September 12, 2018
VF’s flagship brand will grow from $3 billion now to $5 billion in five years, with footwear expected to grow at a 10-12% rate, apparel growing 13-15% to $1 billion in sales, DTC revenue growing at 13-16% and reaching $3 billion.
The value of the deal is being reported as anywhere from $8.5 million to $10 million per year, a big step up from the six figures the Big a currently pays the new U.S. Open champion under a contract that expires at the end of the year.
SPD chairman Keith Hellawell and director Simon Bentley both announced they were resigning from the company’s board just before its annual shareholders meeting, even though both were on the ballot to be reappointed.
David Reichert, who pleaded guilty earlier this year to defrauding Nike of $769,000, was sentenced to 13 months in federal prison and will pay his former employer full restitution.