Denim boosts American Eagle and Gap, but tariffs drag athleticwear in 2025
Brands offering fresh and popular designs backed by nifty marketing strategies thrived in 2025, as consumers shelled out the occasional big bucks on nice-to-have apparel and accessories
Athleisure brands felt the weight of tariffs on their margins this year, and tried to pivot to categories such as sports and running
Gap GPS.N, Levi Strauss LEVI.N and American Eagle AEO.N benefited from a denim boom; shares up ~10%, ~22% and 60% YTD respectively
Nike NKE.N fell 19%, marking its fourth consecutive yearly decline, as sales in China dropped for six straight quarters and turnaround efforts take a toll on margins
UGG boots maker Deckers Outdoor DECK.N dropped 48% YTD after nine years of gains
High-end yogawear-maker Lululemon Athletica LULU.O faces leadership changes, as it loses key consumer demographics to newer competitors; stock down 45% this year
Affluent teens and younger customers were eager to splurge on items such as Tapestry's TPR.N Tabby handbags and Ralph Lauren’s RL.N premium apparel
The broader S&P Composite 1500 Apparel Retail Index .SPCOMRETA up ~22% YTD, while S&P Composite 1500 Apparel, Accessories & Luxury Goods .SPCOMTEXT down 8% YTD
S&P 500 Consumer Durables and Apparel index .SPLRCLP down 9.5% vs a 17% rise in the S&P 500 index
Apparel, footwear companies
Company | RIC | 2025 YTD | 2024 | 2023 |
Abercrombie & Fitch Co | ANF.N | -14.7% | 69.43% | 285.07% |
Gap Inc | GAP.N | 9.6% | 13.01% | 85.37% |
Levi Strauss & Co | LEVI.N | 21.85% | 4.59% | 6.57% |
VF Corp | VFC.N | -14.91 | 14.15% | -31.91% |
Lululemon Athletica Inc | LULU.O | -44.9% | -25.21% | 59.59% |
American Eagle Outfitters | AEO.N | 60.1% | -21.22% | 51.58% |
Guess Inc | GES.N | 19.1% | -33.61% | 11.45% |
Under Armour | UAA.N | -37.9% | -5.80% | -13.48% |
G-III Apparel Group Ltd | GIII.O | -8.9% | -4.00% | 147.85% |
Nike Inc | NKE.N | -19.1% | -30.30% | -7.21% |
On Holding | ONON.O | -13.4% | 103.08% | 57.17% |
Deckers Outdoor | DECK.N | -48.3% | 82.30% | 67.46% |
Macy's | M.N | 30.7% | -15.85% | -2.57% |
Kohls | KSS.N | 44.9% | -51.05% | 13.58% |
Luxury companies
Company | RIC | 2025 YTD | 2024 | 2023 |
Tapestry | TPR.N | 98.37% | 77.5% | -3.3% |
Ralph Lauren | RL.N | 55.3% | 60.2% | 35.5% |
Canada Goose | GOOS.TO | 24.2% | -8.3% | -34.6% |
Capri | CPRI.N | 16.4% | -58.1% | -12.4% |
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