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16 Apr 2020

VF Corporation

VF Corporation statement on orders, shipments & supplier assistance during COVID-19

“VF Corporation Statement Regarding Supply Chain Actions During COVID-19 Pandemic”, 16 April 2020

Teams across VF are working to protect the financial integrity of our business while also helping to protect the livelihoods of our suppliers and the workers they employ.

Summary of Actions:

  • We are paying our suppliers for all orders that have already been produced …
  • We are honoring all valid purchase orders with a factory release date before June 1, 2020.
  • VF agrees to honor the quantity and price of goods for purchase orders with a factory release date before June 1, 2020.
  • … When shipment must be delayed, we engage with our suppliers to determine if … delay will create a cashflow challenge … if so, VF will work with the supplier to support their financial needs...
  • We have asked our suppliers to pause work on any open purchase order with a release date on or after June 1…
  • We have asked all suppliers with paused orders … to provide details of their liabilities resulting from ordered raw materials and work completed …
  • … [W]e are not issuing new purchase orders until we have better visibility of ... production needs.
  • … [W]e will update and communicate the payment terms and conditions for future purchase orders…

… [T]hese steps demonstrate our commitment to maintaining strong working relationships with our suppliers ... we are working with our peers across the ... industry … [and] with multi-stakeholder organizations to identify additional opportunities to support apparel factory workers…

We will continue to monitor the ... pandemic and … modify our actions accordingly.