Industry News
VF Corporation reports revenue drop of 13% in Q4 and appoints new CFO
F
or the fourth quarter ended March 30, VF Corporation reported revenue of $2.4 billion, down 13% on 2023. As the year came to a close, the corporation also reported that its revenue for the year was down 10% to $10.5 billion. Bracken Darrell, president and CEO, said: “In Q4, we made progress advancing our Reinvent transformation program. We closed the fiscal year with further inventory reductions helping us deliver $1 billion in operating cash flow and over $800 million in free cash flow, exceeding our guidance. As we move into fiscal year 2025, we will continue to execute our broader turnaround plans, including driving continued momentum on our key priorities, namely fixing the
Americas, turning around Vans, reducing costs and paying down debt, while
progressing on the actions resulting from our strategic portfolio review. We have been rebuilding the leadership team, including the announcement of the CFO appointment, and I feel energised that we are positioning VF to return to sustainable and profitable growth.”
Paul Vogel has been announced as the new chief financial officer of VF Corporation. He is an experienced finance executive with significant operational, financial planning and capital markets experience.
Paul Vogel is the new CFO at VF Corporation
Xaar and Nazdar join forces to develop new disruptive ink technology
X
aar and Nazdar Ink Technologies have collaborated to rewrite the rulebook on aqueous inkjet printing. Xaar’s recent collaborative work with ink developer and manufacturer Nazdar has enabled the creation of a unique high viscosity, pigmented water-based technology. The HighV Aqua Series is expected to deliver disruptive performance benefits in direct to garment printing and other sectors.
With a focus on DTG, research and development chemists at Nazdar have produced a new fluid technology that can
deliver clarity and high pigment with the use of innovative techniques and raw material selection. Vibrant, colour-rich textiles can now be achieved with vastly reduced ink usage and print head passes while also reducing energy consumption in the drying process.
Nazdar’s OEM business development manager, Martin Burns, said: “Bringing this to market is the result of a strong partnership with Xaar, and something we’re excited to finally share with the industry.” Nazdar’s new HighV Aqua Series includes a high viscosity white ink.
He has been brought on board as VF looks to business and ignite growth across the brand portfolio. VF Corporation’s brands include Timberland, The North Face and Dickies.
BPMA Sustainability Conference 2024 held last month
O
n Wednesday, June 5, the BPMA held its second annual Sustainability Conference at the
Crowne Plaza, Marlowe. The event aided businesses to prosper on their journey towards sustainability, including an array of speakers covering a range of sustainable business matters including procurement insights and research. The conference introduced last year, was created to celebrate the official launch of the BPMA’s StepForward Pledge.
The agenda for the event included; an opening address from BPMA CEO, Phil Goodman, a workshop sharing insights and proactive steps businesses need to be taking, founder and co-owner of The Business Allotment, Jodie Newman, giving advice on marketing for the promotional merchandise industry, and much more.
The HighV Aqua Series is expected to deliver disruptive performance benefits in DTG printing
www.printwearandpromotion.co.uk
The event was open to anyone focused on their sustainability journey, from people already in a sustainability focused role to anyone who wanted greater knowledge on the subject.
July 2024 | 17 |
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