All of the brand building, global marketing noise that everyone makes when plugging this stock is a figment of some overactive imaginations.
VF was and is a good manufacturing company (of course a lot of that talent has retired). It has never been and still is not a brand building company. The turn around of The North Face utilized that back-end talent and straightened out a poor supply chain and got the business out of the way of itself. TNF continued to design and market their products largely without intervention of VF Corporate.
Other "brand building" has never been successful. Nautica men's continues to struggle, Nautica women's will fail, efforts to bring successful European brands (Kipling and Napapijri) to the US have been unsuccessful. Even efforts to extend lines in the core segments have not worked. Rigg's, a logical extension of Jeanswear and Workwear, has gone nowhere.
VF will continue to buy brands and milk them for as long as they can before taking them downstairs.
Exactly my point earlier, VF has a long list of brands that they either ran into the ground or let drift aimlessly (JanSport), bought too late (Chic, Gitano), or just didn't know what to do with (Girbaud).
They seem to have learned to get out of the way (The North Face), but nothing stays on top forever and VF does not seem to be able to prolong a hot brand, or turn back around one that has started down (Nautica).