Getty Images / Jared Wickerham

Vans today announces its plan to increase revenue by $2 billion and reach $5 billion by 2023. This would account for a growth of 10 to 12 percent in a five-year period.

“Since VF’s acquisition in 2004, the Vans brand has grown at a 17 percent compounded annual rate and transformed into a $3 billion global lifestyle brand,” said Steve Rendle, VF Corporation Chairman, President and Chief Executive Officer. “I am confident in the Vans team’s ability to deliver on a bold $5 billion revenue target which will be a key driver of VF’s plan to deliver superior total return to shareholders over the next five years.”

Vans is looking to diversify and balance growth across all categories in the coming years, targeting a 10 to 12 percent uptick in footwear and 13 to 15 percent in apparel and accessories. The latter is predicted to grow to more than $1 billion alone. DTC is then expected to reach approximately $3 billion during the five-year time period.

For more on VF and Vans’ plans to hit $5 billion in revenue by fiscal 2023, follow here.

Now, here’s how Vans became the brand that can do no wrong.

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