Declining sales in several key businesses during the third quarter and a worsening global economic picture prompted VF Corp. to lower guidance for the fourth quarter.
“Global market conditions have continued to deteriorate beyond what we could have anticipated, with a marked change particularly during the last several weeks,” said Eric Wiseman, chairman and chief executive officer. “While our brand portfolio is healthy, general economic conditions are not, necessitating that we take a much more conservative stance toward our fourth-quarter guidance.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"