North Face plans revenue growth of $1.6bn over next five years, with a target of $3bn by 2015
The North Face has outlined its plans to double its business in five years, with a 2015 revenue target of $3bn.
The North Face said it is targeting a five-year compounded annual growth rate in revenue of 16 per cent to reach $3bn by 2015.
This equates to $1.6bn of revenue growth over the next five years, and is based on plans to: reach new consumers by focusing on the unique needs of athletes and enthusiasts who participate in hiking, climbing, performance athletic and action sports with an Activity Based Model programme; capitalise and commercialise leading-edge technology and innovation as competitive differentiators; continue its global expansion, with international revenue targeted to grow nearly 20 per cent annually over the next five years, with revenues in Europe and Asia expected to grow at annual rates of 16 per cent and 30 per cent respectively; increase its direct-to-consumer business to make it a bigger contributor to global revenue; and promote greater participation in outdoor events.
Steve Rendle, The North Face president, said: “The brand will build upon its authentic, 40-year heritage and commitment to premium and technical outdoor gear to maintain its position as the global outdoor leader.”
Eric Wiseman (pictured), chairman and chief executive officer of VF Corporation, which owns The North Face brand, added: “The North Face is connecting with its customers in innovative ways and leveraging the full strength of the brand to inspire and enable the next generation of outdoor enthusiasts.”