NEW YORK (AP) — Clothing company VF Corp. says it is looking to increase revenue from its Asia Pacific business by $1.1 billion over the next five years.
VF said during an investor meeting in Shanghai on Wednesday that its goal is to reach $2 billion in revenue by 2017 mostly by growing brands such as Timberland, Lee, The North Face, Vans and Kipling.
In February, VF reported overall revenue of $9.37 billion for 2011. International revenue made up 34 percent of total revenue.
China, which currently accounts for approximately half of the Asia Pacific region's total revenue, is expected to make up 60 percent of total revenue by 2017. India is predicted to grow from 8 percent to 10 percent of total Asia Pacific revenue by 2017. Korean revenue is forecast to grow at an annual rate of 52 percent, while Japanese revenue is expected to grow at an annual rate of 8 percent over the next five years.
The Greensboro, N.C., company maintained its forecast for 2012 revenue for Asia to rise about 20 percent and for European revenue to increase at a low double-digit percentage rate.