The company first came into existence in 1906, when its founder Van Doren realized that there was an opportunity to sell shoes directly to customers who depend on intermediaries. Van Doren, along with Serge De Elia and Gordy Lee decided to establish an online store selling shoes where the shoes were developed and produced by them in accordance with the customer’s demands. The company began to move into skateboarding and snowboarding in 1970s when the sport was an enthralling trend across the US.
This can only be achieved through a firm with extensive knowledge, experience, and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities, and threats, it is necessary to conduct a SWOT analysis by Vans.
Vans At A Glance – Vans SWOT Analysis
Company: VF Corporation
Founders: Paul Van Doren | Serge D’Elia | Gordon Lee
Year of establishment: 16 March 1966, Anaheim, California, United States
CEO: Alan Tanouye
Headquarters: Costa Mesa, California, United States
Employees (Dec 2020): 5,149
Ticker Symbol: VFC
Annual Revenue (Dec 2020): US$1.2 Billion
Profit net income (Dec 2020): US$107 Million
Products & Services: Skate shoes | BMX shoes | Snowboarding boots | T-shirts | Hoodies | Socks | Watches | Accessories
Company Website: www.vans.com
Top Vans Competitors
Vans SWOT Analysis – SWOT Analysis Of Vans
SWOT Analysis Of Vans analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With Vans SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about Vans SWOT Analysis. Below Is The Detailed SWOT Analysis Of Vans.
Vans Strengths – Vans SWOT Analysis
1. A Focus on Niche Segment: Quite unlike many shoe manufacturers that don’t have a distinct focus market, Vans has always been focused on creating shoes and other accessories for snowboarding and skateboarding. The clear focus on the creation of a niche has allowed the company to know their customers better and stay current with fashions and requirements.
2. Customer Loyalty: Vans is an established brand in the snowboarding and skateboarding category and many customers who buy their shoes are who are passionate about extreme sports. This means they are extremely loyal to the company, and therefore Vans is not at chance of shifting brands.
3. Innovative styles: Vans is credited with various out of the box creative designs and styles that are exactly what consumers want. A few of their most popular innovations include checkerboard shoes as well as the sneakers, slip-on shoes, etc.
4. Partnerships with partners and stakeholder relationships: Vans has a strong relationship with brands such as Disney, Star Wars, Simpsons, and Beatles who endorse the company’s products in their various films and shows. The company also supports extreme sports events such as the Vans Triple Crown of Surfing in Hawaii and the U.S. Open of Surfing in Huntington Beach, California. They also have been associated with music festivals like Vans Warped Tour. Vans Warped Tour.
5. A high level of customer engagement: Vans provides services to a narrow segment, which means they rely on a small number of customers to run their business. They have a particular interest in extreme sports and their requirement for shoes is particular. The company receives feedback on a every day basis from its customers and incorporates it to their footwear.
Vans Weaknesses – Vans SWOT Analysis
1. Inability to gain traction in the emerging market: Most multinationals are now focusing their efforts on emerging markets such as India as well as China. However, compared to market leaders such as Nike and Adidas, Adidas Vans is the comparatively low standing and popularity of these markets.
2. Unsuccessful changing the positioning: Vans has been trying to change its image from a snowboard and skateboarding shoemaker into a brand that is a lifestyle brand. But the slogan on the walls, which is associated with the brand can be confusing , and the repositioning process isn’t working.
3. Costs that are high: Vans who has been mostly a niche player produces custom-fit shoes and the emphasis has to be more on value over volume, as their main segment in the largest product segment is a tiny market. The company has continued to be a sponsor for a number of extreme sporting events and was associated with films that are huge expenditures on the business, which affects the overall profit.
Vans Opportunities – Vans SWOT Analysis
1. The increased recognition of the extreme sport: Extreme Sports like surfing, skateboarding and surfing that were previously connected to Western World is slowly finding an audience in Asia. There is a market that is not yet tapped in this particular area and could be massive for a company such as Vans that already has a strong presence in Western markets.
Vans Threats – Vans SWOT Analysis
1. Competitors: The main competitors of Vans include Converse, New Balance, Nike, Adidas, and Puma.
2. The thief: Like most established brands, Vans also find a massive threat from fake goods and imitations that are offered at a cheaper price. They are eating into Vans’ sales of the business.
Vans SWOT Analysis Overview Template
This is the SWOT report that Vans has done. Please let us know if you have additional suggestions to add.
Let us know What do you think? Did you find the article interesting?
Write about your experiences and thoughts in the comments below.