Abercrombie & Fitch is on course for a second consecutive year of double-digit sales growth for the first time in over a decade as 90s fashion continues its comeback.
The fashion retailer, which also owns Hollister, told investors that it anticipates a 10% increase in sales this year, which is almost double its previous forecast and follows a 16% rise in sales last year, BBC news reported.
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It has also adopted a more inclusive approach, introducing a broader range of sizes, marking a significant change for a company whose former CEO Mike Jeffries once controversially stated that “a lot of people don’t belong” in their clothing.
Back in 2004, Abercrombie & Fitch agreed to pay £39m to settle claims that its hiring practices had discriminated against minorities and women.
Jefferies also faced claims he sexually exploited and abused men at events he hosted around the world and that he ran a sex trafficking ring, which he denied.
The turnaround sent shares in Abercrombe & Fitch surging around £19 ($25) a piece at the start of 2023 to more than £147 ($189) on Thursday (30 May).
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