Good morning, everybody. Welcome to Beaver Creek. We appreciate you being here today, and to those listening via webcast, we welcome you. On behalf of our management team, we're excited to be in our new backyard and to have the opportunity to share with you our strategic and financial aspirations over the next five years. As I look around this room, I see a lot of familiar faces. We appreciate your continued support and interest in V.F. Corporation. I also see a lot of new faces, which is exciting. I know this venue was not easy to get to, and it's a busy time of year, so we really do appreciate your ongoing support. As many of you know, we've been quite busy over the past 30 months, culminating with the spinoff of Kontoor Brands and our move to Denver. While much has changed for V.F., much remains the same.
We are indeed a better, stronger version of ourselves. Our agenda today is designed to provide insight and clarity around our evolved strategy and transformation, and to highlight the power and consistency of this portfolio and value creation model. We do have a full day planned, and we're eager to get started. A couple of housekeeping items before we begin. We will host a Q&A session at the end of the presentation today. Please hold all of your questions until that time. During the scheduled breaks, our brand leaders will be at their respective brand galleries right outside this room. I would encourage all of you to take the opportunity to spend time with our leaders that are with us today. Lastly, our presenters today will be making forward-looking statements, which are subject to risks and uncertainties.
Actual results could differ materially from the statements made today. Additional information regarding the factors that could influence our results can be found in our Form 10-K filing with the SEC. With that, enjoy the presentation, everybody, and I look forward to seeing you all throughout the day. Thank you.
Ladies and gentlemen, please welcome to the stage Chairman, President, and CEO, Steve Rendle.
Good morning, everybody, and welcome to Colorado. We are really excited that you took time out of your busy schedules to travel here. As Joe said, we know it's not an easy place to get to. I think it's really representative of who we are evolving to be. Today is an exciting day for VF. It's also a new day as we step into the next chapter of our journey as an evolved corporation. What you see here in Colorado is really a manifestation of a vision that we have to evolve our company to be more consumer-minded, retail-centric, hyper-digital way in everything that we do. We are super excited to be able to be drawing new people into our company. Our move to Colorado has proven to be very successful.
A lot has happened over the last 30-plus months since we spoke to you in Boston about our 2021 strategy. We're excited today to help you understand the journey we've been on, but more importantly, help you see the path that we'll be taking forward. It would probably help if I had the slide advancer in my hand to help this presentation move forward. By now, as you walked in, you've seen that we've updated our logo and our brand. This is a really interesting and appropriate time for us to think about this. Our new brand, our new logo is a new, bold, progressive expression of the evolved company that we're being. This really honors our past. It's about the 120 years of history that V.F. has.
It also is real clear on how we're projecting forward a new optimism, new energy, and a new passion for the company that we see ourselves evolving into. You also see a new tagline of Purpose-Led and Performance-Driven. You've been hearing us talk a lot about becoming a more purpose-led organization. This is not new for V.F. This is something that's deeply entrenched in our DNA. We are putting a fine point on this and have been for the last couple of years. You also know us as an organization that is very driven to succeed. You can put a commitment to purpose, I think, with an organization that's relentlessly driven to succeed, great things are able to be accomplished. When our commitment is powered by a workforce, we see the future of being able to really strike a balance between purpose and performance.
As a way of delivering value to our shareholders, this puts V.F. in a very unique competitive position against our peer group. Throughout today, you're going to hear us talk to you about how we bring purpose into the conversation around our strategy. For us to really drive home purpose, what you need to see is us put purpose in sync with performance. As we do that, drive an accelerated profitable growth trajectory for You'll also hear us talk about how we want to leverage, and will be leveraging the power of and to create value for our shareholders, our stakeholders alike. And that's a really important point that we want to drive home throughout today, and you'll hear each of our leaders really talk about what their businesses and what their teams are doing to connect those two ideas.
What we have to strike is a balance between purpose and performance. As we do, we will have a significant impact on the people and planet we're passionate about. Let me unpack a little bit what we mean by purpose-led, performance-driven, and value-creating. Three ideas really run in sync with exactly what we will be driving as we think to the future. Purpose-led to us means doing good for the people and the planet in everything that we do throughout our day-to-day jobs. If we're able to align our business objectives with our purpose, those alignments must result, as I said, in profitable, accelerated business growth. As we think through the lens of purpose, we must think intently about what our consumers expect us, what is most meaningful and important to them.
From an outdoor consumer, when we think about purpose, we will continue to work to provide access to public lands. We will continue to find ways to continue to educate people about the value and the importance of living a life outdoors. We'll remain intently focused on being a leader in combating climate change through our sustainability and responsibility programs. From our active consumers' point of view, we will continue to work creating environments where people are able to unlock the elements of creative self-expression that are so important to that consumer. We will assure that we create environments of diverse, inclusive workplaces. From our work consumers, we will leverage our scale to raise the awareness and the dignity of the trades. We'll continue to drive education around helping educate and improve the workforce here in America.
Across our supply chain, we will continue to endeavor and be a leader about creating safe, acceptable, and progressive work environments for the millions of workers that support our brands on a day-to-day basis, while at the same time supporting the communities that they live and raise their family in. This commitment is an important part of how we will recruit and retain some of the industry's best talent. More importantly, as we drive this to the top of our consumers' mind, this will keep our brands at the forefront of our consumers' thinking and at the top of their consideration set. When we think about performance-driven, we're an enterprise of 50,000 people now. We're a diverse and inclusive community that shares a relentless drive for success, while at the same time looking for amazing ways to achieve results together. Our culture is defined by integrity, authenticity, and respect.
Our culture will propel our company to outsized performance. Over the last number of years, we have seen innovation, collaboration really unlock value in our European and Asian headquarters. We're taking a page from those two books and bringing it here to the United States through our relocation here to Colorado as we co-locate our outdoor brands, we bring our innovation center for technical apparel, and we bring our corporate leadership team here to Colorado as a way of really putting an emphasis around the importance of co-location to unlock collaboration and innovation. Again, this will be a powerful tool for us to attract and retain, but more importantly, train and evolve the leaders of our company for the next coming years. We invest in our business for the long term. We are deeply committed to our shareholders in delivering shareholder return.
As we do that, thinking about shareholder return top quartile of our comparative set. We will continue to operate this company through a new bold and progressive vision that aligns our commitments to our shareholders as well as to the emerging set of stakeholders that we see coming to life through this evolved purpose-led, performance-driven vision that we have for our organization. When our business thrives, we create a virtuous cycle that enables us to have an impact on the people and the planet. Purpose meets performance. Inside a culture of accountability, we are able to drive a very powerful business forward. We are encouraging our people across the organization to work in more integrated ways, to find ways to unlock value.
Instead of thinking about decisions through the lens of either and or, we are challenging ourselves to break the compromise, look at decisions that help us deliver our commitments to purpose, while at the same time delivering our commitments to business performance. That is the power of and, that you'll hear us continue to talk about throughout the day. It's been 30 plus months since we presented our strategy to you all in Boston. If you remember back to those days, there was a lot of concern around the apparel and footwear sector. I think some of you even went as far as to say that our sector was un-investable. There was a lot of concern about retail here in North America. There was concern about V.F.'s ability to return to the growth and returns that we had been delivering prior to 2016.
There was some trepidation around VF's new leadership team and our ability to perform and deliver against the strategy we were putting forward to you. I think by now, we can all agree that we are executing a sound and well-thought-out strategy, and that this leadership team is delivering against its commitment. We stood in front of you in Boston. We committed to grow revenue in the mid-single digit range. Over the last two and a half years, our revenue has increased by 10%. We've committed to grow our earnings per share in the 10%-12% range. Over that period, we've seen our EPS grow 18%. Over that period, we committed to deliver a TSR of 13%-15%. Over that period, we've delivered an 8% increase in total shareholder return.
Indeed, our strategy is working, but more importantly, this leadership team is executing against its financial and operational commitments, something that you can count on in the future. Before I talk about our strategy, I'd like to talk to you a little bit about the key trends that we see shaping our sector, and key trends that are informing the strategy that we're putting in place. We see the consumers continuing to evolve. Women, minorities, and Gen Z are having an outsized impact on how brands are beginning to think. We see consumers emerging and continuing to focus on health and wellness as a key element of how they're looking to align with brands.
As we saw last week, the world's youth is standing up, prepared to go on strike, to drive a fine point home to all of us as leaders, that we must take a stand to combat climate change. We think about brands. Strong, relevant brands continue to have value to consumers. As sustainability moves to the forefront of so much of what consumers are thinking, they're looking for brands that are prepared to collaborate and cooperate as opposed to compete, trying to solve this important problem. Consumers are really woke in how they're approaching businesses today. They're demanding that brands stand for something. They're demanding that brands come forward with purpose.
As we think about brands going forward, it's important that we connect and deliver high levels of experiences because the consumers are looking for brands that do more than just deliver products, but they invite them into, invite all of us into experiencing. Shopping choices are continuing to evolve. We see new retail emerging in China, where data integration is creating a seamless connection between the physical and digital shopping environments. Here in the U.S., we continue to see an hourglass shape for the marketplace, where both ends of the hourglass are continuing to cede, but that undifferentiated middle that we talked about in Boston continues to struggle. You'll hear us talk today about how we have successfully moved our business away from that. We're finding success on the two edges of this important hourglass. The workforce dynamics remain important.
As Gen Z begins to enter the workforce, they're bringing with them a passion for driving greater meaning for why we come to work. They're insisting that brands come forward with a purpose, they're demanding an inclusive, diverse work environment. Let me spend a little bit of time on our strategy. On the left side of this page, you might remember the diagram that we used to begin to walk you through the choices that we're putting forward for our strategy. As we evolved, our thinking about how we construct the phasing of our strategy has evolved as well, and I'd like to walk you through this the next few minutes. We are accelerating and doubling down on our transformation to become a consumer-minded, retail-centric, hyper-digital organization. We look at our business through the lens of the consumer.
We are unlocking the creative potential of our brands. We're elevating our ability to design, merchandise, highly compelling product assortments. We're unlocking our ability to create powerful brand experiences that draw consumers in. We're evolving our ability to place the right product in front of the right person at the right time. Central to this evolution, how we are evolving our product creation engine to be a multi-speed product engine. Allows us to be more relevant with what we're creating, more expedient with where we're placing products in front of our consumers. We're connecting with consumers when, where, and how they want to buy through providing highly relevant, highly personalized product content. Our transformation, powered by our digital investments. We think about the end-to-end work that we ask our people to do on a day-to-day basis.
You'll hear us talk throughout this day around the investments in digital and technology that are bringing more efficient ways of working, more data-driven ways of making decisions. We endeavor to become more consumer-minded and retail-centric. Where we place this part of our strategy is very, very important. This is the single most important thing that we are doing as an organization, is we lay the foundation for the rest of our strategy to sit on top of. How we optimize our portfolio is a very, very critical part of our strategy, and it will remain top of mind for us. Since we met with you all in Boston, we have acquired three brands. We've separated three businesses. We've successfully executed the tax-free spin of our jeans business.
This evolution is important, and we will continue to think about how we shape our portfolio to align with our financial aspirations. Hope this slide is not new. This is something we talk a lot about, and Scott and I are going to bookend you all throughout today and talk about this. As we think about our portfolio, there's three criteria that we use to really think about where we operate and how we want to place our portfolio in a position of advantage. From a strategic way of thinking about this, we look for attractive spaces, sectors where there's head or tailwinds, sectors where we have a particular right to operate and win. We think through the lens of financial. We're looking for sectors that are accretive. We're looking for businesses that can be additive to our financial performance, allow us to achieve the objectives.
We think about ownership. We are looking for businesses that can align with our vision, that can benefit our strategy, our operating model, also that align with our purpose. These three lenses have become really a mainstay for how we think and talk about our portfolio, how we think and look for where we will move in the future. It's really helped us think about where we should be really aligning up our portfolio. What you've seen is us align this portfolio for the last 30 months around activity-based outdoor, active, and work lifestyle brands. These are large where-to-play segments. We estimate the addressable markets that we can operate in at just over $500 billion. These segments also line up with areas where we think we can stretch our brands.
These categories are places where our brands are able to really find new ways to and adjacencies by which to grow our brands. You'll hear Doug talk today about how Vans is successfully stretching a footwear brand into apparel. We're successfully moving our Dickies brand into outerwear representation. I think these are also spaces where we get credit for design and innovation. Arne will talk about the impact innovation of FUTURELIGHT is having on The North Face. We think this across our total portfolio is an important part of where we see growth coming in the future. We've identified a number of adjacencies through this work where we see an opportunity for our brands to stretch. Typically streetwear, performance footwear, work-inspired apparel. These are adjacencies where we know there's consumers that our brands are already connecting with.
We believe these are markets that we can successfully operate in. It's this focus on activity-based outdoor, active, and lifestyle brands that drove us to make the decision to separate our Kontoor Brands from friends and family. I would tell you, it's also enabling us to bring greater focus, both the strategic and retail standpoint. It's allowing us to reduce complexity. Also allowing us to deploy our investment resources more effectively and efficiently against those opportunities that can advance our current brand. In addition to these where-to-play choices, we also spend quite a bit of time thinking about how we optimize. You'll hear throughout the day our brands talk about this.
Specifically, you'll hear Doug talk about the investments around consumer connectivity and the impact that that's having on Vans. You will hear Arne talk about the investments behind design and innovation, how The North Face embed growth trajectory that we've envisioned. You'll hear Martino talk about the investments behind purposeful design and sustainability at Timberland. You will hear [Velia's] president talk about the investments behind geographic expansion and the impact that that's having on these businesses' ability to achieve. We also continue to invest behind our smaller brands. Today, we will be bringing to you three of our emerging brands, Smartwool, Icebreaker, and Napapijri. Through those conversations, you'll hear about the energy and the impact that they have for driving their businesses forward. There's also another story inside these brands that I want you to really understand the foundation for.
This is where we are able to develop new and up-and-coming talent. These brands are where we're able to really test new ideas. These are places where we're able to really develop new capabilities and new platforms that we're able to scale across our enterprise. That will come out in the presentations you hear from our leaders today. We move along. The third choice, it's not new. You've heard us talk a lot about this over the last 30 months, and it remains a very important where to play choice for us. Our commitment to invest and scale our Asia business remains incredibly important. Mention China's new retail. Data integration, more seamless integration between the physical and the digital. This shift allows businesses like ours with a highly evolved and a very agile platform to compete at level.
We have Kevin Bailey, our leader of our Asia business here today, who will talk specifically about the work and the investments that we're making in that platform. If I could steal some of his thunder. We recently signed a very interesting agreement with Alibaba's Tmall Innovation Center. This agreement, first of its kind, is allowing VF and our brands in Asia access to data on 650 million active Ali Marketplace users. This data, as we cooperatively look at this with our Ali partners, is allowing us to better understand that Chinese consumer, helping us to evolve the product assortments that we're putting in front of them. It's helping us elevate the level of brand experience required to attract and speak to this highly evolved digital native consumer that lives in China today.
Very exciting development, one that we're first to lead and really see this as a very important part of our future. Asia, Greater China, is a large, growing addressable market where we see significant runway for our brands. Lastly, our commitment to D2C and digital continues to be at the forefront of our thinking, and it's been a big part of the evolution that you've seen. Investments that we're making here to better inform the decisions we're making about product creation, merchandising, allocation, and how we're delivering the products to our consumers. Velia will unpack that a little bit later. Velia Carboni, our Chief Digital Officer. A lot of work in helping us think about the digital infrastructure, innovation investments that we will continue to make to grow our efficiencies and effectiveness.
Important for you to think also is the investments we're making around being a better retailer, enabling us to be a better wholesaler. All of our key accounts across the globe looking for businesses that are more agile, more in tune with consumers' needs, more able to bring more frequent drops with greater marketing behind that to support them. All of these investments, though driving our digital and D2C footprint more efficiently, are also helping us be a more effective and desired partner for wholesalers. Our strategy is working. This leadership team has evolved. We're as strong as ever. We're committed to delivering both financially and operationally against our commitments. With that energy and commitment, we're prepared today to raise our revenue targets for the next five years to 7%-8%. We will increase our earnings per share target, 12%-14%.
We will remain committed to delivering top quartile TSR to our shareholders, raising our total shareholder return targets to 14%-16% for the next five years. The past 30 months have been a period of intense effort to transform our organization into a more retail-centric, hyper digital organization. We are emerging as an evolved company, and we like to think of ourselves as really the better version of who we've been. Building on a 120-year history, and we're positioning this corporation for the next 100 years of success. We're excited about our future. We could not be more committed to our vision of becoming a purpose-led, performance-driven organization that delivers value to both our shareholders and our stakeholders alike. Thank you. With that, I'd love to walk you through what the rest of the agenda looks like today. We've got a really strong lineup.
You'll hear from the brand presidents of our four biggest brands throughout the day. I mentioned you'll be hearing from three of our emerging brand leaders talking about their vision for their company, how they're bringing purpose and performance to drive value for our enterprise. I think you'll also see strong leaders, very clear vision of what they can be doing to disrupt and change not only their business, but V.F. New capabilities that we're scaling to help better. We will have a long lunch. Excited to be able to sit outside with each of you in the beautiful Colorado mountain air. We'll come back in the afternoon, and you'll hear from our two international leaders, Kevin and Martino.
We're asking our supply chain leader, Cameron Bailey, to come forward and talk to you about a really important aspect of our corporation that frankly, we forgot about or didn't put forward like we should have in 2017. Half of our employees work in our supply chain. Their commitment to performance and creating value for our brands and ultimately our consumers, the emphasis that they're putting around being purpose-led is really, really powerful, and we're excited to have Cameron walk you through that vision. As I mentioned, Velia Carboni, our Chief Digital Officer, will finish up the presentations, helping you understand the journey that we've had around digital and technology and how that will continue to propel us forward as a company. Saved the best for last. Scott will unpack the financials.
I know you guys have already leaped to the back of your book to look at, but we'll spend some time unpacking how we've arrived at these targets and what you can expect. We'll close the day. We're really excited to have a reception outside again on the back patio. Enjoy some laughs, enjoy some questions, I'm sure, after our Q&A session. I'd just love to thank you all. We know you're busy. You have a lot of things that you can be doing. We're very honored. One, chosen to be shareholders, but more importantly, you've chosen to be with us here today to hear. With that, I would love to hand this over.
Welcome to the stage, Global Brand President, Vans, Doug Palladini.
Good morning, everybody. I've already had some great questions this morning out in the gallery, get my blood flowing. Thank you for that. It's great to hear all the interest and excitement about our brand. It was actually just last year that we shared at Vans headquarters our plan of the future. I'm happy to tell you that our plan has not changed since last year. I think that's a very good thing. I am going to spend a lot of time today talking about the traction we have gained against the initiatives we discussed last year and really how we're tracking in our performance overall. Let's start with the things that haven't changed. We're very honored to have a deep history of 53 years at Vans based in Southern California, but now becoming a truly global brand.
We're very clear about who we are as a brand. We're very clear about what differentiates us in the marketplace and our key strategies and initiatives. Obviously, these things have not changed, nor has our purpose. You're going to hear a lot about purpose today. Steve talked about it earlier. Our purpose is to be the global icon for creative expression in youth culture. Our job is to enable creative expression in youth culture. That is what we do. We believe at Vans that our purpose drives our performance. Okay. The power of the and that Steve talked about resonates very deeply within the Vans brand as well, and you see the connectivity between the enterprise purpose and the brand purpose as well. Thankfully, what makes our brand special has also not changed. Okay.
Our consistency and our discipline and our focus is key to our ongoing success. We're clear about who we are and who we are not, and that is what resonates so strongly with youth culture all over the world today. Skateboarding is always on for Vans. We are the global leader in skateboarding. Now, it's not the biggest addressable market that we have, but it is Vans' path to authenticity. We need to keep those roots very well-watered and strong, and we have a very serious global commitment to do that, and you'll see some great examples of that today. Okay? Skateboarding is what is own-able and defendable about Vans. There is no check you can write big enough to take that away from our brand.
It is truly a meaningful point of differentiation and gives us a tremendous amount of credibility in the other areas we play, in the world of art, in the world of music, in the broader world of street culture and popular culture. Coming from skateboarding is really what allows us to play in these other important parts of popular culture. Now, those of you who have been waiting for the other Vans shoe to drop, and the pun is intended there, are going to have to continue to wait. Is Vans a trend?
Yes, it's a trend. The trend started when we were acquired by V.F. in June of 2004, and it continues today. If you believe in 15-year trends that will continue, you can believe that Vans is a trend. Listen, our CAGR since acquisition is 18%. Our focus is on long-term and sustainable growth for our brand. We don't really lean into the trend thing too much, but I think we have a lot of proof behind our ability to continue to grow. Let's touch base on some of the performance metrics that we talked about in Boston and update you there. You'll recall back in 2017, we said that we would reach $3.3 billion by 2021. Vans has achieved that mark and passed it last year, two years ahead of what we expected to do.
You'll also recall that last year in Costa Mesa, we boldly stated that we would be $5 billion in 2023. Anybody remember that rhyme? We are very proud to tell you guys that we are tracking ahead of plan, and we will achieve that result a full year early in fiscal 2022. Based on our current trajectory, we are now prepared to share a revised target of $6 billion in fiscal 2024. We couldn't think of a catchy rhyme for $6 billion in 2024, so the numbers are going to have to stand for themselves. We think they do. I'm very proud of our growth. We believe, again, that long-term sustainable growth is within our sights, and we are committed to achieving targets for our brand. Where is all this growth coming from? Scott and Joe tell us that that is an often-asked question about Vans.
The answer is that there are myriad reasons why we continue to grow. I'm going to highlight two of them. The first is that Vans is reaching more global consumers, and we're not doing this by trying to be more things to more people. We are doing this by continuing to be focused on who we are and who we are not, and to share the daily inspiration around our commitment to what we stand for. This is allowing us to resonate more broadly to more consumers. More consumers, bigger business, tighter focus, and more discipline is really the relationship that is driving Vans. The second part of that I want to share is about the addressable market opportunity for the expressive creator consumer that we focus on. Exponential growth over the past 14 years, an 18% CAGR since 2004. We talked about that.
Where's the runway for us? It is everywhere. It's bountiful. The white spaces remains very meaningful for Vans. Consider the size of our biggest competitors in this marketplace versus where we are at today. Sure, we're proud that we've grown as we have, but we have a long runway ahead of us, and I'm going to share some specific white space examples as we get further into the presentation. As you see our addressable market, it's very, very clear that there's a big opportunity, and as we pass $4 billion in this fiscal year, you see that we are only scratching the surface of what we believe we are capable of. We are gaining market share today. We are very healthy with all the most important metrics that we track against our brand, connectivity with consumers, and the results, of course.
There is a lot of world out there that still doesn't understand who we are that we believe is a potential consumer for the Vans brand. These are very consistent, and this almost exact slide with new photos is what we presented last year. We're going to go into a deep dive among each of these four growth drivers for our brand. Deep consumer connectivity, icons and innovation, next gen D2C, of course, the store to Asia that Steve mentioned earlier. Let's start with deep consumer connectivity. Everything that we do is built around the concept of brand love. I had a good question earlier. "How can you guys ever be more than just a footwear brand?" The honest answer is because we build brand love.
Once you have an emotional connection to our brand, once you believe that wearing our brand on you says something about who you are and what you stand for, then you move very quickly from awareness to being a loyal consumer, and you will consider us for anything that we make. We find that to be true with all consumer types all over the world. Engaging with consumers is at the very core of what we do. A lot of grassroots marketing activity that you see around the world today was invented by Vans over the past five decades. We strive to bring our brand to life. We spend much more money on activating our brand and giving it life all over the world than we do on traditional advertising, and we believe that is a core competitive advantage of who we are.
ComfyCush High School to launch our ComfyCush family of footwear. House of Vans Custom Culture. Even our 2019 Vanguards brand campaign. We aren't just creating content. We're not just building advertising. We are bringing our brand to life all over the world. We encourage our consumers to express themselves through our brand. That is what drives that emotional connectivity that we believe says so much about who we are. Being very clear about what we stand for is what is resonating with youth culture today. Last week, we announced our inaugural Vans Checkerboard Day will take place on November 21st this year. It will bring to life our purpose of enabling creative expression. We will invite consumers from all over the world to join us to help tell this incredible story of the role that creativity plays in our lives.
As proof of our commitment to that purpose, Vans will donate $1 million to a like-minded organization called imagination.org, which is focused on finding, fostering, and funding creativity and entrepreneurship in children all over the world. Part of our ongoing commitment to our purpose of enabling creative expression that then drives the Vans performance. Icons and innovation is all about how we manage our core icons today and how we drive innovation through newness. The balance, the equilibrium that we create between those forces is, we believe, some of the special sauce that makes Vans successful. This diversification means that Vans is less dependent on any one product than at any time in the 53-year history of our brand. Today, we are more diversified than we have ever been as we broaden our opportunity in the marketplace.
Within icons, we talk about icon management quite a bit, and we went deep on this last year. Just to update you, what we are finding is that we can be both proactive and defensive with our icon management strategy. When we want to uplift any one icon, this is the year of the Era. We launched the Comfycush platform, the Era with the featured silhouette as an example. We are able to lift up that product, that silhouette, and we are driving currently triple-digit growth on the Era. Okay? We can also use icon management when it comes to defense. When any one style gets red hot, we are able to taper off supply to elongate that demand curve. That is what we are all about. We want to ensure long-term sustainable growth. We don't want the peaks to get too peaky.
We don't want the valleys to get too deep. We want the sustainable arc that you saw in that 15-year chart that I showed earlier. Think about that icon management as both a proactive and a defensive strategy at the same time. Footwear newness is a critical part of how we move our brand forward, and we are very proud this year to launch ComfyCush. The real power of ComfyCush for me is wear occasion. You'll notice that ComfyCush is built on our current iconic silhouettes, it brings a new technology. It brings new functionality. It brings more wear occasions to our footwear. We get more consideration from more people because these shoes are comfortable, lightweight. You can stand on your feet all day in them compared to some of the original construction that we built in the '70s. This is additive to our business, okay?
It's accretive. It's higher price points, and we intend to build a franchise around here. ComfyCush is not a one-shot deal. This is not a couple of shoes we put out at a high point of the year. These are things we build an entire family around. Apparel has been a real bright spot for Vans. When you go back and think about the brand love comment that I made earlier and the deep emotional connectivity, in my mind, this is perhaps one of our most powerful reasons to believe. Why? Because our apparel business is tracking toward $1 billion in sales. We believe that somewhere in that 20%-25% range of our total is the health spot, is the healthy place for our apparel and accessories business to be. Again, what is behind that? Brand love.
Once you love Vans, you move from awareness to loyalty very quickly. You'll consider anything from us. You need a new pair of chinos. We have a great authentic chino program. Hoodies, our Versa hoodie is our iconic silhouette there. We've just released the Drill Chore C oat that you see Anthony Van Engelen in as our next marquee ownable style in a must-win category for our brand. We are gaining the traction there all over the world to prove that we can be much more than a footwear brand that makes apparel. We are a footwear and apparel brand. I sincerely believe that the way that Vans approaches direct to consumer is a distinct competitive advantage to our brand. Vans started as a retailer.
Many of you remember the story of Paul Van Doren opening our factory in Anaheim back in 1966, and he bolted a little store on the front and opened the door and invited people to come in. It was a humble beginning, but we started as a retailer. So we have been building our retail prowess ever since. The way that we look at retail is quite different than just a transactional channel. We believe that our retail builds our brand all over the world. Now, as a result of that, D2C represents more than 50% of our global revenue, including more than 2,000 globally consistent mono- brand touchpoints around the world. These are the forerunners of what our brand stands for. They allow us to tell our brand stories, and that's both in the physical and digital environments.
What we are doing is expanding the store formats. Many of you who follow Vans understand that one of the things that makes us work is product segmentation by sales channel that starts at the most APAC aspirational boutique accounts and carries down into the value channel. We are mirroring that now on the retail side of our business. Vault, which is the apex of our brand, now has a retail environment. We just opened our first Vault store in the world in the Bowery in New York City. Hopefully, some of you have had a chance to see that. If you haven't, I would love to get your feedback on what you think when you see it. We're opening boutique stores all over the world, brand showcase stores.
If any of you have been to our Herald Square location, our location on Fifth Avenue, this is now expanding all over the world. We're going to be opening stores in Gangnam and on Oxford Street in London this year that are brand showcases. All the way down through the mall into what you've seen traditionally from us and into the value channel, which for us is the outlet store. Again, that same sort of hierarchy we've created in wholesale that allows us to reach different types of consumer from the most aspirational to the most value-oriented, is now mirrored on the D2C side of our business as well. Online, it's about connecting the dots for our consumers. When we launched Harry Potter, we took a very holistic approach, okay? All of our digital platforms came to life to tell their own parts of this story.
Social media, the sign-ups lists, email, e-com, customs, even advanced family loyalty integration with a special colorway only those people could get to tell the story of how Harry Potter represents Vans' purpose of enabling creative expression. Did quite well. Customization is ubiquitous. How is Vans going to win in a world of customization? Vans has a powerful legacy as a customizer of products. Our heritage is built around people drawing on their shoes, around people bringing in swatches of fabrics into our stores to get their own products made. We have continued that now into the digital realm. It's very clear to people that part of enabling creative expression is allowing you to express yourself through the products that we make, both literally and figuratively. Right? You can customize your products online. A lot of you have used that channel before.
We now have the ability to launch that program in store through QR codes. Perhaps the most powerful trend that we've seen this year is around user-generated content. We have user-generated content as a powerful subset of our customization strategy, and this is where you can upload your own art, your own photography, and literally take a part of who you are and put it on our canvas to connect who you are with our brand. We've just launched user-generated content in China as well. This is going to be a very powerful unlock in a world where this has not been seen before. There's a big pent-up demand for Chinese youth culture to express themselves, and we want them to do that on our platform. When a lot of us think about loyalty, what do we think about? About how many points am I going to get?
We think about how dilutive is this going to be to our business when we take all the people who've been paying full price and get them fired up on discounts. We took a very, very different approach to building our loyalty program that we call Vans Family, and it starts with the name. We want to welcome you into our family when you join our loyalty program, and our emphasis throughout our loyalty program is deep consumer connectivity through that emotional connection. It's about access, it's about experiences, and it's not about churn and burn. That's not what this is about. It's resonating. It's working. In the U.S., we are tracking toward 11 million fans by the end of this year. We have just launched Vans Family in the U.K. as the forerunner for what we intend to do in the EMEA region.
At the beginning of next fiscal year, we will launch in China as well. This deep consumer connectivity is what our loyalty program is all about. This is going to be accretive to our brand, not dilutive. Finally, distort to Asia. Important part of all the things that we do at V.F. is Asia. What I would tell you guys about our distort Asia plan is that it is a microcosm, it is a takedown of our global plan, okay. The motto that we use, the mantra that we talk about at Vans is global consistency with local relevancy. That really applies here. All right. I talked earlier about how our focus is on bringing our brand to life, on activating it, okay. As our primary way of telling our story. Very, very true in China and throughout Asia as well.
That is what we do. We activate our brand. We build skate parks. We hold House of Vans. We run Custom Culture. All the things that you would expect us to do in Southern California, we do in Shanghai. Okay. What's different about Asia is the platforms for amplification. I talked earlier about our partnership with Alibaba. You'll hear more about what we're doing with those digital titan partners from Kevin later. I will tell you that these powerful partners serve as amplification forces for us. When you're talking about Tmall, when you're talking about WeChat, when you're talking about Tencent, these are our partners to help amplify.
The House of Vans event that reaches a few thousand people in Shanghai gets amplified to tens of millions of people through the way the stories are told through these platforms. Combination of global consistency with local relevancy is resonating very powerfully. When we launched ComfyCush globally on the same day everywhere in the world, we did that throughout China as well. In Shanghai, for example, we use local slang. In other parts of Asia, we use local ambassadors to help us get the story out. It is really that balance, that combination of global consistency with local relevancy that serves as proof to those consumers that this is the real thing, but that we understand who these people are as well.
That doesn't matter if you're in Toronto or in Singapore, you're going to get that same message that we understand who you are, and you're also getting the real thing that's part of our big global launch. Just as we talked about in the rest of the world, it's just as important for us to generate that path to authenticity in China through skateboarding as we do in the rest of the world. I was fortunate enough this year to be in Shanghai for our Vans Park Series event. Same example. Several thousand people at the event, partnership with Tencent Sports amplified to tens of millions of people. Okay. If you were on Tencent that day, the homepage featured the Vans Park Series that we were holding. Same story here that we talked about earlier in terms of runway.
A couple specific places I would call out for you. First, door growth. Okay? We've opened a lot of retail stores in Asia through every which way. Bless you, Sam. Our own stores, partner stores, franchise stores, yes, we do all of that in Asia. Look at our store count compared to the two biggest brands we compete against. We have some opportunity there that Kevin's going to build on later. How about the opportunity of moving people from awareness to loyalty? We are nowhere close to our biggest competitors. Must-win country. We will get there, and all of that white space is future growth for our brand. Let's transition now to a couple quick finance updates for you guys. The new 2024 global revenue target for Vans, 12%-13% CAGR. This third tranche of growth is very, very important to us.
We talked about the $6 billion in 2024 goal for us, this is about delivering a double-digit CAGR every year, okay? Long-term sustainable growth, now we really believe that $6 billion is within our sight. When it comes to regions, we also see very consistent balanced growth across the regions. The U.S.A., 11%-12%, it's important to just call out for you guys here that non-U.S. Americas growth is a bit lower because of a change in our business model in South America. That said, we will still meet this 12%-10% CAGR in the Americas, this region will be $4 billion in fiscal 2024. APAC, this CAGR will increase to 19%-20%. This is a tremendous growth engine for us. Fastest growing region.
By the end of fiscal 2024, APAC will have passed the $1 billion mark and will be on par with our EMEA region. Again, very balanced across the regions for us. Finally, EMEA, we see it at 9%-10% CAGR, and that's going to also be balanced between these strategic key accounts whom we work with so well, as well as expanding our own D2C. By channel, D2C will represent 60% of our total revenue. D2C-led is real at Vans. Our store growth will continue to be supported by 5%-6% expansion annually. By the end of 2024, this is a stat I really like, we will own 900 of our own doors globally, but we will run, operate, control more than 4,000 mono-brand stores globally. E-com will continue to expand, as you would guess.
Customs is planning to grow at an annual rate of more than 60% over the next five years. Again, that up and to the right thinking around Customs is something that Vans can truly own in its own way, we believe is a meaningful part of our total e-com message. E-com's going to generate more than $1.5 billion of our total revenue in fiscal 2024. Momentum in wholesale will continue as well. For us, wholesale is about key strategic partners with whom we invest in disproportionately. We are more choiceful about whom we work with in the wholesale channels. We invest disproportionately with the people we believe are most likely to win. Finally, by category, we talked about our continued balanced growth across everything that we do.
I think really what we're trying to say here is that heritage, iconic, the product we really manage, those silhouettes, low double-digit CAGR. Progression footwear accelerating higher than that, 15%-16%. By 2024, Vans will be a $5 billion footwear company. Okay? $5 billion of our revenue is going to come from footwear in fiscal 2024. Apparel will grow at 14%-15%. Before I get into the key takeaways and wrap up and pass the baton to The North Face, I think it's really important to point out that our success at Vans is not even possible without the support of the VF enterprise, the partnership there.
Strategic investment that has been distorted to support the growth of our brand has been meaningful in getting us to where we are today, and that ongoing commitment that the V.F. enterprise has to fueling the growth of Vans through important investments that really move the dial, that fuel the purpose that generates our performance, will continue in five years as well. You can count on that. Key takeaways. We are obviously aggressively pursuing our rightful place as the global icon of creative expression for youth culture. Youth culture is our muse. We are a multigenerational brand now, of course. Youth culture is our muse and will always be our muse. Our stated goal is to take our rightful place as the number three global sport lifestyle brand. We do believe that is within our sight. Please remember that Vans is not just one thing.
We're very clear about who we are and who we are not, and that is what is resonating with consumers. They want to know what we stand for, and we're able to tell them that in a very sharp, a very clear way. While we thoughtfully manage our icons and help them grow, diversification is an essential part of our ongoing focus. Footwear newness and apparel drive that diversification effort at our brand. Finally, we've replaced the $5 billion in 2023 with $6 billion in 2024, and I hope that we've given you enough reasons to believe today that you can continue. Thank you very much.
Welcome to the stage Global Brand President, The North Face, Arne Arens.
If you want a revolution. Well, you know, we all want to change the world.
Doug, thank you very much for sharing the continued success for our story for Vans. Very inspirational. Morning, everyone. Welcome from my side. My name is Arne Arens. I've been with VF for about nine years, a little bit over nine years. I've been over in the U.S. for about two and a half. It is my pleasure today to share with you our five-year global strategy. Talk about the way we're going to accelerate and continue the momentum that we're seeing globally to be growing to be a $4 billion brand. The way I want to do that is essentially by splitting up the presentation in three parts. Talk a little bit about what we've done in the last 24 months, sort of build the foundations of the brand globally.
I'll talk about our global strategy, including our where to play and how to win choices. I'll close it up with the financials. When we saw each other last in Boston, we were a $2.3 billion brand globally. Growth unevenly spread. A lot of momentum in Europe, but not yet in the Americas and APAC. Two years down the road, we had grown to become a growing by a 7% compounded rate across those two years. The good news with that is that growth was not just driven by Europe, but Americas and Asia Pacific had come back to growth as well. What's even better is that we have seen our momentum accelerate in the last 12 months, as you saw from my financial reports. We as a global team, we are super excited to see that.
We've done a lot of work in the last 24 months to get us there. What I wanted to talk about first is to kind of take a look at what those foundational elements are that we have built with our teams around the region. There was essentially four sort of foundational building blocks that we focused on. One is building a purpose-based culture. Two, elevating our game in product and design and innovation. Three is becoming more inclusive and more authentic in the way we use our marketing tone of voice. And then four was resetting our marketplaces across the world for growth. I'm going to spend a little bit of time just to talk about each of those. It starts with purpose, right? You heard Steve and Doug talk about it already.
In line and in context with the overall V.F. effort to become a purpose-led company, we also went on a journey in the last 12 to 18 months to redefine our purpose. Started to operationalize that internally as well as externally already. Now, truth of the matter is that The North Face has always been purpose-led, right? It was kind of an easy way for us to do that because we just had to go back to the origins and the heritage of our brand to unearth the principles and the values that have always driven us and sort of put them in a 2019 context. This was work that was incredibly meaningful for us. We also reassigned our values, as I'll speak to in a couple of minutes.
The whole concept of daring to lead the world forward through exploration around our purpose has been a true game changer for our organization. I wanted to show you a quick video that sort of takes you on the journey of how we approach purpose and how we're becoming a purpose-led company. You want to roll the video, please?
To me, exploration is where you're pushing your known boundaries. What lies ahead of us and what lies behind us in tiny matters compared to what lies within us
The genesis of the company really was one that came from disruption. I've always believed in disruption, and the company was conceived in disruption. Disruption in terms of product, disruption in terms of business model, disruption in terms of a variety of activities. What the world would miss is another voice for correcting the urban problems that exist out there. That The North Face is, albeit not the one to solve all of those things, is a voice for identifying what's valuable, what's truly valuable for individuals that will sustain us over a long period of time, that will take us through the ups and downs of economic cycles and take us through the ups and downs of different leaders in the White House and the activities that we have.
That take us away from the issues of war that are around the globe, that we were and are a voice for a better way to live society.
Make it so that everyone cares about our natural world. Make it so that it becomes a popular thing to want to protect what we have, to want to explore it, to want to gain something positive from it, and to want to leave it better than it is now for future generations.
Every time I see that video, it just touches me so deeply. The whole idea of daring to lead the world forward through exploration. Around the concept of exploration is such a big and powerful idea. Exploration can mean going on a personal journey of discovery and learning, but it also connects people to each other, to their community, and to the world around them, whether that is through just core outdoor activities or just through other types of activities like music, art, and travel. I think we all can agree that the world could probably use a little bit more of that right now. We also worked on redefining our values. You can see them here on the screen. We're working hard to infuse these values into the way that we build our culture. Our culture is built on a love for the outdoors.
It's built on valuing disruptive and innovative thinking. It is an inclusive culture and a culture that is rooted in community and integrity as well. That's how we're building our team, and especially with the move to Denver and onboarding all these new teammates, it is so important that we infuse those principles and those values right from the start so we can build a team that is strong and creative and forward-looking in our headquarters in Denver, but also in our offices around the world. This is where it all started for us. There's a couple other foundational elements that I want to take a couple of minutes to talk about, and I'll start with product. We really reconfigured our whole product engine to truly build the best product on the planet.
New teams in design and product development are elevating our game, and they're bringing new and forward-looking collections to market every single season, but always with a clear link back to our DNA and to our heritage. We've also doubled down on innovation, and I'll talk about FUTURELIGHT in just a few minutes. Secondly, we have broadened our scope in terms of marketing, and we're inviting more consumers into our brand by just employing a more inclusive tone of voice, but always staying true and authentic to the brand. I think a great example of that is our She Moves Mountains campaign, which was a campaign that was about exploration, but told through the lens of some of our global female athletes and a number of other incredible women.
Encouraging women and girls around the world to go on their own discovery journey of exploration, which was really powerful. Third, resetting our marketplaces. We've done that across the regions. Taking out excess inventory, becoming more diligent around segmentation, taking out unauthorized distribution. We elevated the way that we work with our digital titans around the world, and we're elevating our own D2C portfolio, both online as well as in store. This is the process that we're still in the middle of. A lot of work has gone on in the last 24 months. We're not there yet. We are still continuing to build the foundations for growth for this brand for the next few years.
The big question for us as a team is, how do we unlock the incredible potential that this brand has as an iconic global exploration brand? That's what I wanted to take the next 10 minutes or so talking about as I talk about our global strategic plan, which is built up of a couple of main pillars. It all starts with purpose. That becomes the central lens through which we activate our brand, and I know we've talked about that before. Secondly, we look at our business through our where-to-play choices of our consumer territories. I think most of you are familiar with this concept. This is essentially how we look at the markets. Through consumer territories of Mountain Sports, Mountain Lifestyle, and Urban Exploration on the performance, as well as on the lifestyle side of the market. I'll spend a few minutes talking about that.
Then we look at our how to win choices or our growth drivers. Living our purpose, equipping and engaging explorers, and elevating our marketplace. I'll also spend a few minutes talking about that during the next 10 minutes. This is essentially how we look at the next five years. There's a couple of foundational things that I wanted to talk about first before we dive in here. One is our positioning. I think this is an important one because as we're growing and as we're opening up the aperture, it's just so important to stay true and authentic to who we are as a brand.
Our positioning statement reads, "We are the world's leading premium exploration brand, anchored in pinnacle performance and innovation on the mountain and adopted by explorers everywhere for our iconic style." You'll notice that we're making a bit of a pivot here from an outdoor brand to an exploration brand, which essentially means that we're opening up the aperture and it's inviting more consumers into our brand through these different lenses. As we do this, it becomes even more important that we stay rooted in our DNA and into who we are as a brand, as we're expanding our business, both on the performance as well as on the lifestyle side. This will give us authenticity in everything that we do. I want to also take just a couple of seconds to talk about our consumer. Our prime consumer target is the progressive explorer.
Now, the progressive explorer can take on many different forms. Some climb the highest mountains on the planet, some are drawn to other types of exploration, like art and music and travel. What they all have in common is this mindset of exploration: discovering what's beyond the horizon for themselves, as I said, also connecting to other people and to their communities and the world around them. We recognize that there is an incredible amount of diversity within the progressive explorer, we actually celebrate this diversity by designing and innovating into the different archetypes that sit under the progressive explorer. What they all have in common is this mindset of exploration. That's why they're drawn to our brand and to our purpose and to our style. Steve and Doug talked a little bit about the addressable market, right?
The overall addressable market for V.F. is about $500 billion. We play in about $135 billion slice of that. Obviously, our core categories have always been rooted on the outdoor and outerwear side, but we extend beyond that into sportswear, into athleisure, into performance footwear, and at some point into new business models as well that continue to fuel our growth for the future. $135 billion within the overall addressable market of $500 billion. The lens that we put on that to segment that is essentially our consumer territories. The lens through which we look with Mountain Sports, Mountain Lifestyle, and Urban Exploration essentially covers $135 billion, partly through the performance and partly through the lifestyle side. Mountain Sports is the category that essentially covers the performance side of our business.
It is all the activities that are being done on the mountain, whether that's mountaineering or skiing, snowboarding, trail running, or hiking. Mountain Lifestyle is the territory that covers, in a very authentic and mountain-inspired way, the Mountain Lifestyle side of the business. Urban Ex aims at a consumer that is fashionable and is urban-based in cities around the world. That's essentially how we're carving up that $135 billion. Current market share in Mountain Sports is about 6%, in Mountain Lifestyle, about 4%, and in Urban Ex, about 1%. This sort of tells you that we have a ton of runway to grow on both the performance as well as on the lifestyle side of the market. I'll come back to both performance as well as lifestyle in a little bit. Moving on to our growth drivers or sort of our how to win choices.
There's three. One is living our purpose, two is equipping and engaging explorers, which essentially is everything that we do around product and marketing, and three is elevating our marketplace. I'll spend a few minutes on each. Starting with living our purpose. The way we start bringing purpose to life, and I've talked about a couple of examples already, is becoming a really powerful lever for our brand and for our people. It starts with culture. Infusing purpose and values in our culture. This now becomes the prime collaboration filter for our teams around the world. As a matter of fact, we're handing out our first Global Purpose Awards in about four weeks to our teams here in Denver, which is really exciting. Sustainability is also part of living our purpose.
This has always been a huge topic for The North Face, we're stepping up our game here once again. Apart from having most of our product being made out of recycled materials a few years down the road, we're also continuing to innovate here. A couple of examples here. Last year, we brought to market the Cali Wool beanie and jacket, which won Fast Company's World-Changing Ideas because it is essentially a carbon accretive product, which was a real innovation. We also launched a renewed program last year, which introduces a circular model and aims to put used TNF gear back into the hands of consumers so we can avoid that going into landfill. Those are just a couple of examples in terms of things that we're doing on the sustainability side. Last, under living our purpose is enabling exploration.
Never Stop Exploring has been an incredibly inspirational tagline for the last 40 years or so. In that period, we've inspired and enabled millions of people to actually go outside. One of the vehicles that we used to do that was the Explore Fund, on which we've probably spent about $4 million in the last 10 years. It's essentially a grant-giving mechanism that aims to get underprivileged kids out into the outdoors. We're broadening the scope of the Explore Fund because we feel it is so important just to get people in touch with nature and get them in touch with the sports that we all love to do outside. We're expanding our scope here. Through our Walls Are Meant For Climbing campaign in the last two years around Global Climbing Day, we got a lot of new people into the sport of climbing.
We also started to build boulders in urban centers around the U.S. for kids in those communities to start participating in the sport. We also started a partnership with the Girl Scouts here in the U.S., and we're looking at expanding that internationally as well. We're now designing their outdoor badge and their outdoor curriculum, which essentially means that we're going to get hundreds of thousands of girls and young women in touch with nature and outdoor activities. This is fantastic work, and this is one of the ways in which our brand can just play such a positive role in the world, and I'm super proud about that. All right, let's look at what we're doing in product and marketing. This is really where the rubber hits the road in terms of where is our growth going to come from.
I'm going to touch on a few things. Sportswear, outerwear, footwear, and a couple other things as well. Let's start with performance platforms. This essentially is everything that we do around outerwear. The North Face has always been anchored in performance innovation. That's been at the heart of our brand for the last over 50 years. We're continuing to build on that legacy through platforms like ThermoBall, Apex Flex, and Ventrix, which essentially are going to help us grow our outerwear platforms around synthetic insulation, soft shell, and breathable insulation. We're introducing versions 2.0, 3.0, and 4.0 so we can continue to grow our outerwear business. We're not stopping there. We're also introducing groundbreaking innovation for our brand as well as for the industry, and this is where I want to talk about FUTURELIGHT for just a second.
FUTURELIGHT is an idea that over the last two and a half years, came into being with the help of our global athlete team. It was sort of grounded in a really simple athlete insight. If you think about our athletes, they move through the mountains at very high speeds, they do all sorts of different activities, they're doing very aerobic activities. Up until now, what they had to do is they essentially had to take off, as they started to get moving, they had to take off their jacket because their outerwear wouldn't breathe. In the mountains at high altitudes, when you get really cold and you get really sweaty, that actually presents a significant risk because of hypothermia. Andres Marin, one of our mountaineers in the global athlete team, asked us a very simple question.
He said, "Can you develop a jacket that I never have to take off?" This is where Futurelight was born. Futurelight is the unique combination of outerwear that is 100% protective, so 100% waterproof, but is also extremely breathable, which is a combination of features that has never been seen in the outdoor industry. It's made possible by a nano spun membrane. You've got to imagine that there's essentially hundreds of little nozzles that spray a polymer on the back of a fabric that leave tiny little holes that allows vapor to go out, which makes the outerwear completely breathable. That is a true game changer in the market. We've tested this platform extensively with our athletes and under the most stringent laboratory conditions in the last two years. It's also 100% sustainable, which we're super proud of.
All the fabrics, and you'll get a chance to see them at the booth, are 100% recycled. We use a non-fluorinated DWR coating on the outside as well as for the membrane. It's the most sustainable product story we've ever brought into the market. I'm going to show you a quick video just to give you a glimpse on the development process and some of the thought that went into FUTURELIGHT. Enjoy that.
Disruption is one of the key elements of the DNA of the company. We believe it's what we were founded on, and our belief was that disruption was the fuel for future growth. We believe disruption was throwing away those things that are stable to do something which is electric. We wanted always to encourage everybody to push the boundaries, whether that was a vendor providing us materials, whether that was employees designing new products, whether it was customers that we were emboldening to go out and do something they had never contemplated. We were trying to do something that was revolutionary. The North Face has been on the front edge of trying technologies, of bringing them in and incorporating them into products.
As the biggest brand in the outdoor industry, we have a responsibility to lead, and leading in performance, leading in sustainability are things that are really, really important to us as a brand, and FUTURELIGHT is fueling that. FUTURELIGHT is the highest performing fabric technology in the world that will wrap itself around almost every product category that we make at The North Face.
You don't change the world incrementally. You change the world by doing something revolutionary.
We'll be launching FUTURELIGHT in about one week, we're all super excited about that. It starts in fall 2019 at the top end of our range. So in our series products, Summit Series, Steep Series, and Flight Series, which is the product that you see outside in the booth. Very rapidly, we're going to cascade it down into the more commercial price points as well in Spring 2020 and also in Fall 2020. It'll be at about 35% of our overall outerwear line, which helps us to redefine our core categories of rainwear, triclimates, and parkas. We've been working on this for a while, obviously, and we launched it to the world last January at CES in Las Vegas, and the response has been overwhelming, whether that's from our key dealers around the world or whether it's from key media.
We got Best of Show at CES, which is quite unusual for an apparel brand. Just most recently, a couple of weeks ago, we won Gear of the Year with Runner's World, which is for our Flight Jacket, which is the one that I'm wearing. I'm doing early signups, by the way, at the booth, in case you're interested. It was voted the driest and the most breathable running jacket of the year with Runner's World. That says something. We are super excited about the marketing campaign that we're going to start in about one week. It's the biggest marketing campaign that we've done to date as a brand. It'll really underline all the key features that FUTURELIGHT brings. It's waterproofness, but it's also breathability, and it's also sustainability, and it's also comfort. Really big platform for us going forward.
From performance platforms, we're moving on to lifestyle. We talked about that a little bit. We have room on the performance side, but we have a lot of room to grow on the lifestyle side as well. The way we approach this is through the segmentation of our territory model. Just reminding you, Mountain Lifestyle is aimed at that consumer that comes at lifestyle from a very mountain-inspired and authentic lens. We have Urban Exploration, which we've essentially split up in two different territories. One, Urban Ex City, which is aimed at a very fashionable consumer in cities around the world. The second part is Urban Ex Street, which is aimed at a more streetwear-oriented consumer. Think about all the stuff that we're doing with Supreme, and then the halo down from there.
When we talk about lifestyle, we always follow a couple of really simple but very important ground rules to make us stay grounded. One, it needs to come through a premium product that is clearly segmented in the way that I've just described in terms of the territory model. Two, there's a segmented distribution strategy, starting with our own D2C and exclusive boutiques around the world, then cascading down into the more commercial channels. Three, it always needs to have a clear link back to our heritage and to our DNA, whether that's technology or design. It always needs to have a really clear link back to our DNA. Really key point. Our lifestyle businesses right now are growing above average, and we're seeing that continue. Combined between Mountain Lifestyle and Urban Ex, we're seeing about a 12% compounded growth rate for the next five years.
That'll help us to grow our lifestyle business. Next to lifestyle, we're also focused on 365. We know we have a big opportunity as a brand to diversify ourselves away from being too dependent on outerwear and grow more in spring/summer. This is a big quest for us. There's a couple of things that are going to help us do that. The biggest one is probably sportswear. We're expanding our sportswear line to cater both to our D2C as well as through our wholesale channels. We have a completely new team that is working on sportswear, both in design, in product, but also on the supply chain. We've recalibrated our supply chain to be more sportswear focused, more agile, and also just more sportswear specific as you need to do that. Second component to 365 is footwear.
I'll touch on that in a few minutes as a separate point. The third component is a new category that we're really excited about. As you may recall, we used to have four consumer territories. Next to Mountain Sports, Mountain Lifestyle, and Urban Ex, we also had Run and Train. This was a category that was aimed at the running, the training, and the leisure categories. We felt that the way we positioned that was a little bit too narrow. We focused it on outdoor training. A little bit too narrow. We wanted to change our approach there. What we decided to do, because that opportunity in the market is still really attractive for us, running, training, and leisure.
What we decided to do is fold that business under Mountain Sports so that we can approach it in a very brand right and authentic way. Our lens on that is going to be trail running and light hiking, but executed in a really young, contemporary way, which is going to help us draw new consumers, actually primarily female consumers, into the brand. A lot of this line will be versatile sportswear based. That's why I'm putting it under Consumer 360. This is an exciting opportunity for us that we'll be using, becoming a more spring/summer relevant brand in the years to come. Winning with women is a really big initiative for us as well across all regions. Today, about 35% of our total business is women's, and we can easily grow that to 40. There's a couple of things that we're going to be doing there.
One is product designs innovated and colored for her. I think if we're critical with each other, we probably haven't done a good enough job of that in the last couple of years. We now have a team in place with that expertise. We're going to double down on innovation and product for her. There's a distribution component to this, starting with our own D2C and exclusive boutiques, department stores around the world. The marketing tone of voice needs to be women specific as well. I gave the example of She Moves Mountains, which was the right tone for us to strike talking to a female specific consumer. We're going to continue that campaign as we go through the next couple of seasons. Big opportunity for us globally.
Last but not least, footwear. This has been something that we've been passionate about for a long time but haven't really capitalized on. Footwear currently is about 7% of our total business. We can easily double that. We have a completely new leadership team in place on the footwear side, which we are super confident about. They essentially all have proven track records coming from outdoor and from performance-led companies on the footwear side, and they're doing a ton of work on a new innovation platform that we're going to be introducing for Spring '21. A little bit too early to talk about it, but something that is coming. Whether you're a trail runner or a hiker, that innovation platform is essentially going to redefine the way you move through any type of terrain smoother and faster.
With our decades-long experience in the mountains, we're redefining for ourselves as a footwear brand, but also for the entire industry, what stability and control and comfort in footwear means. Very excited about this upcoming initiative for us. Let's move on to marketplace, and I'll primarily talk about D2C, so stores, e-com, and wholesale. We've started to change the shape of our distribution portfolio in the last couple of years. We are now actually on 40% of our total business driven through our D2C channels, so stores as well as online. We're going to continue down that path. We're going to continue our own D2C to be about 46% of our total revenue five years down the road. This is led by digital. You heard Steve talk about it, we're hyper-focused on digital.
We're putting the teams and the technical capabilities in place to continue to supercharge this channel, starting with our own e-com, but also elevating the way that we work with digital titans around the world. Amazon in the Americas and in Europe, Tmall in China, and then ASOS and Zalando in Europe. We're also elevating the physical consumer experience. We just launched a new retail concept in Soho in New York City that we are super excited about. That is essentially redefining the consumer experience in-store for The North Face. Made out of premium natural materials, it has a really clear link back to our brand DNA and our heritage, and it has a really nice balance between performance and lifestyle from a commercial perspective. I'll actually show you a quick peek at that in just a few minutes.
We're going to actually roll that concept out across the U.S. and across the other regions as well in the months and years to come. We feel that this is a game changer for us in terms of our in-store experience. This obviously doesn't mean we're taking our eye off the ball in wholesale. Wholesale will still be 54% of our total business. We remain 100% focused on our key partners there. One, on the outdoor specialty side, because the outdoor specialty channel helps us authenticate the brand and helps us position as a true performance brand. Also, we remain 100% committed to our global key account partners that are continuing to grow, and some of them are actually starting to grow across regions, and we're starting to treat them as global accounts, such as JD and ASOS.
Let me give you a quick peek at our new store concept in Soho so you can get a bit of an idea of how we're approaching retail. Do you mind running the video? All right, let's talk about the financials. In terms of our overall growth target for the next five years, we are confident that we can increase our forecast from the 6%-8% that we presented to you in Boston to be high single digits, 8%-9% across the next five years. Building on the current momentum and the excitement in our global teams, we are confident we can add another $1.2 billion to our brand through 2024. That breaks down in a couple of ways. In terms of geography, we're going to lean into our international side of the business. You'll see specifically in APAC, above average growth.
Total international will make up about 46% of our total mix, but we're also increasing in our forecast in the U.S. versus our previous plan. Growth across the board here. From a channel perspective. As I said, we're growing our D2C business to be about 46% of total from the current 40%. That is primarily driven by our e-com business, which is going to grow between 19% and 21%. We're also seeing growth come from our stores, and this is primarily our full-price stores, not as much our outlets, which we're essentially counting on comp growth. Our full-price stores are going to grow through comp growth as well as new store openings, and this is true around the globe. Wholesale will still be 54%. As I said, we remain very focused on our most important partners there.
From a territory perspective, we're going to see outsized growth or above-average growth in our lifestyle territories, Mountain Lifestyle, 9%-10%, Urban Ex, 14%-15%. We're also going to see about 5%-6% in Mountain Sports. As Mountain Sports is currently the biggest dollar business, that means the biggest dollar-based growth is also going to come from Mountain Sports. We're not taking our eye off the ball there in any sense of the word. As a matter of fact, this number is well above the current organic market growth that we're seeing on the performance side of the business. Growth both in performance as well as lifestyle. Through 2024, having done a lot of foundational work over the last 24 months, our team is super excited about the growth opportunities that lie ahead for the brand.
Through being a purpose-based company, through equipping and engaging explorers with new and innovative products, and through elevating our marketplaces across both D2C as well as wholesale, we are confident we can hit that $1.2 billion. I look forward to speaking with you at the booth during the breaks. Thank you very much. I'll hand it over to Martino for Timberland.
Ladies and gentlemen, please enjoy a 15-minute break. We will return in 15 minutes sharp. Thank you. Ladies and gentlemen, please welcome to the stage EVP and Group President, EMEA Region, Martino Scabbia Guerrini.
Real quick. I'm not Martino. I think one of the greatest attributes of a leader is when they could admit when they made a mistake. I didn't really make a mistake. I had an omission in my talk about the agenda for today. Jim Pisani, President of our Timberland brand, is unfortunately needing to deal with a family emergency that came up over the weekend. Here at VF, although our business is important to us, there's nothing more important than family. What we wanted to do is give Jim that opportunity to stay with his family as father.
The good news is we have a very strong, rich leadership team, and standing in for Jim today is Martino, the leader that is over Jim in that business, so has a deep understanding of Timberland and has been a big part of the journey we want to talk to you about. I hand it over to Martino.
Thank you, Steve. Welcome back. Two fantastic stories we just went through, The North Face and Vans. Very inspirational. Since Steve asked me, actually, 18 months ago to oversee these unique brands, I have to tell you, many fundamental changes have taken place. We went through really an intense reset of the model, of the organizations, of the skills, just to make sure that we were more strategic and sustainable in our growth plan. After two great inspirational stories, to a certain extent, I would like to make sure that now there is a story around Timberland of intense, needed strategic work and sequential acceleration. Having said that, we still build on strong heritage and foundation. I just want to mention three important pillars of that heritage and foundation before we move into the future thinking.
Of course, it's 45 years of history built on iconic style of the yellow boot. It's community services as part of the Timberland culture since the beginning. It started in the early 1990s, since then, more than 1 billion hours of community work and volunteer work have been given back to communities and local institutions. Really eco leadership. Timberland wants to make sure that it's not only innovative and the passion of outdoors for outdoors translates into innovation in a sustainable and responsible way. We're going to bring back also this eco leadership that started with the Earthkeepers platforms in 2007. Last three years, we know we were short to our Boston ambition, the performance has been slower.
To a certain extent, we were hit by a couple of things, and we want to show you here one, which is pretty clear to everybody. It's really the cyclical nature of what we may call classic boots, mainly in the U.S. At the same time, of course, there was globally an explosive growth of sneakers in the classic segment. The two things together combined, really had an impact on our business. As you can see, it's clear that the cyclical nature of the growth of this business had its peak right before Boston, and then it started to decline. It started to soften and slow down and all that. The diversification of Timberland's strategy and product started actually much earlier than that. It started a few years earlier, mainly in Europe, and now is actually progressing well globally.
Probably that diversification was not strong enough to create more opportunities for faster growth into the last 3 years. At the same time, we see now a little bit of the story of the last 3 years of that global diversification is progressing well. We saw a few pillars and categories of our business coming strong. The PRO business, which is part of our brand architecture, has been growing into the double digits in the last 3 years. Women's footwear is coming along, and apparel actually has started to be not only stronger but more globally adopted. We're really confident that these 3 pillars will be consistently driving growth into the brand while we're stabilizing and regrowing the more classic side of the business. Diversification is not only a defensive move. I think I would like to make that clear from the beginning.
Diversification is also a very important angle of significant upside. We've been looking at this chart before. I think the message here is really that through diversification, with the new global brand architecture and the segmentation of the marketplace, we truly believe Timberland can be an outdoor-inspired lifestyle, speaking to a much broader audience through several occasions and usages. This is really what I want to pause one second and from now on, speak about the future. The intense work of reset the strategy and the foundation of the brand has really involved all the brand aspects and mainly three pillars. I want to make sure that you understand that we went deep into the organizations. A lot of leadership changes, a lot of skills shifting, and we wanted to make sure also that this brand was set up in a global way.
Now we have global product hubs, design, product development happening in several regions, addressing the line globally. At the same time, very important, we knew we had to bring back energy into the product engine. This kind of creative vision, which is a strategic tool that basically help us understand the future aesthetic and the design principle of the brand, including the visual brand language and the consumer journey. The creative vision of Timberland came through the result of this combination of passion for the nature, the heritage of the outdoor, but also the energy of fashion. Nine months ago, we appointed Christopher Raeburn as creative director. It's the first time in the brand. Christopher is a British award-winning designer who's famous for a very specific ethos into responsible design, and his ethos is really about recycle, renew, and reduce.
His approach to design and aesthetics is very much in sync with what Timberland is defining for its own future. DNA and global brand architecture on one side, better definition of the consumer target and segmentation into the marketplace, and at the same time, responsible innovation, really, through design and still that sense of community and community service that is with the brand since the beginning. When we talk about the product, more specifically, it's clear now that we can focus on our consumer with clarity and a much clearer segmentation.
We want to elevate design, bring to life this passion for nature, energy of fashion, creative vision, and above all, the responsible innovation at the center of the brand, making sure that, in the product, in the asset, in the storytelling, the future aesthetic expressions also deliver a message that will be relevant for our next generations of consumers. We're really trying now to bring all together into basically the brand proposition and expression. Hopefully that's what you have seen a little bit in the gallery. That's what you've seen out there beginning now when the new campaign is going live this month, and I'll mention around that. Also, giving the proper importance to purpose. Purpose, as we've heard, across the V.F. enterprise and the single brands, it is an important definition for brands.
I believe Timberland somehow has always had this purpose in its heritage and DNA. Now we're becoming more specific and we're becoming more explicit, in how we turn this heritage and passion for the outdoors, really into our purpose and trying to support and create movements around this. We have the history, the credibility to do so at Timberland. I would like to play a video, explain a little bit, through the narrative, what it means.
We're using our heritage in the woods to help conquer the urban landscape. We're calling on those who lace up their boots every day because hard work and hustle get you where you need to go. Those who won't take no for an answer, those who care about the world we live in, those who are willing to do something to make it better, because there is strength in numbers, in momentum, in being the voice for many. Today, we step outside, all of us. Working together to build our world. To get our hands dirty because we only have one home. Its ability to give is finite, and we all need to tread lightly. Our heritage of hard work and global community can make a big difference to make it better. We inspire and equip the world to step outside, work together, and make it better.
This is Timberland purpose. I think the good news is not only that we believe the power of it, but the macro trends are on our side. The cultural shift and the new generations are much more focused on brands that are making a stand, that are saying something, that are kind of expected to do so. This gives us the confidence now, really, that we can build everything that we described before, the new GBA, the new DNA of the brand through segmentation, through new aesthetics and modern design, also kind of like a brand around the purpose and how we call, through the purpose, a stronger consumer engagement, advocacy, loyalty. Having said that, if this new strategic frame is sound and simple and clear, we need to execute it into the business.
I would like to spend a little time now talking through the key drivers of our business. These key drivers haven't changed much since Boston, we're still confident to drive our growth through a few key actions. Let me maybe just go through each of those and unpack it a little bit for you guys. The first one is really diversified products. We all know ultimately, consumer engage on emotional side, but on the other side, they buy products. They engage on aesthetics or on innovation or performance through the lens of products. For me, what is important here is just to make sure that what we have seen at the beginning, the category expansion, the category relevance, is clear through our brand architecture. Men's and women's footwear is driving the brand, apparel, increasing the relevance, and work.
How Timberland approaches workwear and the vision of this premium quality, innovative product through that lens of the brand is really important. We can drive growth across several categories. We can speak in a purposeful, hopefully with modern aesthetics to new generations and broader audiences. If we go through the specifics, of course, we start from the men's footwear. Men's footwear has been probably the most challenged category in our business in the last few years. There's no doubt about that. At the same time, winning here is crucial, and we have a lot of intense reshaping and redefinition of the way we design through men's category. First of all, we're moving from a generic consumer target, as you see, the outdoor lifestyler, to very specific consumer target and lifestyle.
You see this in the other categories as well, the outdoor, the casual and contemporary, and the youth culture. Then you got pro as the fourth pillar. These three consumer targets will allow us to design into it and then hopefully be much more effective into the segmentation in the marketplace. This new approach to really shift from a broader generic into specific segments and style preferences, I think cannot leave behind the iconicity of the brand. You see new styles in these images. Don't forget that actually there are four strong icons in the New Icon, in the outdoor, in the Boat Shoe, and the Handsewn in casual contemporary, and of course, in the Yellow Boot in what we call youth culture.
It's also how we're going to address icon creation and lifecycle management of those icons, and a little bit new iterations of those icons through modern design, is going to represent a much more, I think, effective opportunity for our men's footwear and our best platforms to work much harder than in the last few years. At the same time, the good news is that the women's footwear is growing. Men's footwear is today more than half the business of the total brand, over $1 billion in dollar value. Women's footwear is important as well. 16% of the total, more than $300 million. It is already relevant, and it speaks to her by, I would say, the right interpretation of the brand's foundational aesthetics, but also in a more feminine way. You see, of course, the boot category.
You see, of course, the performance, waterproof styles, expanding more into sneakers, into contemporary styles in summer season. Trying to be relevant across more occasions and also across the seasons. Of course, through design, again, what we just said, speaking to new generations. That's clear and even more through the apparel. Apparel is probably the category with a little stronger momentum. Together with accessories today, it's around half a billion, more than half a billion in business and 28% of the total share. I think what is really important is that the intensity of design and the clarity of the segmentation through the lens of apparel, probably you got the chance to see in some of the styles there in the gallery, are very visible already today in the market. The pipeline for footwear, it takes a little bit longer.
Some of the aesthetics that, of course, you see in the gallery are Fall/Winter 2020 season, and some of the drops are already coming now from Fall 2019 and Spring 2020. We know it. We said it. It's a story of reshaping and a little bit revamping the product engine and the aesthetics. Apparel is very consistent. You finally see these looks, tip to toe, and of course, leading with outerwear is an important space. We saw outerwear is an adjacency that we truly believe as a company, and of course, in the Timberland brand even more. Even more for the winter and the outdoor heritage that the brand brings with it. One step on the side of all this is the Earthkeepers. We discussed around eco innovation, sustainable design, responsible design. I'm wearing the shoe.
This shoe, the EK+, is the first drop, is built on the outsole called Brooklyn, which is already existing in the brand. Of course, it's a little bit of on the edge of everyday life, casual contemporary into sneakers. At the same time, the upper is 100% recyclable and the outsole isBecome 100 in the next iterations. What is important is Earthkeepers platform. It goes through footwear, into apparel, into accessories. It's directly created and designed by Raeburn. For us, is the way to speak to the younger generations of consumers that are really sensitive to what are the contents behind aesthetics. Hopefully marrying purpose of design and sustainability at pinnacle expression, this is the Earthkeepers relaunch, and we truly believe this brand platform will give Timberland even a stronger leadership in what we call eco-innovation. As I said, the fourth pillar is PRO.
PRO has been growing double digits in the last three years, and we expect that growth to be very consistent. I think it's a very successful approach to workwear through, as I said, innovation and premium quality. The product always carries very unique features and footwear, men's footwear, who's been driving this business, is now expanding into very successfully into women's footwear. Because in workwear, it's now becoming more and more important that kind of like sneaker styles or more different shapes, lighter shapes, and that makes the women's footwear success probably even bigger opportunity. At the same time, the proposition in apparel is there. It's been re-energized. Timberland PRO, through innovation and quality and unique functionality and specific features, can really drive, again, a pinnacle expression into core segment of the brand architecture.
Just to visualize this, before we try to bring it together into marketplace, I think it's important of not losing the outdoor, developing the casual contemporary leg. That's always been very strong through icons. Celebrate youth culture and the new generations, also through purposeful and responsible design, and expand into the workwear that has been part of the brand at the beginning, with innovation and across the genders. How all this comes together in the marketplace is definitely important, and we have two very important initiatives right now, is Digital First, as a mindset, as a content. Everything we're doing around also the sustainable commitments that we want to really focus on has to be communicated, and digital is the best opportunity to do so. At the same time, timberland.com has to become our main flagship and really deliver this experience status of the brand.
We're trying to bring it to life in physical stores. Physical stores are important. We need to elevate the experience, the productivity. We develop a series of elements in the toolkit that will make, hopefully, that experience different, celebrating both the iconicity, the brand, but also the commitment to communities and how we interact with communities around the stores and the cities where we open. Asia as a region is important. Of course, China has grown faster than many other places in the last few years, around 30%. Greater China is expected to drive faster growth than other countries or regions. We're really truly aiming to leverage our Asian platform and to really focus through the digital mindset first and creation of our icons into Asian. The diversification of products in this region has started later.
That's also a very important opportunity, looking at how EMEA Region grew into volume and successful through diversification. That has to happen still, and it's beginning now in the Asia Region. Last but not least, how we bring really to life this purposeful approach. I think I want to mention here just two things that never happened before. We launched the new campaign, Nature Needs Heroes, a few weeks ago. Of course, it's going to be much stronger through the month of October and November. Women's Wear Daily, which WWD, is an important authority in how they look at brands and businesses. They came out a week ago, and kind of like giving a sense of what the best Fall 2019 campaigns. Number one, Timberland Nature Needs Heroes. This is a recognition that the brand never had before.
It, to me, just gives us a sense that what I said before, the passion for nature, but the energy of fashion, are beginning to work and are beginning to work in our first campaign platform. We're going to stay consistent into that through several seasons and of course, featuring products and those heroes. Those heroes are the ones that I would like to just play a video and talk a little bit more about. Thanks. We have a video? Yeah.
We are the ones who believe in change, who think that doing nothing is not an option, and doing something is not enough. We are the ones who want society to change because we don't want nature to change.
John and I created Freight Farms to empower local food production through design and innovation.
As long as you're doing something positive that can contribute, you can definitely change the world. We challenge you to be a hero to nature. Do something for the environment in your city and share it on Instagram.
Use cans, plastics, or other items you might usually throw away to create new objects.
What are you capable of?
It's a silent room. I think you're seeing a different brand. I hope these are real people, really committed to do something for the outdoor, the nature, and the new generation. At the same time, through that, I hope you saw different aesthetics, different products, a little bit of a different look and feel of this brand, and how the modernity of the brand can now become relevant in a different way. When you bring it all together in the numbers, of course, we're going to spend a few minutes here. We're still kind of cautious, but we see sequential acceleration. This is for us, a better ambition than what we delivered in the last three years. We have definitely much more confidence, and this is our commitment. At the same time, I think we all have much higher aspirations than this.
When we unpack it through the lens of region, channels, and mix, I think it's a pretty stable mix when you look at through the regions. Asia is growing a bit faster, as we said, but not to kind of distort the picture over the years. It's a very consistent growth, and it's a pretty stable mix to give us the confidence that we can actually deliver and protect our upsides across the regions. At the same time, channels are mostly digital driven, as we said. Digital will grow double digit and will take more and more of the content of the narrative of the brand. We don't want to leave stores behind. We want to focus a lot on productivity and experience.
The store count will not grow much, actually it's pretty flat-ish, but hopefully the experience and the impact of those stores in the consumer journey will be much stronger and much better than what it's been in the last few years. Last, back to the categories. We said it when we went through. As you see, they're all growing. They're all coming back to contribute to the overall brand experience. At the same time, of course, apparel in women will grow a bit faster, not to change much the mix that we have today. It's a balanced mix. It's driven by diversification. Diversification happens inside all the categories. I'll pause one sec. I hope, and I just want to make sure that I gave you a sense of this intense work of reshaping and reset that we went through the last 18 months.
Now we're in full execution. Execution means that consumers will be interacting with this messaging and storytelling from now, mostly with the content. The product will start to flow from spring 2020 and mostly fall 2020. At the same time, we wanted through the Raeburn work and creative direction, started to drop some innovation in the most pinnacle expression of the brand, as fast as we could. Everything will come together through, as we said, the definition of elevating design, a new brand architecture, the segmentation for the consumer target, digital first, and how we really activate this marketplace through purpose. Purpose, I think, to generate a much stronger loyalty advocacy from our consumers. I think we're now strategy ready. I think we have stronger assets coming through, products and storytelling. The purpose sync very well with the new generations of consumers.
We're confident, I think, that Timberland will generate that sequential acceleration that we all want and believe. Thanks for your time.
Welcome to the stage Global Brand President, Dickies, Denny Bruce.
Hello, everyone. My name is Denny Bruce, the Global Brand President for Dickies, as of about 85 days ago. Today's presentation is very relevant to me. A few months ago, I had to do my own due diligence and walk through the opportunity that was presented to me. The opportunity in front of us is fantastic. We'll screw up every now and then. First, I'd like to share a little bit about my background. I started my career in sales and then had an opportunity to join Vans post the VF acquisition. These years at Vans were foundational to my career, as I learned the core tenets of building a lifestyle consumer-centric brand, and I understood the playbook of how to recreate that. I took that playbook to my next two opportunities.
The first, a headphone brand, Skullcandy, rooted in action sports. We brought lifestyle and color to an industry content with selling black and white earbuds. I left Skullcandy with three members of the management team to take an opportunity to run the business in the barbecue grilling industry, Traeger Pellet Grills. Taking the same core tenets learned in building a lifestyle brand, we completely disrupted an industry growing at plus or minus 2%. In our first four years, we achieved a 61% CAGR and accolades as the fastest growing brand in the space. Exactly two years ago today, we had a $1 billion recapitalization of the business, returning a double-digit IRR to our investment partners. This all brings me to today. The same dynamics that made the last two opportunities so fruitful for me exist today at Dickies. This is a playbook that the VF team knows.
This is a playbook that I know. VF is helping marshal the resources and helping me build a team to deliver growth both here in the U.S. and globally. Before I walk you through the business, I'd like to share a brief timeline about the deep and storied brand history. It all started in 1922. A family-owned, value-driven, core workwear line. Manufacturers, even. Throughout the time, unique subcultures have appropriated our brand. There was the bright fashion movement of the '80s, the West Coast hip hop movement in the '90s, and the skateboard community calling Dickies their own throughout the 2000s. All based in our simplicity in design and our rugged construction. Now, post-acquisition, Steve and Scott gave guidance towards a 4% to 6% growth rate. I'm happy to say, in our first full year, we delivered on that promise.
We've also had success realizing some of the supply chain synergies that they identified during their due diligence. We've leveraged the strength of the V.F. supply chain, and we've taken many of our international business units and brought them onto the global V.F. platform, delivering accelerated channel segment profitability and accretive shareholder growth. Let's take a brief look at our revenue. Our full year 2019 revenue was $724 million. Two-thirds of that revenue comes from here in the North American region, while the other one-third is split evenly across the MEA and the APAC region. If we were to double-click on our region and better understand what products are making up that revenue, you get a very interesting story. I would actually define our business as a successful international business, but not yet a global brand. As I walk you through the key components, obviously, work is where we're rooted.
82% of our business, done in work. Work looks very different by region. Our workwear in the U.S. today is that core value-driven workwear, price bands in the $20-$40 range. As we move over to MEA, they've expanded on that range and introduced a Dickies Pro line of apparel that brings technical outerwear, higher price bands, and new consumers into Dickies work. They've also ridden an early trend in work-inspired lifestyle. They've identified there's a unique consumer out there that identifies with the aesthetic and the timeless design of workwear, but needs a less technical garment. If we were to take that and look at APAC, they've taken that same work-inspired trend, and 100% of their revenue comes from work-inspired lifestyle apparel. If we were to take a slice by channel, you'll see this business is largely a wholesale business.
We do have reasons to believe we can expand our D2C digital platform, leveraging key learnings from the VF organization. As we've had early wins and early success, VF leaned in and challenged us to better understand who that lifestyle consumer is. They put us through their proven brand foundation process. We're just wrapping up an extensive deep dive and a 12-month process to better understand what this opportunity could look like. We now know who our consumer is, we have a better understanding of the marketplace, and we're building out a five-year channel segmentation and distribution strategy to reach this customer in unique points of distribution where they choose to shop. Why do we believe we can do this? Well, today we have a 90% aided awareness. We have brand permission to extend our consumer target. Clearly, this is an and strategy.
We'll own workwear and we'll begin to move into the adjacencies, work-inspired lifestyle, streetwear. We'll also stand up new business units and new go-to-market strategies. As I said, we've already begun to play in work-inspired, this isn't a big leap. Our independent makers share the same values as our workers. Take a look at our independent makers. They're organic farmers, musicians, painters. The best part about it is these people have found us organically. The old ownership never chose to get out of their swim lane. They only wanted to connect organically with their workwear consumer. This is the next generation of makers and shapers that have opted into the Dickies brand. Halsey, showing her multidimensional artistry on SNL, painting and singing, wearing a Dickies overall. The next generation with Brooklyn Beckham and Zoë Kravitz. Our brand has even gone over the wall with "Game of Thrones" superstar, Sophie Turner.
Authentic connections to the Dickies brand. Our job as brand builders is to fuel this spirit.
From day one, we've been a manufacturer. We made for the makers then, and we make for them now. Creating goods as hardworking and as honest as the people who wear them. The mechanics, the skaters, the carpenters, the artists, and the farmers. A diverse global community of makers. Those who summon an inner belief and know-how, who take pride and feel joy in realizing their ideas. Our community doesn't just make for the hell of it. They yearn to shape a path, their own path, and to move forward one step at a time. These makers aren't asking for inspiration or motivation. Our part of the bargain is to keep making for them and to fuel what drives them. Theirs is to make an impact. Dickies, fueling the spirit of independent makers shaping their own path.
Although we are early in our journey, our movement is also grounded in purpose. We're creating partnerships with organizations that share our same belief system. SkillsUSA is a competition of the trades that not only pulls the best out of their competitors, but it creates awareness for the trade industry and aligns back to Dickies' core values and purpose statement. We champion the dignity of work and instill confidence in the makers and shapers of our world. Now that we better understand our consumer, both our core consumer today and our outreach consumer, I'd like to walk you through our key business drivers and talk a little bit about our strategic choices. The first, through our products, elevating our brand icons.
For almost a century, we've been building the tools of the trade that enable our working-class heroes to get out of bed, get dressed, and go to work every single day and perform at their job. Our garments have become icons in the industry. You know these icons, the Dickies Overall, the Dickies Coverall, the Eisenhower Jacket, the original work shirt, and the 874 Pant, the number one selling pant of all time, the number one selling work pant of all time. These garments have not only been successful because of their durability and functionality, but their minimalist design cues are woven into the next generation. Our job as a brand is to tell these stories of these iconic products and the people who wear them. Our story's rich. It's not simply reissuing old heritage products.
As we look to expand our consumer target, we're bringing improved fit and innovation to these garments. Introducing Temp-iQ, a performance temperature-regulating technology, voted Innovation of the Year by Popular Science. Today, along with our FLEX technology, it's become a $100 million book of business in its first couple of years. When we innovate on our iconic product, the consumer buys. We care so much about innovation and believe that this is our unique point of difference, that we've just stood up a workwear innovation center in Nashville, Tennessee, that all the VF workwear brands can pull from, creating a defensible moat around our workwear business. It's not just work where we can elevate our icons. We're doing it in the fashion space as well. As we've begun to unearth the stories that our iconic products have, the fashion industry has been excited.
It allowed us to extend our range and create a new product group called Dickies 1922. It's our iconic products remixed with the best materializations possible. This allows us to extend our brand from the value channel all the way up to the best tier 0 boutiques in the world. Our second strategic choice, driving our direct-to-consumer business, leading with our own dickies.com. In Q1, our traffic to our site was up 29% year-over-year, resulting in healthy double-digit comp sales growth. D2C gives us the ability to not only build brand, but to transact in our most profitable channel. We recently launched a new digital first strategy right here in the U.S. We call it the Working Wall.
This allows us to take a trend that the designers are seeing, take it from concept, leverage the VF sourcing platform, and bring it to market quickly to create monthly fresh drops to our website, and keep our product fresh with our consumers. This does a few things. First, it creates excitement and draws our consumers back to our website monthly. Second, it allows us to test and scale. We can test materialization, design, coloration in small batches on our website. The best pieces will be commercialized through broader channels. Best scale. It's a win-win opportunity for us and our retail brick-and-mortar partners. The concept isn't new. It was actually brought to us by our partners in China. Through a great partnership with Tmall, they are crowdsourcing design in China.
Our designers are sketching things out, and in the same day, they're having access to 6 million people on the platform and getting instant feedback. They're rapidly prototyping the best designs and commercializing them in a truncated commercialization calendar. This is the new go-to-market strategy. This is what this market expects. This is our youngest, fastest, most progressive consumer, and we're beginning to meet their needs. Again, a win-win strategy where this is informing our brick-and-mortar strategy and our assortment planning, allowing us to be much more accurate with our forecasting model. Our third strategic choice, our marketplace and distribution expansion. We've identified a key unlock in each of our regions that will help drive future growth. For China, it's simple. We have 350 doors today. These are partnership model brand doors, largely located in the north region.
We believe we can double that door count by moving south and west. In the U.S., it's taking a page right out of the VF playbook. It's creating a deeper, more robust segmentation and distribution strategy. It's taking that expanded range in workwear from EMEA and introducing it in a higher segmentation and distribution channel in the U.S. It's building out what work-inspired could look like. It's putting our consumer at the forefront, delivering the right product at the right time with the right messaging story and the right channel of distribution. This is what VF is best in class at. Lastly, in Europe, it's about creating deeper, more robust partnerships with key accounts. On the workwear side, today our business is largely driven by specialty single-door retailers. We see an opportunity to add the next level of multi-door distribution.
On the lifestyle side, it's creating deeper partnerships with accounts that are able to elevate our brand, tell our brand story, and bring new lifestyle consumers into the Dickies family. This is a great example. This is Level Six in Copenhagen. They did an activation to help us launch our 1922 collection. They did a one-month pop-up and curated our iconic products in a museum-style format. Not only did they activate for a month long in Copenhagen, they scaled that activation through all of their social channels. It became a global launch for our 1922 products. What's it all mean? It means that as we roll up our five-year plan, this is a brand ripe for growth. I'm confident we'll continue to deliver on the guidance that was set by Steve and Scott, where we'll deliver our 5%-6% revenue CAGR.
We look at that revenue by region, the U.S. and EMEA region will continue to have healthy gains. We'll look to distort to Asia and accelerate that business, really driven on the backbone of that successful China business. From a channel standpoint, it'll continue to remain largely a wholesale business, again, leveraging the strength of the VF digital platform, we will look to distort the digital market. Lastly, this is clearly an and strategy. We will continue to own what we do best. We will own core workwear, we will layer in an incremental opportunity through work lifestyle apparel. The key takeaways. We have a phenomenal brand with authentic roots in core workwear. We have 90% aided awareness and brand permission to extend our consumer target. I've identified simple yet strong growth drivers, we're building out a team and a culture to win.
That's all I have. Glad I got through it. Thanks, everyone.
Please welcome back to the stage Chairman, President, and CEO, Steve Rendle.
All right. Are you tired of me yet? Best not be. All right. You've just heard from our four largest brands. I hope you share the same passion and belief that we do that behind these brands, we will drive significant growth. It's an important number that over the next five years, these four brands will deliver just a little bit more than 90% of the growth that we're committing. Heard from those key leaders, those key businesses. From my perspective, each one of them nails it. Now it's time to shift gears. What I'd like to do is introduce you to the leaders of our emerging brands. Smartwool, Icebreaker, and Napapijri. These are all brands that you know, but these are brands that we have not typically spoken about in a public forum.
We're excited to do that today. Collectively, these three brands make up about $600 million in total revenue, and they've been growing at about an 11%-12% rate the last few years. We project ahead. We have a lot of belief in these brands. Why do we have a lot of belief? Take a step back into 2000 and 2004. VF was a very different company. Made some bold moves to acquire brands that really hadn't been on their radar. The North Face. At that time, was about the same size as Icebreaker. Vans in 2004 was about the same size Napapijri is today. Fast-forward to where we are today. You see two brands that have completely reshaped who we are and have put in motion a transformation and an evolution that's reshaped who VF is. We believe that these three brands have that same breakout potential.
That's why we want to bring them forward today. As I'd mentioned earlier, there's another aspect of what these brands bring. Where we're able to identify and build new talent, and you'll see that in Jen as she talks about Smartwool. You'll see an opportunity where we can create new ideas, test, learn, and scale, and you'll hear this from Greg as he talks about Icebreaker. You'll also hear us talk about new scalable platforms that we can leverage across our enterprise, and you'll hear Andrea from Napapijri bring that to life. Let me shift gears and introduce you to Smartwool. Smartwool became part of VF in 2011 with the acquisition of Timberland. Last year, business grew 8%, achieving about $155 million in revenue. We see over the next five years that this brand will be able to grow at a low double digit.
Today, it's predominantly in North America, dominantly wholesale. We see great opportunities for this business to evolve beyond that. We see it already happening today as they've moved beyond socks and now have a really nice balance of apparel, socks, and accessories. What I'd like to do is introduce you to Jen, President of Smartwool. Jen, part of Smartwool for six years. Before she became president of the brand recently, she was the CFO. She joined V.F. as part of that acquisition, and at that point, she was CFO of the Timberland business. What makes us really proud is Jen is the first female leader of our Smartwool business. This really lays to how we're focusing on elevating our commitment to inclusion and diversity and elevating diverse level of talent. With that, I'd love to introduce you and bring Jen to the stage.
Thank you for that great introduction. I love that. Welcome, everyone. Yes, I'm Jen McLaren. I'm the Brand President of Smartwool. What I want to do is talk to you today about a small, yet mighty brand within the VF portfolio. One that's been really focused on breakout growth in our apparel category the last two to three years, growing at a clip of 20% to 30% in that category, which is really exciting. I also want to talk to you all about a bigger vision that we're working on with our sister brand, Icebreaker, in collaboration towards a movement towards natural performance materials. Before I get into that, I do want to tell you a little bit more about my background. If you saw in my bio, I definitely started out my career in the financial industry.
I also spent most of my time in the last 15 years with V.F. Brands using my financial leadership experience to really focus on the opportunities in front of these two brands that are really going to move the needle, which is exactly what we did with apparel three years ago. We started to change the way we're investing against the business to move beyond socks. It's absolutely working, which is really exciting. I also want to share with you why I'm so excited about being with V.F. today and being the leader of this amazing brand in Smartwool. Becoming purpose-led is really important. From my view, the work that I've seen with both Timberland and Smartwool. You see it with the other brands here today, we do a lot of things right because it's the right thing to do for the people and the planet.
Now the beauty of all this is that consumers care. They really care, and they're rewarding the brands the most that are leading on the biggest issues of our time. Which leads me to this movement that we're working on creating together with Icebreaker. Create a movement towards natural performance apparel because it's better for the environment. The best part about this is, and it's quite shocking, and you probably have asked this question already, we're two competitor brands coming together to work on a bigger idea. How does this work? Go to the next slide. Why these two brands are working together to build a movement towards natural materials? Well, it starts with why we were founded to begin with and the material that we use in merino wool. We call this a miracle fiber. One, because it's natural and it's 100% biodegradable.
Two, it's performance. It has great performance elements. It's anti-odor. It has thermal regulation properties that keeps you comfortable in the outdoors longer. At the same time, we have a very different position as brands. I'll get to that in just a moment. What we're trying to do with this bigger idea is really leverage our resources together, Smartwool and Icebreaker, as well as leverage the resources of VF to do two things. One is to bring broader awareness to our consumers on why natural apparel is better. The second piece is to enlighten our consumers to the solutions we bring. When we've looked at the market today on where natural performance apparel sits, Icebreaker and Smartwool make up 90% of that market. VF owns this market, and we're absolutely going to create a movement towards making this a bigger category in the apparel space.
Yet at the same time, you see from the images here, that we're very differentiated as brands. It really goes back to the story of why these two brands were founded to begin with. You see here on Icebreaker, it's very lifestyle driven. It's inspired by nature. Yet Smartwool is performance driven and it's really all about playing in nature. I'm going to talk to you about the story about why Smartwool was founded. Greg absolutely is going to tell you about Icebreaker and the move to natural story that they have, which is so compelling. Talking about Smartwool. Smartwool was founded by two ski instructors, Peter and Patty Duke. They were frustrated by the fact that they couldn't keep their feet warm when they're out there on the slopes.
Actually, it was founded two hours from here in the Rocky Mountains in Steamboat Springs, Colorado. They started experimenting with this miracle fiber called merino wool, and they innovated and made the best ski sock out there, completely disrupting the marketplace in the outdoor space. Quickly broadening that horizon to all outdoor performance socks, now owning number 1 market share in that category within the outdoor space, and we have for years. Now we're doing the same with apparel, which is really exciting. We're also very purpose driven, I want to tell you a little bit more about that story by showing you a video about our brand and how we bring purpose to life. If we could roll the video, please.
When we started our journey, our passion was greater than the gear we had. Now, we create comfort for those who dare to push limits. For those who dare to dream. For those who dare to play. For those who dare to follow their feet into the unknown. To us, comfort is an opportunity for greatness. For trails without an end. For nights spent under stars. For moments that define us. For a life lived outside. Comfort sharpens our focus, reinforces our intentions, and lets us perform to the highest of our abilities. We exist to bring this version of comfort to the world through every thread we knit, every sustainable practice we build, and every step we take. We exist to enable adventure for all. We exist to share all of this with everyone.
Great. I love that video. Hope you guys do, too. Inspiring. Our purpose is to bring comfort, confidence, and community to a life lived outside. Comfort and confidence is all about the products that we make, allowing you to stay comfortable and confident out in the elements longer. Community is the best part of our brand. It's why I was attracted to the brand so long ago when I was at Timberland. It's such a great community of passionate people about the outdoors and experiencing that great value of being in nature. What we want to do is share that with everyone. We want to inspire people to engage in nature. Why? Because we know in today's digital world, it's really important, and it has these great benefits of feeling healthier and happier in the outdoors.
Two, when you're engaged in nature, you're more inclined to protect nature, which is really important to our brand. How we do this is by bringing our values to life, and you've seen this consistently across the other brands as well. Our values are really important to us, and we've been living these values for a really long time. Advocacy is how we bring our purpose to life by supporting organizations like SOS Outreach and Big City Mountaineers, targeting the underserved and underprivileged communities to get them outdoors and see that value that it brings. The two differentiators for our brand are inclusivity and fun-loving. Inclusivity is such an important aspect of our brand. Our consumers tell us time and time again how approachable we are, which is different in the outdoor space. Sometimes it can feel very exclusive, like maybe you don't belong.
We're not that way. We're very inviting in. In today's day and world, with the changing demographics of society and our target consumer, we absolutely need to be inclusive, and we're leading on that front in a big way. Fun-loving. Fun is who we are. It's what we do. It's what we make. You can see this in how it shows up in our imagery here. We do a lot of smiles. We show a lot of smiles and just people having fun outdoors, which is so exciting. Our purpose and values, why we exist and how we bring this to life, this leads us to our business vision because, of course, we want to be a leader in the space. Our vision is to lead with innovation and inspire participation. Hopefully, these are common themes that you're seeing throughout our presentation here.
I want to read these words to you because I think they're really important. "Our vision is to fuel a global movement that enables the enjoyment of every second outside, built on smart, natural, zero-waste products designed to equip the adventurers and athletes within all of us." With smart and natural, again, a nod to our name, Smartwool. We were innovating with natural solutions and natural materials from day one, and we're going to continue to lead that effort. You see it in our booth out here, natural fibers meets technical performance, which is exciting. Then equip the adventurers and athletes within all of us. Again, that inclusivity and fun-loving aspect of our brand coming to life there. How does this show up with product? Obviously, we sell products at the end of the day. That's what we do.
This is our sock category here in these visuals. You see these. We're really using design and innovation to show off the performance and the technical features of our socks. We're always going to lead with innovation. I talked to you about how we do have number one market share. There's a lot of fast followers. We always need to be at the pinnacle end of that, and we are. We collaborate with athletes. We have a collaboration with Mikaela Shiffrin this fall, the Olympian, and that's really exciting to see that come to life. We also collaborate with artists, and so bringing in that fun-loving aspect of our brand. We actually have one-of-a-kind technology allowing us to print on merino wool socks that brings in new design into this category. Always leading here.
While socks are our core though, apparel is how we scale this business. Apparel, as I mentioned, is our breakout category, 20%-30% growth the last three years. Again, we have number one market share in our U.S. outdoor market for base layer. We've already broken through the last few years. Just as we disrupted the sock category, we want to continue to disrupt the performance base layer category. Now launching 3D Intraknit collection, first of its kind. The Intraknit collection that you see in the gallery, it's all about bringing three main benefits to our consumer, body map ventilation, performance fit articulation, and improved durability. What that allows it to do is to move with your body like a custom fit garment.
This campaign that we have running right now, it's launching in just a couple of weeks, is all around it feels like nothing, and that means everything. What this new opportunity has done is allowed us to open up doors to distribution in Europe, where we don't have apparel today, where they mainly carry socks, but also within the U.S. business where we have a great apparel business, creating a halo for the entire apparel category. I also forgot to mention that one part of our vision is also to disrupt beyond the outdoor category, to go after the sports performance apparel category.
This new technology is going to allow us to do just that because it allows us to really use this 3D knit technology and get really precise on how we deliver product that's not just for the outdoors, but also for the likes of the sports performance apparel market. Really help us to get beyond outdoors. I invite you guys to the gallery. I'm happy to show you firsthand how we're leading with innovation with that product. Thank you for the time to tell our story. We're really excited to use our heritage and innovation and community to fuel this movement in collaboration with Icebreaker towards this natural performance material platform and really allow us to scale both of our businesses. I'll leave you with our tagline, "Go far. Feel good." Thank you for the time.
Again. All right. Let's shift gears to Icebreaker. As you know, Icebreaker was that first purpose-led acquisition V.F. were able to achieve. It was really Icebreaker's deep commitment to sustainability in combating climate change what drew us in to being so interested offer. We're very excited about how Smartwool and Icebreaker can complement one. When we looked at the opportunity, but we saw our two brands come from a very similar place, but have a very different approach and a different set of consumers that they're speaking to, and we saw an opportunity to really stretch this commitment to sustainability, fighting climate change through natural performance fibers. Last year, Icebreaker, on a pro forma basis, grew 12%, achieving $175 million. We see that same growth rate projecting over the next five years.
We look to the opportunities that Icebreaker and Smartwool have together to disrupt this marketplace. Excited to be able to invest behind this idea. Collectively, these two brands rise about $325 million worth of merino-based business. That's new business for us. That's a new growth trajectory, and it's a new textile that we can think about using across our enterprise. Icebreaker's about 80% of their revenue comes from outside the U.S. They have a much larger D2C presence, and they're primarily anchored in apparel. We look to the future.
The strong point that Icebreaker has around natural-based performance materials, deep commitment to sustainability, and a passion around elevating the awareness and the means to combat climate change is a significant point of difference that applies to Icebreaker. It also applies to the broader VF, and we are excited to see the impact that Icebreaker will have on all of us in the coming years. Very excited to introduce you to Greg Smith, our Global Brand President for Icebreaker.
Nothing I can see but you when you dance, dance. A good creeping up on you, just dance, dance. All those things I shouldn't do, you dance, dance. Ain't nobody leaving soon, keep dancing. I gotta tell the truth. Just dance, dance
Just thrilled to be introducing Icebreaker with no microphone. All right, we're back. Okay. I wanted to start with our most recent history because the last 18 months have been a heck of a ride. I'll take you back to about this time two years ago when I first met Steve, Scott, and the senior team from VF. I've been in the CEO's role, the brand president's role for six weeks. My first task was to sell the company. That was a good challenge. We'd met with some of the biggest businesses in the world that were really interested in what we had to offer.
It was that night in New York that really stood out for me because we'd sat down, and we did our presentation, and it all went to plan, all went perfectly, and later on, we got the opportunity to have dinner with the VF team, and Steve started talking about the purpose-led journey that he wanted to take VF on. It was at that moment that I just thought, "Wow, we're about to become a VF brand." As it turned out, we did, and I couldn't be more happy. John asked me at the booth this morning, "What's it like working with VF?" I can tell you it's, like I said, it's been a ride. VF's got incredible platforms, and you've heard from some of the other brands, the way in which they structure processes, systems, ways of working.
In my job, those are important, incredibly important. They can help you scale to a place that Icebreaker hasn't achieved yet. What's really the big driver for V.F. and the big difference for a brand that started out on the other side of the world, is that I get to hang out with people like the guys you've heard talking today. These people are amazing. They've done what we want to do. Super important, because when you're on your own as a brand, it's really difficult to get access to the information that's going to help fuel your growth path.
When we heard that The North Face started off the same size as us when they were acquired, where they are today, and the same with Vans, that gives you an incredible amount of confidence in the role that I have that we can take Icebreaker to that place over the next. We'd like to do it a bit quicker than those guys did it, just so you know, but we've got them. They didn't have them. We're a bit ahead of the curve. Let's try and better understand Icebreaker. Take a look at our purpose. Driven by a belief that nature has the answer, we provide natural performing apparel alternatives to plastic-based apparel to create a healthier and more sustainable future for our species and the planet. What does that all mean? We think nature has the answer.
Nature's our hero. It always has been right from the start. What does purpose mean to me? Well, purpose for me, when I think about it every day, is about doing something that you're good at. Doing something that makes a difference in the world. That's why our purpose is so important. When I get up in the morning, I think about the future that we have ahead, and I think about the role that Icebreaker has to play. It's way broader than selling stuff. More important than that. I want to give you an opportunity to watch a short film that'll give you a better understanding of who Icebreaker is as a brand, and it will highlight a partnership that we have with our growers that I'm immensely proud of.
I've always said to keep it simple. Don't complicate yourself. Just do the simple things. Do them well.
As long as I can remember, we were always sort of involved in the business and knew what was going on and what was happening. We were out working on the farm or mustering with dad from a very young age. You just pick up things, I think, throughout your whole life that it's almost, they can't be taught.
There was a merino conference in Queenstown, and Linda went, and she came away and said she'd met this nice young fellow with a suitcase and said did she wanted me to meet him. She said no. We had a bit of a chat afterwards, and I said, "Oh, he's a bloody dreamer. That was a waste of time.
Really, we're just pretty ordinary people, just doing our job. This is just the lifestyle we live. This is just what we do.
Like Jim, I love that film. It really talks to how the brand originated. Just to clarify, Jeremy's our founder. Was. Robert and Kate, they're part of our Growers' Club. Now, these are 55 families who work for us, sell us our fiber. Give them 10-year contracts to give them surety on their business. Proud of it. It's something that talks to our values, and values are important for a brand because values are what brings engagement to a company and purpose to life. We look at our values, authenticity. That's the real story. There's a lot of fake news out there about brands and marketing campaigns that help you to believe that they're a certain way. Well, this is who we've always been and who we are.
I think about progress and adaptability, I think about Jeremy starting out 24 years ago, starting a category. He actually created the merino apparel category. It didn't exist. Do that from New Zealand? I think that's pretty progressive. Adaptability, if we look at this. Icebreaker was, 10 years ago, a wholesale-only company. Over the last 10 years, though, we've changed. We're now 33% direct to consumer, and that's important. Not for the margin. Consumer, for us to own that relationship and that conversation of the experience. We'll be growing from 33% to 45% over the next four. Individuality and consciousness. To best explain this, I want to read you an email that landed in my inbox last week from one of our new starters.
We're still a relatively small company, so every time someone new comes to our business, we ask them to send out an email which describes why they joined Icebreaker. Let me read this. "I was becoming conflicted designing for companies that generally don't want to have any kind of conversation about the environment or the impact we're having on it. About a year ago, I began saving and planning to move to New Zealand, capital of the outdoors, to figure out what to do next, get a bit of fresh air away from smelly London, and do something which better aligned with my values. Joining Icebreaker means a lot to me as a designer because I now have hope that I can contribute to a progressive action within the industry, as well as find other people who are like-minded and positive about challenging issues.
At the same time, I get to be part of making great product that celebrates people, culture, and the environment we live in." That's from Rosalind. She's our new product designer, obviously from London. I thought as I was getting ready for this presentation, thanks, Rosalind. You just gave me the best speech ever because you said it a lot better than I could ever have done. Our values are important because they link to customer choices. We think about those choices, that brings me to global forces of change. Steve mentioned that there was a climate strike last month. My daughter was in that. The whole of New Zealand, my daughter's 10 years old. She came home, she's like, "Dad, I'm striking." "What do you mean?" She's like, "I'm going out on strike.
I'm not going to school." This was all endorsed by the government of New Zealand. Okay, cool. Totally in line with me. I just didn't know at 10 that this is what our kids are learning. I think it's incredible. You guys probably saw Greta Thursday night hit the bullseye at the climate conference. Wow. Regardless of what you think, that's the future talking right there. What else? New York, Hawaii, California this year banning single-use plastic bags. Why? Because it's the right thing to do. That aligns perfectly with who Icebreaker is as a brand. We partnered with Ben Lecomte. This guy here. Ben's a swimmer. He for 8 hours a day for 80 days from Hawaii to San Francisco through the Great Pacific Garbage Patch. He did that to highlight microplastics in the ocean.
We think that's important because it actually talks to another part, which is microfibers. Those types of partnerships, along with Made Different radical transparency report that we released last year, trying to open the doors to our business to show everyone what it is that we did, how we do it. There's a couple of world firsts with Made Different. We went through our whole entire materiality, every single piece of our garment. We worked out that we were 84% natural. We also published the addresses of all of our suppliers, our partners. At the time, even within the organization, people thought, "That's a risk. You might be losing some sort of competitive advantage." Millennials and Gen Z, they want to know how you're doing and why. It was worth it.
What's it all mean for Icebreaker and V.F. and Smartwool now? Well, ask you another question. Why did Amazon buy Whole Foods for $13 billion? Data. Data was telling them that's where the customer was going. Seven times growth rate greater than organic foods. Place to be. Similar trends in personal care with organic skincare versus non-organic. We believe apparel's next. Brings me to our vision. Our vision's nothing new. It's actually what we've always done. We've got one very big important difference, and that happened 18 months ago. We've got V.F. behind us. Quite frankly, we've been telling this story for a long time. When you've got the scale that V.F. can bring and the support, then Icebreaker's vision, combined with what Smartwool wants to do as well, and you've got a powerful proposition. When V.F. moves, the industry notices.
This is it, move to natural. It's more than a statement. It's a choice that we make when we live our lives, things that we surround ourselves with. Two weeks ago, Jen and I traveled the world. We went to six countries in about 10 days. Talked to some of the biggest retailers in the world, just the ones that we specifically chose, who we wanted to help us tell this story. REI said, "This is truly progressive." Zalando, who's one of the biggest digital players in Europe, said, "This will move faster than anyone can ever imagine." By their thinking about natural performance. How does Icebreaker connect with consumers? Two ways, two categories.
Through our natural performance range, enabling people to stay healthy and active and connected with nature. Also through our natural living range, which is kind of our more proposition, which was what you see in our booth today and what I'm wearing. That exposes us to a bigger consumer our outdoor channel. With this in mind, we thought it was time to challenge ourselves. That's why we're going to be plastics free by 2020. Here's how it will go. We use ultra-fine, ethically sourced, sustainable, traceable fiber, made with the best factories in the world with the highest standards to give you the best quality. We'll sell it to a consumer that thinks differently and is more progressive and makes about consumption less.
They'll wear it, use it, maybe repair it, then we'll put it back into the earth because it's biodegradable and it composts in 60 days. That's the future of apparel. Be on the right side of the future. Icebreaker.
All right. Greg, thank you. Jen, thank you. I think what you just saw was just a fantastic example of the power of and. Put vision around purpose, think with business objectives. What we have here is an extremely disruptive idea that can drive accelerated profitable growth. We have a deep commitment to what we think natural performance fibers means, not only to these two brands, but what it means to this portfolio. Let's shift gears and talk about Napapijri, another one of our emerging great brands. Napa has been part of VF since 2004. Together VF and the leadership team has built a $260 million business that last year grew low double digits. Coming years, we see the brand getting to growing high single digits. Quite honestly, I think when you hear Andrea speak, this brand has even greater potential. Today, it's predominantly a brand in Europe.
It has a strong presence direct to consumer, both owned and partnership stores. It's predominantly apparel. Something unique about this brand is it's always been a brand that's pushed the edges for VF. It wasn't that many years ago. Forward put an idea in front of us about striking a partnership with BMW's Designworks. This is a side piece of BMW, where they allow designers, leaders to move and really expand and try new ideas. Places where businesses like us can partner with some of that great information that they have around building brands, great clarity around who they are, driven by who their consumer is, and then apply it through brand positioning. Napapijri tested this idea.
From that, we've now scaled that across our platform, and all of our brands have taken part in the exercise, and you heard each one of our leaders talk about it this morning, how important this is in helping us create a greater understanding of who our brands are, what they stand for, and how to position them. The other aspect that is out of this BMW Designworks effort is a clarity around who Napa is, what it stands for. You'll hear this come from Andrea today. They are deeply committed to design. I hope you take this away when you hear Andrea speak. Deeply committed to innovation and deeply committed to using innovation to drive a more sustainable. Very excited to ask Andrea Canclini, the president of our Napapijri business, to come.
My turn. Hello, everybody. Steve, thanks very much for your introduction. I really don't know what to add. What I want to underline more than add is that this is a great brand. It's a great brand, and maybe not all of you have been so familiar with this brand because we are mostly operating in Europe. For that reason, I want to have a whole little at glance picture in order to say that this great brand has also great momentum. We see the brand growing in the last three years double digit constant. We see the brand also through our collaboration with one of the most prominent designers, Martine Rose, really driving fame, buzz, and relevance across the market.
We see also that our long commitment on sustainability is starting to really paying off, and the recognition in the industry give us the award about the most sustainable jacket, animal-free, from last year. Last but not least, one of the reason also why we are so successful is because we have a privilege to carry an icon, which has been there since the first day, since the brand was born, more than 30 years ago in Italy, which is the anorak. Anorak is our own territory, is what make us distinctive against the other brand, and is where we always start a conversation with our consumer. Steve said, how came that we have this momentum right now? How came that we have so future positive when we think about tomorrow?
It came from a very deep work that we have done some years ago, starting collaborating with BMW, and really understand how this automobile industry is really building and evolving through the icon elements of design. It was really very interesting for us to learn how this mechanic works. We learn a lot, and we apply that method in the way how we think, in the way how we design, in the way how we go to market, in the way also how we build the story to tell. Eventually, as an outcome of this great collaboration, we build new assets. Tools. One of these was the creative vision, which was really giving us the opportunity to have a guardrail and identify strongly the characteristic, the brand characters of the brand, and be consistent in the way how we are developing across the season and the years.
Not only visual brand language. To be a little bit more sharp in the way your aesthetics communicate with the consumer. Doing that, we have been even able to be more sharp in the way how we develop our collection. Complexity reduced because we move from design for beauty into design with purpose, fundamentally different approach. Last but not least, also the speed to market. We became more agile and more fast to market. This great exercise was giving even more notion to us in order to build something which was really the foundation for thinking about us brightly for future. The notion of design, sustainability, and innovation as an intersection in order to engage with the consumer with emotion, it's everything about NAPA. That's the way we do and how we do. Many brands are keen on design.
Many brands are keen in design and innovation, but few are keen in innovation and sustainability together at once. We are one of these few. This is the future. I want to give you an example about how the manifestation of design, sustainability, and innovation comes. It's our latest product, which by the way, I invite all of you to come over with us and enjoy the quality of the product, and it's called Infinity Jacket or Infinity. This example of a great work come from We heard before from Icebreaker, [Marvel], that nature is fundamental, and absolutely, we totally agree with that. What we do and how we deal with the waste. That's too much. The plastic, but not only. We, through this eye and lens of design, sustainability, and innovation, want to be part of a solution. What if the waste comes?
What if we take the approach and from a problem, we move into an opportunity? That was our thinking a couple of years ago when we start to think about that. Being part of a solution, thinking about the waste, and take the waste as an opportunity to generate something completely new. That's the way how we think about the future. That's the way why we are future positive. That's the way we want to pioneer the future. What we invent from scratch is something which never existed before. We took waste from the ocean, actually. We transform this nylon 6 into a material that becomes the unique material to create a jacket. When I say a jacket, I see a jacket with mono From the shell material, lining, padding, zip, labeling.
In a jacket, there are about 20 different materials, and believe me, it has been really intense work to make this possible because the reason why nylon 6 is better than polyester is because while you are recycling that, the quality remain intact. It's not downgrading. Remain forever the same. It's a great opportunity. Building the jacket or that platform, we thought, okay, that's not enough.
We want to do is also building a program, a take back program, which allow consumer to give back the product and us to recycle the product, to dismantle the product 100% and create again a polymer, which then become a yarn, then become again a fabric, and eventually. That's why to go better with the story, better than my words, we build a movie that I like to. Well, I think much better explanation than my words. I also want to say that Infinity is not the only thing we do in order to disrupt and think further about the industry. It's one of the platform that for sure will enable our future growth, it's not the only one. We have also another platform, which we call Zenith, which is absolutely outstanding, and together with our Super Light.
These are under the umbrella of what we call Future Wear. As you can see, and as you can hear, we are very keen in thinking about what comes tomorrow and how we want and we can engage with the new consumer, which are highly demanding about our future. In a nutshell, we are more than a brand. We are the future makers.
In conclusion, I really thank our three leaders for their story, for their commitments, and I hope you're walking away from this portion of today's agenda with an understanding for why we believe these three brands have potential breakout growth. As I opened, I mentioned that these three brands collectively make up about $600 million of our revenue. Over the next five years, at or above $1 billion. The value that these brands certainly deliver are financial, but they also bring the area of talent is in scaling new platforms. With that concludes our morning. We'll break for lunch, and I think we're going to skinny down lunch because we're running a little bit long, and as you listen to the voice above, I think you'll understand.
Ladies and gentlemen, please enjoy a 45-minute lunch outside on the mountainside terrace. We will return for our program at 1:20 P.M. sharp. Once again, please join us outside on the mountainside terrace for a 45-minute lunch. We will return at 1:20 P.M. sharp. Thank you. Ladies and gentlemen, please welcome to the stage EVP and Group President, EMEA region, Martino Scabbia Guerrini.
All right. Welcome back. I'm sure you had a nice lunch. I had an Impossible Burger in the sun, now I'll try to catch my energy back for this. Very important session. I'll try to be as effective as I can. I think the video was introducing really the regional platform of Europe, Middle East, and Africa. If you missed some of the numbers on the video, this is a recap. The summary of this page for me is really about this is a very experienced, well-equipped, proven platform. It has been delivering results across many years. It manages quite a bit of complexity across brands, countries, servicing consumers across many formats and channels. Of course, trying to keep the pace of a change with what we call positive, innovative thinking. Last three years, I'm going to pause on this slide one sec.
Of course, I was on stage a few hours ago with a little bit of a different trend. The European region has delivered against the ambition, actually much better than what the Boston ambition was. I want to pause here just to mention one important thing. It's really the people. We have a strong leadership team in Europe. We have talent, skills. We try to be very innovative in shifting the organizations around based on the marketplace trends and the future strategies that we want to implement. We have talents that are capable to move across. If we look at our senior management, which means senior director and above, it's important to say that half of them work across at least two brands, and one-third of them have been living and working inside VF in two different countries or at least two different regions.
This speaks to the power of & and the power of one V.F. This is about regional platforms. They perform because they can really scale and best practices and management and choices across. The way we've been delivering is across a lot of instability. I think this slide is a nice recap of the last few years. If you look at the blue dots, that's the organic constant dollar growth of the European region across the years. If you look below, well, you see anything that we went through over the last six, seven years. We went from Grexit to Brexit, lot of recessions moments. We're pretty good in Italy and Spain to have a lot of elections and very weak governments. We unfortunately experienced a long series of events from terrorists to strikes.
The Yellow Vest protest is a symbol of turmoil and instability. They were back on last weekend. You can't imagine for how many Saturdays or weekends we had to close our stores in the center of Paris because of Yellow Vest. All this instability and volatility, of course.
The message here is really the stability, the confidence, the consistence of our results across all this. I hope you can take this as a really an important takeaway on the way we do business across this. It's not going to change, but we're not going to change. We're not going to change our few strategic choices that have been very consistent over the last few years. If you wonder what they really focus, when we think about Europe, with the size and the scale that now the region has and how they bring business to life. First of all, it's worthy to mention the headquarters. The Stabio, Switzerland, headquarters, approximately 1,100 people working across the brands, across the functions, always together.
The way we bring together the transparency and the clarity and the alignment, hopefully, of the strategies and the choices, it's very important. We have other important main offices or headquarters across Europe, in Antwerp, in Nottingham, in London, and across most of our countries, in the capitals, in Barcelona, Milan, where sales and marketing teams from all the brands actually manage the specific country's business. I would like to mention now just a few highlights over the four strategic choices that have been very consistent and will be very consistent. Digital. Digital is our own e-commerce, but more than anywhere else, probably in Europe, has been very innovative the way we've been partnering with the digital platforms. Actually, I met some of you almost three years ago, two and a half years ago, when I was invited at the Zalando Investor Day as a guest speaker.
I was on stage with David Schneider, their CEO, explaining how brands partner with technology and to a certain extent, bring to life what their aspiration is to become the most important entry point for fashion in Europe as a platform. New technology, platforms that were not even existing 10 years ago, and how strong brands partner with them. I think we've been very proactive and innovative in doing that, and we see now the consistency and the, I would say, the strength really of that kind of partnership. We're applying this learning across all those digital marketplaces. If the choice across our brands priority, the assortments, the consumer targets that they speak to, and how to maximize all that. Of course, when you talk about that, you bring that experience in your own e-commerce because digital is digital first in your own stores.
You saw in the opening slide, we have more than 1,300 mono-brand stores in Europe across all the brands. 350 we own. Approximately 1,000 are franchise or partner stores opened by our distributors. From a consumer perspective, they all carry a mono-brand signage, they all carry a mono-brand experience. That's our duty, is to make sure that experience is always the best. The productivity, the assortments, the strength of the assets are always displayed at the right time with the right flow over and over. How we elevate the full price experience in all those doors is very important. We have teams in the brands, teams across brands to support with technology and best practice to really do that. Another example of governance, effective governance, is how we manage key accounts. Strategic key accounts are really important for us.
You see the wholesale being a growth factor for Europe in the last years and will be again, is because strategic key accounts or some of them are still important partners. They're winning. Some of them going pan-European, sometimes even global, like JD. Some of them are local heroes, like El Corte Inglés in Spain. You need to be strong with them, otherwise, your business in that specific region or country, in Spain, would not be as good as it can be. How we manage those key accounts, strategic top-to-tops, the relationship with their top management, the cadence of the strategic meetings, the cadence of the operational meetings, how technologies merge to bring to life our products on their platform. Another important example on really how we activate the region through strategic choices. Last, but actually first for me, we need to be relevant.
There's a lot of relevant local design happening in Europe. Our brands are capable to design and deliver products that are relevant for the market and very capable to take the best out of our global lines and segment through the marketplace. Exclusives, collaborations, they all bring more spice into that, a key driver for consumer engagement. From a lens of unique design and engagement experience through the channels that we decided to maximize and the governance and the best practice that we put in place, I think this slide recasts pretty well the strength of the European platform. You see it in the financial numbers. Yes, our direct-to-consumer number, specific number is still less than 30%. I think there's an opportunity there because we're slightly under-penetrated versus the average of EMEA.
If we look at all these formats, digital platforms, strategic key accounts, and mono-brand stores, these formats add up to more actually than half of our business, around 60%. We still manage our brands across different formats for almost two-thirds of our business. That's important because we drive the content and the narrative and the conversation with the consumers across many different formats. Quick snapshot on our ambition to continue to grow, at more or less same pace that we've been growing and how that growth is going to happen by brand. Worthy to mention that in the last three years, you saw the performance, the double-digit CAGR. The fastest growing brand in Europe was The North Face. So probably Arne mentioned that during The North Face presentation. That's where The North Face really started to execute the perfect segmentation across the marketplace and got really strong momentum.
Vans was right next after. As you see, in the next few years, we expect those two brands to drive a lot of the growth. As much as now you know other brands, well, all other brands will contribute to the growth. The message here is, across the next three slides, is that we're not only confident of the growth, but we see a very well-diversified and we see, let's say, a non-dependence on one engine or one brand or one channel to go against our objectives. Same story. If we look at it by market, we know that U.K. is getting a little bit of a slowdown or not as strong as it used to be. It's our main market. U.K. will be still a very important market for consumers, tourism, and all that. London is actually the most important mega city in Europe.
That's what we're expecting. We're expecting U.K. to slow down a bit. We've been investing behind GAS, which is Germany, Austria, Switzerland, because we see that opportunity. GAS is more than 100 million population across those three countries. We're really confident that we're accelerating into that backbone. Of course, we have other opportunities across many countries to really develop growth. Again, very well-balanced, diversified, not dependent. Last, when we look at the channel, of course, if digital is yellow, well, yellow will get bigger because that's what I just said. It's our own commerce at the digital platforms. This is really where most of the growth will come from. It's both D2C and wholesale. At the same time, the physical wholesale will grow. That's important because the strategic accounts are delivering the growth.
At the same time, we're actually cutting tails of smaller doors that are not growing much and that are still expensive to manage. That's, I think, a sign of how the equity of our brands and the health of our business is there when you can really make your choices in terms of distribution. That's a really important component. Selective, qualitative, sustainable solution choices. I know I went fast. I just wanted to get ahead of time and after lunch, maybe keep the energy a bit up. This is it. This is a story of an important platform delivering against some of those volatility and stability that we discussed. Very consistent, very stable, strong in management. I think the strategy, as I explained, is focused, but at the same time diversified. We have many levers that we can really count on.
Again, I think what is important is really this strategic, innovative, positive thinking that the management in Europe has always put forward, has always tried to share and elevate, and as a team. That's my message on Europe. Thank you very much.
Please welcome to the stage EVP and Group President, Asia-Pacific Region, Kevin Bailey.
Welcome to Asia. I'm really excited to talk about this because I know it's been on a lot of people's minds and in the news a lot lately. Certainly not all of it's been good news. As someone who has spent the last two and a half years living in this large, vibrant, rapidly growing market, I hope to share with you why we believe this is one of our greatest strategic initiatives and one of our greatest growth opportunities. This is so well-aligned to what we want to do at VF. We think about consumer-minded, retail-centric, and hyper-digital. There is no more market more aligned with what we're trying to do than Asia. Let's dive in. We've been in the market for 25 years. five markets, five brands, 11 fulfillment centers, serving our over 3,800 brick-and-mortar doors. 3,800 doors.
Tell you why there's still an opportunity there. Let's look a little bit more. Back when we talked in Boston, we said we'd grow at 9% to 11%. We're growing at 9% right now when we look at this, but there's a little noise in this number. We've been really focused on repositioning what we're doing in Japan and treating Japan as a more aspirational market than it has been in the past. We've also exited our direct business for Vans in India. If I take those numbers out, this 9% goes to 12%. During the same period, China was 17% growth. There's some noise in that, as I said.
Let's look at the journey. So when we talked about what we were going to do in Asia 25 years ago, we talked about really how we were going to get to where we are today. The first phase of that was establishing our business. That started with a The North Face direct model as we went direct in the marketplace and added Vans. That got us to about $700 million. In the second phase of growth, we've been focused on building. We've grown during this 11%. Now, again, I'm going to unpack that for a moment. That number becomes, if I remove the Japan repurposing, that number goes to 13%. If we look at China alone, that's 15% during this period. We added two brands, Timberland and Dickies joined the family, and we really focused on the partner store opportunity.
Again, I referenced those 3,800 doors, 3,100 of which are partner doors. That's really the core growth opportunity here in this market. As we look at the next phase of growth, we're talking about scaling the market. We intend to grow here in the mid-teens rate. A real big focus on what that middle-class opportunity is, and as Steve referenced earlier, the relationship that we have with the large digital players like Tmall, part of the Alibaba family, and Jingdong and others. This is our big driver right now. Let's really look at this and double-click on digital for a minute. In that clip, you saw a few of the things we're doing in the marketplace.
When we talk about distorting Asia as one of our core strategies at V.F., when we think about the platforms, as Martino just shared with you, what the role of our V.F. platforms are. Our job is to put in place the capabilities and the tools to help the brands that spoke this morning accelerate their business in the marketplace. We've really been focused on a couple of key areas in this large mono-brand, hyper digital marketplace. It starts with brick-and-mortar door expansion. The Chinese consumer in particular, and we can't talk about Asia without talking about China as the key driver. Brick-and-mortar doors are incredibly important. To be able to connect in their hyper digital world to reality, they have to be able to walk into a brick-and-mortar door and touch the brand in a meaningful way.
You heard some of our brand leaders talk about that ability to tell the brand stories there. Really what we do there with our partner productivity and our door expansion opportunities, we see as a key part of our future growth here. The second piece of this is the e-commerce and digital acceleration. This is the end, the brick-and-mortar and the digital. Steve talked about the work we've done here in the marketplace. We are getting outsized support from the digital titans relative to our business today. We are punching above the weight class in our relationship with Alibaba and the partnership we have with the Tmall Innovation Center. We are the first apparel company who's had this depth of relationship with Tmall. Tencent with some mini apps that we've launched and really looked at what we can do here.
Now integrating that digital world and our physical brick-and-mortar stores, we've begun to do some tests, and they were visible in that video. In those stores, we're seeing a dramatic improvement in comp store sales, a significant one. What we do here is really look at how do we test, learn, and reapply those learnings as we grow. The titans are feeding us so much information to help us with that. Finally, it comes down to how do we strengthen our capabilities to make those things happen. We're focused on direct-to-consumer excellence and what we do, not just for our own brick-and-mortar, also for our partner doors and helping them be better retailers. We've built a digital innovation hub that we're strengthening with Velia's help in the Shanghai market to help us work very closely with the digital titans.
Putting in place a data and analytic center to pull not just our own business data, but also the data that's available to us from our Tmall, helps us do this in a much sharper way and learn about what we need to know about this consumer. I'm a big believer in acting locally, but thinking globally, and I think this is what really helps us do that and helps our brands grow in the marketplace. Looking at the numbers, when we think about what's going to happen, we're projecting a mid-teens growth rate over the period up to 2024. The North Face will accelerate into low double digits, while Timberland reaches high single digit growth. Dickies is going to move into the mid-teens and expand their share of the marketplace, while Vans grows at a 20% rate and also expands their share of the market.
Let's talk about those markets. From a market perspective, it's all about China. Greater China is going to grow at a high teen rate and reach over three-quarters of the overall business in Asia. Korea is a big growth driver for us and will grow in the low double digits, and we see that as a really influential market in this part of the world. Finally, that reposition, as I mentioned in Japan, is going to grow in the low single digits as we get that going again. Really important thing to note here is that in both Japan and Korea, we do not own The North Face brand. As you look at what these numbers are, The North Face is not baked into those numbers, and that's important. Finally, let's talk about channels. It's about digital, and it is.
High 20s growth when it comes to the digital place, and we're going to be a third of the business in the market will come from the digital business. Our partner doors are our key growth driver when it comes to brick-and-mortar. They'll grow in the mid double digits or the high double digits. They'll grow in the low teens as a key driver for us. Our wholesale business and our direct-to-consumer, our owned brick-and-mortar stores, will grow in the mid to high single digits respectively. Looking at a mid-teens growth rate overall for the region over this period. It really is about leveraging our 25-year history in the region in this really highly profitable platform for our business. Again, there's no region more aligned with our core strategies here.
When we think about being consumer-minded, leveraging our deep consumer insights, and strengthening our data and analytics to help us be even better at that. When we think about being retail-centric, really scaling our brick-and-mortar to the opportunities and integrating it in an omni-channel way. This is the most omni-channel consumer anywhere in the world. Finally, when it comes to being hyper-digital, the opportunity to focus on the digital titans and what we can do by working very closely with them to improve our online penetration. I'm really confident that this is the right investment opportunity as we look at what we're doing in the business to really focus in on our core driving strategies and see this as a key growth driver.
Welcome to the stage, EVP Global Supply Chain, Cameron Bailey.
Say your prayers, little one. Don't forget, my son, to include everyone. I rock you in, all men. Keep your feet frozen till the sandman, he comes.
I like the music for sure. Thank you for that. My first time presenting at Investor Day, and again, I have the distinct honor to lead the global supply chain for VF. A quick little bit of background about me. I have been in the industry about 30 years. 22 of those were with VF and a short stint outside of VF. For the next 30 minutes or so, Sean, Candy, and I will walk you through the supply chains. We will start talking about what the supply chain looks like today in VF. We will talk about our Faster Together strategy and a couple of deep dives inside of that strategy. Sean will come up and talk about the purpose-led journey that we are on within supply chain. What do we do?
We manage 20 brands globally, and we do that across a highly leveraged platform. Okay? It's complex. There's a lot going on. We'll go through some numbers, but what we end up doing is we try to work on the capabilities within that leveraged platform that will allow our brands to grow and prosper globally. A few numbers for you. This year, we'll make 400 million units annually across the entire platform. That's across 70,000 style- colors and approximately 500,000 or a little over half a million SKUs. Fairly complex. That work is accomplished by the 23,000 talented associates we have within the supply chain, along with our trusted partners. As we dive a little bit deeper into that, we operate in 48 countries of origin across almost 800 factories, and again, a large number of trusted suppliers.
400 million units comes into about $5 billion or a little over in cost of goods, again, a fairly large size of responsibility there as it relates to our brands. The chart shows you the blend, and I've had this question a couple of times this morning. We source 87% of that product in our trusted suppliers' platforms. We then make 13% of that internally. The internal production that we use today is mainly focused on workwear, as it is at our at-once business model. In 2014, that number for internal manufacturing was 30%, but as all of you know, we've gone through some divestitures, the spin-off of our jeanswear brands, and some of that was certainly produced in our internal facilities. The footprint.
Another question that's come up quite a bit already this morning and even at lunch was, what does the footprint look like? We have a fairly diversified footprint, and we do that to mitigate risk in any specific region. I'd like to call your attention to the top five countries of origin, Vietnam, China, Cambodia, Mexico, and Honduras. The arrows on the chart are showing you the directional change in volume within those countries over these last five years. If you went back five years ago in 2014, 43% of our product was made between China and Mexico, those two countries alone. Over that five-year period, the diversification of that product into the other regions as we begun to.
Another call-out on here. The other thing I want to tell you, Cambodia was not even in the top 10 at that time in. You can see now that it is number 3 on our list from a total unit volume standpoint. The other thing that everyone's asked about also is China. Certainly a lot going on within China and certainly with the U.S. trade wars there. In China, we have 17% in total. The bulk of that is our local for local production, as Kevin was just describing and everyone's talked about in our De-risk Asia strategy. Roughly 7% of that is U.S.-bound, China-made product, and our intention is to drive that percentage down even lower to 4% over the next year. We have 59 distribution centers globally.
Those 59 distribution centers, you can see them by region, and they get that product to the 170 countries in which our V.F. products are sold. Each one of those owned distribution centers also has omni-channel capabilities. Meaning, we can deliver the one piece to a door, we can certainly service our own retail, and we certainly service those wholesale partners that we have globally. That's a quick snapshot of what the supply chain looks like. Again, you'll hear this a couple of times, we manage scale and complexity, and we think that that is a competitive advantage for V.F. and the brands in the V.F. portfolio. However, there is no doubt that we know that what got us here will not get us there.
As we look at our brands and their evolution and transformation into a retail-centric and consumer-centric focus, we have to do the same thing within the supply chain. I'm going to share a couple of slides with you on our strategy on Faster Together and a deep dive or two. When we began building the Faster Together strategy, we knew that we had to think about the power of and as well. We have gotten efficiencies of scale, we have gotten leverage, but now we need to bring in that and innovation, and speed, and agility. Our aspiration is continue to strengthen those same operational disciplines that we've developed over a number of years and unlock speed, agility, and innovation while maintaining those same cost competitive advantages that we've enjoyed up to this point.
The other interesting point about the Faster Together strategy, it is not a supply chain specific strategy. I say that because our partners in the brands, in D&T, across the globe, it's everybody working together to become Faster Together. Original, right? Faster Together. Those will be end-to-end capabilities, and let's look at a slide that kind of shows this. This is a slide to depict the fact that we know that technology, automation, data, and analytics are reshaping the supply chains right now. It's moving faster than ever before.
If you looked at this and thought about the design and development through a digital product creation platform, automated demand and supply planning, moving into automation and advanced manufacturing platforms, going into those distribution centers that I'll talk about in just a moment that are continuing to become more automated, utilizing those same assets we created in the digital space to actually sell those online, in our retail stores, to our consumers. We're embracing that disruption in digital transformation. Let's talk for a moment about specifically digital product creation. Mentioned just a moment ago, these are all partnerships. Digital product creation is heavily focused on partnerships between Velia's D&T team, the supply chain, and our brand partners. At VF, we don't look at digital product creation as simply a 3D design, a virtual asset.
Our digital product creation platform is the create, make, and sell view. We look at digital design seamlessly connected to a platform or a product life cycle management system that allows us to manufacture that product. Once again, those same assets are able to be used in the digital space. We're bringing on 3D design tools, we're digitizing materials within the supply chain, and we're connecting that specifically within our manufacturing unit. We've seen a lot of benefits and efficiencies and agility within the digital product creation space. It's early stages, but again, very promising because you can imagine the amount of iterations that we're able to go through with our brand partners versus in a virtual world versus physical samples.
Iterations are happening much quicker, decisions are happening much quicker, and you can make those decisions closer to market and able to deliver with agility and speed to that consumer. To talk a moment about automation and advanced manufacturing. This is a picture of our auto-cutting for leather in our Dominican Republic facility where we make Timberland shoes. We are transforming that from the very traditional hand-cutting manual process by which we cut the uppers for those shoes that we produce in the Dominican Republic. We are also developing proprietary techniques, proprietary processes to auto-stitch those same uppers in that facility. The learnings that we're having inside of that, we are transferring that to our suppliers. The next block up here shows you that in 2017, we looked across, as the example, all of the Vans footwear suppliers.
We basically evaluated their levels of automation within their factories. They were running between 10%-15%. Through their hard efforts and their focus and their commitment to us and our brands, they are now running at 50%-55%. You can see that they are beginning to see the efficiency that they're picking up, the ability to mitigate risk and labor, and their ability to also hit speed to market we need. In advanced manufacturing, we are investing, again, in proprietary processes, proprietary equipment, and partnerships that I can't go into great detail about. What I would say is that we are looking for different paths to market today. We are talking about how do we go into mass customization in a way that is scalable, in a way that makes sense.
As we develop those processes and as we develop those techniques and equipment, we will then leverage that appropriately with our suppliers to begin to scale that across the entire platform for all of our brands. Again, speed to market, new routes, mass customization. Distribution. We talk about the last mile a lot. We talk about how do we get it to the consumers, how do we get it on the shelves quicker than ever before. You can see on the left of the slide the transformation that we've gone through from a single-node distribution network into a dual node with our East Coast DC that just stood up this year, moving to a multi-node in 2021 and beyond. That is going to drive that proximity to the consumer.
It's going to drive that proximity to our owned retail stores and again, to our wholesale partners, where we can service them in that one day that they're expecting. With respect to the DCs on the automation side, again, 2017, we opened up a distribution center in Europe, running about 40%-45% automation inside that distribution center. Our East Coast DC that we just opened up is now north of 50%, and we'll be opening up two more distribution centers, one in the U.S. and one in Europe, in 2021 that will be north of 70%. We're going to aggressively invest in automation throughout the supply chain to meet that Faster Together strategy. Two quick case studies as I transition to partnerships with our brands. For the Vans model, you heard Doug talk about his direct-to-consumer growth.
You heard him talk about the explosive chase we were in for demand, or the explosive demand we were chasing. If you looked at this chart and said on the left, 170 days was our initial lead time when we began looking at this, and that is the time that we issue a PO to the time that it was in the DC. We partnered with the team at Vans and began to aggressively manage the materials for that product, as well as the capacity to produce the product of his core iconic styles. We immediately took out 30 days in that process. We began to open up the breadth of product that we could run through that model, and you can see that we moved into about a third of his direct-to-consumer volume in those core styles.
We entered our first phase of manufacturing automation last year, 2018. This is incredibly exciting. Now we had the core product up. We insert the seasonal print and color, that same volume across those. We cut the lead time in half from 140 days to 70 days. We've got some more work to do in this next phase of automation that will allow us to get two-thirds of that direct-to-consumer volume that Doug has in his business. In the final phase, we'll be looking at nearshoring for the Americas to effectively remove all of the transit time from the Far East, meaning we will be able to go 30 days in the lead time of that product. It's an exciting example, quite honestly, of how supply chain partners with the brands to innovate those business models and support that explosive growth.
As it relates to innovation, we heard Arne talk about the FUTURELIGHT launch coming up in fall. It is fall. Coming up in the next week. Again, this is product, never-before-made raw materials, never-before methods of make, new quality standards within our supply chain, new testing criteria we had to meet. I was literally there when we were testing some of this product. The partnership between Arne's team, the supply chain, our suppliers, is unprecedented for me. The ability for us to bring that product to life in such a way that is so incredibly exciting for the consumers and already being so well-received is a real compliment to that partnership and collaboration across those three pieces. Not only are we bringing innovation, we're also doing it in that sustainable manner.
Again, continuing to bring that value that the consumers are expecting inside of our product. I'm going to transition to purpose here, and then I'm going to invite Sean to come up and speak. As I laid out the supply chain at the beginning, talked about what we're working on as strategy, the big part here is what does that scope look like when we think about purpose and the betterment of people and planet? We estimate in our supply chain that we impact over 6 million lives within our supply chain. That's going all the way back to the ranchers and the farmers. That's going to the transformation into fiber and leathers. That's going into the raw material creation process, the production of those products, and the families that those people support globally, and it's 6 million lives that we have the ability to impact.
If you think about planet, this is a snapshot of VF's carbon emission footprint. You can see that 34% in raw materials, 24% in the production of our product, and 8% in the logistics to move that product globally. 66% of VF's carbon emission footprint resides within supply chain. You contrast that with our direct operations in the lower part of the chart here at less than 1%, direct operations being owned retail, distribution centers, office space, things like this, and you realize that we have an incredible responsibility here that we take very seriously when we think about the betterment of people and planet. With that, I'd like to turn it over to Sean Cady and let him talk to you about walking the path of a purpose-led supply chain.
Thank you, Cameron. As Cameron said, our supply chain is quite complex, touching 6 million lives and almost 50 countries. I'd like to share with you a little bit of our journey around how our purpose comes to life in supply chain with a focus on people and the planet. First, let me take you back. 2002, VF started factory compliance audits to assure ourselves that every supplier across our supply chain met our requirements at VF. On April 24th, 2013, we watched a horrible tragedy in Bangladesh. The Rana Plaza factory collapsed. Killed 1,100 and injured many more. Now, we did not source from this factory, and I am sure that our factory audits would have prevented us from ever this. However, for the entire garment industry, this was a turning point. At VF, it was a reflection.
It was a reflection for us to determine what our responsibility was to the workers making our products. We agreed that we would become leaders in this space. We would become leaders to assure ourselves that a tragedy like this would never . We built processes and decision points and teams to focus on four areas of work to advance. The first, with 50 million garment workers around the world, we knew we had to prioritize worker rights and worker safety throughout our supply chain. Our teams today advance labor rights, social justice, and they advance safe factories. Second, as Cameron mentioned, we put on the market 400 million products this year. Our responsibility extends beyond the workers to each and every consumer of our product. Our product stewardship efforts allow us to stand behind every one of those products.
How they're made, what they're made with, where they're made and produced, and the impacts those products have. Third, at V.F., we've had a continuous focus on reducing our impact on the environment. However, we've doubled down our efforts to aggressively reduce all the impacts across our business environment. While we've made a number of public commitments in the last few years on our targets to reducing our impact, what you'll see later this year is we will announce our new approved science-based sustainability targets. These are new targets for V.F. in the industry, showing the world that we will do our part to limit global warming to well below two degrees Celsius. These will be approved targets by what's called the Science Based Targets initiative, looks at our ability to do our part.
We will release those new targets later this year with our next version of our sustainability. Lastly, our fourth area of focus was what we call Worker and Community Development. This is where we know there's a direct link between successful factory operations and taking care of worker lives in the communities in which they live and raise their families. I'm going to go into a little bit more detail on Worker and Community Development later. We've also promised to continuously increase our transparency through our supply chain operations because we know our stakeholders and our consumers increasingly care about how their products are made, where they're made, and what they're made with. One example of how we've started to increase our transparency into our supply chain was the publication of our Product Source Maps.
What you see on the screen here is an example of this product, a Vans Checkerboard Slip-On. You can go to vfc.com, or you can go to the Vans page and have access to this map. This map shows you every single node in the supply chain of producing the materials, assembling the product, and distributing that product to the consumers for this product. Did you know that to make this product requires 56 unique locations or 56 factories? We're transparent about the operations in those factories. If you click on any one of these nodes, you'll get the factory name, the factory address, specific data about that factory, such as the number of workers, the male-female ratio. Also available, if you're interested, are key videos and photos of the operations in that factory.
Building that connection back to your product as a consumer and how that product was made. We're continuing to enhance our transparency into the supply chain through maps such as this. This year, we'll publish 50 dynamic maps like this for consumers and other stakeholders. As I also mentioned, we have a strong focus on worker and community development. We have a target by 2025, we will have measurably improved the lives of over 1 million workers in our supply chain. How do we do that? Well, our interventions are informed through two areas. One is country-level data on needs in that country. Number two is on factory-specific worker needs assessments, where we actually interview the workers in those factories what their needs may be. What we see is consistently, workers are in need of three areas of support, water and sanitation, healthcare and nutrition, childcare, and education.
Let me tell you a story about water and sanitation, how this has come to life for us. Through our worker needs assessment in Cambodia, we recognized that many of the workers were facing persistent stomach-related illnesses. Those illnesses resulted in absenteeism in our key factories, resulting in poor production. Upon our investigation, what we discovered is these workers did not have access to clean drinking water in the villages in which they lived. V.F., in partnership with an organization called Planet Water Foundation, we went to those villages, we drilled wells, installed filters, constructed water towers. This year, we are providing clean drinking water to 14,000 workers' families. Stomach illnesses has gone down, absenteeism went down, productivity, efficiency went up. Clear win-win. I'd like to transition into a quick video that dives deeper into our worker and community development.
If you speak with any worker from Bangladesh to Dominican Republic, the reason they're working is so that they can provide a better future for their families.
We started with this critical life safety project two years ago all over the world. We found that there are workers, when they're very happy, safe, and healthy, they can make good quality products. They can make our products well.
The program has three core pillars. The first one is water and sanitation. The second one is health and nutrition. The final one, and the one that resonates in almost all of our locations, is childcare and education. We don't want to have a cookie-cutter approach in every country. For us, one of the biggest challenges is being able to create something that is dynamic enough that we can change it and adapt it in each country, but at the same time, it meets all of those local and cultural obligations.
VF directly contributes and directly engages in those communities to build opportunities for those workers to live a better life with it.
Be able to help prioritize for other actors that are already in that community as well, whether it's the local government or the local nonprofits, or indeed, other members of the private sector, to be able to say, "Hey, here's something that we've identified that we think isn't going to be solved on its own. What can we do collectively to fix it?" Something where V.F. has a real advantage.
A bit touching. As you can see, as VF focuses in this area, we're able to create leading change. Not only are we able to create change alone, we're also able to power movements to create even more change elsewhere. Share with you three additional examples where our initiatives have led to greater change. First, as I mentioned in 2013, there was the Rana Plaza factory collapse in Bangladesh. VF became a founding member of the Alliance for Bangladesh Worker Safety, a collaborative initiative focused on inspecting and remediating over 600 factories in Bangladesh alone. Not only did we participate and lead in that effort, we went one step further, and we inspected and remediated fire, electrical, and safety risks at all the factories around the world in our supply chain, not only in Bangladesh.
We took our learnings from that work, we shared those with our competitors that source products from those same factories, and we said, "There's an opportunity for us to continue to work together." We took those results to a quasi-government organization in the Netherlands named the Sustainable Trade Initiative. We asked them to facilitate and to govern a new initiative, a new initiative named the Life and Building Safety Initiative for the garment industry. Today, that initiative, LABS, has stood up in Vietnam and India, growing into Cambodia and Pakistan next year and beyond after that. This is an initiative with members of VF, of course, Walmart, Target, PVH, Marks & Spencer, many of the big brands all come together to collectively inspect and remediate safety issues. The second initiative I'll share with you is back in Cambodia.
In Cambodia, workers travel from their villages to the factories in these collective transports, like the tuk-tuk, or a modified pickup truck where they stand 30 minutes, one hour, one and a half hours in each direction. Cambodia's grown a lot in the last few years. The challenge we've seen there is a number of fatal traffic accidents that have affected the workers making our product. When we looked into this, we saw unsafe roads with unlicensed drivers and unsafe vehicles. V.F. stepped in, partnered with an organization named the AIP Foundation, a safe transportation group. We built driver licensing schemes, and we built vehicle certification schemes, inspection schemes. We trained the drivers. We saw a great amount of impact, those vehicles no longer being unsafe. Workers were wearing seat belts now. They had chairs to sit down on. We shared that with our industry.
Collectively, we took our solution to the International Labour Organization in Geneva, who endorsed our solution as a successful intervention in unsafe transportation in Cambodia. Then together with the ILO, we approached the Cambodian government. Today, the program that VF started is the foundation of the Garment Worker Safe Transportation program of the Department of Transportation in Cambodia. Driver licensing and vehicle certification schemes started because we saw an opportunity. Lastly, a program that's very near and dear to my heart, and very touching, is in Bangladesh, our needs assessment told us that a number of workers complained that they were unable to help their children with homework in the evenings. We partnered with a group called VisionSpring, and we screened their eyesight. It turned out that about one-third of those people we screened required glasses, which VF stepped in to provide.
Those proof points were so important that we expanded the program, and this year we've screened 46,000 workers. Again, about one-third of them require glasses, which again, V.F. provides. We approached our industry and said, "This is a great program. Please join us." Just I'm proud to announce a few months ago, USAID, the U.S. government's international development arm, agreed to match dollar for dollar every dollar we put into this program to scale the program even more. I share this with you because not only is it impact that V.F. can drive alone, but it's powering these movements that have scale and can do more for the greater good than what V.F. could do alone. I hope you understand now how our purpose comes to life in our supply chain with a focus on people and the planet.
Now, let me ask Cameron to come back up and wrap up our purpose-led, performance-driven-
Thank you, Sean. It's incredibly inspiring work, right. It's just a fantastic job by Sean and his team and a lot of partners out there. The key takeaways. What are the big things we want to walk away with? As I mentioned earlier, our supply chain at VF is a highly leveraged platform across the entire enterprise for all the brands to stand upon. You've heard the brands reference it. You heard Denny talk about it as he came to the integration exercise. We have a diversified footprint. We are mitigating risk, and we'll continue to do that with those same 23,000 talented associates. We are embracing the digital transformation. We are focused on becoming more consumer-centric and retail-centric in our function to support those brands as they travel down that path. Finally, and certainly not least, the purpose-led supply chain.
Doing the right thing for people and planet in all of the areas in which we operate and in which we can have a significant impact. As Sean said, 1 million lives by 2025 and 2 million lives by 2030. That's incredible. It's an exciting time at VF. There's a lot of transformation going on. As leading the supply chain, we're excited to be a part of that, and we will continue to transform to drive value creation for the entire enterprise. Thank you so much.
Say your prayers, little one. Don't forget, my son to include everyone.
Welcome to the stage, EVP, Chief Digital and Technology Officer, Velia Carboni.
Just like fire, burning out the way. We're taking on the world for just one day. Watch me burn.
Good afternoon, everyone. How are you? It's always tough to go after lunch, so I hope I can wake everyone up with some really exciting stuff that we're working on within technology. As mentioned, my name is Velia Carboni. I'm the Chief Digital and Technology Officer here at V.F. I've been here about 18 months. Prior to that, I spent 20 years in financial services in the digital space. Suffice to say, I saw plenty of disruptions. The other thing I wanted to mention is there's a lot of great work that's happened here at V.F. We have an amazing, really solid foundation to build from. I have a lot of passion for technology, so I'm excited to embark on this journey with my peers here at V.F. I will say one thing, the power behind one V.F. is truly unstoppable.
I wanted to review our results over the last three years in the digital space. While my team works on digitally enabling the entire value chain, our focus today will be around e-com and the performance within our e-com channel. We've had an amazing run the last three years. We had predicted a compounded annual growth rate of 24% to 26%. I'm proud to say that we've achieved 29%. In fiscal year 2019, we hit $1.1 billion in e-com revenue. Truly amazing. While we take a look at these numbers across the globe, we've had some really great results with the Americas at a robust 26%, Europe at 31%, and Asia at 40%. When we look at our diversified set of portfolio of brands, Vans rocking a 53% growth rate, The North Face 21%, and Timberland at 27%. One may ask, how are we achieving these results?
What are we doing that's so different? I think we have to look at three different factors of why our growth numbers are so fantastic. First, we've got amazing brands, truly powerful brands. We've got iconic products. The third leg of that stool is we have compelling consumer digital experiences. This will continue to allow V.F. to achieve the growth that we've set out. Our brands grew at one and a half times the rate of their peers and gained digital share. As I mentioned, the compelling digital experiences make up that third leg of the stool of what drives our growth. I want to share with you some independent research that was recently done by Gartner L2. They call this study or survey the Digital IQ. I'm proud to say that our brands did fantastic.
What they do is they compare us to our peers in the activewear industry. They look at 1,250 different attributes across 4 categories. Those 4 categories being e-com, mobile, social, and digital marketing. I'm going to say a big kudos to my peers at the brands. The North Face was in the top 5%. They hit the genius category. Congratulations to them. Timberland and Vans landed in the gifted category. Truly a remarkable story and partnership that we have with our brands. One may ask, how did we get here? We've been on this digital journey for quite a number of years. In 2012, we founded what was called the Digital Lab. The Digital Lab was intended to really power the brands with digital excellence. Fast-forward 2012 to 2017, we focused on three key things. The first was building out a data and analytics organization.
Secondly, building out a global digital platform that we could use across the globe for all brands. Lastly, as we started to see the trends change with our consumers going more mobile, we did a quick reactive action and made all of our sites much more responsive. Over the last couple of years since we last met in Boston, we have focused on a few things. The first one I'm really excited about. We've integrated our technology organization. We no longer talk about digital versus traditional IT. At the end of the day, everything that we do in technology is powering a capability that we're trying to drive for that consumer. That cultural shift that we're making or have made and continue to make is really powerful. The second thing we've done is we've continued to focus in that data and analytics space.
We built out an in-house data science team. We continue to expand our ecosystem with tools and capabilities that we're building, some proprietary, some best-of-breed third-party tools we're bringing in. The third area of big focus for us right now is the Consumer 360 platform, which we'll talk about at the next meeting. The other thing we've really focused very strongly on are partnerships around the globe. We talked about Alibaba and APAC. We talked about Zalando in Europe. These are truly different. They're technology partnerships as well as partnerships that we use to leverage to service our consumers. The last area is we continue to evolve those consumer experiences. One that I'll talk about in a few slides is around customization. Again, we're always in the process of trying to evolve the experiences that we bring forward to our consumers.
Two years ago, my predecessor talked about the pace of change that we were experiencing, and it was really fast. Fast-forward to today, it's faster than ever. One may ask, why is that? We can say it's technology, because technology is evolving every day. I think it's more important to look at that consumer. Our consumers are very digitally savvy. They're not going to wait for something to arrive in six months. They want the experiences that they want when they want them. We want to be a digital leader in all categories, but the one thing that we're very aware of is the formula that got us the success that we've achieved today does not guarantee us tomorrow. We know that we need to continue to evolve and improve our capabilities, and we're on it. Steve, this morning, spoke about VF's corporate strategy.
Just quickly to summarize again, drive and optimize our portfolio, distort to Asia, elevate those direct channels, a lot of effort around business transformation. My team plays a really critical role in digitally enabling each of those choices that we've made as a company. We want to make VF hyper digital. That's our goal. One may ask why the focus on being hyper digital seems to be the buzzword, I would answer that with, it's our consumers. That's what our consumers expect. What I have up here is a sample consumer journey for a fictitious consumer named Jane. As you can see, it's not linear. If I were to show you the same journey three months ago, then I showed you another one in six months, you would probably see a lot of different touch points up on that screen.
This is why we need to continue to invest in technology and the capabilities we bring forward, because the number of touch points that our consumers will engage with us on will only continue to grow. That landscape will continue to evolve, we are preparing ourselves for that. We've got a great team standing behind me, really focused on, again, anchoring on those digital capabilities to bring it home for. How are we supporting the VF corporate strategy? I would say the biggest word that we've really have got the whole team to rally around is focus. We made a choice to go after four key capability areas for the firm. We want to power each of these capability areas against all of our enterprise, across the entire enterprise for all of our brands, across all the regions. The power of one VF is super important.
The first digitally enabled value chain, obviously, we're trying to gain more efficiency and speed to market. Consumer experiences, I mentioned that earlier, we're going to get into a couple of examples. Whether this is online, offline, traditional shopping, non-traditional, our consumers transcend a bunch of these different touch points. Being data-driven, again, a term that we hear in the industry a lot, I will add to that responsibly. Consumers put a lot of trust in us with the data that they share with us, I want to assure everyone that we've put all the right measurements and protocols in place to secure and lock down that data.
Again, continuing to build out that data science practice, continuing to build out the tools that we use to do the analytics that we want to do, some really, really cool stuff that we're doing in that space. The last one that is near and dear to my heart, hence the heart up there, is around engagement. We have got to deepen and have ongoing relationships with our consumers beyond transactions. We'll talk about a couple areas in digital marketing and loyalty that we're doing, and Doug alluded to that this morning, of how do you build those ongoing relationships so it's not just about the transactions that happen from time. Let's dive a little deeper into the digitally enabled value chain. I partner very closely with my colleague, Mr. Cameron Bailey, who just presented.
We have spent a lot of time focused on digital product creation. This is probably the area that I'd love to highlight more, even just as Cameron did in the earlier presentation. This is an area of opportunity for us at VF to really build a capability that we can utilize across the globe and across all of our brands. Partner very closely, also with our brands. This is a super important opportunity for them to be able to get products to market that much faster. With that said, the infrastructure and the ecosystem that we're building around this, I won't lie, it is extremely complex. Requires a lot of computational power. We have a virtual environment that we allow people to tap into that. There's a lot of sophistication in the tools that we're using in this space.
The end result is that we're able to get products to market faster. When you think about the waste that we're able to eliminate by not creating samples every time, it's truly remarkable and ties back to our corporate purpose. The next area is around consumer experience. I want to highlight a lot of focus that we've put around customization. I think this was a really unique opportunity that we had to really build out a customer experience for our consumers and being able to create products that they want to create that are truly individual to they themselves. I don't know if anyone has used the customization tool. This video will walk through this fictitious consumer that we have, Jane. She's building a very eclectic backpack. I'll say that.
I don't think her design taste may be a little bit different than mine, but she's able to go in there and customize the entire backpack. The nice thing about what you're seeing here is a lot of those tools that we just talked about in the digital product creation area, we're leveraging a lot of the same capabilities and libraries on our customization platform. The nice thing that you have here is you've got a product that that consumer truly wanted. When we think about Vans as really pioneering this space here at V.F., they stand for creative expression. I can't think of a better example that really manifests that true expression of oneself. We're seeing tremendous growth in this space. Vans is shipping about 35,000 products per month. They anticipate a 50% increase year-over-year. Truly a remarkable story.
Again, like digital product creation, this has been built at scale so we can leverage this at NAPA and all the other brands that we choose to utilize this. The next area I wanted to focus on is data insights, and I want to bring this to life through an example that we recently did with TNF. As TNF was going into their back-to-school program, they were looking to obviously increase their revenue. We worked with their team to really understand who that consumer population was that was a potential consumer of a back-to-school product. That was the first variant that we looked at. The second one is we looked at where they lived in the country. The third variable that we looked at was when school started.
Based on these three factors, we were able to determine their interest in actually buying a product. We leveraged a really highly personalized email out to that consumer base that we had identified, and I'm proud to say that we saw a 65% lift in revenue from that one program. Again, when you think about the capability that we've built, we can take this to all brands on a multitude of campaigns with a lot of hyper-focus on who that consumer that we're targeting is. The last area that I want to talk about is around engagement and loyalty. I mentioned this is one that I'm really excited about. Again, it allows us to really deepen that relationship with our voices, gather all of those insights, and put that into one centralized database that we can then use to drive the behavior that we'd like to drive with our consumers.
The first one that I want to highlight is Timberland. We recently ran a pilot with Timberland around digital marketing. We went to them about four or five months ago, and we said, "We'd like to do this pilot with you guys." It was a whole new way of working for all of us. We basically took a cross-functional team that maybe worked together but didn't work together physically day in and day out. We asked them to come together. It was brand marketing. It was performance marketing. It was a finance person, analytics person, and a digital person. We asked them to truly work together. The results were fantastic. They had a whole new way of working, so we weren't waiting for meetings to happen to make decisions. They can really be active and in real-time.
The second thing they were able to really get a better handle on is fast and iterative testing. We knew what worked immediately and what didn't work. Obviously, we'd scale the ones that worked well and move on. The other thing that they really focused on is really harnessing the right kind of data that they wanted to use to drive these campaigns. I'm proud to say that this was another great pilot that we had. We saw a 300% improvement in our marketing performance and an 8%-12%. We have another pilot going on at Timberland around that Consumer 360 that I mentioned earlier. At our next meeting, we'll come back and share some of the results from that, truly doing some amazing work. In everything that we do, and we talk about, we pilot potentially in one brand, maybe two brands.
The other example that I wanted to talk about, and Doug's already alluded to this from Vans this morning, was around loyalty. Again, in the spirit of trying to deepen those relationships with our consumers and gain additional learnings, we have over 9.5 million people in that loyalty program today. When you think about that consumer walking into a loyalty program, it's that ongoing engagement that we're able to send them potentially content that's only accessible if you're in the loyalty program. We do a lot of pop quizzes, so again, we can extract more data on that consumer. They have exclusive ways to redeem their points. They get access to special merchandise, or maybe they win it big and they get free Vans for a year, which is a pretty amazing one. I'd love to get that one myself.
At the end of the day, it's about driving that ongoing engagement and keeping that body warm, even when they're not transacting or in the market to purchase something. My team built the backbone behind loyalty. It is a very powerful, scalable tool that we have since taken to Vans Family Europe and the VIPeak program over at TNF. Really interesting stuff. In closing, as we look to the future, I look with a lot of confidence and excitement about what lays ahead. Again, I want to remind us, our secret sauce is the combination of those three things I mentioned at the beginning. It's our powerful brands, iconic products, and our compelling and evolving digital consumer experiences that we put forward. We are enabling a very powerful, scalable technology platform, and we will become even more hyper digital.
Let's look at our forecast for our results in the digital e-com space in the coming years. We're forecasting by the fiscal year 2024 that we will achieve 24%-25% compounded annual growth rate. The Americas will contribute 24%-25%, EMEA 22%-23%, APAC 27%-28%. When we look across our diversified portfolio of brands, Vans 30%-31%, with The North Face 19%-20%, Timberland 15%-16%. Finally, I wanted to share this slide because I think it depicts where being global is great, but we also have to think about that local relevancy. When you look at the Americas versus APAC, it's a very different business model of what happens online versus in store.
We have to be able to create the right capabilities to bring to life what we need to service whatever happens. The one reminder I would say is that these show where the person actually made that final purchase. If we go back to that consumer journey I mentioned earlier, where one starts may not be where they finish. We always have to keep that in mind. I want to wrap up with three key takeaways. First, we will be hyper-focused on that consumer leveraging digital. Second, we will build our capabilities to be one VF scalable capabilities that we can use across the globe and across our portfolio of brands. Third, we will enable VF portfolio strategy, so we're able to onboard or off-board brands as we divest or purchase brands. We'll do that with very business continuity.
We are building a very powerful one VF digital backbone that will support our strategy and allow us to accelerate our growth even further.
Ladies and gentlemen, please enjoy our brand gallery for a 15-minute break. Once again, please enjoy our brand gallery while we take a quick 15-minute break. Thank you. Ladies and gentlemen, please welcome to the stage EVP and CFO, Scott Roe.
There it is, huh? Let's take a cue from Pink Floyd and talk about money. Got this. What a difference a couple of years makes, right? Think about where we were back at the Boston plan. We talked about that a little bit all day. In 2017, I got to tell you, it was a stage similar to this, but it sure felt quite a bit different. What was going on? New management team. Steve and I were pretty new in our roles. We had just unveiled a new strategy that everybody was getting used to, and we were in a backdrop that was pretty tough. The retail environment was a very tough space to be in.
In fact, I think Steve mentioned it earlier, in some of the meetings with some of you in this room, we heard things like, "Your space is uninvestable." I still have some scars somewhere from meetings. It was pretty tough environment. You were skeptical. You were skeptical that we could deliver. You know what? We did deliver. In fact, we over-delivered. We did that even with making additional investments in our businesses to keep that flywheel going. We actually think that's one of the reasons that we over-delivered. Why do we do it? We have great brands, we have great people, and we believe we have a sound strategy. There's one thing that I'm going to talk about quite a bit today, and that's the term optionality. You're going to hear that more.
I think over the last two and a half years, our ability to pull multiple levers in order to drive our business is an example of the optionality that's inherent in this very powerful business model. Let's go back to 2017. This was the hill that we showed you at that time, not unlike walking out the back of Beaver Creek and looking up that hill as you're thinking about a big hike. It seemed a little daunting at the time, but we had a plan and we had a strategy, and we got after it. What happened in phase 1, we increased the metabolic rate of the company. We started moving on some actions that hadn't been taken. Because remember the backdrop. We'd come off two years of anemic growth. In fact, 6 quarters in a row, I think, that we essentially didn't grow.
We had several brands that were in reset mode. While we talked about portfolio actions, M&A as one of our growth drivers, we hadn't done anything credible since the Timberland acquisition in September of 2011. We got busy. We accelerated the metabolic rate of the organization. We reduced our exposure to some misaligned or less attractive segments. We added new growth vehicles through acquisition. We cleaned up distribution, exited unprofitable segments, focused our investments around this strategy. We'd always done that at VF, but we had a more purposeful focusing around key priorities that we believe are one of the reasons we've accelerated. It started to pay off. That flywheel effect has begun to take effect, and you see that we're well ahead of the plan that we laid out in Boston. Halfway through a five-year plan, let's do the tale of the tape.
I mentioned revenue is tracking ahead. Where'd that come from? Well, the same places that we've been talking about. It's those growth drivers. Big brands, particularly Vans. D2C, particularly digital. Our international business, particularly China and Europe, have really been the growth drivers. From a profitability standpoint, we over-delivered. Now, our gross margin expansion has been particularly strong. That, coupled with a stronger top line, has given us that optionality to lean in even more to the investments that we believe will create a defendable point of difference for our brands and for our business. Finally, TSR. 28% since the Boston meeting. If I go back 10 years, plus 23%, these are top quartile performances from consumer discretionary, from the broader market, S&P in general, top quartile performance. Our board is almost maniacal about focusing on TSR.
It's part of management's compensation. I don't think it's an exaggeration to say it's really in our DNA. It's the way we think. As we look at options, as we look at potential investments, we think about how does that affect our TSR. That's a primary lens that we use in our business. Now, absolute performance is obviously critical, but just like all of you in this room, we also look at our relative performance. This is just another cut on our performance since Boston, two and a half years. You can see there's our TSR at 28%. If you compare it to apparel, footwear, consumer discretionary, the broader market. By any factor that you look, VF has overperformed during this period of time. I mentioned optionality in the investments that we've made.
Since our initial plan, we've invested an incremental $165 million beyond our original plan and our original guidance. Where did we make those investments? No surprises here. These are the same priorities that we talked about when we were with you a couple of years ago. It's the same priorities you just saw unpacked today. It's against our strategy. We made these investments, if you think about the power of "and," we made these investments while over-delivering on our commitments. Another factor that we got busy on was portfolio transformation. We sold three businesses, bought three businesses, and we spun our jeans wear business, the Kontoor business. Active portfolio management was and still remains our first strategic priority.
I just ask you to think back over the history of V.F. and many of the big S-curve moves up from a valuation standpoint have been catalyzed by M&A activity. Think about the jeans business, denim, several decades ago. Think about around the early 2000s when we bought The North Face first, followed by Vans, and then in 2011, the Timberland acquisition. Each of these actions marked points in our history where we saw significant moves up from a stock valuation standpoint. We believe that optionality still exists today, and that potential for those big moves exists in the future. This is another interesting cut on the transformation due to M&A. Our exposure to what we would argue are some of the more challenged parts of the market in the mid-tier and department store is now less than 5%.
You don't have to go back very far, if you went five years in our history looking backwards, to see that number more than twice as high. That wasn't an accident. We've taken specific actions, both on the portfolio side, some of the brands that had larger exposures into those channels are no longer with us. Also just in the way we manage our business. We talk about our integrated marketplace strategy. There are good partners in these channels. We still have good businesses with those partners, but only within a very carefully curated integrated marketplace strategy with a very specific product assortment. In general, we're going to be in the best stores with our largest brands. We're also going to avoid the high-low discounting that comes along with broader distribution and exposure to those channels because we don't want to create channel conflict.
Water level today is always discovered in this digital world that we live in. We have to be very careful about how we manage those more promotional parts of our portfolio. That mitigation of risk, in addition to bringing in new growth factors, are some of the reasons that give us more confidence in that top-line growth. Whenever we're talking about portfolio, the question always comes up. Well, how do you decide what stays in your portfolio, and how do you decide where you want to go hunting? If you're looking for potential targets, how do you judge those? How do you decide what you would like to acquire and to bring into the VF fold? Well, it's the three lenses that probably most of you have heard us talk about, that we use to judge to make those determinations.
Now, if you go back two and a half years ago, you would've seen two lenses, financial and strategic. We've added a third lens, which is the ownership lens. Let me unpack each of those individually. First of all, financial. I think that's the most straightforward, especially for this room. We just laid out in some detail our aspirations from a TSR standpoint. We believe we have a top quartile plan, we're going to remain disciplined. If we make an acquisition or if we take an action in our portfolio, you can assume that we believe it's going to be TSR accretive. From a strategic standpoint, I always like to simplify this one. Are there more tailwinds than headwinds in your where-to-play choice? Is it structurally attractive? That could be competitive set, total addressable market. Is it big enough to be meaningful? Is it growing versus shrinking?
Is it an attractive place to play? Finally, and maybe even most importantly, is the ownership lens. Are we, V.F., the best owners of that asset? There are several facets that come to play when you think about ownership. Number one is purpose. We spent the entire day talking about what matters to us, what is our purpose, and how do we think about that. We want an asset that's going to be consistent with the purpose of V.F. We also need to bring something to the table. Do we have synergies? Do we have consumer knowledge of that area or that space? Are there adjacencies that make sense? The global platform, is that an unlock? We want to see that one and one makes three under our ownership. You should know that portfolio management is evergreen.
This isn't something that we just every so often dust out and take another look at. We're constantly looking at our portfolio, and we're looking at it through these three lenses. The next logical question is, okay, I get it. That's how you're evaluating your portfolio, but where are you hunting? I think you've seen this now several times during the day. This is a picture of our total addressable market. Half a trillion dollars. That doesn't even really fully capture it, because these categories are somewhat contrived by, this is how Euromonitor, NPD, et cetera, objective data sources that are available to us, that's how they look at these market segments. Brands don't fit neatly into any of these areas. You saw that with Doug, with all of the presentations that we saw today. Think about Denny's presentation on workwear.
Dickies plays in workwear, also work-inspired. Vans encroaches into several of those. If you do Venn diagrams, you're not just looking at the center of the bullseye, which is depicted here, but there's also adjacency. That means that total addressable market is really even greater than that $500 billion that's here. Think about the size of VF. Think about the brands that we have and their size. Think about this total addressable market. I think that should give you some confidence. We've got a lot of room to run and a lot of runway in front of us. That's the tale of the tape. That's a look back at what we've done over the last two years. I think the even more exciting part is what do we do now? What's the path forward?
I'm going to unpack our aspirations a little bit on the next five years. We've got a mid-teen TSR target, 14%-16%, which again, we believe is a top-quartile performance. That would be true from the consumer discretionary or S&P, in our opinion. You should also know this is a balanced TSR delivery model. It's balanced between earnings and cash returns. More on that in a minute. Also, remember two things. This is steady state. We've got a lot of smart people at VF, but they're not smart enough, or maybe they are smart enough to know you can't predict the future. Right? We're not assuming any huge macro trends, geopolitical things. It's pretty much steady state. I would remind you, though, it hasn't been really easy over the last several years either. We've been living in this constant turmoil for quite a while.
The second thing is, this is organic. M&A is not included. We didn't try to model it out. It's almost impossible, right? Because you don't know when assets are going to become actionable, what the timing is going to be, even if they are going to be actionable. What we've modeled is that we're returning our excess cash generation through repos, but more on that in a minute. This should look familiar to many of you. This is very similar to what we posted post KTB Kontoor spin-off. This is a disaggregation of our TSR to get you back to that 14%-16%, that mid-teen. seven, eight top line, 3-4 margin expansion, and then 4% between the dividend and repurchases. 4% dividend yield. Gets you to that 14%. Couple things I'd also like to point out here.
First of all is this bracket here, optionality. We don't know exactly how this is going to evolve. We might grow a little faster. We might see margins expand a little quicker, or we may see a more difficult growth environment where we lean a little bit more on margin expansion or our free cash flow to tweak the buybacks. What you should know is 14%-16% is our commitment. That doesn't mean our aspiration's not higher. It means that's our commitment to you, and you should take comfort in the fact that there's a lot of levers available in this diversified value creation machine in order to deliver on that commitment. I'm going to point out two other things to you also. We've got a couple arrows up under PE and also M&A. M&A I've already addressed. Right? If we buy it, we believe it's TSR accretive.
That should be upside to this model. On the PE side, as we continue to optimize our portfolio, we continue to organically improve our fundamentals. I would say we believe, and I'm going to personalize it, I don't see any reason why we shouldn't see PE expansion. That's for you all to determine. I guess time will tell if you agree with me. If you look at the company that we've become, and you look at the peer sets of what we now have legitimate peers, and look at their PEs, I see no reason why we shouldn't see. Let's take each one of those individually. 7%-8% growth on the top line, 3 things I'd ask you to remember. We have momentum. Right. Pretty much across all vectors, brands, regions, distribution channels. We've got moats. The trend is our friend.
Our evolved portfolio is better suited for the future. It's as good as it's ever been, frankly. We've de-risked in certain parts of the market, and we've added new growth factors. Lastly, I'd ask you to remember that total addressable market. Look at our market share relative to those. I think those are three really important key data points that gives me, and I hope give you, confidence in our ability to get 7%-8% growth. Let's break down where is that going to come from. Again, those key growth drivers. A couple things. It's the big four now. We've added Dickies. It used to be the big three. Those three plus Dickies is now the big four. They're going to account for 90% of the growth of this plan. Why did we spend so much time on those four brands?
Well, if you get those right, you pretty much got the whole algorithm there, right? Those four are going to account for most of it. Two of those brands are more than 80%. International and D2C, at the end of this 2024 plan, become about 50% of VF. Half of our company, international, direct-to-consumer. That's pretty dramatic. That's a great thing because both international and direct consumer have higher margins. That's part of that structural margin advantage that we have from a mix standpoint. Don't forget our international business is very profitable above the line, and we have a very tax-efficient platform, which even adds from a return. These are our reportable segments, and no, we are not going to change our reportable segments today, as some of you may have feared. Hopefully, we didn't blow any of your models up today.
Here's just a view of the three segments. Active is growing faster than V.F. average. That's really driven by Vans. That's pretty intuitive. If you look at our outdoor business, you've got TNF, a few of the brands we talked about today, Icebreaker and Smartwool, that are growing above the average, brought down somewhat by our Timberland business in low single digits. That gets you to that average of 78%. Finally, work. At mid-single digit, that's consistent with what we've been saying. Within that, you saw Denny unpack a higher growth rate for Dickies and also Timberland PRO. That's mitigated by the more cyclical parts of the work business, which we're expecting to have modest growth balancing to that mid-single digit. Here's another look by brand. This is a really fascinating chart. Two-thirds of V.F. revenue by 2024 is planned to come from two brands.
I mentioned it before, I'm going to repeat it for emphasis. More than 80% of the growth is coming from those two brands. More than 90% of the growth from. You shouldn't take from that we don't have diversified growth. We do. The fact remains, though, the large properties obviously are the ones that are pulling the sled here. I'd also just mention, though, and reiterate what Steve said, and remember those three presentations we had with our emerging brands. These truly are jewels in the portfolio. I don't know if we're sitting here 10 years from now, if they're going to be the next Timberland or TNF or Vans, but they certainly could be. They have the capability. If you didn't feel the excitement, I can tell you we're very excited about the potential for these three brands and the leadership teams that you saw today.
Not going to make a huge difference in the next five years financially, but when we think beyond, these can become very significant properties. Regional growth. The takeaway I would give you here is about 50% of the business, as I mentioned earlier, is outside of the U.S. You notice also China is to Asia what the U.S. is to North America. Our China plan is a big driver of our outsized growth from an Asia-Pacific standpoint. Remember, just in general, our international business is more profitable. Again, structurally, that's an attractive place for us to grow. Looking by channel. Direct consumer, 50% by 2024. Here's just a perspective that I just want you to think about. If you just go back to the Boston plan two and a half years ago, more than 70% of our business was in wholesale.
We're saying we're going to be 50% D2C by 2024. Some of that is organic based on where we're placing our investments and where we're growing organically, and obviously, some of that is from the accelerated transformation through portfolio management. Digital is a key driver. It's also our most profitable channel within. It's our most profitable of all our channels, and Value really unpacked that. Digital becomes 20% of VF by 2024, almost $2 billion of growth in five years. I'll also mention stores here. Stores remain an important part of our integrated marketplace strategy. It's typically our pinnacle expression of our brands. It's the most experiential format in that path to purchase that Value laid out with Jane. We're continuing to invest in stores. Important. That rate of growth is going to be very similar to what we've seen over the last five years or so.
About 50 or so net doors opened. Where are those going to happen? Mostly in Vans in The North Face, although the other brands will be opening doors, but the concentration will be there, and slightly more outside of the U.S. than inside. The other factor on this slide is wholesale. I can hear the collective groan. Many of you have talked about wholesale. Let me unpack that before you make your judgment on our wholesale. Contrary to popular belief, not all wholesale is bad. In our integrated marketplace strategy, it has a key place. Where is that wholesale going to come from? It's really several places. Our digital titans, what we call them, our large wholesale digital partners, Zalando, ASOS, Amazon being three of the big ones. Internationally, we see a lot of disproportionately more wholesale growth internationally.
Remember, partner doors are classified as wholesale. Then finally, key accounts. In the U.S. in particular, we have great partners who have longstanding relationships, and those key accounts are also part of the growth. On the other hand, we expect our mass, mid-tier, and department store segment of our wholesale to decline modestly during this period of time. Within that, it's really just a function of the contraction and validation that we expect. We're factoring that into our forward planning. This is, I think, a fairly interesting cut on our growth. This is looking at consumer-facing. How much of our growth is going to come from consumer-facing formats? When you put them together, so here I'm adding, for example, the partnership doors, adding things like the digital titans that I just mentioned, and of course, our own direct-to-consumer. More than 90% of our growth, mono-branded.
More than 90% of our growth from digital and mono-branded environments. That's really a testament of where we're putting our focus. You heard Steve start it, pretty much everybody throughout the day really reiterated our focus on becoming a more D2C-oriented business. Let's talk about earnings. 12%-14%, that's our commitment, let me break that down for you. First of all, gross margin. Gross margin, our structural advantage in mix, in gross margin, we expect to continue. Pretty simple. Our fastest-growing businesses have the highest margin, right? Highest margin businesses, fastest-growing, you're going to get that mix. 40 to 50 basis points per year. We're seeing greater than 55.5%, greater than 200 basis points. Operating margin greater than 15%, 200 basis points.
I'm going to tell you that we expect our profit growth, the expansion in operating margin to come from gross margin expansion. What that means, by default, the other side of that coin, we're planning for SG&A as a % of sales to be pretty much flat. A lot of you are going to say, "Well, what about leverage?" Hold that thought. I'm going to come back to that. We believe the optionality to keep our powder dry and be able to invest back in our business, one of the reasons that flywheel is spinning right now, and we want to keep that optionality. As we make these investments around our strategic priorities, one of the things that I always hold myself accountable to, I consider it one of my key scorecards, is what is our return on invested capital, right?
At greater than 20% looking back, at greater than 20% looking forward as a commitment, I think that's a pretty good testament that on balance, we've made pretty good decisions. Not all. They haven't been all good decisions, I can assure you. We've made some mistakes. We've invested in areas and initiatives that didn't work. On balance, we believe, again, and we think we have empirical evidence to support this, that the ability to continue investing back in our brand is accelerating. I'll give you two specific examples. One of them is Futurelight. That is, we believe, a disruptive product that's not intuitive when you just look at it, right? You look at the garment. It takes some education. We already had a pretty extensive demand creation plan, public relations, et cetera. When Arne and the team came and said, "You know what?
This is a really big idea. I think we can bring even more consumers into the franchise." We said, "That's a great idea. Let's do it. Let's lean in." Another example in Doug's area was ComfyCush, again, brought to market under the Era. Again, a really innovative product. Just by looking at it, you don't necessarily see it right away. It takes some education. It takes some communication. Again, they had a large communication plan in place. They came to us and said, "Let's do more." We said, "That's a really good idea." Those are great examples of keeping that optionality so that when we see opportunities, we can lean in. I would also say, for the bears in the house, if you want to take the other side of it, optionality also means we can reduce investments, right? Remember that optionality up there.
We can pull these levers at different rates given the environment that we see in order to meet those commitments from a total earnings and ultimately from. I'm going to make one more comment around returns. We continue to see our returns expand. At the same time, capital markets are pretty attractive, right? We've seen our weighted average cost of capital continue to lower, and we would expect the divergence between those two to continue to expand over time. More on SG&A. The purpose of this, a lot of people say, "Well, where is that investment going?" This is 2019 picture. Consider it illustrative. We're investing. We're distorting our investments in those key drivers, and direct-to-consumer and digital are the largest portion of that. Brand creation, product creation, et cetera. You can read the chart.
Remember, these powerful platforms are where we get leverage and hold this whole economic model together, that algorithm. The platforms that we talked about internationally, the fact that we can leverage our technology. The back of the house, Cameron talked about how leveraged our supply chain is. Taken together, the fact that we're growing our gross margins, we're able to distort investments around growth drivers and get leverage to offset and hold our SG&A ratios about flat, allows us to both invest and drive operating margin expansion. We've covered earnings. Now let's talk about the other side of the equation, capital allocation and love this chart as CFO. $8 billion of cash generated over the next five years. This Play-Doh factory is going to pump out a lot of cash, right?
That cash is another reason why we can deliver a balanced TSR delivery model and still make the investments that we need while returning excess cash. A couple other comments. As you think about some of the assumptions that are underlying this. From a leverage standpoint, in all of our modeling, we've assumed that we stay at that 2 times debt to EBITDA. That's in line with our current credit rating. We're actually even a little below that. What that means on the flip side is we've got a lot of capacity. We've got a balance sheet that's primed and ready. When you combine it with $8 billion of future cash flow, that's a pretty powerful combination. Now, I threw this in for the modelers. The takeaway that I would say on this CapEx chart is really not even so much about the spike.
The takeaway should be this is a capital-efficient business. We think about on an ongoing basis, somewhere around 2% of our revenue. We've had some meteoric growth in the Vans brand, and we've seen a big acceleration around our North Face brand. That's put after several years of no step costs or these periodic investments like distribution centers. We've seen several of those investments kind of stack up on us all at once. Coupled with the move to Denver, we have a new headquarters in there. You're going to see a little bit of a spike. You've seen an elevation over the last couple of years, and that's going to trail in maybe one more year, and then moderating in that kind of $250 million range, normalizing after that, essentially growing with revenue. Hopefully, that'll put some perspective around CapEx as you think.
Here's a great chart. $10 billion returned to our shareholders in five years. Let me do a little math. I just said $8 billion of free cash flow and $10 billion return. How does that work? $1 billion from Kontoor, dividend that we put over in cash on our side. Then again, I've assumed that we're going to have some additional leverage, but still staying in that two times. Get bigger, obviously, there's more capacity. About $1 billion left. Think about this. A 2% dividend yield. We're assuming we're going to grow our dividend at a double-digit rate through this period. Why 2%? S&P average. We're committed to that kind of market average dividend. These two compared together, 4% yield. You just get out of bed in the morning, you got a 4% yield with a nice equity kicker, right?
I tried this 2 years ago. I didn't think it worked. It's kind of like a convertible bond with an equity. Hopefully that makes sense to you. Another perspective, if you think about optionality from an M&A standpoint, I really hope we never do this. $5 billion in repo. Hope we have better uses to employ our capital. But if we don't, we're not going to let cash just pile up, right? We've demonstrated that in the past. We will return it via repurchases. Capital allocation priorities. This should look familiar to all of you. I would just say, really our first priority is to reinvest in our business. And I think that's implied. You've heard it over and over today, but that's the first bite of the apple. M&A, from a traditional capital allocation perspective, is our number one choice.
We believe that we can drive additional value from a TSR standpoint. Remember on M&A, we are able to make acquisitions. We think we're proven integrators. We've seen great value creation from M&A, but we don't feel like we have to. We've got a top quartile organic plan. We're going to remain disciplined. But if we do see opportunities, we're ready to go. Dividend growth, I already covered. Share repo is really just the backside of that. If that cash isn't deployed in the other first 2 priorities, we would. That's it. We're back to the TSR disaggregation here. Mid-teen TSR is our aspiration. Remember, this is a commitment. Our aspiration is to actually even do better, but we're committed to deliver this mid-teen. Remember also, I said this earlier, this plan is organic, and it's also on a steady-state basis.
I think given the times that we're in, whether it be geopolitical trade, Brexit, other things out there, I think it's worthwhile to take just a minute and talk to the bears in the room. What if we are entering? What does that look like from a VF standpoint? I would say from a relative return standpoint, VF is as well-positioned or maybe even best positioned in order to give higher relative returns in a very difficult environment, for all the reasons that I just talked about. One, not the least of which is cash is king in those times. I'd take you back to 2008, 2009, when we entered the last big troubles. VF performed much better than most of its peer set. If you look at the median performance, we did much better, I think for a couple reasons. It's the diversity.
We're diversified from the consumers we serve, the brands that we have, the geographies that we operate in, the distribution channels that we operate in. We're diversified from a supply chain standpoint. You saw how fast Cameron and the supply chain people turned based on the conditions that we've seen. You saw where the countries were sourcing from. Our ability to react and either take advantage or mitigate issues is, I would argue, as good or better than any. Of course, I think we have one of the best teams in our industry who can just get after things. Let me just give you another perspective, though. Let's say organic growth does get tough. Maybe we're performing better relative to the sector for all the reasons I talked about. Let's think about what that looks like. Probably you see a strong dollar. You see central banks more accommodative.
Dollar rise, that makes our purchasing power a little higher. It also makes debt even cheaper, probably. Our portfolio is already, we've done a lot of the hard lifting. We feel like we're in pretty good shape here. From a balance sheet standpoint, we have capacity. If valuations start coming our ways, that lever for inorganic growth to complement our organic growth, I think, is another key factor from an optionality standpoint you should consider from a downside. That's it. At a time when many of our peers, many of our competitors, are on their heels and in a defensive posture, we're ready to go. We think we've done a lot of the hard lifting that's prepared us for this moment in time. We've got optionality to take advantage of opportunities that may present themselves to us. We're investing back in our brands, and we've got momentum.
We've got a TSR delivery that is top quartile, in our opinion. We believe we're playing from a position of strength. When you think about what we earn and what we deliver for the shareholders, coupled with how we earn it, the purpose, the power of and, when you put those two together, I look at this company and say, "It's not just a great stock to invest in." For that, I would just say I humbly thank you for your continued support in our stock. You should know we get up every day and think about you, the shareholders, and the trust that you've placed in us. It's our job to deliver TSR. It resets every day, and we're ready for the next five years. Thank you for your attention.
Now I think Steve's going to come back up and join me, and we're going to go through some Q&A. Take your questions after a brief reset here. All right. I guess we are open for Q&A. I'm sorry. I was just expecting you guys to start rapid firing.
Yeah.
Oh, I'm sorry. Wait. Oh, okay.
Hey, it's Michael Binetti from Credit Suisse.
Sorry.
Thanks for all the detail today, guys. Obviously Scott, you knew I was going to ask you about SG&A, I think. At the 2017 Analyst Day, I feel like you're under-invested in some parts of the business today. That's not obvious.
Yeah. I guess I would answer it this way, Michael. Is there structural leverage in our model? Yes. Right? Could we reduce our investments and start letting more of that leverage drop through, leverage in SG&A, and have even greater profit growth? Absolutely. That's what I meant by optionality. We believe, empirically, looking back, that the investments that we've been making are really creating that flywheel of investment. That optionality, we can't always predict exactly where those opportunities are going to come, but when we see them, we want the ability to lean in. Could it be a little better? It could. We talked about this as being a commitment, and that's the way we look at it. We're not going to make investments that don't make sense. We're not going to spend money just to spend it. Kind of an internal joke.
Some of our people say, "Well, I'm making too much money." I think that's impossible, by the way. We do want to make sure that we're feeding our brands. Again, the way I look at it, Michael, is while a lot of people are on their heels right now, we've got the opportunity to be aggressive and really strike some blows. As we debated how to think about this algorithm, we said we want to keep some powder dry here. We want the ability to invest. Where are we going to invest? It's the areas that I laid out just a minute ago. Again, I guess what I would ask you to take away from that is nothing is fundamentally different other than our confidence in the investments that we're making and when we invest back in our brands.
We built a model that says we're going to take our revenue up a little bit, and we're going to keep our powder dry to be able to invest.
If I could add, Michael. This is something Scott and our team, we talk about this a lot, and we talked about this in Boston. We were coming off of a period of time where investment was episodic. We have evolved this portfolio to be a group of brands that have the ability to take those investments and get greater returns. You saw that in what we've been able to do. That is confidence building for us that when we continue to promise you. I have a CFO who's extremely disciplined, and we have to fight and wrangle. It's the right partnership because this brand portfolio deserves, and the strategy you've heard us unpack requires us to invest thoughtfully. Shareholders first, driving this portfolio on a more Leveling the up.
Yeah, I'll take that. We're not going to give you full clarity as you're really asking for, but obviously our Action Sports Segment is our most profitable and obviously as you think about outdoor and work, remember TSR resets every day. As we look at the absolute margins are lower in both of those areas, but the opportunity for expansion is great. All the targets that we've talked about in the past still remain in play. For sure, Action is the highest, Yeah. Matt, I think what you're taking is this year, I did say greater than, right? Here's what I would take away from that. 40 to 50 basis points is what we expect structurally from this. Could it be a little better? It might be.
Forty to 50 is what really hasn't changed.
Jeffrey. I guess I have two questions. First for Steve on Futurelight. Since you guys unveiled this at CES, have you seen anything in the competitive set that is kind of nipping at the heels, or how far ahead of you are you from the rest of your peer set? I think Arne referenced 30 That fully-
We're up there too. The 7%-8% revenue build, you gave us a lot of different cuts of that. One question I had is, do you ever look at it unit for that perspective? Thanks.
I'll start. If I fumble all over the place. Nano spinning is not new. We believe both first to market with this. Already iterating. Based on what we. Application of Did reference 35%. All or the majority of our waterproof breathable. That in that you can imply, that. That is true. We do have Gore. They're a great partner, have been for years. Heard us talk a lot today about platforms.
I guess the second part of your question was on pricing. What we've seen, Erin, is about 1% has been our pricing, the difference between revenue and units. It's always a little hard. That's like for like price, like, okay, this was 10, now it's 11. That's about 1%. Importantly, too, as innovation comes in, like ComfyCush and the MTE and Vans and FUTURELIGHT, AURs, we have opportunities and have seen that our AURs are rising where we bring innovation that has a tangible benefit to the consumer. The other thing I always like to say, Doug and his team are really good innovators from a pricing standpoint and really looking at that balance between the promise to the consumer being commercial, but also we certainly have a lot of pricing leverage in our large franchises.
One of the things I always like to remind people in our largest brand, if you look at the ASPs of the two larger competitors that were shown in those charts, they're somewhere around 2x of the average selling price just as an example. We believe we have pricing power, but can doesn't always mean should, that's something that we think very carefully through in light of the consumer promise and really lean on our brand teams to help us understand where those barriers are. As you can imagine, I'm always pushing and asking, in the end, we want to do the right thing.
Sam Poser from Susquehanna. With all the supply chain commentary earlier, how much has your speed to market overall changed? How much more do you expect it to change? As you get closer to the consumer, how much of that, I assume, gross margin impact from being more current, will that help you? Have you built any of that into the guidance? Just to follow up on Mike's question about the SG&A. If you beat your sale, are you going to invest if you beat your sales plan to come in at 9%, would we expect to have some leverage on a beat there? Top line growth.
I understand. I'll go to the end of this because it's a quicker answer maybe. No, we didn't build anything in specifically in our margins, although you can logically assume as we continue to get faster, I think two things will happen. I think the bigger issue is we'll serve consumer demand. We'll have better matches, which should drive top line. You're right, as we get better at that, the shorter your lead time, the less forecast error you have and therefore, less back-in. One thing in our model, though, is we don't have a ton of distressed, and where we do, we put it through our outlets, and frankly, it's actually many times even more profitable than our first-line business. It's not necessarily a margin play for us. It's really more about meeting consumer demand and ultimately, that'll be more about driving top line.
On your supply chain question, Sam, I'll start and, Cameron, without fading out, please. Laid out a really clear example of where our Faster Together strategies come to play in Vans. This has been a multi-year journey, looking at how do we evolve, get closer to the consumer, use digital tools, analytics, how do we apply this to advanced manufacturing? Our ability to manufacturing or what we like to say, production closer to Vans is an early recipient of that work, and it's a very clear example and helps to understand how we've been able to keep up with. We have projects across multiple parts of our business. It's central to that foundational layer of transformation, how we think about using analytics, how we think about using better tools, plus, to improve our merchandising decisions, our design decisions through more digital applications.
How does that help us provide better quality information to our manufacturing partners in a way that's quicker, more efficient? How do we take time out of the process? Really, we are looking at an entire end-to-end remake of one of the industry's greatest wholesale models. How do we evolve while staying self-centric, while really leveraging those knowledge and bringing to bear this thinking in a way where it makes sense. We talked about a multi-speed. Not everything we make requires us to think that way. Through the partnership that Cameron and his team have, our product, our merchants, developers, and our quickly and phase that over a period.
I guess the last part of your comment, I'll just hit it briefly. You said, basically, are we going to give you any of the upside? The answer is it depends on the investments that are in front of us. Remember that TSR algorithm is a commitment. It doesn't mean we don't aspire to do better. If we don't have investments that make sense to help keep that flywheel going, then we won't make them, right? We would let that flow through. The answer is maybe. It depends on the options that are available to us.
Hi, it's Omar Saad from Evercore ISI. Thanks for the great presentation. I know it's not a The North Face meeting, but Scott, you kind of appropriately pointed out that looking over the five-year plan, The North Face and Vans are a huge component. Vans are pretty comfortable. It's been crushing it for quite a while. The North Face a little bit, kind of earlier stage. Maybe give us a little historical perspective. You think about the growth in that category. Some of the competitors have done extremely well the last several years. Maybe kind of diagnose some of the missed opportunities and what's changed, and what gives you confidence that now is the time where you're going to see this re-accelerated growth path and The North Face is going to follow in Vans' footsteps.
Yeah.
Thanks.
Yeah, I always joke with Steve, give me two periods and I'll give you any story. As long as I get to choose what two periods I measure, I can give you any story you want. If you look at The North Face over VF's ownership, it's obviously been a very consistent growth and profit machine. A lot of it, the guy to my right's direction. We had a few years where frankly, we didn't do so well in The North Face. I mentioned resetting businesses, and we've been talking about the reset of The North Face. If you go back a couple of years, I'd say some of those were macro issues, but a lot of them were, as we said, our fault, right? I think you heard Arne say to double down on product.
We drifted a bit on product and we became a little too democratic and lost our sharp edge, it'd be the way I would say it. I think from an innovation standpoint, we dried up a bit and that innovation pipeline wasn't there. There were some macro factors. It got warm for a couple of years. The industry had kind of gotten a little piggish and was over-ordering and stuffing the channel a bit. Then we had some pretty high-profile consolidation and bankruptcy. I'd say the product stuff, totally on us. We took our eye off the ball. We had some management changes on top of that. Arne came over from Europe where they had done much more consistently well, and he took a lot of those learnings back to the global engine.
Now, about two and a half years in, we're starting to see those foundational moves that were taken starting to pay off, right? Again, Arne said it. We're not declaring victory on The North Face yet, but we've got a really sound foundation from which we're building on. One of the things that personally makes me most confident is that innovation pipeline. Arne talked about FUTURELIGHT. He alluded to some other things that are coming that we can't talk about. We've got a little bit of swagger and a little bit of mojo back in The North Face. Importantly, in those key image accounts, you're seeing The North Face well represented again. That was not true if you go back three to four years ago. We'd lost some of that.
Yeah, Omar. That was a perfect explanation. I had a conversation at the last break. Central to our business' ability to succeed is the leadership that you have driving those businesses. You heard today from very articulate leaders that have very clear visions. What these businesses are able to do based on driven knowledge, really solid foundations on how to create brand visions, how that applies to our product. We made some mistakes in the past on people running some of these powerhouse businesses. We made those mistakes and had to take the actions to put them right. Some businesses emerged and got ahead of parts of the marketplace that frankly, in your North Face. We create it. There was no such thing as urban apparel being sold in big cities prior to. The North Face was really the innovator of bringing truly authentic outdoor-inspired products.
The McMurdo was an item that was developed for the north slope. I think what you see in a leader like Arne is a very clear understanding of what this brand to retain that number one spot and do it across those three specific applications, and do it in a way that this brand leads. We have tremendous confidence in where we are. I thought Arne said it really well. We're not done. We're still early in a journey of really positioning it consumer point of view with extreme around design products and the experiences consumers. I think our humble confidence in how we approach that gives us reasons to believe.
John Kernan from Cowen. Thanks for a great event. Thanks for getting many of us from NY out of there during UN week. Just on the M&A opportunity, how has that evolved since 2017? You seemed pretty excited about it then. Seems like the opportunity set has expanded. There's a lot of digital brands scale at rapid rates. How do valuations look in that area? Can you just frame the opportunity? That'd be great.
I'll start. You heard it from both Scott and I. M&A remains the number one place where we will apply our capital. It's how this business has evolved over its 120-year history, and it's a powerful way for us to access new growth vectors. What's different today than where it was in 2017 is we have a much sharper focus where our portfolio should move in the future. Scott and the market landscape. Slides that we showed throughout the presentations. Good understanding of the lenses by which we use to evaluate the choices that are there. It is the number one choice for capital allocation. Topic that is discussed, if not daily, weekly. Involves a much more strategic approach through these three lenses, through the market landscape and based outdoor, active, and work lifestyle avenues.
Just wanted to add on that. You kind of alluded to or asked about valuations, and I had many sideline conversations with a number of you about what types of assets. I would just say, well, first of all, valuations in general are pretty frothy, right? Maybe they've moderated ever so slightly, but they're still pretty rich. We like earnings. There's some valuations out there that are infinity because they don't make any money. Just know that there's discipline. We do understand value creation, time to value. Discipline that you know us for will be continued to be applied in the M&A world.
You spent a lot of time across presentations talking about the strategies with Alibaba and Zalando. I wonder if we could come a little bit closer to home and talk about where you are today with Amazon, what the opportunity is there, and what would have to change or something they'd have to do differently for them to be up on the slides and in the videos in the 2021 Investor Day. Quick follow-up question. App-based ecosystem, any opportunities there for either commerce growth or deepening experiences with customers?
Amazon is a partner, and they are I think Scott talked about how we think about an integrated set of marketplace choices. They absolutely line up on some of our brands. Role, certainly in how we can. I think what would need to be different really begin to work with brands like ours, ways, these innovative ways. Really strong partnerships. It is challenging. We are open to any new emerging digital player that wants to work in that highly collaborative and truly us reach and. Your question around app-based. [Valia] and I talk about this often. Have some of that today. We think this is.
Thank you. Jonathan Komp from Baird. Two quick questions. First, Scott, maybe just to square up a couple of your comments. I think at one point you mentioned something like the trend is your friend, kind of discussing near term. You also.
I think we had mojo.
Mojo. You also talked about some resiliency and kind of contingency planning. If you could maybe just square up anything you were trying to signal with those two different comments. A broader question on Vans-
Yeah
just given how big of a portion of the incremental growth it still will be. When you look at the brand there and the projection beyond this year, you're really not assuming any moderation in the growth trend against bigger and bigger absolute dollars. Maybe just talk a little bit more about the shifting, mix of growth drivers, if you will, that gives you confidence that you can sustain the growth rates that you're seeing and projecting today.
Yeah. I was warned, "Don't go too negative on the bear case," and maybe I did. I tried to tone it down. What I was trying to say is, there's a lot of discussion in probably every meeting I have with you guys. There's some discussion about downside risk, read any of the financial press. What I was attempting to say is not a signal at all. It's to say we don't really see a change in our business. I think I also said it's not been a walk in the park over the last two and a half years. We're not expecting any big change, nor do we see anything that would tell us there's a change. If it should happen, here's what it might look like. That's what I was attempting to lay out with that bear case or downside.
It was not at all intended to be a signal, because frankly, we haven't seen a change in our business trajectory really over the last several quarters. I don't know if that answered your question, but the more important thing is we do have momentum across multiple vectors. I don't know, Steve, on the other end, the only thing I'd say on the numbers is yes, absolute dollars get bigger, especially in those bigger properties, but I'd also say, remember Doug's chart where he showed our size relative to the two larger players and think about those total addressable markets in each one of the presentations versus our market share. We got a lot of room to run, right? There's a lot of opportunity.
Real quick back on your first question, just to kind of fill in from Scott. I think what you hear us talking about is a discipline around really taking a strategic look at enterprise risk and putting together the scenarios of what would be true. What would the actions need to be for us to deliver the commitments, top quartile TSR? We thought it was important based on everything we each read when we open the paper every day. That these are potential risks. They're not factored into the numbers we've presented, but I think you can have the comfort that we're aware of them. We're running the scenarios and understanding the actions that we would take to be able to maintain the. I don't know if, Doug, you want to jump in and talk real quick to the Vans question?
Sure. Yeah. Thanks, John. In addition to the white space, which Scott already addressed, I will reiterate two reasons to believe that we talked about earlier today. The first is our acumen and our ability to scale our D2C channel. We said this year it already represents more than 50% of our total top line globally. That is going to increase to 60% in the next five years. I think if you look at our track record of success there is plenty of reason to believe that we can continue to scale both in physical stores and in the digital environment. The second reason to believe I will reiterate from earlier today is the way that we are resonating with consumers all over the world.
We take the global construct of things like the House of Vans, things like Custom Culture, things like Park Series that really bring our brand to life and activate it, and then we amplify those things via the platforms in the countries. No matter where we go on the planet, we are finding that that message of who we are and who we are not built around creative expression and the way that we enable it, the way that we bring those things to life, really does apply in all 85 plus countries where we do business today. Those would be probably the two top reasons to believe I would give you that.
Thank you. Ladies and gentlemen, we have time for one more question, please. One more question.
Hi, Chris Svezia from Wedbush. I got a question on Timberland. If you think about the runway that you've had since you've had the brand and the strategic reset you're talking about today, and the puts and takes that have developed over the years, what gives you that confidence to do the product refresh, get the global reset to work together as opposed to seeing some momentum in Japan or seeing some softness in U.S. wholesale? Where you feel you have confidence in resetting this brand and getting that 3%-4%?
Fair question. I think hopefully what you walk away from today is the confidence in what was the initial vision for Timberland at the point of acquisition. There was a strong brown shoe brand operating in the outdoor space, and we saw a unique opportunity to move beyond just being a brown shoe company, but more into an outdoor lifestyle brand. I think you also heard, and we talk about this, have been for a while, is that we're not proud of where we are. We have much higher expectations of ourselves and much higher expectations for this brand. We do have confidence today in the vision and the actions that we're taking, and I think Martino did a very nice job of walking you through how we're understanding the consumer. We're spending the time to really break that down.
What is the creative vision work that this brand needs to apply? We're bringing in new creative talent and a brand that really needs it for it to achieve its potential. We have proof points. Across the different product offers that we have in the marketplace, we're seeing really strong acceleration in our apparel sales. Next season, some of the early reactions that we're getting from customers, specifically in Europe, who have not been giving us positive marks the last few seasons, gives us confidence that there's a proof point. Work that you see us doing in women's footwear is another proof point in the growth that's starting to come. We need to unlock new icons. We need to move beyond brown shoes. We must come up with new reasons for consumers to interact. Honestly, we've been growing slightly ahead of the brown shoe segment over the last few years.
Our expectation is much greater than that. We are prepared to continue to put in the effort, continue to bring in the leadership, and drive what you heard Martino talk about, something he's been very passionate in driving for a period of time now, to where we think this brand it is the one area in our story. We are openly admitting that we can do better. With that, why don't I bring this to a close? We really appreciate each one of you being here with us today, taking the time. I'm glad we rescued you from UN week in New York. I've been there before, and it's not a fun place to be in that week. VF is an amalgamation of brands. Powerful platforms.
We have spent the last two and a half years strategically reshaping and optimizing this portfolio into a group of 20 brands that have the potential to help us achieve and potentially overachieve our financial aspirations. It's this amalgamation of powerful brands and powerful platforms and the leaders that are driving them that gives me, give our board, give us confidence. I would like to thank each one of them and the teams that helped them prepare to deliver this story. Because Scott and I can talk about this brand or about this group of brands, but when you can hear from the leaders that have the vision, that have the skills, the capabilities to assemble the team and drive the strategies, I hope you're leaving here with the confidence that the commitments we've put forward today are very achievable.
I hope you leave here also feeling the optimism and the energy that we have for the future of this portfolio. We set on a journey two and a half years ago, one that we had the opportunity to spend 2016 really thinking through. What you heard today is really a company and a leadership team that's two and a half years down the road with two and a half years of experience and understanding of the strategy that we've put in place and the fine points that we're driving to accelerate our growth. The power of "and," that was the theme of today, it's real. We're able to put purpose with performance inside a culture of accountability. I think you can see that our business thrives. We believe firmly that purpose isn't something that we do on the side. Performance isn't something that we do over here.
We bring them together, and we're doing it in a way and through a lens around those issues that we know our consumers are absolutely pointed on and expect our brands to deliver on. We drive that performance type of approach against a purpose-led journey. Our business will continue to thrive. Second, our transformation continues. We've been working hard the last two and a half years to put in motion this vision and the tools, then the foundation to become a consumer-minded, retail-centric, hyper-digital organization. This is not simple work. We are asking our entire enterprise and all of our leaders to have a very fundamental shift in behavior. This requires new processes. It requires new disciplines.
What gives Scott and I so much confidence is that when we talk about this, it's almost like our organization is looking back at us and saying, "It's about time." We are a great wholesaler, our brands are powerful retail entities. This is where we bring the most pure and representation of our brands to our consumers. We must evolve how we work end to end. It's just not about our digital platforms or our brick-and-mortar platforms. This is an end-to-end transformation of how this organization thinks about creating products, making products, and delivering products to our consumers. Third, we are absolutely committed to delivering top quartile TSR. It is in our DNA. We can't shake it. We know it's important to you as our shareholders, and it's important to us to deliver against that commitment to you.
It's also important to take this notion of a purpose-led, performance-driven organization and deliver value to not just our shareholders, but to our stakeholders as well. That is what will make us a powerful, well-rounded organization. Lastly, I think it's pretty obvious. We are an organization that is driven to succeed. As we came through 2015 and 2016, that didn't feel good to any of us. We are competitors. We're humble competitors with a really strong confidence in our ability to deliver. It's central to this 120-year-old company, and we're carrying on that legacy and have great conviction that this strategy will help us to deliver that. We are two and a half years smarter. We're bringing a fine point. We will continue to test and learn and push the edges of how this company can truly be a consumer-minded, retail-centric, hyper-digital organization.
We're excited being able to continue to give you the proof points, continue to honor your trust with delivering the results that you have asked us and expected us to deliver. Really appreciate you taking the time. Bringing you to Colorado is a physical representation of the new company, an evolved company that we are, and I hope you're leaving here with an energy and optimism that we have for our future. Know that for those of you who can stay, we would love to spend some more time with you, answer more questions. I think there's a cocktail opportunity out on the patio, and we look forward to spending some addition. Thank you. Thank you to my leaders as well.