Fmr. Gap CEO: Tariffs could send apparel prices 10% to 20% higher

The holiday shopping season is upon US consumers. While many experts are forecasting a solid shopping season for retailers amid record-high stock prices and ongoing job market gains, there are several wildcards. Consumers continue to battle food inflation, causing pullbacks in demand for discretionary categories such as apparel and home goods. Prices on apparel are still high, too. This is as President-elect Trump eyes potential tariffs, which could negatively impact some of the world’s largest apparel purveyors. Yahoo Finance Executive Editor Brian Sozzi speaks with Alex Mill Chairman Mickey Drexler. The former longtime CEO of Gap (GAP) and J. Crew not only shares many of his legendary retail stories, but reveals some of his biggest concerns on the impact of potential Trump tariffs on the apparel industry he has been part of for decades. Drexler adds the retail industry is awash in discounts, while at the same time consumers have luxury fatigue. He also shares how he is growing his business with his son Alex Drexler.
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