PowerPoint Presentation - Piper Sandler _Report.pdf · Denim Abercrombie & Fitch American Eagle...

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Average-Income Total Spend Average-Income Fashion Spend

20.2%

13.8%

19.5%

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Denim Abercrombie & Fitch American Eagle

Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %

1 Leggings/lululemon 24% 1 Leggings/lululemon 23% 1 Leggings/lululemon 25%

2 Nike 5% 2 Victoria's Secret 7% 2 Birkenstock 6%

3 Birkenstock 5% 3 Converse 6% 3 Victoria's Secret 5%

4 Converse 4% 4 Nike 6% 4 Converse 4%

5 Victoria's Secret 4% 5 Boots 3% 5 Ripped Jeans 4%

6 Crop Tops 3% 6 Crop Tops 3% 6 Jeans 3%

7 Short Shorts 2% 7 Athletic Wear 2% 7 Adidas 3%

8 Rompers 2% 8 Jeans 2% 8 Bralettes 3%

Vineyard Vines 2% 9 Michael Kors 2% 9 Nike 3%

10 Dresses 2% 10 Adidas 2% 10 Chokers 3%

12%

15%

23%

50%

Have Not PurchasedDenim in Past Month

Have PurchasedDenim in Past Month

Have Not PurchasedDenim in Past Month

Have PurchasedDenim in Past Month

Rank Fall 2016 %

1 American Eagle 36%

2 Hollister 13%

3 Abercrombie & Fitch 3%

4 PacSun 3%

5 Nordstrom 3%

Urban Outfitters 3%

7 Old Navy 3%

8 H&M 2%

9 Kohl's 2%

10 Forever 21 2%

Levi's 2%

-600 bps

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AEO Comp AEO Change in Mindshare Y/Y

American Eagle Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Upper-Income 3rd (6%) 4th (9%) 2nd (6%) 4th (8%) 2nd (10%) 2nd (11%) 3rd (9%) 5th (5%) 4th (7%) 3rd (9%) 4th (8%) 2nd (9%) 3rd (8%) 3rd (6%) 2nd (8%)

Average-Income 1st (13%) 1st (12%) 1st (14%) 1st (13%) 1st (10%) 1st (11%) 1st (10%) 4th (8%) 2nd (10%) 3rd (7%) 3rd (7%) 2nd (9%)

American Eagle Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

Upper-Income 4th (6%) 2nd (8%) 4th (6%) 4th (9%) 4th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (7%) 2nd (8%) 3rd (6%) 2nd (9%)

Average-Income 1st (13%) 1st (14%) 1st (16%) 1st (11%) 2nd (10%) 1st (12%) 2nd (10%) 3rd (9%) 3rd (8%) 2nd (8%) 2nd (8%) 2nd (8%)


Upper-Income 5th (5%) 3rd (8%) 4th (7%) 3rd (8%) 3rd (10%) 1st (13%) 3rd (8%) 4th (5%) 3rd (6%) 2nd (10%) 2nd (12%) 2nd (12%) 2nd (9%) 3rd (7%) 2nd (11%)

Average-Income 1st (13%) 1st (11%) 1st (16%) 1st (13%) 1st (11%) 1st (11%) 2nd (10%) 2nd (9%) 2nd (11%) 2nd (8%) 2nd (8%) 2nd (11%)


Upper-Income 4th (6%) 4th (7%) 3rd (6%) 3rd (9%) 3rd (7%) 4th (8%) 4th (7%) 3rd (8%) 3rd (8%) 3rd (9%) 2nd (10%) 2nd (9%) 2nd (10%) 2nd (10%) 1st (17%)

Average-Income 1st (13%) 1st (15%) 1st (17%) 2nd (12%) 2nd (10%) 1st (12%) 2nd (10%) 2nd (9%) 2nd (9%) 2nd (9%) 2nd (10%) 1st (12%)


Upper-Income 4th (6%) 3rd (9%) 3rd (5%) 5th (7%) 3rd (11%) 3rd (9%) 3rd (10%) 4th (5%) 3rd (10%) 4th (7%) 4th (5%) 3rd (7%) 3rd (7%) 3rd (4%) 3rd (5%)

Average-Income 1st (12%) 1st (12%) 2nd (12%) 2nd (13%) 3rd (10%) 3rd (10%) 3rd (11%) 4th (7%) 2nd (10%) 3rd (6%) 3rd (6%) 3rd (7%)


Upper-Income 4th (6%) 2nd (10%) 5th (5%) 3rd (8%) 3rd (9%) 2nd (13%) 3rd (8%) 3rd (7%) 2nd (11%) 4th (6%) 4th (6%) 3rd (6%) 3rd (6%) 3rd (4%) 3rd (4%)

Average-Income 1st (12%) 1st (12%) 1st (16%) 3rd (10%) 3rd (10%) 2nd (12%) 4th (9%) 4th (9%) 2nd (8%) 3rd (7%) 3rd (7%) 3rd (5%)

Top Clothing Brands (All)

Top Clothing Brands (Females)

Top Clothing Brands (Males)

Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

A&F 1st (13%) 1st (12%) 1st (13%) 2nd (10%) 4th (9%) 4th (8%) 4th (5%) 6th (4%) 7th (3%) 12th (2%) 10th (2%) 10th (2%) 10th (2%) 31st (1%) 11th (2%)

Hollister NM 5th (5%) 4th (5%) 1st (12%) 1st (16%) 1st (13%) 1st (13%) 2nd (12%) 5th (7%) 7th (3%) 6th (5%) 5th (4%) 5th (3%) 7th (2%) 5th (3%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

A&F 1st (18%) 1st (15%) 1st (13%) 2nd (10%) 3rd (8%) 4th (8%) 5th (4%) 6th (4%) 10th (2%) 10th (2%) 9th (2%) 9th (2%) 23rd (1%) 12th (2%) 19th (1%)

Hollister 22nd (1%) 5th (5%) 3rd (9%) 1st (13%) 1st (14%) 1st (14%) 2nd (10%) 3rd (8%) 5th (7%) 7th (4%) 7th (3%) 8th (2%) 7th (2%) 11th (2%) 11th (2%)


A&F 2nd (10%) 2nd (12%) 1st (12%) 2nd (12%) 2nd (11%) 5th (8%) 5th (5%) 6th (4%) 11th (3%) 12th (2%) 9th (2%) 9th (3%) 11th (2%) 28th (1%) 12th (2%)

Hollister NM 6th (7%) 3rd (8%) 1st (14%) 1st (18%) 1st (13%) 1st (14%) 1st (14%) 2nd (7%) 7th (3%) 3rd (6%) 3rd (6%) 6th (5%) 8th (3%) 6th (5%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016A&F 1st (19%) 1st (18%) 1st (14%) 2nd (12%) 2nd (10%) 3rd (8%) 7th (5%) 6th (4%) 9th (2%) 10th (2%) 7th (3%) 15th (2%) 23rd (1%) 14th (2%) 13th (1%)

Hollister 25th (1%) 3rd (8%) 2nd (10%) 1st (16%) 1st (17%) 1st (15%) 2nd (10%) 2nd (8%) 4th (8%) 5th (5%) 5th (4%) 5th (4%) 9th (4%) 10th (3%) 12th (2%)

Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016A&F 1st (16%) 2nd (12%) 1st (13%) 4th (8%) 4th (6%) 3rd (9%) 5th (6%) 5th (4%) 7th (3%) 9th (2%) 7th (2%) 9th (2%) 13th (1%) 20th (1%) 7th (2%)

Hollister NM 10th (2%) 10th (3%) 3rd (9%) 2nd (14%) 2nd (13%) 2nd (13%) 3rd (10%) 4th (7%) 8th (2%) 5th (4%) 5th (3%) 4th (2%) 10th (2%) 6th (2%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016A&F 1st (16%) 3rd (9%) 2nd (10%) 3rd (8%) 4th (7%) 4th (7%) 5th (3%) 6th (3%) 8th (2%) 8th (2%) 7th (2%) 6th (2%) 19th (1%) 8th (2%) 19th (1%)

Hollister 17th (1%) 11th (2%) 3rd (8%) 2nd (10%) 2nd (11%) 3rd (12%) 2nd (11%) 4th (8%) 4th (5%) 6th (2%) 5th (2%) 9th (1%) 9th (1%) 10th (1%) 9th (1%)

Top Clothing Brands (Upper-Income, All)

Top Clothing Brands (Upper-Income, Females)

Top Clothing Brands (Upper-Income, Males)

Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Victoria's Secret / PINK 24th (1%) 16th (1%) 19th (1%) 9th (2%) 6th (3%) 5th (4%) 7th (3%)

Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

Victoria's Secret / PINK 45th (<1%) 16th (1%) 11th (2%) 10th (2%) 10th (2%) 13th (2%) 10th (2%)

Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Victoria's Secret / PINK 15th (1%) 9th (2%) 9th (2%) 6th (4%) 3rd (6%) 2nd (7%) 4th (6%)

Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

Victoria's Secret / PINK 9th (2%) 8th (2%) 6th (4%) 6th (3%) 6th (4%) 7th (4%) 5th (5%)



0.3%0.8% 1.0%

1.3%

2.2%2.4%2.0%

2.9% 2.4%

2.6%

1.7%

2.2%

Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

PINK Victoria's Secret


Nordstrom 14th (1%) 19th (1%) 12th (2%) 11th (2%) 5th (7%) 4th (9%) 4th (8%) 5th (5%) 9th (3%) 3rd (7%) 5th (5%) 4th (5%) 7th (4%) 6th (4%) 9th (3%)

Free People 31st (<1%) 20th (1%) 28th (1%) 12th (2%) 14th (2%) 7th (4%) 19th (1%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016

Nordstrom 19th (1%) 6th (4%) 6th (4%) 4th (7%) 5th (5%) 5th (4%) 7th (5%) 7th (4%) 3rd (9%) 2nd (10%) 3rd (7%) 4th (6%) 5th (5%) 6th (4%) 10th (3%)

Free People 25th (1%) 6th (3%) 32nd (1%) 12th (2%) 8th (4%) 5th (6%) 10th (3%)


Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Urban Outfitters 34th (1%) 19th (1%) 7th (3%) 14th (2%) 10th (2%) 10th (2%) 8th (3%) 10th (2%) 9th (2%) 7th (3%) 7th (3%) 6th (3%) 6th (3%) 7th (3%)

Free People 45th (<1%) 31st (<1%) 33rd (<1%) 20th (1%) 22nd (1%) 9th (2%) 32nd (1%)

Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016


Free People 37th (<1%) 13th (1%) 42nd (<1%) 21st (1%) 12th (2%) 7th (2%) 18th (1%)



Free People 31st (<1%) 20th (1%) 28th (1%) 12th (2%) 14th (2%) 7th (4%) 19th (1%)

Anthropologie NA NA NA 17th (1%) 22nd (1%) NA 38th (<1%) 40th (<1%) 26th (1%) 47th (<1%) 37th (<1%) 34th (<1%) 37th (<1%) 38th (<1%)


Urban Outfitters 24th (1%) 11th (3%) 8th (3%) 4th (7%) 6th (3%) 5th (7%) 5th (7%) 6th (4%) 4th (6%) 4th (5%) 3rd (8%) 3rd (7%) 3rd (7%) 4th (7%)

Free People 25th (1%) 6th (3%) 32nd (1%) 12th (2%) 8th (4%) 5th (6%) 10th (3%)

Anthropologie NA NA NA 22nd (<1%) 32nd (<1%) 31st (<1%) 44th (<1%) 29th (1%) 35th (<1%) NA 32nd (<1%) 37th (<1%) 28th (1%) 49th (<1%)


Urban Outfitters NA 27th (1%) 24th (<1%) NA 25th (<1%) 22nd (1%) 10th (2%) 19th (<1%) 13th (1%) 14th (1%) 20th (1%) 21st (1%) 14th (1%) 18th (1%)


Urban Outfitters NA NA 18th (1%) 34th (<1%) 19th (1%) 19th (1%) 14th (1%) 19th (1%) 17th (1%) 20th (1%) 12th (1%) 15th (1%) 40th (<1%) 19th (1%)



Top Clothing Brands (Upper-Income, Males)

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016E

Zumiez Brand Index (Upper-Income, Male) ZUMZ Comp

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Fashion Spending Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016 Seq Chg Y/Y Chg

Apparel $733 $667 $685 $614 $701 14% 2%Shoes $279 $270 $277 $277 $291 5% 5%Accessories $103 $96 $95 $91 $98 7% 3%Total - All $1,115 $1,033 $1,057 $982 $1,090 11% 3%

Apparel $974 $854 $962 $754 $917 22% -5%Shoes $268 $260 $277 $270 $296 10% 7%Accessories $157 $144 $150 $125 $143 14% -5%Total - Female $1,399 $1,258 $1,389 $1,149 $1,357 18% -2%

Apparel $504 $483 $474 $480 $533 11% 12%Shoes $290 $279 $277 $283 $286 1% 3%Accessories $56 $55 $57 $62 $66 6% 16%Total - Male $850 $818 $808 $826 $885 7% 10%

Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %

1 Nike 46% 1 Nike 50% 1 Nike 48% 1 Nike 51%

2 Vans 9% 2 Vans 9% 2 Vans 10% 2 Vans 9%

3 Converse 5% 3 Converse 7% 3 Converse 7% 3 Converse 7%

4 DSW 3% 4 Sperry 4% 4 Adidas 4% 4 Adidas 6%

Steve Madden 3% 5 Steve Madden 3% 5 Sperry 3% 5 Steve Madden 2%

6 Sperry 3% 6 DSW 3% 6 DSW 3% 6 Sperry 2%

7 UGG 2% 7 Adidas 2% 7 Steve Madden 3% 7 DSW 2%

8 Adidas 2% 8 Foot Locker 1% 8 Foot Locker 2% 8 Birkenstock 2%

9 Nordstrom 1% 9 Birkenstock 1% 9 UGG 1% 9 Foot Locker 1%

10 Payless ShoeSource 1% Nordstrom 1% 10 TOMS 1% 10 Nordstrom 1%





4 Sperry 3% 4 Sperry 3% 4 Adidas 4% 4 Adidas 5%

5 Adidas 2% 5 Adidas 2% 5 Sperry 2% 5 Foot Locker 3%

6 Steve Madden 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Sperry 2%

7 Foot Locker 2% 7 Steve Madden 1% 7 Steve Madden 1% 7 Birkenstock 2%

8 Payless ShoeSource 1% 8 Payless ShoeSource 1% 8 DSW 1% 8 Steve Madden 1%

9 UGG 1% 9 DSW 1% 9 Under Armour 1% 9 Payless ShoeSource 1%

10 Three Brands Tied 1% 10 Birkenstock 1% 10 Journeys 1% 10 Under Armour 1%

Payless ShoeSource 1%

UGG 1%


1 Michael Kors 39% 1 Michael Kors 31% 1 Michael Kors 38% 1 Michael Kors 34%

2 Coach 14% 2 Kate Spade 15% 2 Kate Spade 16% 2 Kate Spade 19%

3 Kate Spade 10% 3 Coach 10% 3 Coach 12% 3 Coach 10%

4 Louis Vuitton 5% 4 Louis Vuitton 6% 4 Louis Vuitton 4% 4 Louis Vuitton 5%

5 Vera Bradley 5% 5 Vera Bradley 5% 5 Gucci 4% 5 Longchamp 3%

6 Tory Burch 4% 6 Tory Burch 4% 6 Chanel 3% Vera Bradley 3%

7 Chanel 2% 7 Gucci 3% 7 Tory Burch 3% 7 Chanel 2%

8 Target 2% 8 Longchamp 3% 8 Longchamp 2% 8 Gucci 2%

9 Longchamp 1% 9 Chanel 2% 9 Vera Bradley 2% 9 Tory Burch 2%

10 Gucci 1% 10 Marc Jacobs 2% 10 Fossil 2% 10 Fossil 1%

Marc Jacobs 1%



2 Coach 17% 2 Coach 15% 2 Coach 12% 2 Coach 13%

3 Kate Spade 6% 3 Kate Spade 6% 3 Kate Spade 8% 3 Kate Spade 10%

4 Louis Vuitton 4% 4 Vera Bradley 5% 4 Vera Bradley 4% 4 Vera Bradley 5%

5 Vera Bradley 3% 5 Louis Vuitton 3% 5 Louis Vuitton 3% 5 Gucci 3%

6 Gucci 2% 6 Gucci 2% 6 Fossil 2% 6 Louis Vuitton 3%

7 Chanel 2% 7 Chanel 2% 7 Gucci 2% 7 Chanel 2%

Tory Burch 2% 8 Fossil 1% 8 Chanel 2% 8 Fossil 1%

9 Fossil 2% 9 Steve Madden 1% 9 Tory Burch 1% Target 1%

10 Steve Madden 1% 10 Target 1% 10 Steve Madden 1% 10 Betsey Johnson 1%

Guess 1%

Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016

Yes 43% 43% 45% 39% 42% 36%

No 57% 57% 55% 61% 58% 64%

All Customers: Intent To Spend On Handbag In Next Six Months


1 Rolex 31% 1 Rolex 34% 1 Rolex 29% 1 Rolex 37%


3 Casio 8% 3 Casio 7% 3 Fossil 8% 3 Apple 5%

4 Fossil 7% 4 Fossil 5% 4 Casio 6% Casio 5%

5 Nike 4% 5 Apple 5% 5 Apple 5% 5 Fossil 5%

6 Apple 3% 6 Nike 4% 6 Nixon 3% 6 Nixon 3%

7 Nixon 1% 7 Nixon 4% 7 Nike 3% 7 Nike 2%

8 Swatch 1% 8 Gucci 2% 8 Invicta 1% 8 Timex 2%

9 Timex 1% 9 Timex 2% 9 Kate Spade 1% 9 Fitbit 1%

10 Gucci 1% 10 Swatch 1% 10 Citizen 1% 10 Gucci 1%

Kate Spade 1% Gucci 1%

Spring 2015 Fall 2015 Spring 2016 Fall 2016

Yes 28% 30% 34% 29%

No 72% 70% 67% 71%

MOST PREFERRED FITNESS BANDS (ALL TEENS)Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %

1 Fitbit 53% 1 Fitbit 72% 1 Fitbit 71%

2 Nike 24% 2 Nike 12% 2 Nike 13%

3 Apple 7% 3 Apple 6% 3 Apple 6%

4 Garmin 5% 4 Garmin 3% 4 Garmin 3%

5 Jawbone 5% 5 Jawbone 3% 5 Jawbone 3%

6 Misfit 2% 6 Misfit 1% 6 Misfit 1%

7 Adidas 1% 7 Under Armour 1% 7 Samsung 1%

8 Under Armour 1% 8 Samsung 0% 8 Adidas 0%

9 Samsung 1% 9 Microsoft 0% 9 Polar 0%

10 iFit 0% 10 iFit 0% Movband 0%

TomTom 0%

FITNESS BAND OWNERSHIP (UPPER-INCOME, ALL TEENS)

0.0% 0.0% 0.1% 0.0%

0.2%

0.4%

0.3%

0.6%

1.3%

1.6%

1.0%

0.9%

0.6%

GPRO Share GPRO Revenue

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6.4%

9.8%

9.3%

10.5%

11.3%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

$141

$188

$66

$50

$70

$90

$110

$130

$150

$170

$190

$210

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Skin Care Cosmetics Fragrance

-30%

-20%

-10%

0%

10%

20%

30%

40%F

all

2007

Sp

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8

Fall

2008

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9

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0

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Fall

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Fall

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Fall

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Fall

2016

Fashion Spending Y/Y Change Beauty Spending Y/Y Change

Pre-recession correl: 0.9 Post-recession correl: 0.6

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Intent To Spend More vs. Less On Beauty

Average = 17%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Fall

2007

Sp

ring 2

00

8

Fall

2008

Sp

ring 2

00

9

Fall

2009

Sp

ring 2

01

0

Fall

2010

Sp

ring 2

01

1

Fall

2011

Sp

ring 2

01

2

Fall

2012

Sp

ring 2

01

3

Fall

2013

Sp

ring 2

01

4

Fall

2014

Sp

ring 2

01

5

Fall

2015

Sp

ring 2

01

6

Fall

2016

Fashion Spending Y/Y Change Beauty Spending Y/Y Change

Pre-recession correl: 0.9 Post-recession correl: 0.6

Post Recession Correl = 0.6

0%

10%

20%

30%

40%

50%

60%

70%

$50

$70

$90

$110

$130

$150

$170

$190

$210

Fall-13 Spring-14 Fall-14 Spring-15 Fall-15 Spring-16 Fall-16

% o

f U

I Fe

mal

es

that

Sp

en

d >

10

hrs

/wk

on

So

cial

M

ed

ia

An

nu

al S

pe

nd

Cosmetics Skin Care Fragrance Social Media >10 hrs/wk


1 MAC 16% 1 MAC 17% 1 MAC 12%

2 Maybelline 12% 2 Maybelline 12% 2 Maybelline 9%

3 Urban Decay 10% 3 Urban Decay 11% 3 Urban Decay 9%

4 CoverGirl 9% 4 Sephora 7% 4 CoverGirl 8%

5 Bare Escentuals 6% 5 CoverGirl 7% 5 Too Faced 6%

6 Sephora 5% 6 Bare Escentuals 5% 6 Sephora 5%

7 Benefit 5% 7 Benefit 4% 7 Clinique 4%

8 L'Oreal 3% 8 L'Oreal 4% 8 L'Oreal 4%

9 Clinique 3% 9 Too Faced 3% 9 Benefit 4%

10 NARS 3% 10 Anastasia 3% 10 Tarte 4%


1 MAC 19% 1 MAC 19% 1 MAC 15%

2 CoverGirl 12% 2 CoverGirl 11% 2 CoverGirl 9%

3 Maybelline 12% 3 Urban Decay 11% 3 Maybelline 9%

4 Urban Decay 9% 4 Maybelline 11% 4 Urban Decay 7%

5 Sephora 5% 5 Sephora 5% 5 Too Faced 5%

6 Bare Escentuals 5% 6 Bare Escentuals 4% 6 Name Withheld 5%

7 L'Oreal 4% 7 Name Withheld 4% 7 Sephora 5%

8 Mary Kay 3% 8 Clinique 3% 8 NYX 4%

9 Name Withheld 3% 9 L'Oreal 3% 9 Anastasia 4%

10 Clinique 3% 10 Too Faced 3% 10 Bare Escentuals 4%


1 Neutrogena 32% 1 Neutrogena 31% 1 Neutrogena 31%

2 Clean & Clear 10% 2 Clean & Clear 8% 2 Clean & Clear 9%

3 Proactiv 6% 3 Clinique 7% 3 Clinique 7%

4 Clinique 5% 4 Proactiv 4% 4 Proactiv 7%

5 Cetaphil 4% 5 Cetaphil 4% 5 Cetaphil 5%

6 Aveeno 3% 6 Aveeno 3% 6 Aveeno 3%

7 Bare Escentuals 2% 7 Bare Escentuals 3% 7 Clearasil 2%

Lush 2% 8 LUSH 2% 8 Biore 2%

9 Clearasil 2% MAC 2% 9 LUSH 2%

Mary-Kay 2% 10 Burt's Bees 2% 10 Mary Kay 2%

Sephora 2%


1 Neutrogena 24% 1 Neutrogena 22% 1 Neutrogena 24%

2 Clean & Clear 12% 2 Clean & Clear 10% 2 Clean & Clear 10%

3 Proactiv 8% 3 Proactiv 9% 3 Proactiv 9%

4 Clinique 5% 4 Clinique 5% 4 Clinique 5%

5 Mary-Kay 4% 5 MAC 3% 5 Cetaphil 3%

6 Clearasil 3% 6 Aveeno 3% 6 Aveeno 3%

CoverGirl 3% 7 Mary Kay 3% 7 Biore 3%

8 Cetaphil 3% 8 Cetaphil 2% 8 Clearasil 3%

9 Aveeno 2% Clearasil 2% 9 Mary Kay 2%

MAC 2% 10 CoverGirl 2% 10 Dove 2%

32%

65%

54%

26%

0%

10%

20%

30%

40%

50%

60%

70%

Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016

Specialty Mass, Dept & Drug Stores

Channel Reversal:

Specialty stores outpace legacy

formats

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0-40k 40-60k 60-80k 80-100k 100-120k 120k+

Ability to straighten teeth faster

Less pain

Convenience (can take out to eat andbrush teeth)

Cool designs (like emojis or differentcolors)

Fewer visits to the orthodontist

0%

10%

20%

30%

40%

50%

60%

70%

0-40k 40-60k 60-80k 80-100k 100-120k 120k+

1-2

3-4

5-6

7-8

9-10

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

30.0%

20.0%

10.0%

0.0%

10.0%

20.0%

30.0%

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fa

ll

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Food Clothing Delta

Clo

thin

gS

pend

|

Food S

pend

Net F

ood S

pend

43% 44%41%

48% 50% 52% 54% 54%57%

60% 59% 62% 61% 62% 60%64%

57% 56%59%

52% 50% 48% 46% 46%43%

40% 41% 38% 39% 38% 40%36%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall

2009 2010 2011 2012 2013 2014 2015 2016

Full Service

LimitedService

1 2 3 4 5

Fall Starbucks Chick-fil-A McDonald's Olive Garden Chipotle

Spring Starbucks McDonald's Chick-fil-A Olive Garden Buffalo Wild Wings

Fall Starbucks McDonald's Chipotle Chick-fil-A Olive Garden

Spring Starbucks McDonald's Chipotle Chick-fil-A Olive Garden

Fall Starbucks McDonald's Chipotle Chick-fil-A Taco Bell

Spring Starbucks McDonald's Chipotle Olive Garden Taco Bell

Fall Starbucks McDonald's Olive Garden Taco Bell Chipotle

Spring Starbucks McDonald's Olive Garden Taco Bell Buffalo Wild Wings

Fall Starbucks McDonald's Olive Garden Red Lobster Taco Bell

Spring Starbucks McDonald's Olive Garden Taco Bell Red Lobster

Fall Starbucks McDonald's Olive Garden Taco Bell Applebee's

Spring Starbucks McDonald's Olive Garden Taco Bell Applebee's

Fall McDonalds Starbucks Olive Garden Taco Bell Apple Bee's

Spring Starbucks Olive Garden McDonald's Applebee's Chili's

2016 Fall Starbucks Chick-fil-A McDonald's Olive Garden Chipotle

$5.12 ~$6.00 $5.82 $17.00 $11.34Estimated Average Check By

Preferred Brand

2010

2016

2015

2014

2013

2012

2011

1 2 3 4 5

Fall Starbucks Chipotle Chick-fil-A Taco Bell McDonald's

Spring Starbucks Chipotle Chick-fil-A Panera McDonald's

Fall Starbucks Chipotle Chick-fil-A McDonald's Panera

Spring Chipotle Starbucks Chick-fil-A Panera Olive Garden

Fall Starbucks Chipotle Chick-fil-A McDonald's Dunkin Donuts

Spring Starbucks Chipotle Chick-fil-A McDonald's Panera

Fall Starbucks Chipotle McDonald's Chick-fil-A Panera

Spring Starbucks Chipotle Panera Chick-fil-A McDonald's

Fall Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Fall Starbucks Chipotle McDonald's Olive Garden Dunkin Donuts

Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Fall Chipotle Starbucks McDonald's Olive Garden Chili's

Spring Starbucks Chipotle Olive Garden T.G.I. Friday's Chili's

2016 Fall Starbucks Chipotle Chick-fil-A Taco Bell McDonald's

$5.12 $11.34 ~$6.00 $5.98 $5.82Estimated Average Check By

Preferred Brand

2011

2010

2016

2015

2014

2013

2012


1 Amazon 36% 1 Amazon 38% 1 Amazon 41% 1 Amazon 40%


3 Forever 21 5% 3 eBay 4% 3 Forever 21 5% 3 American Eagle 4%

4 eBay 5% 4 Forever 21 3% 4 eBay 3% 4 eBay 3%

5 Victoria's Secret 3% 5 Urban Outfitters 3% 5 American Eagle 3% 5 Forever 21 2%

6 American Eagle 2% 6 American Eagle 2% Victoria's Secret 3% 6 Urban Outfitters 2%

7 Urban Outfitters 2% 7 Eastbay 2% 7 Urban Outfitters 3% 7 Nordstrom 1%

8 Eastbay 1% 8 Victoria's Secret 2% 8 Eastbay 2% 8 Victoria's Secret 1%

9 Brandy Melville 1% 9 Nordstrom 2% 9 Dick's Sporting Goods 1% 9 Hollister 1%

10 Wanelo 1% 10 PacSun 1% 10 PacSun 1% PacSun 1%

Females



2 Forever 21 11% 2 Forever 21 9% 2 Forever 21 11% 2 American Eagle 8%

3 Victoria's Secret 8% 3 Urban Outfitters 6% 3 Victoria's Secret 6% 3 Forever 21 6%

4 eBay 4% 4 American Eagle 5% 4 American Eagle 5% 4 Urban Outfitters 5%

5 American Eagle 4% 5 Victoria's Secret 4% 5 Urban Outfitters 5% 5 Victoria's Secret 3%

6 Urban Outfitters 3% 6 Nordstrom 4% 6 Nike 2% 6 Nordstrom 3%

7 Brandy Melville 3% 7 Brandy Melville 3% Sephora 2% 7 Brandy Melville 3%

8 Wanelo 3% 8 Hollister 3% 8 Hollister 2% 8 Hollister 2%

9 Charlotte Russe 2% 9 Free People 3% lululemon 2% 9 Etsy 2%

10 Nordstrom 2% 10 Nike 2% 10 PacSun 2% 10 Free People 2%

Males




3 eBay 5% 3 eBay 6% 3 eBay 5% 3 eBay 5%

4 Eastbay 2% 4 Eastbay 3% 4 Eastbay 3% 4 Vineyard Vines 1%

5 Steam 2% 5 Dick's Sporting Goods 2% 5 Dick's Sporting Goods 2% 5 Zumiez 1%

6 American Eagle 1% 6 Foot Locker 2% 6 Foot Locker 2% 6 Eastbay 1%

Dick's Sporting Goods 1% 7 PacSun 1% 7 Zumiez 2% 7 Adidas 1%

8 Foot Locker 1% 8 Vineyard Vines 1% 8 Supreme 1% PacSun 1%

9 Zappos 1% 9 Ralph Lauren 1% 9 Ralph Lauren 1% 9 Foot Locker 1%

10 PacSun 1% 10 Tilly's 1% 10 Three Sites Tied 1% 10 Ralph Lauren 1%

Ralph Lauren 1% Supreme 1%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Fall 2016Spring2016

Fall 2015Spring2015

Fall 2014Spring2014

Fall 2013Spring2013

$112K+

$68K-$112K

$41K-$68K

$21K-$41K

$0K-$21K

0%

10%

20%

30%

40%

50%

60%

70%

80%

$21K-$41K $41K-$68K $68K-$112K $112K+ Total

Spring 2014

Fall 2014

Spring 2015

Fall 2015

Spring 2016

Fall 2016

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

14 15 16 17 18

% u

sin

g P

latf

orm

Age

Younger Teens Likely Drawing Down Aggregate Facebook Number

Facebook

Twitter

Instagram

Snapchat

Which social platform do you use at least once per month?


Snapchat 68% 74% 75% 80%

Instagram 73% 76% 74% 79%

Twitter 57% 58% 58% 56%

Facebook 47% 56% 60% 52%

Pinterest 25% 25% 27% 25%

Google+ 14% 24% 23% 22%

What is your favorite social platform?


Snapchat 11% 17% 24% 35%

Instagram 29% 29% 23% 24%

Twitter 21% 18% 16% 13%

Facebook 12% 13% 15% 13%

Pinterest 2% 1% 1% 1%

Google+ 1% 1% 1% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

iPhone Ownership

Own an iPhone

Expect Next Phone An iPhone

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Fall-14 Spring-15 Fall-15 Spring-16 Fall-16

Apple Watch Intention

Own A Smartwatch

Plan to buy Apple Watch

49%

65%

41%33% 34%

26% 22%

26%37% 39% 52%

54%

Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016

Anticipate purchase Already own one

PS4 and Xbox One Launched Nov. 2013

0%

2%

4%

6%

8%

10%

12%

14%

$0

$50

$100

$150

$200

$250

Spri

ng

20

05

Fall

20

05

Spri

ng

20

06

Fall

20

06

Spri

ng

20

07

Fall

20

07

Spri

ng

20

08

Fall

20

08

Spri

ng

20

09

Fall

20

09

Spri

ng

20

10

Fall

20

10

Spri

ng

20

11

Fall

20

11

Spri

ng

20

12

Fall

20

12

Spri

ng

20

13

Fall

20

13

Spri

ng

20

14

Fall

20

14

Spri

ng

20

15

Fall

20

15

Spri

ng

20

16

Fall

20

16

Video Game Spend Video Game Spend Allocation

$191 - Expected Video Game Spend in 2016

12% - Budget Spent On Video Games in 2016

% of

Students

Spring

2013

% of

Students

Fall 2013

% of

Students

Spring

2014

% of

Students

Fall 2014

% of

Students

Spring

2015

% of

Students

Fall 2015

% of

Students

Spring

2016

% of

Students

Fall 2016

Yes 83% 81% 85% 80% 81% 79% 81% 77%

No 17% 19% 15% 20% 19% 21% 19% 23%

% of

Students

Spring

2013

% of

Students

Fall 2013

% of

Students

Spring

2014

% of

Students

Fall 2014

% of

Students

Spring

2015

% of

Students

Fall 2015

% of

Students

Spring

2016

% of

Students

Fall 2016

Yes 16% 18% 18% 22% 21% 24% 26% 24%

No 84% 82% 82% 78% 79% 76% 74% 76%

ALL TEENS Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Teens Surveyed 10,000 6,500 9,400 6,200 7,200 7,500 8,650 5,200

Gender - Female 45% 44% 44% 49% 47% 47% 47% 47%

Gender - Male 55% 56% 56% 51% 53% 53% 53% 53%

Average Age 16.0 16.5 16.0 16.3 16.0 16.4 16.2 16.3

Percentage Of Teens Part-Time Employed 34% 39% 36% 35% 35% 33% 35% 36%

Average Household Income $68,800 $62,500 $68,000 $67,000 $73,000 $63,000 $67,000 $69,000

UPPER-INCOME TEEN SURVEY Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Teens Surveyed - Upper Income 2,800 1,300 2,700 1,400 2,200 1,300 2,400 1,600

Gender - Female 41% 46% 41% 46% 46% 43% 44% 45%

Gender - Male 59% 54% 59% 54% 54% 57% 56% 55%

Average Age 15.8 16.5 15.9 16.2 16.1 16.2 16.1 16.1



AVERAGE-INCOME TEEN SURVEY Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Teens Surveyed - Average Income 7,200 5,200 6,700 4,800 5,000 6,200 6,250 3,600

Gender - Female 46% 44% 45% 49% 48% 48% 49% 47%

Gender - Male 54% 56% 55% 51% 52% 52% 51% 53%

Average Age 16.0 16.4 16.1 16.4 16.0 16.4 16.2 16.5



West, 17%

Midwest, 30%

Northeast, 8%

South, 45%

0%

10%

20%

30%

40%

50%

60%

2011 2012 2013 2014 2015 2016

Vie

ws O

n T

he E

conom

y

Getting Better Staying the Same Getting Worse

Spending by Category - All Teens Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Video Games / Systems 7% 7% 7% 8% 7% 7% 7% 6%

Music / Movies (DVD/CD) 5% 5% 6% 6% 6% 6% 6% 7%

Electronics / Gadgets 8% 8% 8% 8% 8% 8% 7% 8%

Clothing 21% 20% 20% 20% 21% 21% 21% 21%

Accessories / Personal Care / Cosmetics 9% 10% 9% 10% 10% 9% 9% 10%

Shoes 8% 8% 9% 7% 8% 9% 9% 8%

Food 23% 22% 22% 23% 20% 21% 20% 18%

Concerts / Movies / Sporting Events 6% 5% 6% 6% 6% 6% 6% 6%

Car 6% 9% 7% 8% 9% 9% 9% 8%

Books / Magazines 1% 2% 2% 2% 2% 2% 2% 2%

Furniture / Room Accessories 2% 1% 1% 1% 2% 1% 2% 2%

Other 4% 3% 3% 4% 3% 3% 3% 3%

Total Fashion (Clothing, Access & Footwear) 38% 38% 38% 36% 39% 38% 39% 40%


Video games / systems 8% 8% 7% 7% 7% 7% 7% 6%

Music / movies (DVD/CD) 5% 6% 6% 6% 6% 7% 6% 7%

Electronics / gadgets 8% 8% 8% 8% 8% 8% 8% 8%

Clothing 20% 18% 20% 20% 20% 21% 21% 20%

Accessories/personal care/cosmetics 11% 11% 10% 11% 10% 11% 11% 10%

Shoes 10% 9% 10% 9% 9% 10% 10% 8%

Food 21% 20% 19% 21% 17% 18% 16% 18%

Concerts/Movies/Sporting events 5% 5% 5% 5% 5% 5% 5% 6%

Car 8% 9% 9% 8% 9% 9% 10% 10%

Books/magazines 2% 2% 2% 2% 2% 2% 2% 2%

Furniture / room accessories 2% 2% 2% 2% 2% 2% 2% 2%

Other 4% 4% 4% 3% 3% 3% 3% 3%



Video Games / Systems 7% 8% 7% 8% 7% 7% 7% 6%

Music / Movies (DVD/CD) 5% 6% 6% 6% 6% 7% 6% 7%

Electronics / Gadgets 8% 8% 8% 8% 8% 8% 7% 8%

Clothing 20% 19% 20% 20% 21% 21% 21% 20%

Accessories / Personal Care / Cosmetics 10% 10% 10% 11% 10% 11% 10% 11%

Shoes 9% 9% 9% 8% 9% 9% 10% 9%

Food 21% 21% 20% 21% 18% 18% 17% 17%

Concerts / Movies / Sporting Events 5% 5% 6% 5% 5% 5% 5% 5%

Car 8% 9% 9% 8% 9% 9% 10% 10%

Books / Magazines 2% 2% 2% 2% 2% 2% 2% 2%

Furniture / Room Accessories 2% 2% 2% 2% 2% 2% 2% 2%

Other 4% 3% 4% 3% 3% 3% 3% 3%


Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Specialty 33% 31% 33% 30% 32% 33% 31% 33%

Major Chain / Dept Store / Off Price 28% 29% 31% 33% 31% 29% 32% 20%

Discount 13% 14% 13% 13% 13% 14% 13% 17%

Outlet 11% 11% 10% 11% 11% 11% 12% 14%

Mail Order 6% 6% 6% 6% 5% 6% 6% 4%

Online Only E-Tailers 9% 9% 8% 9% 7% 8% 7% 13%

Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013

Specialty 26% 27% 27% 26% 27% 27% 27% 26%

Major Chain / Dept Store / Off Price 27% 29% 29% 31% 30% 28% 30% 20%

Discount 12% 13% 12% 12% 13% 13% 12% 15%

Outlet 15% 12% 13% 12% 13% 13% 14% 15%

Mail Order 6% 6% 6% 6% 6% 7% 6% 4%

Online Only E-Tailers 15% 14% 14% 13% 11% 13% 10% 18%

30%

40%

50%

60%

70%

80%

Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016

Female Male

30%

40%

50%

60%

70%

80%

Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016

Female Male


1 Nike/Jordans 17% 1 Nike/Jordans 18% 1 Nike/Jordans 20% 1 Nike/Jordans 19%

2 Jogger Pants 10% 2 Preppy 8% 2 Jogger Pants 12% 2 Jogger Pants 8%

3 Ralph Lauren 9% Ralph Lauren 8% 3 Ralph Lauren 6% 3 Vineyard Vines 7%

4 Preppy 8% 4 Vineyard Vines 8% 4 Preppy 6% 4 Athletic Wear 6%

5 Vineyard Vines 7% 5 Jogger Pants 7% 5 Athletic Wear 5% 5 Khakis/Chinos 6%

6 Khakis/Chinos 5% 6 Boat Shoes 5% 6 Hair / Man Buns 5% 6 Preppy 6%

7 Athletic Wear 4% Khakis/Chinos 5% Khakis/Chinos 5% 7 Ralph Lauren 4%

8 Timberland 4% 8 Athletic Wear 4% 8 Vineyard Vines 4% 8 Tall Socks 4%

9 Boat Shoes 3% 9 Tall Socks 4% 9 Boat Shoes 3% 9 Boat Shoes 3%

Tall Socks 3% 10 Shoes 3% 10 Tall Socks 2% 10 Adidas 2%


1 Leggings/lululemon 33% 1 Leggings/lululemon 24% 1 Leggings/lululemon 23% 1 Leggings/lululemon 25%

2 Victoria's Secret 5% 2 Nike 5% 2 Victoria's Secret 7% 2 Birkenstock 6%

3 Boots 4% 3 Birkenstock 5% 3 Converse 6% 3 Victoria's Secret 5%

4 UGG Australia 4% 4 Converse 4% 4 Nike 6% 4 Converse 4%

5 Nike 4% 5 Victoria's Secret 4% 5 Boots 3% 5 Ripped Jeans 4%

6 Crop Tops 3% 6 Crop Tops 3% 6 Crop Tops 3% 6 Jeans 3%

7 Converse 2% 7 Short Shorts 2% 7 Athletic Wear 2% 7 Adidas 3%

8 High-Waist Pants/Skirts 2% 8 Rompers 2% 8 Jeans 2% 8 Bralettes 3%

9 Birkenstock 2% Vineyard Vines 2% 9 Michael Kors 2% 9 Nike 3%

Dresses 2% 10 Dresses 2% 10 Adidas 2% 10 Chokers 3%



2 Ralph Lauren 9% 2 Ralph Lauren 11% 2 Ralph Lauren 10% 2 Ralph Lauren 10%

3 Under Armour 6% 3 Adidas 6% 3 Adidas 7% 3 Adidas 8%

4 Vineyard Vines 5% 4 Vineyard Vines 6% 4 American Eagle 4% 4 American Eagle 5%

5 American Eagle 4% 5 Under Armour 4% 5 Vineyard Vines 3% 5 Vineyard Vines 5%

6 Adidas 3% 6 American Eagle 4% 6 Under Armour 3% 6 Under Armour 5%


8 Sperry Top-Sider 2% 8 H&M 2% 8 Hollister 2% 8 H&M 2%

9 Express 2% 9 Tommy Hilfiger 2% 9 New Balance 2% 9 Lululemon 2%

Hollister 2% 10 RVCA 2% 10 Four Brands Tied 2% 10 Hollister 2%

J. Crew 2%


1 lululemon 6% 1 Free People 7% 1 American Eagle 7% 1 American Eagle 9%

2 Nike 6% 2 Brandy Melville 5% 2 Nike 6% 2 Urban Outfitters 5%

3 Victoria's Secret 5% 3 lululemon 5% 3 Forever 21 5% 3 Free People 5%

4 Forever 21 5% 4 Forever 21 4% 4 H&M 4% Nike 5%

5 H&M 5% 5 American Eagle 4% 5 Victoria's Secret 4% 5 lululemon 4%

6 American Eagle 4% 6 PacSun 4% 6 Express 4% 6 Victoria's Secret 4%

7 Urban Outfitters 3% 7 Victoria's Secret 4% 7 Adidas 3% 7 Adidas 4%

8 Free People 3% 8 Urban Outfitters 3% Free People 3% 8 PacSun 4%

9 PacSun 3% 9 Nike 3% Hollister 3% 9 Forever 21 4%

10 Express 3% 10 H&M 3% lululemon 3% 10 Brandy Melville 3%


1 Gap 14% 1 Gap 13% 1 Gap 13% 1 Adidas 10%

2 Adidas 10% 2 Adidas 10% 2 Adidas 9% 2 Gap 10%

3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 7% 3 Under Armour 7%

4 Aeropostale 6% 4 Under Armour 6% 4 Nike 7% 4 Nike 6%

5 Hollister 5% 5 Nike 5% 5 Under Armour 6% 5 Reebok 6%

6 Nike 5% 6 Aeropostale 4% 6 Hollister 5% 6 Skechers 5%

7 American Eagle 4% 7 Hollister 4% 7 Reebok 5% 7 Puma 5%

Under Armour 4% 8 Reebok 4% 8 Aeropostale 4% 8 Abercrombie & Fitch 4%

9 Reebok 3% 9 Skechers 4% 9 American Eagle 4% 9 Hollister 4%

10 DC Shoes 3% 10 Ralph Lauren 3% 10 Skechers 3% 10 Aeropostale 3%

Puma 3%


1 Aeropostale 28% 1 Aeropostale 22% 1 Aeropostale 26% 1 Justice 29%

2 Abercrombie & Fitch 19% 2 Justice 20% 2 Justice 20% 2 Aeropostale 17%

3 Justice 14% 3 Abercrombie & Fitch 18% 3 Abercrombie & Fitch 12% 3 Abercrombie & Fitch 12%

4 Hollister 11% 4 Hollister 8% 4 Hollister 9% 4 Hollister 9%

5 Gap 5% 5 Gap 7% 5 Gap 5% 5 Gap 4%

6 Forever 21 2% 6 Old Navy 2% 6 Old Navy 3% 6 Forever 21 3%

7 Old Navy 2% 7 American Eagle 2% 7 Forever 21 2% 7 American Eagle 1%

8 American Eagle 2% 8 Forever 21 2% 8 American Eagle 2% Old Navy 1%

9 dELiA*s 1% 9 dELiA*s 2% 9 Nike 2% 9 H&M 1%

Miss Me Jeans 1% 10 Target 1% 10 Target 1% Ralph Lauren 1%

Victoria's Secret 1%



2 Forever 21 8% 2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9%

3 American Eagle 6% 3 American Eagle 6% 3 Forever 21 7% 3 Forever 21 5%


5 Victoria's Secret 4% 5 Urban Outfitters 3% 5 Hollister 4% 5 Urban Outfitters 3%

6 Urban Outfitters 3% 6 PacSun 2% 6 PacSun 3% 6 H&M 3%

7 Hollister 2% 7 Free People 2% 7 Urban Outfitters 3% 7 PacSun 2%

8 Nordstrom 2% 8 H&M 2% Victoria's Secret 3% 8 Adidas 2%

9 Free People 2% 9 Vineyard Vines 2% 9 H&M 3% 9 Vineyard Vines 2%

PacSun 0.02 10 Nordstrom 2% 10 Adidas 2% 10 Victoria's Secret 2%



2 Victoria's Secret 7% 2 American Eagle 10% 2 American Eagle 11% 2 Forever 21 11%

3 American Eagle 7% 3 Urban Outfitters 7% 3 Nike 7% 3 Nike 7%

4 Nike 6% 4 Nike 6% 4 Victoria's Secret 6% 4 Urban Outfitters 7%

5 Urban Outfitters 5% 5 Free People 6% 5 Urban Outfitters 5% 5 Victoria's Secret 5%

6 Nordstrom 4% 6 Nordstrom 4% 6 Hollister 5% 6 H&M 3%

7 Free People 4% 7 Victoria's Secret 4% 7 PacSun 4% 7 PacSun 3%

8 Hollister 3% 8 PacSun 4% 8 H&M 4% 8 lululemon 3%

9 PacSun 3% 9 lululemon 3% 9 Nordstrom 3% 9 Brandy Melville 3%

10 Four Brands Tied 2% 10 Hollister 3% 10 Charlotte Russe 2% 10 Free People 3%

Nordstrom 3%




3 American Eagle 4% 3 American Eagle 4% 3 American Eagle 5% 3 American Eagle 4%

4 Vineyard Vines 3% 4 Vineyard Vines 3% 4 Adidas 3% 4 Adidas 3%

5 Vans 2% 5 Adidas 2% 5 PacSun 3% 5 Vineyard Vines 3%

6 Adidas 2% 6 H&M 2% 6 Hollister 2% 6 H&M 3%

Kohl's 2% 7 PacSun 2% 7 Abercrombie & Fitch 2% 7 Vans 2%

8 J.Crew 2% 8 Abercrombie & Fitch 2% 8 Vans 2% 8 Under Armour 2%

Under Armour 2% 9 Kohl's 1% 9 Supreme 2% 9 PacSun 1%

10 Hollister 2% 10 Hollister 1% 10 Vineyard Vines 2% Hollister 1%

Vans 1%



2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9% 2 American Eagle 8%

3 American Eagle 7% 3 Forever 21 6% 3 Forever 21 5% 3 Forever 21 6%


5 Hollister 4% 5 Hollister 4% 5 Victoria's Secret 4% 5 Hollister 3%

6 Victoria's Secret 4% 6 Victoria's Secret 4% 6 Hollister 4% 6 Victoria's Secret 3%

7 PacSun 3% 7 PacSun 2% 7 H&M 2% 7 H&M 3%

8 H&M 2% 8 H&M 2% 8 Under Armour 2% 8 Adidas 2%

9 Kohl's 2% 9 Hot Topic 2% 9 PacSun 2% 9 rue21 2%

10 Three Brands Tied 10 Aeropostale 2% 10 Aeropostale 2% 10 PacSun 2%



2 American Eagle 8% 2 American Eagle 10% 2 American Eagle 11% 2 Forever 21 12%

3 Victoria's Secret 8% 3 Victoria's Secret 8% 3 Nike 10% 3 Nike 12%

4 Nike 6% 4 Nike 7% 4 Victoria's Secret 10% 4 Victoria's Secret 7%

5 Hollister 5% 5 Hollister 6% 5 Hollister 4% 5 rue21 4%

6 Charlotte Russe 4% 6 PacSun 3% 6 rue21 3% 6 Hollister 4%

7 Urban Outfitters 3% 7 rue21 3% 7 H&M 2% 7 H&M 3%

8 PacSun 3% 8 H&M 3% 8 Hot Topic 2% 8 PacSun 3%

9 H&M 3% 9 Hot Topic 3% 9 Charlotte Russe 2% 9 Hot Topic 2%

10 rue21 2% 10 Aeropostale 2% 10 Aeropostale 2% Ralph Lauren 2%




3 American Eagle 6% 3 American Eagle 7% 3 American Eagle 7% 3 American Eagle 5%

4 PacSun 3% 4 Hollister 3% 4 Under Armour 3% 4 Adidas 3%

5 Hollister 3% 5 Under Armour 3% 5 Hollister 3% 5 Hollister 3%

6 H&M 2% 6 PacSun 2% 6 PacSun 2% 6 Under Armour 3%

7 Kohl's 2% 7 Adidas 2% 7 H&M 2% 7 H&M 2%

8 Adidas 2% 8 Vans 2% 8 Adidas 2% 8 Vans 2%

Vans 2% 9 Levi's 2% 9 Aeropostale 2% 9 PacSun 2%

10 Aeropostale 2% 10 H&M 2% 10 Vans 2% 10 Levi's 2%





4 DSW 3% 4 Sperry 4% 4 Adidas 4% 4 Adidas 6%

Steve Madden 3% 5 Steve Madden 3% 5 Sperry 3% 5 Steve Madden 2%

6 Sperry 3% 6 DSW 3% 6 DSW 3% 6 Sperry 2%

7 UGG 2% 7 Adidas 2% 7 Steve Madden 3% 7 DSW 2%

8 Adidas 2% 8 Foot Locker 1% 8 Foot Locker 2% 8 Birkenstock 2%

9 Nordstrom 1% 9 Birkenstock 1% 9 UGG 1% 9 Foot Locker 1%

10 Payless ShoeSource 1% Nordstrom 1% 10 TOMS 1% 10 Nordstrom 1%





4 DSW 7% 4 Steve Madden 8% 4 DSW 7% 4 Steve Madden 5%

Steve Madden 7% 5 DSW 7% 5 Steve Madden 5% 5 Adidas 5%

6 UGG 4% 6 Birkenstock 3% 6 Adidas 3% 6 DSW 5%

7 Nordstrom 3% 7 Nordstrom 3% 7 UGG 3% 7 Birkenstock 4%

8 Payless ShoeSource 3% 8 Tory Burch 3% 8 Sperry 2% 8 Nordstrom 2%

9 Sperry 2% 9 UGG 2% 9 TOMS 2% 9 UGG 2%

10 Famous Footwear 2% 10 Sperry 2% 10 Foot Locker 2% 10 Michael Kors 1%

Payless ShoeSource 2% Sperry 1%





4 Adidas 3% 4 Adidas 3% 4 Sperry 4% 4 Sperry 3%

5 Converse 2% 5 Converse 2% 5 Converse 2% 5 Foot Locker 2%

Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Converse 2%

7 New Balance 1% 7 New Balance 1% 7 Asics 1% 7 Under Armour 1%

8 ASICS 1% 8 Ralph Lauren 1% 8 Champs Sports 1% 8 ASICS 1%

Ralph Lauren 1% 9 Under Armour 1% 9 Clarks 1% New Balance 1%

10 Clarks 1% 10 Champs Sports 0% 10 Under Armour 0% 10 Finish Line 0%

Timberland 1% Puma 0% New Balance 0%






5 Adidas 2% 5 Adidas 2% 5 Sperry 2% 5 Foot Locker 3%

6 Steve Madden 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Sperry 2%

7 Foot Locker 2% 7 Steve Madden 1% 7 Steve Madden 1% 7 Birkenstock 2%

8 Payless ShoeSource 1% 8 Payless ShoeSource 1% 8 DSW 1% 8 Steve Madden 1%

9 UGG 1% 9 DSW 1% 9 Under Armour 1% 9 Payless ShoeSource 1%

10 Three Brands Tied 1% 10 Birkenstock 1% 10 Journeys 1% 10 Under Armour 1%

Payless ShoeSource 1%

UGG 1%



2 Vans 12% 2 Converse 12% 2 Converse 11% 2 Converse 12%

3 Converse 10% 3 Vans 11% 3 Vans 8% 3 Vans 9%

4 Steve Madden 4% 4 Steve Madden 3% 4 Steve Madden 3% 4 Adidas 4%

5 Payless ShoeSource 3% 5 Sperry 2% 5 Adidas 3% 5 Birkenstock 3%

6 Sperry 3% 6 DSW 2% 6 DSW 2% 6 Foot Locker 2%

7 UGG 2% 7 Payless ShoeSource 2% 7 UGG 2% 7 Steve Madden 2%

8 Tory Burch 2% 8 Birkenstock 2% 8 Payless ShoeSource 2% 8 Sperry 2%

9 DSW 2% 9 Journeys 2% 9 Birkenstock 2% 9 Payless ShoeSource 2%

10 TOMS 2% 10 UGG 2% 10 Foot Locker 2% 10 DSW 1%




3 Sperry 4% 3 Adidas 4% 3 Adidas 4% 3 Adidas 6%

4 Adidas 3% 4 Sperry 3% 4 Converse 2% 4 Foot Locker 3%

5 Converse 3% 5 Converse 2% 5 Sperry 2% 5 Sperry 2%

6 Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Converse 2%

7 New Balance 1% 7 Ralph Lauren 1% 7 Under Armour 1% 7 Under Armour 1%

8 Ralph Lauren 1% 8 Under Armour 1% 8 Ariat 1% 8 New Balance 1%

9 DC Shoes 1% 9 Ariat 1% 9 ASICS 1% 9 ASICS 1%

10 Champs Sports 1% 10 DC Shoes 1% 10 Ralph Lauren 1% 10 Ralph Lauren 1%

Skechers 1%



2 Under Armour 7% 2 lululemon 7% 2 Adidas 7% 2 lululemon 7%

3 lululemon 4% 3 Under Armour 6% 3 Under Armour 5% 3 Adidas 7%

4 Adidas 4% 4 Adidas 4% 4 lululemon 5% 4 Under Armour 6%

5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 Athleta 1%

The North Face 1%



2 lululemon 8% 2 lululemon 15% 2 lululemon 9% 2 lululemon 15%

3 Under Armour 5% 3 Under Armour 5% 3 Adidas 5% 3 Adidas 7%

4 Adidas 3% 4 Adidas 3% 4 Under Armour 4% 4 Under Armour 4%

5 The North Face 1% 5 The North Face 1% 5 Athleta 2% 5 Athleta 1%



2 Under Armour 8% 2 Under Armour 6% 2 Adidas 8% 2 Under Armour 7%

3 Adidas 4% 3 Adidas 5% 3 Under Armour 7% 3 Adidas 7%

4 The North Face 1% 4 Bauer 1% 4 The North Face 2% 4 lululemon 1%

5 Bauer 1% 5 The North Face 1% 5 Bauer 1% 5 Columbia 1%

Patagonia 1%



2 Under Armour 7% 2 Under Armour 10% 2 Under Armour 10% 2 Under Armour 9%

3 Adidas 5% 3 Adidas 5% 3 Adidas 5% 3 Adidas 7%

4 lululemon 2% 4 lululemon 2% 4 lululemon 2% 4 lululemon 2%

5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 Victoria's Secret 1%




3 Adidas 5% 3 lululemon 4% 3 Adidas 4% 3 Adidas 6%

4 lululemon 4% 4 Adidas 4% 4 lululemon 4% 4 lululemon 5%

5 The North Face 1% 5 The North Face 1% 5 Victoria's Secret 1% 5 Victoria's Secret 1%





4 Puma 1% 4 The North Face 1% 4 The North Face 1% 4 Columbia 1%

The North Face 1% 5 Mossy Oak 0% 5 Columbia 0% The North Face 1%




3 New Balance 2% 3 ASICS 2% 3 ASICS 2% 3 ASICS 2%

4 ASICS 1% 4 New Balance 2% 4 New Balance 1% New Balance 2%





3 ASICS 2% 3 ASICS 2% 3 ASICS 2% 3 ASICS 2%

4 Mizuno 2% 4 Mizuno 1% 4 Brooks 1% 4 New Balance 1%

New Balance 2% 5 New Balance 1% 5 Mizuno 1% 5 Brooks 1%




3 Under Armour 2% 3 New Balance 2% 3 New Balance 2% 3 New Balance 2%

4 New Balance 2% 4 Under Armour 2% 4 Under Armour 2% 4 Under Armour 2%







5 New Balance 1% 5 New Balance 1% 5 New Balance 1% 5 New Balance 1%




3 ASICS 1% 3 ASICS 2% 3 Under Armour 1% 3 ASICS 1%

4 Under Armour 1% 4 Under Armour 1% 4 ASICS 1% 4 Under Armour 1%

5 Mizuno 1% 5 Mizuno 1% 5 Mizuno 1% 5 Brooks 1%





4 ASICS 1% 4 ASICS 1% 4 New Balance 1% 4 New Balance 2%

5 New Balance 1% 5 New Balance 1% 5 ASICS 1% 5 ASICS 1%


1 Soccer 14% 1 Soccer 16% 1 Soccer 16% 1 Soccer 16%

2 Basketball 11% 2 Basketball 12% 2 Basketball 13% 2 Basketball 13%

3 Running 10% 3 Football 10% 3 Running 10% 3 Football 11%

4 Football 8% 4 Running 8% 4 Football 9% 4 Running 7%

5 Baseball 6% 5 Baseball 6% 5 Baseball 6% 5 Baseball 6%



2 Running 14% 2 Running 12% 2 Running 15% 2 Volleyball 10%

3 Volleyball 8% 3 Volleyball 9% 3 Volleyball 7% 3 Running 10%

4 Swimming 8% 4 Camping 6% 4 Basketball 7% 4 Swimming 7%

5 Cheerleading 7% 5 Basketball 6% 5 Swimming 6% 5 Dancing 7%


1 Basketball 16% 1 Football 16% 1 Basketball 18% 1 Basketball 19%

2 Football 14% 2 Basketball 16% 2 Football 15% 2 Football 17%



5 Lacrosse 6% 5 Lacrosse 5% 5 Running 5% 5 Running 5%


1 Soccer 15% 1 Football 14% 1 Basketball 14% 1 Basketball 15%

2 Basketball 13% 2 Basketball 14% 2 Soccer 14% 2 Football 14%

3 Football 11% 3 Soccer 14% 3 Football 13% 3 Soccer 14%

4 Running 10% 4 Running 7% 4 Running 8% 4 Running 6%

5 Volleyball 6% 5 Volleyball 6% 5 Baseball 6% 5 Baseball 6%



2 Running 14% 2 Volleyball 13% 2 Running 11% 2 Volleyball 13%

3 Volleyball 12% 3 Running 10% 3 Volleyball 11% 3 Basketball 9%

4 Basketball 8% 4 Basketball 9% 4 Basketball 9% 4 Running 9%

5 Swimming 7% 5 Swimming 6% 5 Camping 7% 5 Swimming 6%


1 Football 19% 1 Football 23% 1 Football 20% 1 Football 22%

2 Basketball 18% 2 Basketball 19% 2 Basketball 18% 2 Basketball 20%



5 Running 6% 5 Running 4% 5 Running 5% 5 Running 4%

Rank Spring 2015 Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %

1 Canon 27% 1 Canon 26% 1 Canon 29% 1 Canon 32%

2 Nikon 21% 2 GoPro 21% 2 GoPro 22% 2 GoPro 24%

3 GoPro 15% 3 Nikon 20% 3 Nikon 21% 3 Nikon 19%

4 Sony 11% 4 Sony 13% 4 Sony 9% 4 Sony 9%

5 Kodak 7% 5 Apple 5% 5 Apple 5% 5 Samsung 4%

6 Samsung 5% 6 Samsung 4% 6 Kodak 5% 6 Kodak 4%

7 Apple 4% 7 Kodak 4% 7 Samsung 3% 7 Apple 3%

8 Flip 2% 8 Flip 1% 8 Flip 1% 8 Fujifilm 1%

9 Nokia 2% 9 Panasonic 1% 9 Fujifilm 1% 9 Polaroid 1%

10 Fujifilm 1% 10 Nokia 1% 10 Polaroid 1% 10 Panasonic 1%


1 Canon 27% 1 Canon 28% 1 Canon 33% 1 Canon 39%

2 GoPro 24% 2 GoPro 24% 2 GoPro 23% 2 GoPro 23%

3 Nikon 20% 3 Nikon 19% 3 Nikon 19% 3 Nikon 15%

4 Sony 9% 4 Sony 8% 4 Sony 7% 4 Sony 7%

5 Kodak 4% 5 Apple 5% 5 Kodak 6% 5 Apple 4%

6 Apple 4% 6 Samsung 4% 6 Apple 4% 6 Kodak 4%

7 Samsung 3% 7 Kodak 3% 7 Samsung 2% 7 Polaroid 2%

8 Polaroid 2% 8 Polaroid 2% 8 Polaroid 2% 8 Samsung 1%

9 Nokia 2% 9 Nokia 1% 9 Fujifilm 1% 9 Nokia 1%

10 Fujifilm 1% 10 Fujifilm 1% 10 Logitech 1% 10 Logitech 0%

Elgato 0%

Top Brand

Top Brand Share 26% 24% 22% 23% 18% 18% 19% 16% 13% 16% 12%

0

20

40

60

80

100

120

140

60%

65%

70%

75%

80%

85%

Spri

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2006

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Spri

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2007

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Spri

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2008

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Spri

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2009

Fa

ll 2

009

Spri

ng

2010

Fa

ll 2

010

Spri

ng

2011

Fa

ll 2

011

Spri

ng

2012

Fa

ll 2

012

Spri

ng

2013

Fa

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013

Spri

ng

2014

Fa

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014

Spri

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2015

Fa

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Spri

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2016

Fa

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Top 10 Brands% Share

Number of Brands

17%

22% 22%

20%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

0%

5%

10%

15%

20%

25%

30%

35%

EL Brand Share EL Americas Sales


1 Victoria's Secret 27% 1 Victoria's Secret 30% 1 Victoria's Secret 28%

2 Bath & Body Works 21% 2 Bath & Body Works 22% 2 Bath & Body Works 27%

3 Marc Jacobs 7% 3 Marc Jacobs 5% 3 Chanel 6%

4 Juicy Couture 6% 4 Chanel 4% 4 Marc Jacobs 5%

5 Chanel 3% 5 Juicy Couture 4% 5 Juicy Couture 3%

6 One Direction 2% 6 Burberry 2% 6 Versace 2%

7 Taylor Sw ift 2% 7 Dolce & Gabbana 2% 7 Calvin Klein 1%

Versace 2% Versace 2% Gucci 1%

9 Polo Ralph Lauren 1% 9 Polo Ralph Lauren 2% 9 Polo Ralph Lauren 1%

10 Aquolina 1% 10 One Direction 1% Taylor Sw ift 1%

Coach 1% Taylor Sw ift 1%


1 Victoria's Secret 24% 1 Bath & Body Works 29% 1 Victoria's Secret 31%

2 Bath & Body Works 24% 2 Victoria's Secret 29% 2 Bath & Body Works 31%

3 Juicy Couture 3% 3 Juicy Couture 4% 3 Chanel 3%

4 Marc Jacobs 3% 4 Chanel 3% 4 Juicy Couture 3%

5 Chanel 2% 5 Marc Jacobs 3% 5 Marc Jacobs 2%

6 Polo Ralph Lauren 2% 6 Polo Ralph Lauren 2% 6 Rue 21 2%

7 One Direction 1% 7 Rue 21 1% 7 Calvin Klein 2%

8 Versace 1% 8 AXE 1% 8 Polo Ralph Lauren 1%

9 Nicki Minaj 1% 9 Dolce & Gabbana 1% 9 Versace 1%

Taylor Sw ift 1% 10 Justin Bieber 1% 10 Gucci 1%

Taylor Sw ift 1%


1 Old Spice 24% 1 Ralph Lauren 20% 1 Old Spice 24%

2 Ralph Lauren 19% 2 Old Spice 13% 2 Ralph Lauren 17%

3 AXE 14% 3 AXE 8% 3 AXE 13%

4 Gucci 4% 4 Calvin Klein 6% 4 Gucci 6%

5 Versace 4% 5 Gucci 5% 5 Versace 4%

6 Calvin Klein 3% 6 Versace 5% 6 Calvin Klein 4%

Nike 3% 7 Hollister 3% 7 Chanel 2%

8 Degree 2% 8 Chanel 3% 8 Nautica 2%

9 Hollister 2% Nautica 3% 9 Armani 2%

10 Abercrombie & Fitch 1% 10 American Eagle 2% 10 Degree 2%

Giorgio Armani 1% Nike 2%


1 Ralph Lauren 20% 1 Ralph Lauren 20% 1 Ralph Lauren 20%

2 AXE 15% 2 AXE 13% 2 Old Spice 14%

3 Old Spice 13% 3 Old Spice 12% 3 AXE 13%

4 Versace 4% 4 Calvin Klein 4% 4 Versace 5%

5 Calvin Klein 4% 5 Versace 4% 5 Calvin Klein 5%

6 Gucci 3% 6 Gucci 3% 6 Gucci 4%

7 American Eagle 3% 7 Armani 3% 7 Armani 2%

8 adidas 3% 8 Rue21 3% 8 Hollister 2%

9 Hollister 3% 9 American Eagle 3% 9 American Eagle 2%

10 Giorgio Armani 2% 10 Hollister 3% 10 adidas 2%


1 Sephora 38% 1 Sephora 38% 1 Sephora 41%

2 Ulta 19% 2 Ulta 21% 2 Ulta 20%

3 Target 14% 3 Target 12% 3 Target 12%

4 CVS 6% 4 CVS 7% 4 CVS 4%

5 MAC 3% 5 MAC 5% 5 Walmart 4%

6 Walmart 3% 6 Walmart 3% 6 MAC 3%

7 Macy's 3% 7 Macy's 3% 7 Walgreens 3%

8 Nordstrom 2% 8 Walgreens 2% 8 Macy's 2%

9 Walgreens 2% 9 Nordstrom 2% 9 Nordstrom 2%

10 Rite-Aid 1% 10 Bare Escentuals 1% 10 Sally Beauty 1%

Online 1%

Sally Beauty 1%


1 Sephora 24% 1 Ulta 27% 1 Ulta 29%

2 Ulta 23% 2 Sephora 24% 2 Sephora 27%

3 Walmart 14% 3 Walmart 13% 3 Walmart 12%

4 Target 10% 4 Target 9% 4 Target 10%

5 MAC 6% 5 MAC 4% 5 MAC 3%

6 Walgreens 4% 6 Walgreens 3% 6 Walgreens 3%

7 Macy's 2% 7 CVS 3% 7 CVS 2%

8 CVS 2% 8 Macy's 2% 8 Macy's 2%

9 Sally Beauty Supply 2% 9 Sally Beauty 1% 9 Bath & Body Works 1%

10 Dillard's 1% 10 Bath & Body Works 1% Sally Beauty 1%

Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016Yes 32% 33% 36% 39% 47%No 68% 67% 64% 61% 53%

Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %

Sephora 56% 1 Sephora 55% 1 Sephora 55%

Ulta 24% 2 Ulta 24% 2 Ulta 24%

CVS 4% 3 MAC 3% 3 MAC 4%

MAC 3% 4 Bare Escentuals 3% 4 Clinique 1%

Bare Escentuals 3% 5 CVS 2% 5 Bare Escentuals 1%

Macy's 1% 6 Macy's 1% CVS 1%

Mary Kay 1% Nordstrom 1% 7 Birchbox 1%

Victoria's Secret 1% Sally Beauty 1% Target 1%

Walgreens 1% Victoria's Secret 1% Walgreens 1%

Avon 1% 10 Clinique 1% 10 Bath & Body Works 1%

CoverGirl 1% e.l.f. 1% Mary Kay 1%

e.l.f. 1% Ipsy 1% Nordstrom 1%

Lipsy 1% Mary-Kay 1% Proactiv 1%

Neutrogena 1% Walgreens 1% Sally Beauty Supply 1%

Too Faced 1%

Urban Decay 1%

Price Price Price Target MktCap

Ticker Company Rating 10/12/16 Target Justification (Bil.)

ADS.GR adidas AG Overweight €155.65 €173 30x FY17E EPS €32.569

EBAY eBay Inc. Neutral $31.50 $25 8.5x 2017E EV/EBITDA $35.564

EL Estee Lauder Companies Inc. Neutral $88.18 $90 24x FY18E EPS $32.352

VFC V.F. Corporation Overweight $54.73 $63 18x FY17E EPS $22.699

UA Under Armour, Inc. Overweight $38.52 $44 60x FY17E EPS $16.845

CMG Chipotle Mexican Grill, Inc. Overweight $418.52 $483 ~20x FY18E EV/EBITDA disc. 2 yrs at 10% $12.186

ZNGA Zynga, Inc. Neutral $2.94 $3 10x EV/'17E EBITDA $2.593

ANF Abercrombie & Fitch Co. Overweight $16.13 $28 6x FY18E EV/EBITDA $1.091

ZUMZ Zumiez Inc. Overweight $22.47 $28 9x FY18E EV/EBITDA $0.558

GLUU Glu Mobile Inc. Overweight $2.11 $3 1x EV/FY17E Sales $0.281

Source: Piper Jaffray estimates, FactSet, Bloomberg

As of October 12, 2016

http://www.piperjaffray.com/researchdisclosures

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