Retailers' exposure to tariffs on Asian countries
Here is a breakdown on the potential tariff exposure for U.S. consumer apparel and footwear companies, based on where their manufacturing operations are located.
RALPH LAUREN:
Ralph Lauren (RL.N), opens new tab produces most of its goods outside the United States, with about 19% from Vietnam and 15% from China, according to an April Raymond James report. The company said in May that supply chain is diversified enough to allow it to deal with supply disruptions.
NIKE:
Nike (NKE.N), opens new tab imported about 43% of its goods into the United States, according to Raymond James. Its sports footwear manufacturing is 50% from Vietnam, 27% from Indonesia, and 18% from China, according to Bernstein analysts. Sports apparel production breaks down as follows: 28% from Vietnam, 16% from China, and 15% from Cambodia. The company in June said it would allocate production differently to try to deal with the tariffs.
SKECHERS:
Skechers (SKX.N), opens new tab sources about 40% of its products from both China and Vietnam, according to Raymond James. The company has been redirecting imports away from China and relocating some production.
CAPRI:
Capri's (CPRI.N), opens new tab Michael Kors line is mostly produced in Asia, while Italy is its primary production source for Jimmy Choo. The company has been expanding production in Vietnam, Indonesia, and Cambodia.
TAPESTRY:
Tapestry's (TPR.N), opens new tab sources primarily from Vietnam, Cambodia, and the Philippines, which combined represent about 70% of its production, the company noted in its May earnings release.
AMERICAN EAGLE:
American Eagle (AEO.N), opens new tab sources primarily in Asia, Raymond James wrote. The company is reducing its sourcing from China in 2025.
ABERCROMBIE & FITCH:
Abercrombie & Fitch's (ANF.N), opens new tab sourcing was as follows: 35% from Vietnam, 22% from Cambodia, 12% from India, 7% from China, and 25% 'other' in fiscal year 2024, according to Raymond James.
LULULEMON:
Lululemon (LULU.O), opens new tab fabric sourcing is 35% from Taiwan, 28% from China, 11% from South Korea, according to Raymond James analysts. Manufacturing is 40% Vietnam, 17% Cambodia, 11% Sri Lanka, 11% Indonesia, 7% Bangladesh.
PUMA:
Puma (PUMG.DE), opens new tab sources 30% of goods from China, 26% from Vietnam, 13% from Cambodia, and 12% from Bangladesh, according to Bernstein analysts.
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