Activist Investor Engaged Capital Targets VF Corp., Advocates for Cost Cuts and Board Changes
October 18, 2023
Engaged Capital, an activist investment firm, has disclosed a stake in VF Corporation, the parent company of Vans and The North Face. They’re advocating for significant changes, including a $300 million cost-cutting initiative and alterations to the board structure. VF Corp. shares surged by 14% in response, settling at $18.45, with Engaged suggesting that this could rise to $46 per share within three years if their proposed measures are enacted.
Recent News
Premium and Healthier Food Options Gain Traction
As consumers become more mindful of their spending, the global sales of cooking ingredients and meals saw a notable increase of 4.4% in 2023, driven by inflation and higher commodity prices, according to Euromonitor International.
Dairy Manufacturers Inc. Issues Voluntary Recall of Baby Formula
In a significant move, Dairy Manufacturers Inc., a Texas-based company, has initiated a voluntary recall of several baby formula products after they were found to be noncompliant with U.S. Food and Drug Administration (FDA) regulations.
Fitness Equipment to Become $18.4 Billion Market
The global fitness equipment market is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033, according to Allied Market Research.
Walmart Ends Partnership With Capital One
Walmart has officially ended its consumer credit card agreement with Capital One, marking a significant shift in the retail giant’s financial partnerships.