<p>** 提供新鲜和流行设计并依靠巧妙营销策略的品牌在 2025 年蓬勃发展，因为消费者偶尔愿意花大钱购买一些可有可无的服装和配饰。</p>
<p>** 运动休闲品牌今年感受到关税对其利润的压力，并试图转向运动和跑步等类别。</p>
<p>** Gap (GPS.N)、Levi Strauss 和 American Eagle 受益于牛仔布热潮；股价分别上涨约 10%、22% 和 60%。</p>
<p>** Nike 股价下跌 19%，标志着其连续第四年下滑，因为中国的销售连续六个季度下降，转型努力对利润造成了影响。</p>
<p>** UGG 靴制造商 Deckers Outdoor 股价在经历九年的增长后，年初至今下跌 48%。</p>
<p>** 高端瑜伽服制造商 Lululemon Athletica 面临领导层变动，因为它失去了关键消费群体给新竞争对手；今年股价下跌 45%。</p>
<p>** 富裕的青少年和年轻顾客热衷于在 Tapestry 的 Tabby 手袋和 Ralph Lauren 的高端服装上挥霍。</p>
<p>** 更广泛的标准普尔综合 1500 服装零售指数（.SPCOMRETA）年初至今上涨约 22%，而标准普尔综合 1500 服装、配饰和奢侈品指数（.SPCOMTEXT）年初至今下跌 8%。</p>
<p>** 标准普尔 500 消费耐用品和服装指数（.SPLRCLP）下跌 9.5%，而标准普尔 500 指数上涨 17%。</p>
<p>** 服装、鞋类公司</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>2025 年年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Abercrombie &amp; Fitch Co</td>
<td></td>
<td>-14.7%</td>
<td>69.43%</td>
<td>285.07%</td>
</tr>
<tr>
<td>Gap Inc</td>
<td></td>
<td>9.6%</td>
<td>13.01%</td>
<td>85.37%</td>
</tr>
<tr>
<td>Levi Strauss &amp; Co</td>
<td></td>
<td>21.85%</td>
<td>4.59%</td>
<td>6.57%</td>
</tr>
<tr>
<td>VF Corp</td>
<td></td>
<td>-14.91</td>
<td>14.15%</td>
<td>-31.91%</td>
</tr>
<tr>
<td>Lululemon Athletica Inc</td>
<td></td>
<td>-44.9%</td>
<td>-25.21%</td>
<td>59.59%</td>
</tr>
<tr>
<td>American Eagle Outfitters</td>
<td></td>
<td>60.1%</td>
<td>-21.22%</td>
<td>51.58%</td>
</tr>
<tr>
<td>Guess Inc</td>
<td></td>
<td>19.1%</td>
<td>-33.61%</td>
<td>11.45%</td>
</tr>
<tr>
<td>Under Armour</td>
<td></td>
<td>-37.9%</td>
<td>-5.80%</td>
<td>-13.48%</td>
</tr>
<tr>
<td>G-III Apparel Group Ltd</td>
<td></td>
<td>-8.9%</td>
<td>-4.00%</td>
<td>147.85%</td>
</tr>
<tr>
<td>Nike Inc</td>
<td></td>
<td>-19.1%</td>
<td>-30.30%</td>
<td>-7.21%</td>
</tr>
<tr>
<td>On Holding</td>
<td>(ONON.O)</td>
<td>-13.4%</td>
<td>103.08%</td>
<td>57.17%</td>
</tr>
<tr>
<td>Deckers Outdoor</td>
<td></td>
<td>-48.3%</td>
<td>82.30%</td>
<td>67.46%</td>
</tr>
<tr>
<td>Macy's</td>
<td></td>
<td>30.7%</td>
<td>-15.85%</td>
<td>-2.57%</td>
</tr>
<tr>
<td>Kohls</td>
<td></td>
<td>44.9%</td>
<td>-51.05%</td>
<td>13.58%</td>
</tr>
</tbody>
</table>
<p>** 奢侈品公司</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>2025 年年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Tapestry</td>
<td></td>
<td>98.37%</td>
<td>77.5%</td>
<td>-3.3%</td>
</tr>
<tr>
<td>Ralph Lauren</td>
<td></td>
<td>55.3%</td>
<td>60.2%</td>
<td>35.5%</td>
</tr>
<tr>
<td>Canada Goose</td>
<td></td>
<td>24.2%</td>
<td>-8.3%</td>
<td>-34.6%</td>
</tr>
<tr>
<td>Capri</td>
<td></td>
<td>16.4%</td>
<td>-58.1%</td>
<td>-12.4%</td>
</tr>
</tbody>
</table>

美国鹰

<p>在 2025 年，像美国鹰和 Gap 这样的品牌因牛仔布热潮而蓬勃发展，股价分别上涨了 60% 和 22%。然而，运动休闲品牌在关税压力下苦苦挣扎，耐克的股票下跌了 19%，Lululemon 下跌了 45%。标准普尔综合 1500 服装零售指数年初至今上涨了 22%，与其他服装行业的下滑形成对比。富裕的青少年推动了奢侈品的需求，而 Deckers Outdoor 的股票价值则下降了 48%。总体而言，服装市场在消费者偏好变化和经济挑战中表现出混合的结果</p>

<p>** 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</p>
<div class="lb-trans"><p>** 提供新鲜和流行设计并依靠巧妙营销策略的品牌在 2025 年蓬勃发展，因为消费者偶尔愿意花大钱购买一些可有可无的服装和配饰。</p>
</div><p>** Athleisure brands felt the weight of tariffs on their margins this year, and tried to pivot to categories such as sports and running</p>
<div class="lb-trans"><p>** 运动休闲品牌今年感受到关税对其利润的压力，并试图转向运动和跑步等类别。</p>
</div><p>** Gap (GPS.N), Levi Strauss  and American Eagle  benefited from a denim boom; shares up ~10%, ~22% and 60% YTD respectively</p>
<div class="lb-trans"><p>** Gap (GPS.N)、Levi Strauss 和 American Eagle 受益于牛仔布热潮；股价分别上涨约 10%、22% 和 60%。</p>
</div><p>** Nike  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</p>
<div class="lb-trans"><p>** Nike 股价下跌 19%，标志着其连续第四年下滑，因为中国的销售连续六个季度下降，转型努力对利润造成了影响。</p>
</div><p>** UGG boots maker Deckers Outdoor  dropped 48% YTD after nine years of gains</p>
<div class="lb-trans"><p>** UGG 靴制造商 Deckers Outdoor 股价在经历九年的增长后，年初至今下跌 48%。</p>
</div><p>** High-end yogawear-maker Lululemon Athletica  faces leadership changes, as it loses key consumer demographics to newer competitors; stock down 45% this year</p>
<div class="lb-trans"><p>** 高端瑜伽服制造商 Lululemon Athletica 面临领导层变动，因为它失去了关键消费群体给新竞争对手；今年股价下跌 45%。</p>
</div><p>** Affluent teens and younger customers were eager to splurge on items such as Tapestry's  Tabby handbags and Ralph Lauren’s  premium apparel</p>
<div class="lb-trans"><p>** 富裕的青少年和年轻顾客热衷于在 Tapestry 的 Tabby 手袋和 Ralph Lauren 的高端服装上挥霍。</p>
</div><p>** The broader S&amp;P Composite 1500 Apparel Retail Index (.SPCOMRETA) up ~22% YTD, while S&amp;P Composite 1500 Apparel, Accessories &amp; Luxury Goods (.SPCOMTEXT) down 8% YTD</p>
<div class="lb-trans"><p>** 更广泛的标准普尔综合 1500 服装零售指数（.SPCOMRETA）年初至今上涨约 22%，而标准普尔综合 1500 服装、配饰和奢侈品指数（.SPCOMTEXT）年初至今下跌 8%。</p>
</div><p>** S&amp;P 500 Consumer Durables and Apparel index (.SPLRCLP) down 9.5% vs a 17% rise in the S&amp;P 500 index</p>
<div class="lb-trans"><p>** 标准普尔 500 消费耐用品和服装指数（.SPLRCLP）下跌 9.5%，而标准普尔 500 指数上涨 17%。</p>
</div><p>** Apparel, footwear companies</p>
<div class="lb-trans"><p>** 服装、鞋类公司</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Company</td>
<td>RIC</td>
<td>2025 YTD</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Abercrombie &amp; Fitch Co</td>
<td></td>
<td>-14.7%</td>
<td>69.43%</td>
<td>285.07%</td>
</tr>
<tr>
<td>Gap Inc</td>
<td></td>
<td>9.6%</td>
<td>13.01%</td>
<td>85.37%</td>
</tr>
<tr>
<td>Levi Strauss &amp; Co</td>
<td></td>
<td>21.85%</td>
<td>4.59%</td>
<td>6.57%</td>
</tr>
<tr>
<td>VF Corp</td>
<td></td>
<td>-14.91</td>
<td>14.15%</td>
<td>-31.91%</td>
</tr>
<tr>
<td>Lululemon Athletica Inc</td>
<td></td>
<td>-44.9%</td>
<td>-25.21%</td>
<td>59.59%</td>
</tr>
<tr>
<td>American Eagle Outfitters</td>
<td></td>
<td>60.1%</td>
<td>-21.22%</td>
<td>51.58%</td>
</tr>
<tr>
<td>Guess Inc</td>
<td></td>
<td>19.1%</td>
<td>-33.61%</td>
<td>11.45%</td>
</tr>
<tr>
<td>Under Armour</td>
<td></td>
<td>-37.9%</td>
<td>-5.80%</td>
<td>-13.48%</td>
</tr>
<tr>
<td>G-III Apparel Group Ltd</td>
<td></td>
<td>-8.9%</td>
<td>-4.00%</td>
<td>147.85%</td>
</tr>
<tr>
<td>Nike Inc</td>
<td></td>
<td>-19.1%</td>
<td>-30.30%</td>
<td>-7.21%</td>
</tr>
<tr>
<td>On Holding</td>
<td>(ONON.O)</td>
<td>-13.4%</td>
<td>103.08%</td>
<td>57.17%</td>
</tr>
<tr>
<td>Deckers Outdoor</td>
<td></td>
<td>-48.3%</td>
<td>82.30%</td>
<td>67.46%</td>
</tr>
<tr>
<td>Macy's</td>
<td></td>
<td>30.7%</td>
<td>-15.85%</td>
<td>-2.57%</td>
</tr>
<tr>
<td>Kohls</td>
<td></td>
<td>44.9%</td>
<td>-51.05%</td>
<td>13.58%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>2025 年年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Abercrombie &amp; Fitch Co</td>
<td></td>
<td>-14.7%</td>
<td>69.43%</td>
<td>285.07%</td>
</tr>
<tr>
<td>Gap Inc</td>
<td></td>
<td>9.6%</td>
<td>13.01%</td>
<td>85.37%</td>
</tr>
<tr>
<td>Levi Strauss &amp; Co</td>
<td></td>
<td>21.85%</td>
<td>4.59%</td>
<td>6.57%</td>
</tr>
<tr>
<td>VF Corp</td>
<td></td>
<td>-14.91</td>
<td>14.15%</td>
<td>-31.91%</td>
</tr>
<tr>
<td>Lululemon Athletica Inc</td>
<td></td>
<td>-44.9%</td>
<td>-25.21%</td>
<td>59.59%</td>
</tr>
<tr>
<td>American Eagle Outfitters</td>
<td></td>
<td>60.1%</td>
<td>-21.22%</td>
<td>51.58%</td>
</tr>
<tr>
<td>Guess Inc</td>
<td></td>
<td>19.1%</td>
<td>-33.61%</td>
<td>11.45%</td>
</tr>
<tr>
<td>Under Armour</td>
<td></td>
<td>-37.9%</td>
<td>-5.80%</td>
<td>-13.48%</td>
</tr>
<tr>
<td>G-III Apparel Group Ltd</td>
<td></td>
<td>-8.9%</td>
<td>-4.00%</td>
<td>147.85%</td>
</tr>
<tr>
<td>Nike Inc</td>
<td></td>
<td>-19.1%</td>
<td>-30.30%</td>
<td>-7.21%</td>
</tr>
<tr>
<td>On Holding</td>
<td>(ONON.O)</td>
<td>-13.4%</td>
<td>103.08%</td>
<td>57.17%</td>
</tr>
<tr>
<td>Deckers Outdoor</td>
<td></td>
<td>-48.3%</td>
<td>82.30%</td>
<td>67.46%</td>
</tr>
<tr>
<td>Macy's</td>
<td></td>
<td>30.7%</td>
<td>-15.85%</td>
<td>-2.57%</td>
</tr>
<tr>
<td>Kohls</td>
<td></td>
<td>44.9%</td>
<td>-51.05%</td>
<td>13.58%</td>
</tr>
</tbody>
</table>
</div><p>** Luxury companies</p>
<div class="lb-trans"><p>** 奢侈品公司</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Company</td>
<td>RIC</td>
<td>2025 YTD</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Tapestry</td>
<td></td>
<td>98.37%</td>
<td>77.5%</td>
<td>-3.3%</td>
</tr>
<tr>
<td>Ralph Lauren</td>
<td></td>
<td>55.3%</td>
<td>60.2%</td>
<td>35.5%</td>
</tr>
<tr>
<td>Canada Goose</td>
<td></td>
<td>24.2%</td>
<td>-8.3%</td>
<td>-34.6%</td>
</tr>
<tr>
<td>Capri</td>
<td></td>
<td>16.4%</td>
<td>-58.1%</td>
<td>-12.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>2025 年年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>Tapestry</td>
<td></td>
<td>98.37%</td>
<td>77.5%</td>
<td>-3.3%</td>
</tr>
<tr>
<td>Ralph Lauren</td>
<td></td>
<td>55.3%</td>
<td>60.2%</td>
<td>35.5%</td>
</tr>
<tr>
<td>Canada Goose</td>
<td></td>
<td>24.2%</td>
<td>-8.3%</td>
<td>-34.6%</td>
</tr>
<tr>
<td>Capri</td>
<td></td>
<td>16.4%</td>
<td>-58.1%</td>
<td>-12.4%</td>
</tr>
</tbody>
</table>
</div>

牛仔布的流行促进了 American Eagle 和 Gap 的增长，但关税在 2025 年对运动服装造成了拖累