F&F’s outdoor label Discovery Expedition has seen a rebound as an early cold snap triggered stronger demand for winter outerwear, especially light and short down jackets. After three quarters of declining sales, Discovery began recovering in October with rising on- and offline sales; the improved domestic clothing consumption sentiment (CSI recovering to 100) also supports the turnaround. F&F is accelerating expansion in China—having opened 20 stores by Q3 after securing exclusive rights in 11 Asian markets, it plans 25 stores by year-end—which should diversify revenue and help Discovery become a core growth driver alongside established brand MLB. Analysts expect F&F’s Q4 sales and operating profit to rise year-over-year, with meaningful China contributions from 2026 onward.
