2026 Intern Survey – Another Reason to Be Overweight TPR & Underweight LULU

Research evidence excerpt

2026 Intern Survey – Another Reason to Be Overweight TPR & Underweight LULU

Idea

August 4, 2026 06:59 AM GMT

Morgan Stanley & Co. LLCMSoftlines Retail & Brands | North America Alex Straton

Equity Analyst

2026 Intern Survey – Another Alex.Straton@morganstanley.comKaty Delahunt +1 212 761-5583

Research Associate

Katy.Delahunt@morganstanley.com +1 212 761-6034

Reason to Be Overweight TPR & Lauren Levine

Lauren.Levine@morganstanley.com +1 212 761-4052

Underweight LULU Shakhnoza Mamadalieva

Shakhnoza.Mamadalieva@morganstanley.com +1 212 761-2179

Our 8th annual AlphaWise intern survey suggests apparel &

Retail, Specialty Retail

athletic footwear continue to fragment, while handbags have North America

become increasingly concentrated around Coach & luxury Industry View Attractive

brands. The results reinforce our Overweight TPR &

Underweight LULU ratings, while highlighting accelerating NKE

share losses and ONON as the standout footwear winner.M

Key Takeaways

Apparel fragmentation increased – several category leaders continued to lose

share, including LULU and Zara, while select elevated casual/quiet luxury brands,

including Ralph Lauren and Vuori, were among the largest gainers.

LULU preference declined for a third consecutive year – its survey-low share

supports our Underweight view and points to continued brand pressure and

intensifying competition.

Handbag share became more concentrated around Coach and luxury brands –

Coach’s rise to the #1 position for the first time in survey history underscores

continued brand heat and supports our Overweight rating on TPR.

Athletic footwear fragmented further, with NKE the clear share donor – losses

accelerated y/y, marking five consecutive years of survey declines and driving NKE

to its lowest share in survey history.