Vans global brand president Kevin Bailey is stepping down from his role as VF Corp. rolls out a new plan to transform its business.
Bailey, who first joined Vans in 2002 and returned to the helm last year after serving in other roles at the parent company, will remain with VF as a part of the company’s executive leadership team reporting to CEO and president Bracken Darrell, who was appointed to the company in June.
Bailey will help lead a new business transformation program, “Reinvent,” outlined by the company on Monday, that aims to “enhance focus on brand-building and to improve operating performance,” according to a release. Part of this plan involves revitalizing the struggling Vans brand with a new president. In Q2 results announced on Monday, Vans revenue was down 21 percent to $700 million.
“An external search is underway for a new brand president for Vans and in the interim, Bracken Darrell will take a more active role in leading the brand and delivering its turnaround strategies,” VF noted in the release.
Watch on FN
Bailey, an industry and Vans veteran, returned to the helm of Vans April 2022 after previously serving as EVP and group president, Asia Pacific and emerging brands. According to his LinkedIn, he previously served as the president of Vans between 2009 and 2016.
In an interview in March, Bailey identified several critical mistakes within Vans, including not innovating enough, becoming dependent on classics and becoming less strategic about where the brand shows up in the marketplace. However, he affirmed at the time that “the brand is not broken.” In August, VF said that rightsizing Vans was a top priority for the company.
Earlier this month, an activist investor with a stake in VF Corp. outlined a plan it said could increase shareholder value, cut costs at the company and restore brand authority in VF’s largest brands, Vans and The North Face. And last week, the company named Trevor Edwards, a prominent and controversial former Nike executive, to its board.
VF Corp. also reported on Monday that revenues in the second quarter were down 2 percent to $3 billion. Loss per share was $1.16 versus the prior year’s $0.31. Adjusted earnings per share were $0.63.
