Wholesale. Stocks are piling up for Levi Strauss, Michael Kors and Vans

In Q4 2022, Levi Strauss, Capri (Michael Kors, Versace), VF Corp (Vans, Timberland, Supreme…) were penalised by the “wholesale” network, i.e. sales to department stores and wholesalers. For Capri, this fell by 20% in Q4 on an annual basis. At Levi’s, it was down by 4% at constant rates, offsetting strong growth in Asia and Latin America. The same is true of VF Corp, whose stocks have more than doubled in one year. The reasons given for this were the caution of department stores and wholesalers