TIP853: ARITZIA (ATZ.TO): THE WOMEN’S APPAREL BRAND CONQUERING THE US, PLUS NIKE, LULU, AND MORE

W/ KYLE GRIEVE & SHAWN O’MALLEY

TIP853: ARITZIA (ATZ.TO): THE WOMEN’S APPAREL BRAND CONQUERING THE US, PLUS NIKE, LULU, AND MORE W/ KYLE GRIEVE & SHAWN O’MALLEY

14 October 2026

In today’s episode, Kyle Grieve and Shawn O’Malley discuss Aritzia, the everyday luxury fashion brand that has become one of retail’s most impressive compounders. They explore how a small boutique in the corner of a department store grew into a brand with exceptional store-based economics, a spotless balance sheet, and a huge untapped opportunity across America. With the stock falling even as the business posts some of its best growth ever, they debate whether this is a rare chance to own a durable compounder or a hot brand nearing its peak.

SUBSCRIBE

IN THIS EPISODE, YOU’LL LEARN:

  • Why Aritzia’s stores outsell most of their mall neighbours
  • The one competitive advantage behind Aritzia’s decades of growth
  • How Aritzia turned a tariff headache into rising margins
  • Why management turned down cheap money when everyone else borrowed
  • What Lululemon’s struggles reveal about investing in retail brands
  • Why some fashion brands fade while others keep compounding
  • The biggest risk that could end Aritzia’s run
  • And so much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:03] Kyle Grieve: Welcome back to The Investor’s Podcast episode 853. Today, we’re covering a business that I personally know better than almost any other because I’ve owned it since 2020, and it’s still actually the largest position in my personal portfolio. And that business is Aritzia

[00:00:16] Shawn O’Malley: I came into this episode knowing you’d be pitching Aritzia and maybe feeling a little gun shy, because the last premium apparel brand that I fell in love with was Lululemon. And, and that just has not quite gone to plan for me.

[00:00:29] Kyle Grieve: And I think that’s why I’m really excited to dig into this one with you, Shawn. You know, when you’ve held a stock through as many ups and downs as I have with Aritzia, you really have to ask yourself some of the hard questions. Like, is this business getting better or worse? Or am I holding this because the thesis still works, or because I’ve just gotten more and more attached to the specific name?

[00:00:46] Shawn O’Malley: I think there are really valid questions for both of us. And also our third cohost, Daniel, to be constantly asking ourselves about every position that we hold in our Intrinsic Value Portfolio. But the timing of our conversation today around Aritzia is definitely very interesting. The stock has been hit pretty hard recently, and yet the business is putting up some of the best growth numbers in its history of being a public company. So either the market is seeing something we aren’t, or it’s handing investors a special chance to buy into a business that rarely looks cheap.

[00:01:19] Kyle Grieve: I’m excited to find the answer to that question. Let’s go.

[00:01:26] Intro: Since 2014, with more than 200 million downloads, we have interviewed the world’s best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly, and sharing everything we learn with you. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investment in the securities discussed. Now, for your hosts, Shawn O’Malley and Kyle Grieve.

[00:02:11] Kyle Grieve: This is an episode that I’m very excited to do, because I’ve really wanted to cover this business for a while, but the timing just never seemed quite right. So I’ve covered many businesses on this podcast that we ended up skipping simply because they were just too expensive. But Aritzia, the business that I’m about to cover changes things up a bit. So the price is currently down about 31 percent.

[00:02:30] Kyle Grieve: But Aritzia is a business that I already own in my personal account, and it’s actually been there since 2020. Now, being a shareholder since that time hasn’t been the easiest ride. You know, since owning it, I’ve gone through multiple drawdowns ranging from 30 to 65 percent. And I think it’s one of those kind of classic case studies of why being able to maintain conviction is just so important.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

BOOKS AND RESOURCES

Some of the links on this page are affiliate links or relate to partners who support our show. If you choose to sign up or make a purchase through them, we may receive compensation at no additional cost to you.

NEW TO THE SHOW?

SPONSORS

Support our free podcast by supporting our sponsors:

References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.

CONNECT WITH SHAWN

CONNECT WITH KYLE

PROMOTIONS

Check out our latest offer for all The Investor’s Podcast Network listeners!

WSB + BFF + RWH Promotions

The Intrinsic Value Newsletter