Once defined by dark mall storefronts, lingering cologne, and hyper-exclusive status anxiety, Abercrombie & Fitch Co. has orchestrated one of modern retail’s most remarkable corporate reinventions. Under CEO Fran Horowitz, the 132-year-old outfitter-turned-mall-giant shed its logo-centric past and long-dated flagship liabilities to build a disciplined operational engine—repositioning its namesake label toward tailored young-adult apparel while leaning on Hollister to anchor the teen market. Yet following a financial resurgence that saw its stock outpace AI market darlings, the company now confronts a critical strategic question: whether its double-digit operating margins reflect a permanently overhauled cost structure or merely the high-water mark of a temporary fashion cycle.
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