ANF · CIK 0001018840
What Abercrombie & Fitch Co. told the SEC could break it.
Abercrombie & Fitch owns no manufacturing and depends entirely on independent third-party makers, and that sourcing is concentrated in Southeast Asia: 37% of fiscal-2025 merchandise receipts came from vendors in Vietnam and 26% from Cambodia, so a disruption in that region would ripple through its whole supply. That footprint runs straight into trade policy, which was its sharpest cost pressure — tariffs were about $90 million of net expense (170 basis points of net sales) in fiscal 2025, against a volatile backdrop where IEEPA tariffs were struck down by the Supreme Court in February 2026 and replaced by a 10% Section 122 global tariff, with no assurance the struck-down duties will be refunded.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- merchandise sourcing concentrated in Vietnam (37%) & Cambodia (26%)high
A&F sources through ~124 vendors in 15 countries, but 37% of FY2025 merchandise receipts came from Vietnam and 26% from Cambodia (largest single vendor 8%), concentrating its supply geographically in Southeast Asia.
“Approximately 37% and 26% of cost of merchandise receipts during Fiscal 2025 were from vendors located in Vietnam and Cambodia, respectively. The Company's largest vendor accounted for approximately 8% of merchandise sourced in Fiscal 2025, based on the cost of sourced merchandise.”
Regulatory & policy
- import tariffs (~$90M FY2025 cost; IEEPA/SCOTUS, Section 122 10% global)high
Tariffs cost A&F ~$90M (170 bps of net sales) in FY2025; the trade landscape is volatile (IEEPA tariffs struck down by SCOTUS Feb 2026, replaced by a 10% Section 122 global tariff and other programs), with no assurance struck-down duties will be refunded.
“approximately $90 million of net tariff expense, or 170 basis points as a percent of net sales for Fiscal 2025, which negatively impacted our operating profit in Fiscal 2025.”
Supplier concentration
- full dependence on third-party (offshore) manufacturersmedium
A&F owns no manufacturing and depends entirely on independent third-party manufacturers — sourcing the majority of merchandise outside the U.S. — for the timely receipt of quality goods.
“We depend on third parties for the manufacture and delivery of our merchandise. As a result, the continued success of our operations is tied to our timely receipt of quality merchandise from third-party manufacturers. We source the majority of our merchandise outside of the U.S.”
SEC filing →As of 2026
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch