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TIP853: Aritzia (ATZ.TO): The Women's Apparel Brand Conquering the US, plus Nike, Lulu, and More w/ Kyle Grieve & Shawn O'Malley

Oct 15, 2026

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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.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:03:04) What Lululemon's struggles reveal about investing in retail brands

(00:10:59) Why Aritzia's stores outsell most of their mall neighbours

(00:15:37) How Aritzia turned a tariff headache into rising margins

(00:25:32) Why some fashion brands fade while others keep compounding

(00:27:57) The one competitive advantage behind Aritzia's decades of growth

(00:53:48) Why management turned down cheap money when everyone else borrowed

(01:03:33) The biggest risk that could end Aritzia's run

(01:20:05) Valuation discussion on Aritzia

(01:24:16) Intrinsic value of Aritzia

(01:25:12) Whether Kyle & Shawn will add Aritzia to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Check out our previous Intrinsic Value breakdowns: Lululemon, Nike, Hermes, LVMH.

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