Abercrombie & Fitch Co. lost $26.7 million in the second quarter. This being the third straight quarter of double-digit sales declines, changes are afoot! Executives have finally realized the dissonance between the brand's cost and its value. At last they've decided to lower prices, try to sell clothes that people see a point in purchasing, and focus on their greatest strength: sexy 20-year-olds who enjoy riding horses naked through the woods. CEO Michael Jeffries says he learned something after Ruehl shuttered in June: “We are young. We are sexy. We are controversial at times. That’s what we know how to do and that’s the business that we own here and are comfortable that we can around the world.”
The "most dramatic" price reductions will take effect next quarter and be most noticeable at Hollister and Abercrombie Kids. More than 270 leases are up for renewal in 2011, and the chain is likely to shut some Abercrombie & Fitch stores. Jeffries said the label won't open any more flagships in the U.S., but plans to "accelerate the opening of international Hollister stores in 2010 and 2011." The Germans ought to have a greater appetite for scary dark techno caves during daylight hours than Americans do.
Most Viewed Stories
Taylor Swift Is Not Going to Be Happy About This New Friendship
Karl Lagerfeld Calls Out Meryl Streep for Canceling an Order for a Chanel Dress
Rereading The Handmaid’s Tale, One Month Into the Trump Era
It Sure Looks Like Diane Kruger Is Dating Norman Reedus Now
Woman Framed by Ex-Boyfriend’s Wife in Craigslist ‘Rape Fantasy’ Plot Speaks Out
Why Did Everyone Act Like I Was Crazy When I Decided to Have a Baby in My 20s?
Witches Are Planning to Hex Trump This Friday
Sports Illustrated’s New Curvy Model on Fitness, Staying Healthy, and Embracing Her Body
Someone Paid $2,000 to Provide Us With This Terrible Billboard
Ask Polly: I Overshared My Way Out of a Boyfriend!
Latest News from The CutThis Man Probably Knows More About Makeup Than You Do
A quick chat with Instagram’s favorite male makeup artist.See Marina Abramovic’s Greatest Moments in the Art World
Her first extensive monograph comes out next month.Let Martha Stewart’s Story About Her New Peacock Soothe You
Xanax in blog form.Designers Agree: Red Is the Color for Fall 2017
It’s more than just a trend, it’s a movement.People Everywhere Agree That Justin Trudeau Has a Good Butt
An image of the Canadian prime minister’s butt has gone viral.Leonardo DiCaprio Is Definitely Hiding His Oscar in This Fanny Pack
What else could be in there?When Dating Younger Men Becomes a Sexual Crusade
On this week’s podcast: Cindy Gallop reinvented her career so everyone could have better sex.A Rainbow Elephant Makes a Fun Purse
The chicest look from day two of Milan Fashion Week.Wear Paisley Like This for Spring
The Golden Peacock Award winner from day two of Milan Fashion Week.Gigi and Bella Hadid Get Rainbow Hair at Versace
A style that looks a little familiar to anyone who spent too much time listening to Avril Lavigne.
She’s the subject of a new London exhibit, and her influence is all over the runways.It Sure Looks Like Diane Kruger Is Dating Norman Reedus Now
The pair was spotted returning from a “romantic road trip.”Versace Went for Sloganmania Over Logomania at Milan Fashion Week
The clothes were splashed with messages like “equality” and “unity.”Bella Hadid and Tom Ford Partied This Week
Plus: Lottie Moss, Sienna Miller, Winnie Harlow.A Chinese Company Wants to Sell Ivanka Trump–Branded Sanitary Pads
The company’s founder called her a “role model.”Here Is Something Nice: A Duck Wedding
Duck wedding.The Wonderful Cat Guys of Kedi Are an Antidote to All the Bad Men in the World
This documentary about the street cats of Istanbul and the men who care for them will warm even the most cynical of hearts.Someone Paid $2,000 to Provide Us With This Terrible Billboard
It’s still unclear who’s behind it, but a protest will take place underneath on Sunday.A Georgia Beauty Queen Who Disappeared Years Ago Was Allegedly Murdered
A man was just charged in Tara Grinstead’s mysterious disappearance.Ed Sheeran Correctly Gives His Girlfriend the Shoes Off His Feet
He really “upped the chivalry ante,” per People.