VF Corporation Aligns with Engaged Capital and Appoints Caroline Brown to Board

VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced the appointment of Caroline Brown to the company’s Board of Directors, effective February 14, 2024. This appointment follows constructive engagement with VF’s shareholders, including Engaged Capital, LLC (“Engaged Capital”). VF also intends to appoint to the Board another independent director in the near term mutually agreed with Engaged Capital, and will give priority to considering the candidates who have been identified by Engaged Capital (the “Additional Director”). VF expects Ms. Brown and the Additional Director will be nominated at VF’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”) and at the conclusion of the Annual Meeting, VF’s Board will comprise 13 directors, including no more than 11 of VF’s current directors.

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Caroline Brown appointed to VF Corporation's Board of Directors (Courtesy of VF Corp)

Ms. Brown is an accomplished executive, director, investor and advisor with more than 30 years of experience at global companies in the apparel and fashion sector.

From 2019 to 2023, she was a Managing Director at Closed Loop Partners, a New York-based investment firm and innovation center focused on the development of the circular economy, where she led the firm’s fashion practice. Ms. Brown previously served as Chief Executive Officer of Donna Karan International (DKI) and DKNY from 2015 to 2017. During that time, she led a transformation of DKI, elevating product design, modernizing brand identity, overseeing organizational structure realignments and supply chain consolidations. She led the company through the sale from LVMH to G-III Apparel Group. Prior to DKI, Brown was President of Carolina Herrera, a luxury fashion house owned by PUIG, where she led evolution in product development, brand architecture and international expansion. Prior to that, she served as the U.S. Chief Executive Officer of Akris, Inc., a Swiss-based luxury fashion brand. Ms. Brown began her career at Giorgio Armani, where she spent over a decade in marketing and communications leadership roles.