page_title: History of Abercrombie & Fitch
section_title: From 2000 on
hierarchical_section_title: History of Abercrombie & Fitch / Modern image / From 2000 on
context_page_description: The history of Abercrombie & Fitch began in the nineteenth century and extends into the twenty-first century. Key figures who changed and influenced the course of Abercrombie & Fitch's history include co-founders David T. Abercrombie and Ezra Fitch, Limited Brands and Michael Jeffries, the former Chairman and CEO.
  David Abercrombie founded A&F in 1892 as an upscale sporting goods store. Forming a partnership with Ezra Fitch, the company continued to expand in the new 20th century. After Abercrombie left the company, Fitch became sole owner and ushered in the "Fitch Years" of continued success. Shortly after his retirement, the company continued to develop under a succession of other leaders until its financial fall and closing in 1977. Limited Brands purchased the ailing brand in 1988 and brought in Mike Jeffries, who revolutionized the image of Abercrombie & Fitch to become an upscale youthful fashion retailer. Today, the company is a multibillion-dollar entity continuing to experience economic expansion through the business continuance of three offshoot growing concepts and cautious international expansion into key luxury markets.
context_section_description: Entering into the 21st century, Abercrombie & Fitch was rated as the sixth most popular brand before Nintendo and Levi's by teenagers. The company introduced its third brand, Hollister Co., in July 2000. The third concept was based on Southern California surf lifestyle, and was targeted towards high school students. After Hollister lowered the revenue of Abercrombie & Fitch, the company launched the Ezra Fitch collection, and began producing A&F clothing with higher grade materials, increasing the prices. In 2001, the company moved into a new 300-acre (1.2 km²) home office in New Albany, Ohio. Headquarters were further expanded by 2003. Also in 2003, the company released its last issue of A&F Quarterly after amounting complaints.
  After successfully launching Hollister, the company introduced its fourth brand RUEHL No.925 for older consumers, 22 through 35, on September 24, 2004. Revenue continued to escalate as sales are reported at $2.021 billion for 2004. In November 2005, the company opened doors to its first ever flagship store (located in Fifth Avenue). By this time, the company begins to uplift its image to near-luxury status after introducing the trademark Casual Luxury for promotion. Revenue reported for 2005 was $2.021 billion.
  Abercrombie & Fitch began its Canadian expansion in January 2006 when the company opened two A&F stores and three Hollister Co. stores in Toronto and Edmonton. By fall 2006, a third Canadian Abercrombie & Fitch store opened in the Toronto Eaton Centre. Also in the year, the brand opened a west coast flagship in The Grove. Revenue reported for 2006 is $3.318 billion, an increase of over $1.297 billion from 2005.
  Beginning 2007, the canoe stores were revamped with dark louvers (see right image). On 22 March 2007, Abercrombie & Fitch opened its first European flagship in London at 7 Burlington Gardens in Savile Row. The store generated a volume of $280,000 (around £140,000 GBP) in its first 6 hours of operation. The flagship remains one of the most profitable A&F locations. Revenue reached record heights in 2007 with an overall sales of $3.749 billion.
  On 21 January 2008, Abercrombie & Fitch introduced its fifth concept, the intimate apparel brand Gilly Hicks. Inspired by "Down Under", it is officially labeled as the "Cheeky cousin of Abercrombie & Fitch." In April 2008, A&F relaunched A&F Quarterly for release in the UK flagship. On August 31, 2008, the "bright and insightful" company director Allan A. Tuttle died. By December 22, corporate announced that it had produced a new employment agreement with Mike Jeffries set to expire in 2014. For the first time in its recent history, A&F suffered a financial decrease to $3.540 billion revenue for fiscal 2008. The blame was to the current economic recession, and also to the fact that the company refused to lower price points and offer sales citing brand image-protection that doing so would "cheapen" its near-luxury image.
  As the late-2000s recession continued, A&F noticeably suffered financially for its refusal to lower prices or offer discounts. Early in January 2009, the company reported its worst drop in sales and shares. By the end of the month, 50 employees lost their jobs and many positions were still unoccupied. 170 more employees were dismissed in May. A&F announced on 17 June 2009 the closure of its ailing Ruehl No.925 brand by January 2010. By October, A&F launched its official Facebook page. Despite financial downturns, A&F opened its second European location, a flagship store, in Milan on October 29. On its official Facebook page, A&F called it the biggest consumer reception for a flagship opening in A&F history: "like nothing the world has seen before". On December 15, another flagship store opened in Tokyo, Japan. Marking the first ever A&F location in Asia, the opening became the biggest retail event in history, was noted as a "spectacle of consumerism" by the Japanese, and made around JP¥50 million (US$550,000) that day alone.
  In January 2010, A&F launched its A&F Cares feature highlighting its philanthropic efforts. Keeping to i
caption: The trademark slogan, Casual Luxury.