<p>** 提供新鮮和流行設計並依靠巧妙營銷策略的品牌在 2025 年蓬勃發展，因為消費者偶爾願意花大錢購買一些可有可無的服裝和配飾。</p>
<p>** 運動休閒品牌今年感受到關税對其利潤的壓力，並試圖轉向運動和跑步等類別。</p>
<p>** Gap (GPS.N)、Levi Strauss 和 American Eagle 受益於牛仔布熱潮；股價分別上漲約 10%、22% 和 60%。</p>
<p>** Nike 股價下跌 19%，標誌着其連續第四年下滑，因為中國的銷售連續六個季度下降，轉型努力對利潤造成了影響。</p>
<p>** UGG 靴製造商 Deckers Outdoor 股價在經歷九年的增長後，年初至今下跌 48%。</p>
<p>** 高端瑜伽服制造商 Lululemon Athletica 面臨領導層變動，因為它失去了關鍵消費羣體給新競爭對手；今年股價下跌 45%。</p>
<p>** 富裕的青少年和年輕顧客熱衷於在 Tapestry 的 Tabby 手袋和 Ralph Lauren 的高端服裝上揮霍。</p>
<p>** 更廣泛的標準普爾綜合 1500 服裝零售指數（.SPCOMRETA）年初至今上漲約 22%，而標準普爾綜合 1500 服裝、配飾和奢侈品指數（.SPCOMTEXT）年初至今下跌 8%。</p>
<p>** 標準普爾 500 消費耐用品和服裝指數（.SPLRCLP）下跌 9.5%，而標準普爾 500 指數上漲 17%。</p>
<p>** 服裝、鞋類公司</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>

美國鷹

<p>在 2025 年，像美國鷹和 Gap 這樣的品牌因牛仔布熱潮而蓬勃發展，股價分別上漲了 60% 和 22%。然而，運動休閒品牌在關税壓力下苦苦掙扎，耐克的股票下跌了 19%，Lululemon 下跌了 45%。標準普爾綜合 1500 服裝零售指數年初至今上漲了 22%，與其他服裝行業的下滑形成對比。富裕的青少年推動了奢侈品的需求，而 Deckers Outdoor 的股票價值則下降了 48%。總體而言，服裝市場在消費者偏好變化和經濟挑戰中表現出混合的結果</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>** 提供新鮮和流行設計並依靠巧妙營銷策略的品牌在 2025 年蓬勃發展，因為消費者偶爾願意花大錢購買一些可有可無的服裝和配飾。</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>** 運動休閒品牌今年感受到關税對其利潤的壓力，並試圖轉向運動和跑步等類別。</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 受益於牛仔布熱潮；股價分別上漲約 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 股價下跌 19%，標誌着其連續第四年下滑，因為中國的銷售連續六個季度下降，轉型努力對利潤造成了影響。</p>
</div><p>** UGG boots maker Deckers Outdoor  dropped 48% YTD after nine years of gains</p>
<div class="lb-trans"><p>** UGG 靴製造商 Deckers Outdoor 股價在經歷九年的增長後，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 面臨領導層變動，因為它失去了關鍵消費羣體給新競爭對手；今年股價下跌 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>** 富裕的青少年和年輕顧客熱衷於在 Tapestry 的 Tabby 手袋和 Ralph Lauren 的高端服裝上揮霍。</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>** 更廣泛的標準普爾綜合 1500 服裝零售指數（.SPCOMRETA）年初至今上漲約 22%，而標準普爾綜合 1500 服裝、配飾和奢侈品指數（.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>** 標準普爾 500 消費耐用品和服裝指數（.SPLRCLP）下跌 9.5%，而標準普爾 500 指數上漲 17%。</p>
</div><p>** Apparel, footwear companies</p>
<div class="lb-trans"><p>** 服裝、鞋類公司</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>

牛仔布的流行促進了 American Eagle 和 Gap 的增長，但關税在 2025 年對運動服裝造成了拖累