Dive Brief:
- VF Corp. named Sun Choe global brand president of Vans, according to a news release Thursday.
- Choe joins Vans after working as Lululemon’s chief product officer for seven years, where she oversaw women’s, men’s, accessories design, merchandising, innovation, product development, and planning and allocation, per the release. Her career has also included stints at Marc Jacobs, West Elm, Madewell, Urban Outfitters, Levi’s and Gap.
- VF, which has experienced recent declines in revenue, particularly at Vans, is working to reposition the brand for growth. Part of that plan included naming a new president. David Swartz, senior equity analyst for Morningstar Research Services, said in an email to Fashion Dive that Choe was a strong hire and the announcement was “desperately needed good news.”
Dive Insight:
VF launched its transformation program, called Project Reinvent, in October 2023. In addition to turning around the Vans brand, the plan also seeks to bolster the conglomerate’s brand-building, execution and sales in North America.
A turnaround at Vans is “critical for VF’s future,” Swartz said. In its latest earnings report, Vans revenue fell by 26%, which the company said included the impact of “deliberate actions to further right-size inventories in the wholesale channel.”
Choe, who starts in July, succeeds Kevin Bailey. When VF first announced its plan to find a new Vans president, it said Bailey would step down from the position but would remain on the executive leadership team.
“Sun Choe was one of the highest-paid execs at Lululemon and was chief product officer during a great period for the company,” Swartz said. “She was involved in Lululemon’s entry into footwear. This experience should help since Vans is primarily a shoe company.”
VF affirmed this in its release, saying Choe helped transform Lululemon into a product-led organization and that during her time there, the company quadrupled its revenue and strengthened its profitability.
Earlier this month, Lululemon announced Choe was leaving to pursue another opportunity. The company said it would restructure its management team and not replace her. There had been speculation about VF’s hire since this announcement, Swartz said.
Following the announcement, shares of VF were up about 7% in the aftermarket, according to analyst commentary from Tom Nikic of Wedbush.
“This reflects how well-respected Ms. Choe [is] and how much credit the Street gives her for her role in LULU’s recent success,” Nikic said.
Bracken Darrell, president and CEO of VF, said Choe was the right leader to take Vans to “new heights.”
“Sun is a strong leader who is focused on consumer insight and has a proven track record of driving brand heat, and translating it into financial results,” Darrell said in the release. “...With Sun’s appointment, we are further transforming the VF leadership team to ignite growth across our brands and enhance value for our shareholders and other stakeholders.”
Choe joins a cohort of new leaders at VF, including Darrell, who stepped into the top spot in July last year. Last week, the apparel conglomerate named Paul Vogel CFO, who most recently held the same title at Spotify. The company also recently named a new vice president of global marketing for the Dickies brand.
VF previously initiated a strategic review of its assets, which it said could include selling off some of its brands. In VF’s latest earnings report last week, Darrell said the review was complete, but it wasn’t ready to make any announcements. VF also owns Timberland, the North Face and Supreme.
