Abercrombie & Fitch

The Origin Story (1892-1970s)

Abercrombie & Fitch was founded in 1892 as an outdoor retailer selling fishing, hunting, and camping gear. By 1910, they'd opened a 12-story flagship store on Madison Avenue in New York that included a shooting range, golf school, and fishing gear.

The original A&F outfitted some of history's great adventurers—Ernest Hemingway, Teddy Roosevelt, and explorers heading to the Arctic. They hit record sales of $6.3 million in 1929, but the Depression and changing tastes eventually caught up. The company went bankrupt in 1977.

The Rise: 90s Teen Empire

The Limited acquired the brand in 1988 and reinvented it completely. Under CEO Mike Jeffries, A&F became the uniform of cool kids in the late 90s and early 2000s.

• The Experience — Dark stores, thumping music, overpowering cologne, and shirtless male models greeting you at the door. It was more nightclub than retail.
• The Exclusivity — The brand openly marketed to "cool, good-looking people." If you didn't fit the mold, you weren't welcome. That was the point.
• The Logo — The moose logo became a status symbol. Kids wore it proudly. Having A&F meant you belonged.
• The Catalog — The A&F Quarterly was basically soft-core photography disguised as a clothing catalog. It was controversial and it worked.

For those of us who grew up in this era, A&F was everywhere. The stores, the posters, the cologne that you could smell from across the mall. It defined a moment.

The Fall: 2010s Decline

The same exclusivity that made A&F cool became its downfall. The brand faced:

• Discrimination lawsuits — Multiple cases alleging racial discrimination in hiring and the infamous "look policy"
• Tone-deaf comments — Jeffries' quotes about only wanting "cool, thin, beautiful people" aged terribly
• Changing culture — Body positivity and inclusivity became mainstream values. A&F's exclusionary brand became toxic.
• Fast fashion competition — H&M, Zara, and others offered trends faster and cheaper
• Mall decline — A&F was built for malls. Malls were dying.

Sales cratered. Stock plummeted from $80 to under $10. Hundreds of stores closed. The brand looked finished.

The Comeback: 2020s Revival

Under CEO Fran Horowitz (who took over in 2017), Abercrombie completely reinvented itself:

• New Target Audience — Shifted from teens to millennials aged 25-40. They grew up with their original customers.
• Killed the Logo — No more giant moose branding. Clean, minimal designs.
• Inclusive Marketing — Diverse models, realistic body types, welcoming messaging.
• Quality Focus — Better fabrics, better fits, higher price points justified by actual quality.
• Store Redesign — Bright, open stores. No more nightclub vibes. You can actually see the clothes now.
• Social Media Strategy — TikTok-responsive design, influencer partnerships, trend-aware product development.

The turnaround worked spectacularly. Stock surged over 285% in 2023, beating even Nvidia. Comparable sales grew 16%. They raised their growth forecast multiple times.

The Sweatshirts

Here's the thing: their sweatshirts are genuinely excellent now. Heavy cotton, quality construction, minimal branding, and fits that actually work on adult bodies. The YPB (Your Personal Best) line is particularly good for athleisure.

They've figured out what grown-up millennials want: quality basics without screaming logos. It's the opposite of what they sold us in high school, and it works.

By The Numbers

• Founded: 1892 (132 years old)
• Bankruptcy: 1977
• Peak 90s-2000s: Stock hit $80+
• Bottom: Stock under $10 in 2017
• 2023 Stock Growth: 285%+
• Current Focus: 25-40 year old millennials

Lessons

A&F's story is a masterclass in brand reinvention. They didn't try to recapture the 90s magic—they acknowledged that era was over and built something new for the people who grew up with them.

The exclusivity that once made them cool became their biggest liability. The inclusivity that replaced it became their path back. Sometimes the thing that made you successful is exactly what you need to abandon.

"We're not trying to be the Abercrombie of 2000. We're trying to be the Abercrombie of today."