Shrinking to Grow Series: GLP-1 / Apparel Monthly Update

Research evidence excerpt

Shrinking to Grow Series: GLP-1 / Apparel Monthly Update

Equity Research

Industry Update — June 5, 2026

Retailing, Specialty Softlines, and E-commerce

Shrinking to Grow Series: GLP-1 / Apparel

Monthly Update

Industry Data Points and Thoughts Post May

Our Call Ike Boruchow

The GLP-1 apparel cycle continues: 1) Apparel spend remains above historical trend, Equity Analyst | Wells Fargo Securities, LLC Ike.Boruchow@wellsfargo.com | 212-214-8024

2) Script data is accelerating, 3) GLP US search interest still > 2x LY, 4) Companies now

Paul Kearneyspeaking to impact and 5) Apparel continues to outperform athletic/footwear.

Associate Equity Analyst | Wells Fargo Securities, LLC

Paul.D.Kearney@wellsfargo.com | 212-214-4837

GLP-1/Apparel Update. We continue to believe we are in the early- to mid-innings of a Juliana Duque

GLP-1 driven fit-cycle in apparel. New modalities continue to drive adoption, barriers are Associate Equity Analyst | Wells Fargo Securities, LLC

coming down and costs are making weight-loss drugs more accessible. Full details on our Juliana.Duque@wellsfargo.com | 305-329-6767

April note can be found here: Shrinking to Grow: GLP-1s Set to Fuel a Multi-Year Fit Cycle in Robert Bischoff

Apparel. With this update, we highlight recent news and track the most critical KPIs. Associate Equity Analyst | Wells Fargo Securities, LLC

Robert.Bischoff@wellsfargo.com | 305-329-6777

Key Updates. 1) New data on the effectiveness of retatrutide achieves weight loss in

patients on-par with bariatric surgery; 2) EU approval of the Wegovy pill expands the

benefit internationally, 3) Highlighting WFS work that insurance coverage continues to be

a major opportunity for future adoption (Breaking the Bottleneck: How Carve-Outs Could