Abercrombie & Fitch history: Beyond the Ticker
03/01/2024 20:22
The more than 120-year-old retail chain Abercrombie & Fitch (ANF) has seen its share of ups and downs over the years. With over 750 international stores and a revenue of roughly $3.7 billion in 2023, the brand known for the iconic moose is moving beyond that – it appears to be on the rise once again. But what are some of the achievements that led to its success? Beyond the Ticker takes a deep dive into the company's history. 1892 Abercrombie Co. was founded by David Abercrombie in June 1892 in New York as an outdoor specialty retailer. 1904 Ezra Fitch then joined as a partner in 1904 – hence the name, Abercrombie & Fitch. 1976-1977 After rising as a go-to store for middle and upper-income audiences, financial difficulties hit the company, forcing it to file for Chapter 11 bankruptcy in August 1976, and then shuttered its doors in November 1977. 1978 Oshman's Sporting Goods purchased the brand for $1.5 million. 1988 Limited Brands (BBWI) acquired Abercrombie & Fitch for $47 million and relocated its headquarters to Columbus, Ohio. Limited Brands had previous success with Express (EXPR) and Victoria's Secret (VSCO) and refocused Abercrombie & Fitch back to apparel. 1996 Limited Brands took Abercrombie & Fitch public in September 1996, listing on the New York Stock Exchange for $16 per share – making up 14 percent of the company. 1998 Abercrombie & Fitch spun off from the Limited parent company entirely two years later – growth was in focus after that. 2000 Enter Hollister in July 2000 - the laidback California clothing store. 2007 Abercrombie's first European flagship opened years later in London in March 2007, which is still one of the company's most profitable locations. 2014 Mike Jeffries retired from his role as CEO, and in came a major overhaul for its appearance. 2014-2015 Those greeters at the front – some even shirtless – were no more, and the dimly lit and loud music was replaced with brighter, quieter stores. Phase two – the launch of a new line focused on older customers. Think older Gen Z and millennials – as opposed to its previous key demo of young teens. 2017 In February 2017, Fran Horowitz took over as CEO to drive momentum for the retailer and take it into the future. Shares have been on a tear since – up nearly 1000 percent since she took the helm. The company closed unprofitable locations and instead focused on smaller spaces and its digital presence. 2018 Abercrombie & Fitch surpassed $1 billion in annual digital sales for the first time in its history. 2021-present Now, Abercrombie & Fitch aims to come out on top with its five key brands – Abercrombie & Fitch, Abercrombie Kids, Hollister, Gilly Hicks Active, and influencers Dixie & Charli D'Amelio's clothing brand, Social Tourist. You don’t normally associate fashion brand Abercrombie & Fitch with members of the Magnificent 7, but 2023 was a strange year. One that saw Abercrombie shares soar 285 percent, beating not just the S&P 500 (^GSPC), up 24%, but the top 5 performers in the S&P 500, including Nvidia (NVDA), Meta (META), and more. From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today. Check out more of our Beyond the Ticker series, and be sure to tune in to Yahoo Finance. Editor's note: This video was produced by Zach Faulds.
The more than 120-year-old retail chain Abercrombie & Fitch (ANF) has seen its share of ups and downs over the years. With over 750 international stores and a revenue of roughly $3.7 billion in 2023, the brand known for the iconic moose is moving beyond that – it appears to be on the rise once again.
But what are some of the achievements that led to its success? Beyond the Ticker takes a deep dive into the company's history.
1892
Abercrombie Co. was founded by David Abercrombie in June 1892 in New York as an outdoor specialty retailer.
1904
Ezra Fitch then joined as a partner in 1904 – hence the name, Abercrombie & Fitch.
1976-1977
After rising as a go-to store for middle and upper-income audiences, financial difficulties hit the company, forcing it to file for Chapter 11 bankruptcy in August 1976, and then shuttered its doors in November 1977.
1978
Oshman's Sporting Goods purchased the brand for $1.5 million.
1988
Limited Brands (BBWI) acquired Abercrombie & Fitch for $47 million and relocated its headquarters to Columbus, Ohio. Limited Brands had previous success with Express (EXPR) and Victoria's Secret (VSCO) and refocused Abercrombie & Fitch back to apparel.
1996
Limited Brands took Abercrombie & Fitch public in September 1996, listing on the New York Stock Exchange for $16 per share – making up 14 percent of the company.
1998
Abercrombie & Fitch spun off from the Limited parent company entirely two years later – growth was in focus after that.
2000
Enter Hollister in July 2000 - the laidback California clothing store.
2007
Abercrombie's first European flagship opened years later in London in March 2007, which is still one of the company's most profitable locations.
2014
Mike Jeffries retired from his role as CEO, and in came a major overhaul for its appearance.
2014-2015
Those greeters at the front – some even shirtless – were no more, and the dimly lit and loud music was replaced with brighter, quieter stores.
Phase two – the launch of a new line focused on older customers. Think older Gen Z and millennials – as opposed to its previous key demo of young teens.
2017
In February 2017, Fran Horowitz took over as CEO to drive momentum for the retailer and take it into the future.
Shares have been on a tear since – up nearly 1000 percent since she took the helm.
The company closed unprofitable locations and instead focused on smaller spaces and its digital presence.
2018
Abercrombie & Fitch surpassed $1 billion in annual digital sales for the first time in its history.
2021-present
Now, Abercrombie & Fitch aims to come out on top with its five key brands – Abercrombie & Fitch, Abercrombie Kids, Hollister, Gilly Hicks Active, and influencers Dixie & Charli D'Amelio's clothing brand, Social Tourist.
You don’t normally associate fashion brand Abercrombie & Fitch with members of the Magnificent 7, but 2023 was a strange year. One that saw Abercrombie shares soar 285 percent, beating not just the S&P 500 (^GSPC), up 24%, but the top 5 performers in the S&P 500, including Nvidia (NVDA), Meta (META), and more.
From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today.
Check out more of our Beyond the Ticker series, and be sure to tune in to Yahoo Finance.
Editor's note: This video was produced by Zach Faulds.