Abercrombie & Fitch (ANF) was the subject of an earnings trade on the Portfolio Armor Substack this week, so I went to Abercromie's website for the first time in years to grab an image for it. It was nothing like the catalogs and billboards I remembered from the company in the '90s and '00s. Abercrombie had gone from the imagery above to this. I posted a tweet with a photo from an early '00s Abercrombie catalog and the one above, to show how the brand had changed. In response, a Twitter correspondent shared this thread which explained what happened. It was news to me, and maybe it will be to you too.