From Logitech To VF Corp: Analyst Highlights Potential Of New CEO Bracken Darrell In Consumer Retail Landscape

Telsey Advisory Group analyst Dana Telsey reiterated an Outperform rating on the shares of VF Corp VFC with a price target of $27.

Yesterday before the market open, VFC announced the appointment of consumer product industry veteran Bracken Darrell as its new President and Chief Executive Officer, effective July 17, 2023.

Darrell will replace Board member Benno Dorer who served as interim CEO for the past six months following the departure of Steve Rendle in December 2022.

Darrell joins VFC from Logitech International S.A. LOGI, where he was the president and CEO for the past ten years.

While at Logitech, he led a turnaround, expanding into new categories and taking market share, while more than doubling revenue and increasing the company's market capitalization tenfold, the analyst noted.

Although Bracken Darrell's background is in technical and personal consumer products, a fresh perspective should provide a differentiated take on VF's outdoor, active, work and street portfolio, opined the analyst.

The analyst thinks Darrell is not a familiar name in the consumer retail landscape, but his qualifications and accomplishments align with what is needed at VFC.

The analyst notes VFC's strong brand portfolio with a favorable mix across categories (active, outdoor, work and street) can drive broad-based growth across channels and geographies longer-term. 

Price Action: VFC shares are trading lower by 1.44% at $19.44 on the last check Wednesday.