2026 is the year the Apparel & Luxury trade died.

The median YTD return among the 30 largest companies is -17%. Only seven remain positive.

Five of the most striking collapses:

🧘 Lululemon -50% $LULU
🏃 On -41% $ONON
👟 Nike -39% $NKE
🥂 LVMH -33%
👜 Hermès -31%