VF International Outdoor & Action Sports Americas

KEVIN BAILEY MARTINO SCABBIA GUERRINI

President, Asia Pacific Region President, EMEA Region
 17 x 17 PLAN PERFORMANCE
INTERNATIONAL
2016
$4.4B

2012
$3.8B
*Figures are presented on a continuing operations basis and exclude Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 2016 INTERNATIONAL REVENUE MIX
REGION BRAND

VANS
24%
APAC
28% TBL
24%

EMEA
57%
$4.4B TNF
19%

NON-US
AMERICAS ALL OTHER LEE
15% 15% 10%
WRANGLER
8%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 INTERNATIONAL TARGET
REGION BRAND

TBL
23%
APAC VANS
32% 28%
EMEA CAGR
52% +7% to +9% TNF
20%
NON-US ALL OTHER LEE
AMERICAS 14%
16%
9%
WRANGLER
6%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 2016 EUROPE REVENUE MIX
COUNTRY BRAND

GAS VANS
16% ITALY 20%
15%
TBL
UK 27%
21% SPAIN
9%
FRANCE
$2.5B TNF
20%

6%
ALL OTHER WRANGLER
ALL OTHER 19% 7%
33% LEE
7%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 EUROPE TARGET
COUNTRY BRAND

GAS VANS
16% 22%
ITALY
16% TBL
UK 27%
23%
CAGR
SPAIN TNF
9%
+4% to +6% 22%
FRANCE
6% ALL OTHER WRANGLER
ALL OTHER 19% 5%
30% LEE
5%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 2016 ASIA REVENUE MIX
COUNTRY BRAND

HONG
KONG TBL
8% JAPAN 24%
7%
INDIA
VANS
7%

$1.2B
24%
CHINA KOREA LEE
48% 5% 19%

ALL OTHER
ALL OTHER 11%
25% TNF
WRANGLER 18%
4%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 ASIA TARGET
COUNTRY BRAND

INDIA
7% JAPAN TBL
6%
HONG VANS 20%
KONG 33%
6%
KOREA CAGR
CHINA 5%
54% +9% to +11% TNF
ALL OTHER 18%
ALL OTHER
22%
11%
LEE
WRANGLER 15%
3%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 2016 NON-US AMERICAS REVENUE MIX
COUNTRY BRAND

TNF
VANS 18%
MEXICO 34%
31%
CANADA
46%
$0.7B
ALL
WRANGLER
OTHER
18%
CASA 6% LEE
TBL
23% 10% 14%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 NON-US AMERICAS TARGET
COUNTRY BRAND

VANS
MEXICO 40% TNF
32% 17%
CANADA
45% CAGR
+8% to +10%
TBL
ALL OTHER 15%
7%
CASA LEE
23% 7% WRANGLER
14%

*Figures are presented on a continuing operations basis and exclude Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
TOM WALDRON
PRESIDENT, WRANGLER
LEE STORY
 17 X 17 PLAN PERFORMANCE

2012 2016
$1.1B Modest Growth* (ex: FX) $1.0B

*Growth rate excludes the impact of changes in foreign currency exchange rates.
 GLOBAL LEE UPDATE

NORTH
EMEA APAC
AMERICA

Revisiting the strategy

Consistent growth, Accelerated growth with
increased momentum innovation-led product
platforms
 WRANGLER STORY

1980’s

1947 Current
 17 X 17 PLAN PERFORMANCE

2016
$1.7B

2012
$1.6B
* Growth rate excludes the impact of changes in foreign currency exchange rates.
 WRANGLER IS GROWING AND
GAINING MARKET SHARE

2012 2016

* Figures represent 2013 to 2016 CAGR in the United States

 WRANGLER GROWTH DRIVERS

1 2 3 4
ESTABLISH ELEVATE DESIGN & EXPAND TO NEW GROW IN NEW
ONE WRANGLER INNOVATION CHANNELS CATEGORIES
 1

ESTABLISH
ONE WRANGLER
1 HISTORICAL FOCUS ON U.S.
CONSUMER SEGMENTS

MASS CONSUMER WESTERN CONSUMER

 1 ONE WRANGLER

ORGANIZATION BRAND CONSUMER &

REDESIGN ELEVATION LIFESTYLE FOCUS

Consumer-focused Social and emotional Broadened appeal

organization brand messaging rooted across distinct lifestyles
in authenticity
131
 2

ELEVATE DESIGN
& INNOVATION
 2 ELEVATE DESIGN AND INNOVATION

BREAKTHROUGH BEAUTIFUL = SIGNIFICANT

INNOVATION + DESIGN GROWTH

The VF Global Denim Innovation Center

is dedicated to breakthrough consumer
insights and innovation .

Denim Innovation Center, Greensboro, NC

 3

EXPAND TO
NEW CHANNELS
3 EXPAND TO NEW CHANNELS
DEPARTMENT
STORES &
BOUTIQUES

MID-TIER

WESTERN
SPECIALTY & MASS

1947 - 2009 2010 - 2015 CURRENT

 3 EXPAND TO NEW CHANNELS

$6B $5B $1B $5B

DEPARTMENT BOUTIQUE
STORES MID-TIER SPECIALTY OTHER

SIZE OF NORTH AMERICA OPPORTUNITY

3 CHANNEL EXPANSION ENABLERS

 Retro collections from

global brand partners
 Celebrity seeding creating
CELEBRITY brand heat
SEEDING
 Pinnacle brand experience
in owned retail

BOUTIQUES DTC
3 EXPAND TO NEW CHANNELS: DTC

Wrangler Store
Denver, CO

Wrangler Store
Dallas, TX
 4

EXPAND TO
NEW CATEGORIES
 4 CATEGORY EXPANSION
APPAREL MARKETS WHERE WRANGLER PLAYS RESULTS

23 % #1
$6B MEN’S DENIM
OF MEN’S DENIM MARKET

16 %
#1
$6B OF MEN’S CASUAL CASUAL BOTTOMS
BOTTOMS MARKET

18 % #1
$5B WOVEN TOPS
OF MEN’S WOVEN
TOPS MARKET
Source: NPD
4 GROW IN NEW CATEGORIES
WOMEN’S MEN’S WOVEN MEN’S KNIT NON DENIM
DENIM TOPS TOPS BOTTOMS

$10B $5B $11B $6B

SIZE OF NORTH AMERICA OPPORTUNITY

LEVERAGING CURRENT STRENGTHS
TO DRIVE FUTURE GROWTH
FROM TO
Consumer lifestyle
Channel focus
focus

Merchandising-
Design-led
driven product
product engine
engine

Business unit-driven Global Innovation

innovation Center approach

Denim category
Lifestyle focus
dominance
 JEANSWEAR
2021 GLOBAL TARGET

+1% to +3% CAGR

 2021 TARGET - GLOBAL JEANSWEAR
Non-US
Americas EMEA
7% EMEA 11%
APAC 12%
10%
APAC APAC
10% 12%
EMEA, 2016 NON-US
12%
2016 AMERICAS GLOBAL 2021 NON-US
$2.7B 7% +1% to +3% CAGR
AMERICAS
7%
USA USA USA
71% 71% 70%

USA EMEA APAC NON-US AMERICAS

+1% - +3% CAGR +1% to +3% CAGR +5% to +7% CAGR +2% to +4% CAGR
CURT HOLTZ
PRESIDENT, WORKWEAR, JEANSWEAR
& SPORTSWEAR BRANDS
$800M
IN 2016
 PROTECTOR OF
COMFORTABLE, EQIPPED TO PEOPLE WHO
TOUGH ALL DAY CONQUER YOUR A BETTER WAY
TO WORK POWER THE
LONG WORKDAY
WORLD

 #1 brand in  #2 brand in work  #1 brand in  #1 flame-

men’s denim footwear automotive & resistant brand
laundry
 Retail &  Footwear &  Safety apparel
apparel apparel  At-once B2B expertise
expertise expertise service model
 WHY INVEST IN WORKWEAR?

EXPLOIT FRAGMENTED FINANCIALLY ECONOMIC /

UNIQUE MARKETPLACE ATTRACTIVE FISCAL
CAPABILITIES CONDITIONS
VF WORKWEAR PORTFOLIO:
STRONGER TOGETHER

UNMATCHED CAPABILITIES:
 Strong B2B and B2C brands
 Retail relationships
 Supply chain service model
 Head-to-toe expertise
 Insights and innovation
 Scalable digital platform
 Geographic platform
 UNLOCK GROWTH BY LEVERAGING
VF EXPERTISE
TODAY FUTURE
APPAREL FOOTWEAR B2C B2B APPAREL FOOTWEAR B2C B2B

+ +
+ +
+ +
+ +
=CAPABILITY FROM ONE
+ BRAND NOW LEVERAGED
ACROSS PORTFOLIO
LEVERAGING INSIGHTS AND INNOVATION

INNOVATIONS

DOVER, NH GREENSBORO, NC ALAMEDA, CA

GLOBAL
INNOVATION
CENTERS
 GLOBAL WORKWEAR MARKET

• LARGE
• GROWING
FOOTWEAR
$30B APPAREL

TOTAL
$6B $24B
• UNDER-PENETRATED

Sources: IPSOS, VF Workwear Foundation Study & Internal estimates

 MARKETPLACE IS HIGHLY
FRAGMENTED…
A FEW LARGE A SEA OF
VF PORTFOLIO COMPETITORS “OTHER”
BRANDS
 …ACROSS A BROAD SET OF
INDUSTRIES…

Construction Automotive Healthcare Mining & Utilities Transportation Manufacturing

… AND A DIVERSE SET OF CONSUMERS…

FUNCTIONAL EMOTIONAL KEY UNMET WORKWEAR

NEEDS NEEDS NEEDS SELECTION
 Comfort, fit  Worry free  Breathable  Employer
 Easy to clean at work  Durable provides
 Durable  Look and  Comfort  Employee
perform at your chooses
best  Stain
Source: IPSOS VF Workwear Resistance  Off the job
Foundation Study
…AND TWO MAJOR CHANNELS

B2B B2C
 INDUSTRIAL ECONOMIC
INDICATORS IMPROVING
Oil & Gas Rig Count Oil & Gas Rig Count

+60%vs. last year

Source: Baker Hughes U.S. Rotary Rig Count, Feb 2017
MAR-15 AUG-15 JAN-16 JUN-16 NOV-16

Purchasing ISM Purchasing Managers

Managers Index Index

50%+
Source: Institute for Supply Management, Jan 2017 JAN-15 JUL-15 JAN-16 JUL-16 JAN-17
2021 GLOBAL TARGET

+4% to +6% CAGR

 2021 TARGET BY BRAND

OTHER OTHER
22% 20%
RED KAP RED KAP
33% 33%
GLOBAL WRANGLER
7%
WRANGLER
6%
2016 +4% to +6% CAGR
2021
TBL PRO TBL PRO
BULWARK 23% BULWARK
23% 16% 17%

RED KAP BULWARK TIMBERLAND PRO WRANGLER WORKWEAR

+4% to +6% CAGR +4% to +6% CAGR +4% to +6% CAGR +6% to +8% CAGR
 2021 TARGET BY CHANNEL

DIGITAL DIGITAL
1% 2%
B2C B2C
21% 22%

GLOBAL
2016 +4% to +6% CAGR
2021
B2B
B2B 76%
78%

B2B B2C DIGITAL

+3% to +5% CAGR +4% to +6% CAGR +34% to +36% CAGR
 WHY INVEST IN WORKWEAR?

EXPLOIT FRAGMENTED FINANCIALLY ECONOMIC /

UNIQUE MARKETPLACE ATTRACTIVE FISCAL
CAPABILITIES CONDITIONS
GREG PULSIFER
VICE PRESIDENT, DIGITAL
THE WORLD IS CHANGING AND IT’S BEING
POWERED BY DIGITAL INNOVATION
DIGITAL AS A LIFESTYLE
 AGENDA
KEYS TO UNDERSTANDING OUR STRATEGY:
WHAT IS THE DIGITAL LAB?
WHAT IS THE VF DIGITAL PLATFORM?

17 x 17 PLAN PERFORMANCE:
OVERVIEW OF DIGITAL INVESTMENTS & FINANCIAL
PERFORMANCE

DIGITAL IN ACTION AT VF
 WHAT IS THE VF DIGITAL LAB?
WE HAVE A UNIQUE VIEWPOINT THAT LOOKS ACROSS
ALL OF OUR BRANDS GLOBALLY

GLOBAL DIGITAL LAB
SF Bay, China, Europe
DIVERSE TEAM
 Mobile & E-commerce
 Data & Analytics
 Digital Marketing & Social Media
 Development

STARTED IN 2012
Accelerate digital KEY ACCOMPLISHMENTS
across VF
 Global rollout of our digital platform
 Advanced analytics
 Mobile enhancements
WHAT IS THE DIGITAL PLATFORM?
TBL
CONTENT EMEA
FRONT END TBL Smartwool
NA NA
TNF
EMEA
TNF
NA JanSport
NA
Wrangler
NA
Lee
Vans NA
NA
Vans
EMEA
Reef
COMMERCE NA
BACK END
 DIGITAL AT VF
KEY INVESTMENTS WE’VE MADE HAVE ALLOWED US TO:

USING DIGITAL TO BETTER

BE DATA DRIVEN UNDERSTAND THE CONSUMER

BE MORE AGILE

BE MORE INNOVATIVE

GAIN OPERATIONAL CONSUMER

EFFICIENCY
 17 x 17 PLAN PERFORMANCE
2016
$0.6B

2012
$0.2B

*Figures are presented on a continuing operations basis and excludes Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 17 x 17 PERFORMANCE BY REGION

EMEA EMEA
13% 19%
APAC
1%
GLOBAL
2012 +29% CAGR
2016 APAC
20%

AMERICAS
86% AMERICAS
61%

AMERICAS EMEA APAC

+17% CAGR +46% CAGR +197% CAGR

*Figures are presented on a continuing operations basis and excludes Licensed Sports Group. Growth rate excludes the impact of changes in foreign currency exchange rates.
 2016 DIGITAL PENETRATION

DIGITAL DIGITAL
16% 17% DIGITAL
25%

AMERICAS EMEA ASIA PACIFIC

$365M $110M $120M
STORES
STORES STORES 75%
84% 83%

*Figures are presented on a continuing operations basis and excludes Licensed Sports Group.
 VF’S DIGITAL APPROACH:
HOW IT ALL COMES TOGETHER

INFORM INNOVATE GOVERN

 INFORM
DATA TO INFORM DECISIONS;
EDUCATION TO BRING CAPABILITIES TO MARKET FASTER

DATA & ANALYTICS CONSUMER INSIGHT DIGITAL EDUCATION

INFORM IN ACTION: MACHINE LEARNING

210K METRICS
SCANNED DAILY

ANOMALY
ANALYSIS DETECTION
MACHINE
LEARNING
 MACHINE LEARNING & STELLA

MACHINE LEARNING CORRELATING

‘SNOW’ & ‘LOW TEMPERATURE’

Snow

Low
Temperature
INFORM IN ACTION: CAPABILITY TRACKING
SITE
PROCESSING

FULFILLMENT/ CUSTOMER
CUSTOMER 5 EXPERIENCE
SERVICE 4
3
2
1
0

PERFORMANCE MARKETING
USABILITY SOCIAL

OMNICHANNEL
2013 2014 2015 2016
 EXAMPLES OF CAPABILITY
IMPROVEMENTS
SITE OMNICHANNEL FULFILLMENT/ MARKETING/
PROCESSING CUSTOMER SOCIAL
SERVICE

USER-GENERATED
CONTENT
INSIGHT INTO
INTRODUCTION TO ORDER DELIVERY
NEW DIGITAL
PAYMENTS
BUY ONLINE, PICK
UP IN STORE
 INFORM IN ACTION:
VF INDEX AND BENCHMARK

49%

53% 58%

56%

58% 72%

69%
Ex: Shopping Cart Abandonment Rate. Numbers are illustrative
 INNOVATE
PLACE BIG BETS IN THE NEW DIGITAL ECONOMY.
CONTINUOUSLY INNOVATE AND EVOLVE.

STRATEGIC TEST SCALE

BUILD
PARTNERSHIPS
 INNOVATE IN ACTION:
EXPERIENTIAL RETAIL

‘AUGMENTED REALITY’ AS A SELLING TOOL FOR STORE ASSOCIATES

 INNOVATE IN ACTION:
EXPERIENTIAL RETAIL

PILOTING HOLOGRAMS TO HELP SOLVE THE PROBLEM OF LIMITED FLOOR SPACE

SUSTAINED INNOVATION SUCCESS IS
AMPLIFYING EXISTING CAPABILITIES

MERCHANDISING
ASSORTMENT &
OMNICHANNEL
SERVICE

INNOVATION
(EX: AUGMENTED
REALITY &
HOLOGRAMS) STORE
EXPERIENCE
OUR APPROACH TO DIGITAL IN ASIA
LOCALIZED APPROACH: TALENT, MARKETPLACES, PLATFORMS

WeChat in China Toshow in China

Driving loyalty sign-ups Leveraging emerging platforms

and traffic to owned site for expressive creators
 GOVERN
EMPOWER WHERE THE VALUE IS CREATED

DIGITAL MARKETING OPPORTUNITY

CAPABILITIES & DATA & DIRECTION
 GOVERN IN ACTION
TEST, LEARN AND SCALE MANAGE KEY DIGITAL
NEW CAPABILITIES CAPABILITIES GLOBALLY

LEVERAGING CAPABILITIES WHILE BRANDS

MAINTAIN THEIR IDENTITY
 2021 TARGET BY REGION

EMEA EMEA
19% 17%

GLOBAL
2016 APAC +24% to +26% CAGR 2021 APAC
30%
20%

AMERICAS
AMERICAS 53%
61%

AMERICAS EMEA APAC

+20% to +22% CAGR +22% to +24% CAGR +35% to +37% CAGR
 2021 DIGITAL PENETRATION

DIGITAL DIGITAL
30% 31%

STORES DIGITAL
AMERICAS EMEA 50%
APAC 50%

STORES STORES
70% 69%

*Figures are presented on a continuing operations basis.

SCOTT ROE
CHIEF FINANCIAL OFFICER
 FISCAL YEAR-END CHANGE
FY CLOSE FY CLOSE
DECEMBER 2017 MARCH 2018

PEAK SEASON

JUN NOV DEC JAN FEB MAR APR MAY

 17 X 17 PLAN PERFORMANCE
2013 to 2016 17 X 17 TARGET

REVENUE 6% 8%
INTERNATIONAL 9% 11%
DTC 13% 12%
GROSS MARGIN 50.1% 49.5%
ROIC 19% 20%
EPS 12% 13%

TSR 11% 15%

*Figures above exclude the impact of changes in foreign currency exchange rates and are presented on an adjusted basis. All figures are presented on a continuing
operations basis and exclude Licensed Sports Group. Gross margin and ROIC reflect 2016 results, all other figures are presented as a CAGR.
 2021 PLAN
TOTAL SHAREHOLDER RETURN

TARGET: TOP QUARTILE

+13% to +15%
 2021 PLAN
REVENUE GROWTH TARGET

CAGR
+4% to +6%

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN
REVENUE GROWTH EVOLUTION
ACCELERATE
REVENUE GROWTH

RESHAPE

2017-2018 2018-2019 2019-2021

 2021 PLAN BY REGION

EMEA EMEA
22% 22%

CAGR
2016 APAC +4% to +6% USA 2021 APAC
USA 10% 57% 14%
62%
NON-US
NON-US
AMERICAS
AMERICAS
6%
7%

USA EMEA APAC NON-US AMERICAS

+2% to +4% CAGR +4% to +6% CAGR +9% to +11% CAGR +8% to +10% CAGR

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN BY CHANNEL
DTC: DTC:
DIGITAL DIGTAL
5% 13%
DTC:
STORES
DTC:
24% CAGR
2016 +4% to +6%
2021 STORES
23%

WHOLESALE WHOLESALE
71% 64%

DTC: STORES
WHOLESALE DTC: DIGITAL
+3% to +5% CAGR
+2% to +4% CAGR +24% to +26% CAGR
+2% to +4% Store Count

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN WHOLESALE
CHANNEL MIX
INTERNATIONAL INTERNATIONAL
35% 36% MID-TIER
MID-TIER & & DEPT.
DEPT. STORES
STORES 8%
DIGITAL
6% 2016 12%
DIGITAL
2021 MASS
14% 14%
MASS
15%
SPECIALTY/OTHER
SPECIALTY/OTHER
32%
28%

~80% OF WHOLESALE REVENUE FROM

INTERNATIONAL, SPECIALTY AND DIGITAL
*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN GROWTH COMPOSITION

WHOLESALE:
OTHER
14% WHOLESALE:
DIGITAL
DTC: 26%
STORES
21%

DTC:
DIGITAL
39%

> 85% OF GROWTH FROM THE DIGITAL ENVIRONMENT AND OWNED DTC

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN COALITION MIX

JEANSWEAR
JEANSWEAR
21%
24%

CAGR IMAGE
2016 IMAGE
5% +4% to +6%
2021 5%
SPORTS-
SPORTS- WEAR
WEAR 3%
OUTDOOR & ACTION 5% OUTDOOR & ACTION
66% 71%

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN
GROWTH ENGINES REMAIN STRONG
BIG 3 BRANDS INTERNATIONAL DIRECT-TO-CONSUMER

2013 - 2016 2017 - 2021 2013 - 2016 2017 - 2021 2013 - 2016 2017 - 2021
CAGR: +9% CAGR: +6% to +8% CAGR: +9% CAGR: +7% to +9% CAGR: +13% CAGR: +8% to +10%

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN BUSINESS MIX

JEANSWEAR
JEANSWEAR
20%
23%

CAGR VANS / WORK

VANS /
TNF / 2016 WORK +4% to +6% TNF /
TBL
2021 7%
TBL 7%
59% OTHER
54%
OTHER 14%
16%

VANS / TNF / TBL JEANSWEAR WORKWEAR OTHER

+6% to +8% CAGR +1% to +3% CAGR +4% to +6% CAGR +1% to +3% CAGR

*Figures above are presented on a continuing operations basis and exclude Licensed Sports Group.
PORTFOLIO MANAGEMENT CRITERIA

STRATEGIC
 Access to attractive
consumer segments,
category adjacencies
 Capability additions and
enhancements
TSR
 Synergies with existing
VF portfolio
FINANCIAL
 Accretive growth and
margin profile
 Strong free cash flow yield
 > 15% return on capital
over time
 TSR accretive

 $1 billion brand potential

VALUE CREATION
 2021 PLAN
PORTFOLIO REVIEW – ALL OTHER

REVENUE GROWTH

OPERATING MARGIN
*Graphic for illustrative purposes only.
 2021 PLAN OPERATING MODEL
GROSS MARGIN OPERATING MARGIN ROIC

51.5 % 16.0 % >20 %

+220bps +210bps
*Figures above are presented on an adjusted continuing operations basis and exclude Licensed Sports Group.
 LEVERAGE COST
AGILITY

2021 PLAN DTC STORE

INVESTMENT &
GROSS MARGIN
EXPANSION
RATIIONALIZATION
GROWTH &
AGILITY FUEL 16 %
OPERATING
INVESTMENT MARGIN
TARGET

CAPACITY SUPPLY CHAIN

CAPABILITIES
DEMAND &
PRODUCT
CREATION

DIGITAL
INVESTMENT
 2021 PLAN
FOCUS ON VALUE CREATION
> 20%

VALUE CREATION
RETURN ON INVESTED CAPITAL

8%
COST OF CAPITAL

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
 2021 PLAN
EPS GROWTH TARGET

CAGR
+10% to +12%

*Figures above are presented on an adjusted, continuing operations basis and exclude Licensed Sports Group.
 2021 PLAN EPS MIX

DOMESTIC DOMESTIC
28% 23%

CAGR
2016 +10% to +12% 2021

INTERNATIONAL INTERNATIONAL
72% 77%

INTERNATIONAL DOMESTIC
+11% to +13% CAGR +6% to +8% CAGR

*Figures above are presented on an adjusted, continuing operations basis and exclude Licensed Sports Group.
2021 PLAN $8B FCF GROWTH
RETURNED TO
STRONG SHARE-
HOLDERS
ABOVE
EARNINGS
GROWTH
FREE CASH TSR $5B SHARE
FLOW FOCUSED REPURCHASE
AUTHORIZATION

GENERATION
FINANCIAL
DISCIPLINE
$8B Cumulative FLEXIBILITY

2017-2021

+10% TO +12% STRONG

DIVIDEND CREDIT
GROWTH RATING
ACQUISITION
CAPACITY
 2021 PLAN
CASH RETURNS TO SHAREHOLDERS
DIVIDENDS SHARE REPURCHASES

$4B $4B
> 3% YIELD ~20% OF CURRENT
MARKET CAPITALIZATION

$5B SHARE REPURCHASE AUTHORIZATION

 2021 PLAN
CAPITAL ALLOCATION PRIORITIES

1 2 3
SHARE
M&A DIVIDEND
REPURCHASE
 2021 PLAN TSR
+13% to +15%

+3%

+3%

+3%

+4% to +6%

REVENUE MARGIN SHARE DIVIDEND P/E M&A TOTAL

GROWTH EXPANSION REPURCHASE YIELD MULTIPLE SHAREHOLDER
RETURN

EARNINGS PER SHARE GROWTH

 2021 PLAN SUMMARY

CONSISTENT, STRONG CASH

RESHAPE TSR & DIVERSIFIED
SUSTAINABLE FLOW, RETURN
PORTFOLIO, M&A VALUE CREATION
GROWTH ON CAPITAL