Dark clouds hang over the "old school" legend. The beloved brand of skaters and Gen Z is closing 140 stores.

Vans, once a symbol of rebellious freedom, is now facing a serious crisis. Despite a strong social media presence, the brand is experiencing declining sales and closing hundreds of stores worldwide. Will the icon survive the crisis?

Vans —a beloved brand of streetwear trendsetters, skateboarding veterans , and the entire Gen Z generation —hasn't been doing so well lately. While it still dominates TikTok and Instagram, its financials need a shakeup. VF Corp. , the brand's owner, just announced its results for the quarter ended June 28th. Revenue reached $1.8 billion . The same as a year earlier. Zero growth on a reported basis, and even a 2% decline after adjusting for currency effects. The North Face ? Up. Timberland ? Steady. And Vans ? Down 14% —and that's after a previous 22% decline in the last quarter of 2024. The situation is serious.

Vans slip-on model / Shutterstock

For Generation Z and Y2K enthusiasts, Vans has long symbolized freedom, nonconformism, and urban cool. Models like the Old Skool , Authentic , and Slip-On have achieved iconic status. But today, despite its strong presence in pop culture, Vans has struggled to keep pace with changing market dynamics. Consumers demand innovation, technology, and sustainability —and classics, while timeless, are no longer enough to attract attention in the competitive sneaker market.

The brand decided to take radical action. The first step was to reduce its store network. Vans decided to close over 140 stores worldwide. The first to be targeted were those generating the highest losses. Those that remained underwent transformations. The results? The store on Fifth Avenue in New York is already reporting better results than the chain average, and the London branch increased its average selling price by a staggering 35 percent.

Vans in urban styling / Shutterstock

Under the leadership of the brand's new CEO, Sun Choe (formerly Chief Product Officer at Lululemon), Vans is changing its DNA. The reorganization affects not only stores but also the product itself. The brand is returning to its roots, focusing on classics— the Authentic , Old Skool , and Sk8-Hi models are already receiving a new lease of life. Collaborations are also on the horizon, aiming to help the brand enter the premium fashion scene. The collaboration with Valentino is a prime example. Currently, we're seeing limited Vans drops , created in collaboration with young stars. The Vans Old Skool Cocona sold out like hotcakes.

From a marketing perspective, the brand is trying to reconnect with the subculture that once created it. An example? The revival of Warped Tour , the legendary music and skateboarding event. Three concerts in Long Beach attracted 170,000 people and ignited social media.

Will the classic checkerboard shoe become iconic again? Will this new direction make Vans "that thing" again? Fingers crossed.