Abercrombie & Fitch, one of the lone holdout brands steadfastly upholding its image and price premium, has finally capitulated.
CEO Mike Jeffries announced yesterday that Abercrombie had to drop its resistance to "a headwind where the consumer is reluctant to spend on premium brands." The company website already has a huge SUMMER CLEARANCE sign plastered across its landing page.
Say it ain’t so, Mike. Talking with a friend just hours earlier, I extolled your virtues as the bravest of brands. The rearguard defender in the struggle against commoditized mass merchandising and brand equity decimation. If you too are withdrawing from head-to-head combat, maybe there really is no other choice for now. Still, I hope you and your like will regroup and reengage soon under the 'value=benefits' banner.