VF Corp., which is headquartered in Greensboro, has nearly doubled its revenues since 2008. Under the leadership of CEO Eric Wiseman, VF launched a five-year strategy to increase innovation within the company's portfolio of brands that include, North Face, Vans shoes and Wrangler Jeans. That strategy has helped VF's global revenue grow from $7.6 billion in 2008, when Wiseman became CEO, to $12.3 billion in 2014.
The Triad Business Journal's Katie Arcieri has been profiling CEO Eric Wiseman of VF Corp. She talks to WFDD's Emily McCord about what innovation means and how this local company is a global success.
On how VF Corp. is approaching innovation:
[CEO Eric Wiseman] got employees involved by asking them to go out to a place where they wouldn't normally go and come back iwith concepts for a new product. The idea is that some would fail and not go through, but some would go through and that would be game-changing. One of the big focuses of VF is something called consumer insight. It's literally going into a consumer's closet and seeing what they bought over a period of years. It could be joining consumers on shopping trips. They compile all this information to find out what is it that consumers really want. VF opened a retail learning lab in Greensboro is 2014. It simulates an actual department store setting. So, big retailers like Walmart can come to this store and watch consumers behind a screen or mirror and watch consumers gravitate towards certain products. What that does is give really an authentic depiction of what consumers are looking for.
On VF's impact on the Triad:
VF has 1,700 employees here in the Triad. They have 62,000 worldwide. The company has had its headquarters here for years and years. They actually are expanding into a facility the Village of North Elm. The number of employees will there will double here in the next year or so. They're expanding here. They're a big presence. They're a big company.