"P&G-Like Run Portfolio"; Management Meetings Takeaways

研报英文原文证据摘录

"P&G-Like Run Portfolio"; Management Meetings Takeaways

C O M P A NY N O TE

J u n e 1 7 , 2 0 2 6

Vans improvement continues to be bifurcated; Vans’ improvement in the Americas in F2H26

was mainly driven by ecomm, with stores also better sequentially in F4Q26, driven by green shoots

in conversion, as in-store execution is moving in the right direction, albeit traffic remails challenged.

Wholesale continues to lag DTC (DTC is 65% of the business in the US), as partners manage order

to buy conservatively— partners generally like stability and will wait to see more sustainable product

proof points in DTC, plus Vans purposely has limited supply of the new products that are resonating

well in DTC. F1Q27 is expected to have the same underlying sales trend as F4Q26 adjusting for the

Wholesale shift.

The goal is to manage a portfolio of franchises. Product families including Pearlized, Distressed,

and Super Low Pro continue to do well (Super Low Pro and Authentic are now making a transition

into Wholesale); notably, Old Skool franchise reset is now complete, as innovation across

silhouettes and fabrications is seeing positive consumer response--per Google Trends, search

interest for the franchise is up triple digits the past 4 months. April saw the biggest spike y/y,

up over 300%, as the brand launched Old Skool Flame Archive on April 1st and a new color in Old

Skool Pearlized on April 21st (priced at $130 at retail and currently selling for $175 on average on

StockX, with some sizes going for over $200). May also saw sustained gains in interest with the

launch of OTW by Vans x Julian Klincewicz Old Skool 36 on May 15th (at $125), which is completely

sold out, and OTW Old Skool 36 Knot Vibram for $160, which is running very low in stock.

Exhibit 1