VF Acquires The North Face® Business In China

Greensboro, N.C.-based VF Corp. has acquired The North Face® branded business in China from
Youngone Corp., the brand’s licensee in Korea. The acquisition brings with it the potential for
US$40 million in revenues within five years, according to VF, which aims to continue The North
Face’s growth in China.

The North Face® specializes in apparel and gear for outdoor sports and activities.

“The North Face brand continues to be one of VF’s premier growth vehicles,” said Karl Heinz
Salzburger, president, Europe, Middle East, Africa (EMEA) and Asia. “This move will allow us to
directly control the brand’s destiny in this dynamic and fast-growing market.”

VF’s The North Face/Asia Pacific business segment will oversee the brand’s expansion in China.
It will maintain sales offices in Beijing = where it has one freestanding retail store –
as well as in Guangzhou and Shanghai.

May/June 2007