27 May VF Corp. Launches New Innovation Pillar
VF Corp. announced its launch of Venture Platforms, an innovation pillar that will focus on identifying and investing in new, future-focused opportunities.
Venture Platforms is the newest component to VF’s overall brand portfolio strategy and complements the company’s two existing brand portfolio pillars: Core Brands, which are VF’s large, global brands, including Vans, The North Face and Timberland; and Emerging Brands, which comprise the remaining 10 brands in the company’s portfolio. VF’s other brands include Eagle Creek, Eastpak, JanSport, Kipling, Napapijri, Supreme, Altra, Icebreaker, Smartwool, and Dickies.
“To ensure VF’s sustained growth over time, it’s imperative that we gain greater and earlier visibility into disruptive business models and capabilities within our industry so that we can incubate and invest in new, leading-edge, consumer-led ideas,” said Steve Rendle, VF’s Chairman, President and CEO. “Venture Platforms will help us do this by serving as a complementary pillar to the existing growth and innovation strategies that already sit inside our company and brand portfolio.”
Venture Platforms has two, reinforcing arms:
- VF Venture Foundry: VF established this internal business model to focus on new or evolving business models, platforms, experiences, and services within its existing brand portfolio and to address opportunities outside of its current operations.
- BaseLayer Ventures: VF has provided the anchor investment into this new venture capital fund, which aligns with VF Venture Foundry and will provide seed and A stage capital to concepts that originate inside VF and external start-ups.
Venture Platforms is led by a small team of existing VF employees who work in coordination with VF’s brands and Entrepreneurs in Residence. It is supported by a venture advisory board that includes representatives from VF brands and functions in addition to select external venture experts.