VF Corp. is bolstering its Europe, Middle East and Africa headquarters with a new building in Stabio, Switzerland.
With this planned expansion, the maker of brands such as Vans, The North Face and Timberland will submit a request to local authorities to authorize the addition of a new building on its current campus in the region. The Stabio campus currently consists of four buildings across a total 20,000 square meters, which employ more than 1,100 people.
President of VF EMEA, APAC and emerging brands Martino Scabbia Guerrini said in a statement that double digit growth in the EMEA region over the past year and a half and its employee headcount made the campus expansion a necessary step.
The new building is projected to be completed in two years and will feature a “sustainable design” in line with its goals pertaining to its impact on the environment. VF also signed a deal with leading Swiss real estate group Swiss Prime Site Solutions AG to sell and lease back the main building on a 15-year lease and also extended a lease on another building on campus.
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“I am delighted to have concluded the agreement with Swiss Prime Site Solutions,” said Vittorio Marin, CFO of VF in EMEA in a statement. “This will allow us to finance our strategic business projects and continue to invest in our site, supporting its development. I am grateful to Swiss Prime Site Solutions for believing in our vision and happy to have signed a medium to long term partnership with them.”
After spending time in Switzerland’s Lugano region, VF came to Stabio in 2013 with about 300 employees working in one building. The campus has since grown to four buildings and continues to expand.
In October, VF reported revenues of $3.1 billion in the second quarter, a 4% decline. Adjusted earnings per share were $0.73, down 34% and in line with analysts expectations, according to Yahoo.
By brand, Vans revenue declined by 13% to $1 billion in Q2 and The North Face revenues were $1 billion, up 8% (or 14% in constant dollars). This marked the outdoor brand’s second largest quarter in history. In Q3 of last year, The North Face surpassed $1 billion in sales for the first time.
