VF Corp Forms Spanish Unit to Oversee Operations as Revenue Hits $254 Million Plateau

VF reinforces its structure in Spain. The American company, with flagships such as The North Face, Vans or Timberland, takes another step forward in its business in the domestic market and creates the company VF Sportswear Iberia for the distribution of sportswear. The group’s business in the Iberian market exceeds €250 million.

As reported yesterday in the Official Gazette of the Mercantile Registry, the company has incorporated the company VF Sportswear Iberia, with a share capital of €3,000 and domiciled in Barcelona, in the building where the showrooms of all its brands are located. As sole administrator of the company, Paolo Castano, head of business strategy and operations of VF and based in Switzerland.

Until now, the company operated solely through the subsidiary VF Apparel España, which encompasses the activity and business of all its brands. VF’s business in Spain and Portugal posted revenue of €253.93 million in 2024, down from €256.16 million in 2023.

VF Sportswear Iberia has Paolo Castano, head of VF’s operations in Switzerland, as sole director

The operating result of the company, with a workforce of around 800 people in 2024, also remained stable in the last fiscal year at €5.18 million. Net income, on the other hand, fell from €3.43 million in 2023 to €2.84 million in 2024.

The U.S. group began operating directly in Spain in the 1990s, with the incorporation of the company VF Wrangler España in 1993, which later became VF Jeanswear España and, later, VF Apparel España. Although the group eventually had subsidiaries for Vans or Timberland, all of them were absorbed by the main company.

VF is one of the largest conglomerates of sportswear brands in the world. The company closed 2024 (fiscal year ending March 2025) in the red at $189.72 million, down sharply from the $968.88 million loss the company posted in 2023.

The U.S. giant, which in July 2024 spun off Supreme to Essilor Luxottica, closed 2024 with sales of $9.504 billion, down 4% from $9.915 billion in 2023. In 2025, the company completed the sale of Dickies, in a transaction valued at $600 million, compared with the $820 million the group had paid in 2017.