"Above all, it is our ability to consistently execute on well-defined goals and strategies that will enable us to continue to drive success in the years ahead."
                                                              Eric C. Wiseman, Chairman, President & CEO

Today, VF is the world's largest apparel company. And we believe we're just getting started. With a diversified portfolio of powerful brands that span the globe, we're confident that we have the strategies and people in place to continue to grow.

We launched a Growth Plan in 2004 that began the process of transforming VF into a global lifestyle apparel company. We identified six Growth Drivers crucial to our success. These Drivers ensure a balanced approach to growth across multiple fronts, from building lifestyle brands to international expansion to increasing our direct-to-consumer business.

Today, VF's biggest and fastest-growing business is Outdoor & Action Sports, accounting for half of global revenues. Our Outdoor & Action Sports brands - The North Face, Vans, JanSport, Eastpak, Reef, Kipling, Napapijri, lucy, Eagle Creek, Timberland and Smartwool - continue to have tremendous opportunities for expansion in new markets and product categories.

Our lifestyle businesses - Outdoor & Action Sports, Sportswear and Contemporary Brands - are targeted to be more than 60% of total revenues by 2015. Acquisitions, combined with strong organic growth, have enabled us to show steady progress against this goal over the past several years. At the same time, our heritage businesses - Jeanswear and Imagewear - remain important revenue and profit centers.

The Next $5 Billion

In early 2011 we updated our long-term targets to reflect confidence in our future. In short: we aim to add $5 billion in organic revenue growth and $5 in earnings per share over the next five years from 2010 levels. Strong growth in our highly profitable international and direct-to-consumer businesses is expected to fuel an expansion in operating margins to 15%. Over the next five years, our goal is to grow our international revenues by 15% annually to comprise 40% of total revenues. We also expect 15% growth in our direct-to-consumer businesses, which should account for about 22% of revenues by 2015.

Our diversified business model is one of the keys to our success. We refer to our lifestyle and heritage busineses as "coalitions." Each of our brands is managed from within our coalitions: Outdoor & Action Sports, Jeanswear, Sportswear, Contemporary Brands and Imagewear. This structure enables us to leverage our size, scale and global expertise across each coalition, while ensuring that each brand is managed by leaders who are deeply connected to their brands.