Vans, owned by VF Corp., plans to grow revenue by $2 billion to reach $5 billion by fiscal year 2023, representing growth between 10 and 12 percent over the five-year period. VF officials will details Vans’ growth plans at an investor meeting being held Wednesday at Vans’ Costa Mesa headquarters.

“Since VF’s acquisition in 2004, the Vans brand has grown at a 17 percent compounded annual rate and transformed into a $3 billion global lifestyle brand,” said Steve Rendle, VF Corporation chairman, president and chief executive officer. “I am confident in the Vans team’s ability to deliver on a bold $5 billion revenue target which will be a key driver of VF’s plan to deliver superior total return to shareholders over the next five years.”

“Vans is moving into its rightful place as the number three global sport lifestyle brand by being clear about who we are and who we are not,” said Doug Palladini, global brand president. “By forsaking ubiquity and instead focusing on Vans’ brand pillars of art, music, action sports and street culture, we continue to generate deep and meaningful consumer connectivity that is growing the Vans Family worldwide.”

Fiscal 2023 Financial Targets 

Over the next five years, the Vans brand expects diversified and balanced growth across all product categories, channels of distribution and geographies, driven by disciplined execution and investment to continue to fuel growth. The Vans brand fiscal 2023 financial targets include the following:

  • Footwear revenue is expected to grow at a five-year compounded annual growth rate (CAGR) between 10 percent and 12 percent. Heritage footwear is expected to grow at a CAGR between 8 percent and 10 percent and Progression footwear is expected to grow at a CAGR between 14 percent and 16 percent.
  • Apparel and accessories revenue is expected to grow to more than $1 billion, which represents a five-year CAGR between 13 percent and 15 percent.
  • DTC revenue is expected to grow to approximately $3 billion, representing about 60 percent of global brand revenue and a five-year CAGR between 13 percent and 16 percent. DTC Digital revenue is expected to grow to more than $1 billion, which represents a five-year CAGR between 30 percent and 35 percent.
  • Revenue in theAmericas region is expected to reach approximately $3 billion, which represents a five-year CAGR between 10 percent and 12 percent.