Analyst Note
| David Swartz |Demand for activewear is high as the world emerges from the pandemic, and we have identified changes in consumption and production that we expect will shape the industry for years to come. Among these changes are increased casualization in fashion, the acceleration of the shift to e-commerce, and greater interest in connected fitness. While bargains are hard to find in the space, we have identified two undervalued narrow-moat producers in Hanesbrands and Anta Sports Products.