In 1899, John Barbey and a group of investors established the Reading Glove and Mitten Manufacturing Company. In 1920, the company is renamed Vanity Fair Silk Mills, Inc. and they begin selling silk lingerie. Some 20+ years after that, there is an embargo on silk during World War II and so ‘silk’ is dropped from the name. In 1951, the company goes public on the NYSE. In 1969, the name is changed yet again to simply VF Corporation and the company expands into denim. Then, just three years later they begin what is now a 50-year streak of annually increasing their dividend. And this is why we gather today.
All hail VF Corporation!
VF Corporation is 123 years old. They went from selling gloves and mittens in Pennsylvania to becoming the world’s largest apparel, footwear, and accessories company selling their products in over 125 countries! They’re so big that just a couple of years ago they spun off their Wrangler, Lee, and Rock & Republic brands of jeans. That new entity is named Kontoor Brands [KTB]. Now they’re focusing on about a dozen brands including North Face, Vans, Timberland, and Dickies. Who’s ever heard of those?
VFC is the fourth Dividend King in the Consumer Discretionary sector. Selling at just under $32 per share, VFC is undervalued. Their dividend yield is over 6%. Each week their name falls into the Top Ten of most worthy buys within the Empire. If they remain undervalued when other holdings in the portfolio move out of the Top Ten, they could easily find themselves in the Portfolio for the Ages. Who better than a 123-year-old company?