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
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