Both globally and regionally, with a tilt toward activity-based brands

Our approach is two-fold: We're committed to the continued transformation of our portfolio with more growing, global lifestyle brands - brands like The North Face®, Vans®, 7 For All Mankind®, Napapijri®, Kipling® and Timberland® - by investing in organic growth opportunities and through acquisitions. At the same time, we'll continue to nurture our strong, well-established heritage brands like Wrangler®, Lee® and Red Kap®.

Both globally and regionally, with a tilt toward activity-based brands

Our approach is two-fold: We're committed to the continued transformation of our portfolio with more growing, global lifestyle brands - brands like The North Face®, Vans®, 7 For All Mankind®, Napapijri®, Kipling® and Timberland® - by investing in organic growth opportunities and through acquisitions. At the same time, we'll continue to nurture our strong, well-established heritage brands like Wrangler®, Lee® and Red Kap®.

The North Face: When it was acquired in 2000, The North Face was unprofitable and declining. We moved quickly to correct operational problems and implement disciplined financial and inventory management practices. We also took great care to nurture the culture of the brand, honoring its rich history of providing premium technical outdoor products. Post-acquisition, The North Face has increased its revenues more than five-fold and today enjoys a healthy level of profitability.

Wrangler: The Wrangler® jeans brand turned 60 years old in 2007. And the brand has never been stronger. Since acquiring the Wrangler® brand more than two decades ago, VF has expanded the appeal of the iconic brand across markets, demographics, distribution channels and geographies. Today, Wrangler® jeans sell from $15 to $200, and are available in stores in most countries around the world.

Vans: The Vans® brand got its start as a small Southern California retailer in the mid-1960s, making custom shoes for skateboarders and surfers. Four decades later, the brand has grown to become a global action sports brand. Acquired by VF in 2004, Vans has successfully expanded into apparel, while maintaining a deep connection with its target consumers through the sponsorship of action sports, such as skateboarding, surfing and wakeboarding, and through major events such as the Vans Triple Crown Series and the Vans Warped Tour. Over the past four years, the brand's sales have nearly tripled-a true indication of Vans' global appeal as the authentic skate lifestyle brand.

With a goal of 40% of revenues from international markets, and a focus on Europe, China, India, Brazil and Mexico

VF is truly a global company, with established platforms in Europe, Asia and Latin America. In 2010, international revenues accounted for 30% of total revenues, and we are well on our way toward reaching our long-term goal of 40%.

With a goal of 40% of revenues from international markets, and a focus on Europe, China, India, Brazil and Mexico

VF is truly a global company, with established platforms in Europe, Asia and Latin America. In 2010, international revenues accounted for 30% of total revenues, and we are well on our way toward reaching our long-term goal of 40%.

Europe: Europe remains our largest international market, with both the Lee® and Wrangler® brands well-established as iconic American denim brands across the EU. Our presence here has been strengthened by the acquisition of European-based brands, including Eastpak®, Kipling® and Napapijri®, as well as strong expansion in The North Face® and Vans®.

China: With a base of more than 500 Lee® and Wrangler® brand stores and shops-within-stores, we are rapidly growing our business in China. In early 2007, we acquired rights from a licensee to sell The North Face® products in China. Vans was launched in China in 2008, followed by Kipling in 2010. Today, VF products can be found in nearly 1,400 doors across Asia.

India: With a middle-class population approaching 300 million, India is a vibrant and growing market for our brands. In 2006, we established a majority-owned joint venture to market our Lee® and Wrangler® brands. Building off the rapid growth in our jeanswear business in India over the past two years, Vans is slated for launch in 2011.

With a goal of 22% of revenues from branded retail stores and e-commerce, and a focus on building strong relationships with consumers through our brands' websites and social media

With more than 1,000 retail stores, we understand the importance of creating a unique environment that allows us to directly communicate the excitement of our brands to consumers. Growing our base of branded retail stores is an important part of our strategy. We are also expanding our e-commerce capabilities via our brand websites to immerse consumers in our brands' stories and cultures - and provide them with direct access to our products.

With a goal of 22% of revenues from branded retail stores and e-commerce, and a focus on building strong relationships with consumers through our brands' websites and social media

With over 780 retail stores, we understand the importance of creating a unique environment that allows us to directly communicate the excitement of our brands to consumers. Growing our base of branded retail stores is an important part of our strategy. We are also expanding our e-commerce capabilities via our brand websites to immerse consumers in our brands' stories and cultures - and provide them with direct access to our products.

7 For All Mankind: Acquired in 2007, our 7 For All Mankind® brand is the leading premium denim lifestyle brand. Seven for All Mankind launched the premium denim craze in the United States in 2000 and quickly earned critical acclaim and an immediate following for its innovative use of fits, fabrics and finishes in denim. The 7 For All Mankind® brand is sold at luxury retail stores and high-end specialty boutiques in over 80 countries around the world. From its first store opening in 2008, the brand has expanded to 55 stores globally, with more on the way. Product extensions into sportswear, handbags and footwear - and expansion in Europe, Latin America and Asia - are expanding the Los Angeles luxury denim-lifestyle appeal of the brand.

Kipling: Kipling provides consumers the opportunity to purchase women's casual bags through e-commerce sites in Europe and the United States. The multiple country, language, and currency e-commerce platforms make it easy for consumers to purchase the Kipling® collection online. The brand's growth continues to be strong, a result of a consistent worldwide brand positioning, fashionable products, geographic growth and the opening of its own retail stores. Today, Kipling has more than 40 retail locations across Europe and North America, complementing its distribution through leading department and specialty stores.

Vans: Youth consumers have embraced digital media as their medium of choice. Through its Offthewall.tv social media outlet, the Vans® brand is able to share its stories directly with these consumers. Available on the Web, smartphones and tablets, Offthewall.tv functions like a TV network, commissioning compelling video series created by professional documentary filmmakers and Hollywood talent. Specific "channels" include art, music, skate, surf and BMX - activities that speak to the brand's core audience. Each video is designed to be shareable, so Vans' consumers can add it to their own Facebook® page or website. In its early stages of launch, Offthewall.tv has been gaining notable interest from youth culture media, allowing key programs to reach even larger audiences through select partnerships.

In terms of what we provide to consumers and how we make, create and deliver it

At VF, we define innovation as "something new that creates value," and see it as playing an increasingly large role in our plan to drive organic growth and higher gross margins. Our goal is to shape the future of apparel. We're working to foster a culture of innovation within VF, supported by new processes and collaborative networks. We're exploring new platforms for future growth, and building the talent and skills needed to enhance them.

In terms of what we provide to consumers and how we make, create and deliver it

At VF, we define innovation as "something new that creates value," and see it as playing an increasingly large role in our plan to drive organic growth and higher gross margins. Our goal is to shape the future of apparel. We're working to foster a culture of innovation within VF, supported by new processes and collaborative networks. We're exploring new platforms for future growth, and building the talent and skills needed to enhance them.

VF Innovation Fund: One of the biggest opportunities for any company is the deep well of ideas that its employees have. Last year, VF unveiled an Innovation Fund to tap the creativity of its associates globally and encourage more risk taking. The fund is aimed at encouraging greater experimentation with ideas that will identify new sources of demand, strengthen our brands in new ways and demonstrate new ways of creating shareholder value. Since June 2010, more than 60 projects have been funded.

Lee: For decades, the Lee® brand has been raising the bar on product innovation with breakthroughs in stretch fabrics and new styles that are both form-fitting and flattering. These learnings helped the brand design the Lee Diamond Cut - its most innovative jean yet for the Asia market. The Diamond Cut includes key design features such as higher and smaller back pockets that lift the hip while slimming and lengthening the legs. To launch the jean, Lee set up a Diamond Cut "Road Show" with pop-up shops in shopping centers across 12 cities. Each diamond-shaped shop offered consumers a mini-makeover, complete with an on-site fitting room and photographers to take "before" and "after" pictures.

Nautica: In 2010, the Nautica® brand began working with leading strategy and design firm IDEO to conduct months of firsthand consumer research in coastal communities, from California to Florida to Maine. From these visits emerged Ocean 2 Ocean, a new platform for product development and brand communication. The multi-faceted platform includes in-store, social media, advertising and partnership components, while making a strong statement about Nautica's commitment to the water and to the coastal communities the brand serves. Featuring the unique stories of people who share the brand's connection to the water, Ocean 2 Ocean embodies the traditions and values of coastal communities, such as craftsmanship and purpose, to connect with consumers who both share and aspire to them.

Bulwark: The Bulwark® brand's flame-resistant products are tough, a critical feature for the construction and industrial workers who wear them in hazardous conditions. Even more importantly, they're comfortable. The brand's Cool Touch® 2 products have earned a following by significantly outperforming other flame-resistant fabrics while remaining lightweight and breathable. In 2010, the brand also received a Top Innovator award from Apparel magazine for its MPU 2 (multifunctional protection undergarment), a new, flame-resistant base layer. Developed through consultations with participants in the International Lineman's Rodeo, the shirt provides ease of mobility and protection against chaffing, along with a softness not typically found in flame-resistant products.

The North Face: Modern tent design has been limited to two options: doublewall tents that are heavier but more reliably dry and singlewall tents that are lighter but not as waterproof. New Drywall™ brand tent technology eliminates this compromise. Starting in spring 2011, The North Face will introduce new tents that are light and stay dry due to this groundbreaking new fabric. Drywall™ brand tent technology has the added benefits of breathability and being fire retardant (FR) without being treated with FR chemicals.

To learn more about innovation across VF, please visit our Innovation page.

Through investing in our people with tools, training and development opportunities, and in supply chain capabilities that reduce cost and provide speed, flexibility and value.

A crucial part of VF's success is our continuous investment in our people through the tools, training and development opportunities that we offer. Another aspect of enabling our future is investing in retail and supply chain capabilities that provide speed, flexibility and value. This combination of developing our talent and enhancing our capabilities will play a key role in taking VF to new heights.

Through investing in our people with tools, training and development opportunities, and in supply chain capabilities that reduce cost and provide speed, flexibility and value.

A crucial part of VF's success is our continuous investment in our people through the tools, training and development opportunities that we offer. Another aspect of enabling our future is investing in retail and supply chain capabilities that provide speed, flexibility and value. This combination of developing our talent and enhancing our capabilities will play a key role in taking VF to new heights.

Leadership Development: At VF, leadership isn't just something we look for in new hires - it's a life skill that we actively cultivate. We target high-potential leaders through the VF Leadership Institute (VFLI), offering off-premises events, interaction with academics and non-industry leaders, competitive challenges and case study presentations in front of senior management. In 2010, VF was recognized by Fortune magazine as a Top Company for Leaders in North America, and ranked #12 on a list of the "50 Companies Most Admired for HR," a list compiled by Human Resource Executive magazine based on the annual Fortune "World's Most Admired Companies" rankings.

Consumer Insight: Superior insight leads to decisions that drive growth and increase profits, and the goal of our consumer insight and strategy specialists is to continually bring science ever closer to the art of apparel. Deep and thorough analysis of market trends, consumer data and the competitive landscape allows us to identify and discover new methods to strengthen our brands. Our Jeanswear coalition, for example, has implemented new state-of-the-art segmentation studies that drive stronger brand positioning and product development. In addition, we've launched a sophisticated suite of tools to measure the return on investment of our marketing dollars, enabling us to make smarter investment decisions that ultimately benefit both the top and bottom lines.

VF Jeanswear's Inventory Management Systems: Our state-of-the-art Vendor Managed Inventory (VMI) and Retail Floor Space Management (RFSM) systems allow us to collect and analyze retail point-of-sale information on a daily basis. Our proprietary systems then automatically replenish the retailer's selling space with the right product at the right location at the right time. The results are maximized retail sales and gross profits, enhanced in-stock levels of products, higher inventory turns, fewer markdowns and stronger retail partnerships.

VF Asia: Headquartered in Hong Kong, our Asia sourcing program gives us an enormous advantage in containing costs and procuring the highest quality products from a wide network of contractors across the far East. With a team of more than 1,000 sourcing experts, VF Asia manages over 60% of our units worldwide, delivering a distinct competitive advantage in product development and speed-to-market.

By leveraging consumer knowledge and global brand expertise to grow market shares and bring exclusive brands to key retail customers.

At VF, we are committed to creating truly successful partnerships. Our customers know that our global scale, unparalleled consumer knowledge and extensive brand expertise make us a tremendous resource. And our focus on planning, coordination and execution ensures that everything we do supports our customers' vision. Gaining insight into our customers' needs and strategies is how we will consistently drive growth with the retail winners of today and tomorrow.

By leveraging consumer knowledge and global brand expertise to grow market shares and bring exclusive brands to key retail customers.

At VF, we are committed to creating truly successful partnerships. Our customers know that our global scale, unparalleled consumer knowledge and extensive brand expertise make us a tremendous resource. And our focus on planning, coordination and execution ensures that everything we do supports our customers' vision. Gaining insight into our customers' needs and strategies is how we will consistently drive growth with the retail winners of today and tomorrow.

Rock & Republic: In spring 2011, VF Corporation and R&R Apparel Company, LLC, announced a long-term licensing agreement naming Kohl's Department Stores as the United States' exclusive provider and marketer of Rock & Republic apparel, accessories and merchandise. The license, which marks the first partnership for VF's recently formed Retail Licensed Brands Group, will combine VF's expertise in jeanswear with Kohl's private and exclusive brand strategy to bring consumers an authentic and appealing contemporary luxury brand. VF will manufacture and supply Kohl's with the jeanswear for the Rock & Republic collection, and Kohl's will design and source all other product categories. The Rock & Republic® brand will initially launch in men's and women's apparel and footwear in spring 2012, and the collection may expand into children's, accessories and home over time.