Abercrombie & Fitch history: Beyond the Ticker

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.

2023

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.

Video Transcript

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- The more than 120-year-old retail chain Abercrombie and Fitch has seen its shares of ups and downs over the years. With over 750 international stores, and a revenue of roughly $3.7 billion in 2023, the brand's known for its iconic moose is moving beyond that, and appears to be on the rise 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.

Abercrombie Co. was founded by David Abercrombie in June of 1892 in New York as an outdoor-specialty retailer. Ezra Fitch then joined as a partner in 1904, hence the name, Abercrombie and Fitch. 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 of 1976, and then shuttered its doors in November of 1977.

But the next year, 1978, Oshman's Sporting Goods purchased the brand for $1.5 million. A decade later, Limited Brands acquired Abercrombie and Fitch for $47 million. Limited Brands had previous success with Express and Victoria's Secret, and refocused A&F back to apparel, then took Abercrombie public in September of 1996, listing on the New York Stock Exchange for $16 per share, making up 14% of the company. Eventually, spinning off from the limited parent company entirely two years later, growth was in focus after that.

Enter Hollister in July 2000, the laid back California clothing store, and its first European flagship store years later in London in March of 2007, which is still one of its most profitable locations. In 2014, Mike Jeffries retired from his role as CEO, and in came a major overhaul for its appearance. Those greeters at the front door, some even shirtless, were no more. And the dimly lit and loud music turned into brighter, quieter stores.

Phase II 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. 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 1,000% since she took the helm. By 2018, Abercrombie and Fitch surpassed $1 billion in annual digital sales for the first time in its history.

Now Abercrombie and Fitch aims to come out on top with its five key brands-- Abercrombie Fitch, Abercrombie Kids, Hollister, Gilly Hicks Active, and with influencers Dixie and Charli D'Amelio clothing brand Social Tourist. You don't normally associate fashion brand Abercrombie and Fitch with members of the "Magnificent Seven." But 2023 was a strange year, one that saw Abercrombie shares soar 285% beating not just the S&P 500 up 24%, but the top five performers in the S&P.

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