Levi’s, The North Face and Columbia are turning to women to fuel their next phase of growth. CEOs at the three companies have recently highlighted female consumers as a key focus as they look to boost revenues and broaden their customer bases. The shift comes as analysts note that the U.S. women’s apparel market is roughly 70% larger than the men’s market, meaning women spend substantially more on clothing than men. “If you’re skewing very heavily towards men, then you’re essentially leaving behind half the population,” Needham analyst Tom Nikic told CNBC.
VF Corp. CEO Bracken Darrell described women as a major “unlock” for several of its brands, including Vans, The North Face, Timberland, and shoe maker Altra Running. Darrell said the opportunity stems from both women’s growing purchasing power and their influence on broader consumer trends. “Women have influenced men’s choices in a bigger way than a lot of us who ran predominantly men’s brands gave credit for,” he said. “We always had opportunities across all our brands that were bigger for us if we tried to get in with women.”
Related: Why Employers Still Skip Full GLP-1 Obesity Drug Coverage and What’s Changing (2026 Guide)
VF is incorporating that focus into more product development across its portfolio. Vans has introduced more women’s apparel, pearlized footwear and shoe jewelry. Timberland has expanded its lineup with products such as its Stone Street platform boots and other women’s-focused silhouettes, leaning into raised designs. At The North Face, the company has collaborated with Kim Kardashian’s Skims and other fashion brands, while also expanding its offerings for female outdoor enthusiasts. Its Advanced Mountain Kit line now includes a full women’s assortment. Darrell said The North Face is the company’s “single biggest opportunity with women,” accounting for roughly 42% of its $9.6 billion in sales.
Jefferies analyst Blake Anderson suggested that the focus on women could play a role in helping Vans return to sustainable growth. He said younger women can act as “strong brand advocates and trendsetters,” helping drive awareness through social media and online shopping channels. The Vans brand has struggled for years, but revenue trends are improving. Sales on a constant-currency basis fell 11% in VF’s fiscal year ended in March, compared with 15% and 27% in fiscal 2025 and 2024, respectively. For 2027, the company projects a mid-single decline. In fiscal 2026, VF broke a streak of three consecutive years of declining companywide sales, with The North Face and Timberland both growing 5% on a constant-currency basis.
There was no good structural reason why some of these brands should skew as heavily male as they did, according to Nikic. “If they can successfully grow with women while maintaining strength with men, that’s a significant opportunity.” However, investors have not seen the stock price reflect this strategy yet. So far in Darrell’s tenure, shares of VF are down roughly 7%, when including dividends. That trails State Street’s popular retail ETF known as the XRT, which is up 38% in that timeframe. Over the past year, though, the stock has trounced the XRT, returning almost 36% versus roughly 10%.
Related: JetBlue shrinks Newark, LaGuardia footprint as Fort Lauderdale grows
A clear example of the strategy working
Levi’s has emerged as one of the clearest examples of how expanding into women’s apparel can translate into growth. Former Kohl’s CEO Michelle Gass became Levi’s chief executive in January 2024 after a year as president. She was tasked with accelerating growth and advancing the company’s transition to a direct-to-consumer-first business. As part of that strategy, Gass made attracting female shoppers a key priority through the company’s “Win With Her” initiative, which first launched in Europe and has since expanded more broadly throughout the business. On CNBC’s “Mad Money” earlier this year, Gass told Jim Cramer that women’s apparel now accounts for 38% of Levi’s business, up from roughly a third in 2022. She is targeting a 50-50 revenue split between men and women.
Women’s was up 11% for [2025], and we have a long way to go between 38% and 50%, and that’s incremental business for us, Gass said. On the company’s 2026 first-quarter earnings call, Gass said women’s apparel grew 13% in the quarter, compared with 7% growth in men’s. In its 2025 annual report, Levi’s described the category as a “powerful growth engine,” and noted that it carries higher gross margins while remaining underpenetrated. The company has expanded beyond denim into dresses, skirts, tops and lifestyle apparel. It’s also increased its marketing efforts, including its high-profile partnership with Beyoncé in 2024. Levi’s has also changed how it merchandises its stores. Women’s apparel is now featured prominently at the front of many U.S. locations, supported by mannequins and lifestyle displays designed to showcase complete outfits.
Levi’s reports its next set of quarterly earnings on Wednesday. Nikic said Levi’s demonstrates how brands can grow their women’s businesses without sacrificing momentum among male shoppers. “The women’s business is performing even better, but men’s product has continued to sell well,” he said. “When you can get balanced growth across both men and women, it obviously does wonders for your P&L and for your stock price.” Shares of Levi’s have returned 66%, including dividends, since Gass became CEO in January 2024. In that stretch, the stock has significantly outperformed the XRT’s 28% return. It’s also narrowly topped the S&P 500’s total return of 58%.
Related: Mortgage Rates Hit 6 Month High
Focus on fashion over function
Columbia Sportswear is pursuing a similar strategy. At a recent investor conference, CEO Tim Boyle pointed to the success of Columbia’s Amaze Puff Jacket, a stylish winter coat, as an example of how the company is broadening its appeal beyond clothes and shoes popular for hiking, fishing and more. “It’s highly fashionable,” said Boyle, who’s been CEO since 1988. “It brought a lot of new people into the brand.” The jacket generated significant social media attention and helped introduce Columbia to consumers who may not have traditionally considered the company a fashion brand, Boyle said.
The company has continued to build on that momentum. During an appearance on CNBC’s “Mad Money” in May, Boyle highlighted women’s outerwear as a major area of focus, and said Columbia plans to expand the Amaze collection into additional seasons. Columbia expects sales to grow between 1% to 3% this year, after falling 3% last year on a constant-currency basis. Over the past year, the stock has returned about 1%, trailing the XRT’s 10% advance. The stock performance across the group has been mixed, but their pursuits are aligned. Nikic said that’s an opportunity the company can no longer afford to overlook. “You can’t look away from the fact that more than 50% of the population is women, so that’s always been a big opportunity for these brands,” Darrell said. “Investors should be excited to know that we’re not ignoring them, we’re going after them.”
Leave a Reply