Abercrombie Went From Despised to The Best Performing Stock of 2023. Here's How

When the CEO of the highest-gaining stock (yes, beating Nvidia) tells you how they did it, you listen. And if you're a brand builder, you listen and then tattoo her advice on your arm because that stock is Abercrombie and Fitch, the once beleaguered brand that was seemingly in an irreversible brand death spiral.

Your brand is most likely nowhere near the dire straits A&F was in. However, this applicability is the same if, as a brand leader, you're starting to feel that your brand strength is eroding, even if it's imperceptible to the outside world.

Fran Horowitz is the CEO who has led the company through a brand turnaround and here are her 5 keys - and my personal lessons on each topic - for getting your brand strength back to where it was in the glory days, whenever that was for you.

1. Mission

Horowitz said, "we knew through this whole thing there was an affinity there that kept telling us to keep going."

Personal Lesson: One of the things I didn't ask myself enough was "Why did you start the brand in the first place?"

As a leader, a huge part of the job is making sure that story is clear, tight, and told consistently and persistently.

Obviously, we need to tell this story externally.

However, it starts with making sure every member of your team not only knows it, but wholeheartedly believes in it.

You are on a mission.

Don't forget that.

 
2. Listen.

Fran says, "We had to pivot the team and the company from telling the customer what they wanted to hearing what the customer wanted and providing that for them."

Personal Lesson: When we started Chubbies, and when you started your brand, you had to tell the world, and your customer, what to believe.

Over time, the need to tell transitions to a need to listen.


3. Patience.

Horowitz: Even though, according to Horowitz, "the business was in a downward spiral," she knew "we can't do it all at once -- you're going to burn out your team and then, they're not even going to be here to do it for you."

Personal Lesson: I pride myself on being high urgency and proactive.

While great in so many contexts, this is a team effort.

I needed to find the balance of urgency and team buy-in.

"Slow is smooth; smooth is fast" comes to mind here.


4. Team.

Horowitz: "I've built a team that actually has some of the original thinkers as well as some new thinkers, and that brought together some incredible, incredible energy."

Personal Lesson: Nothing easy about this, and I found I was too scared to make the hard decisions here, which negatively impacted everyone.


5. Make A Mistake

Horowitz says: "Make a mistake, fix it, and move on."

"If you wait until you think everything is perfect and ready to go, you're going to stand still, you're not going to get anywhere"

Personal lesson: I remember, at times, being so hesitant because I felt we were at such a precarious time, every move we made needed to be perfect.

While there are playbooks, every brand is unique.
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