Apparel Giants Suffer Billions in Losses as Industry Faces Turbulent Times

Apparel giants Nike (NKE), Lululemon Athletica (LULU), Under Armour (UAA) and V.F. Corp. (VFC) have seen significant declines in their stock value over the past five years, ranging from 68% to 79%. The companies have struggled with weak demand, higher tariffs, excess inventory, and restructuring challenges.

Nike is working to revive growth after weaker direct sales and declining demand in China. In Q1, revenue in Greater China dropped 12% to $1.3 billion, with declines across footwear, apparel, and equipment sales.

Lululemon Athletica has seen its momentum slow in North America after years of rapid expansion. The company slashed its fiscal 2026 sales outlook to between $11 billion and $11.15 billion after weaker product reception and increased promotional activity pressured margins.