VF Corp. outlined key initiatives for its 2021 strategic growth plan, offering a detailed look at chief executive officer Steve Rendle‘s plans for the future.
The initiative will be fleshed out over the course of the company’s Investor Day in Boston today.
“Our 2021 strategic growth plan fuels our aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives to consumers worldwide,” Rendle said.
The new plan looks to produce revenue growth through 2021 projected at a five-year compounded annual growth rate between 4 percent and 6 percent. The expansion would be fueled mostly by VF’s largest brands: Vans, The North Face and Timberland.
VF said it expects to generate a total of more than $9 billion in cash from operations between 2017 to 2021 and return $8 billion to shareholders through dividends and share repurchases.
The company also changed its fiscal year from the Saturday closes to Dec. 31 of each year to the Saturday closest to March 31 of each year, effective for the fiscal year beginning April 1, 2018.
Further, the firm’s board approved a new $5 billion share repurchase authorization program.
More from WWD: