The point of a fashion conglomerate is scale and diversification: resources can be shared across the portfolio, keeping costs down. And if one brand has hit a rough patch, others can pick up the slack.
VF Corp. is getting neither of those benefits right now. Three of its four biggest brands – Vans, Timberland and Dickies – are losing customers, and booming sales at The North Face aren’t enough to make up for it. Behind the scenes, high…