Report: VF to add more stores

Greensboro, N.C. Apparel company VF is adding new retail stores and plans to snap up new brands, according to a Wall Street Journal report.

The company plans to open at least 70 new boutiques worldwide this year, the report said. It is committed to a five-year plan that began in 2007 to reduce its reliance on flagging department stores.

Last year, it opened 89 new stores and drew 16% of revenue from its own outlets. It aims to boost direct sales to 22% of revenue by 2012, according to the report. The stores also showcase its brands, which include Nautica, The North Face, Lee Jeans and Vans.

The company is also planning to reach out to new consumers. "When you are our size, we can't just sell more to the people who already buy from us," VF CEO Eric Wiseman told The Wall Street Journal.