Off the Wall Street.
Surfers, everywhere, became extremely nervous, as the sun rose on financial markets, after learning Vans had lost an eye-watering $400 million just this year. The iconic waffle-soled shoe, crafted by Paul Van Doren and his brothers in 1966 and sold from a neat little store front in Anaheim, instantly became a favorite with the region’s many skateboards and surfboarders, as they were extremely cheap.
The slip-on checkerboard shot to international fame after appearing in the coming-of-age comedy Fast Times at Ridgemont High in the 1980s and it seemed as nothing would, or could, ever slow company growth.
Vans, shiny and hip, opened skateparks, launched candy punk tours and sponsored the US Open of Surfing through the 1990s into the 2000s, partnering with VF Corp in 2004, and the sky remained the limit. Profit impossible to miss.
Well, surfers, everywhere, should know by know that nothing lasts forever. Vans, like the rest of the surf industry, went into a tailspin 6ish years ago and has yet to recover, each year looking bleaker and bleaker no matter what new products are injected into the market.
Surf booties even failing to provide lift.
And now it has been revealed by Superline Network that the brand lost the aforementioned $400 million figure, revenue falling by 22% this last quarter and 16% to date.
VF Corp’s revenue, in turn, dragging down by 5% even though its other major labels North Face and Timberland saw growth over the same period.
Surfers, everywhere, wondering if the shop will be closed entirely.
Superline Network, continuing to report, shared that VF Corp is not worried and “insists the downturn is part of a broader strategy to revamp and strengthen the brand.”
Hmmmm.
How much money do you think BeachGrit should lose to strengthen its brand?
Also, if Vans shutters, what shoe will you replace with?
More as the story develops.