Apparel Brands

Toggle the house. Coach dwarfs Kate Spade. Old Navy dwarfs Athleta. Anthropologie is still larger than Nuuly. HEYDUDE is the small, shrinking brand inside Crocs.

Tapestry 77.8% and Ralph Lauren 69.9% are luxury economics. Gap 40.8% and Urban Outfitters ~36% are specialty retail. Crocs 58.3% already shows a tariff bridge.

Tapestry GAAP GM 77.8% and operating margin 23.9%. Gap GM 40.8% and operating margin 7.3%. Abercrombie 61.5% is merchandise GM (occupancy in selling). Capri operating margin is omitted: 0.7% is after-tax continuing ops.

Tapestry 23.9%, Ralph Lauren 14.5%, Abercrombie 13.3%. PVH 2.6% is IBIT after $480M of impairments. Crocs 3.7% is after $738M of HEYDUDE impairments. Capri is omitted.

Tapestry, Ralph Lauren, PVH, and Capri run 50 to 57% SG&A against high gross margin. American Eagle 26.8% and Urban Outfitters 26.1% keep occupancy in cost of sales. Gap and Abercrombie are omitted from this comparison.

Computed as year-end inventory divided by the year's COGS, times 365. Not average inventory. Tapestry 170 days, Ralph Lauren 151, Gap 89, Urban Outfitters 65. Birkenstock manufactures and sits at 300 days.