VF Corp's CEO Eric Wiseman, speaking Friday at Reuters Global Retail Summit in London, said its U.S. wholesale apparel retail customers “seem to be stabilizing,” but he's not assuming any recovery in 2009.
“They're not stabilizing at a great place but compared to December, January and February, when week after week it looked a little bleaker, it's stable,” said Wiseman, according to a report on Reuters. Wiseman also didn't “think most of Western Europe is any better or worse than the U.S.; it feels like it's stabilizing here some too.”
Regarding the outlook for 2010, the CEO said, “We will not be assuming that there's an enormous recovery that lifts our performance. That assumption is off the table. Whether there's any improvement in 2010, and when you assume it, is the discussions we're having now.”
Wiseman said VF is having “”a lot of discussions” about acquisitions, with the recession having created “lots of opportunities.” He reiterated that brands in the outdoor, action sports and contemporary apparel areas would be primary targets.