Tariff headlines are back in focus after 25 U.S. states moved to challenge the latest Section 301 global duties, and that legal fight could matter a lot for import heavy consumer stocks. When tariffs sit in limbo, pricing power, margins, and inventory planning all come under the microscope. Some companies may face pressure if costs stay elevated, while others could gain flexibility if duties are rolled back or refunded. This article walks through 3 stocks that appear positioned to potentially benefit from this tariff uncertainty and explains what to watch before deciding whether they fit your portfolio.

On Holding (ONON)

Overview: On Holding is a Zurich based sportswear company that designs and sells premium performance running shoes, apparel and accessories under the On brand to athletes and everyday consumers through wholesale partners, its own stores and e-commerce channels worldwide.

Operations: On Holding generates virtually all of its CHF 3.1b revenue from athletic footwear, with CHF 564.5m reported from Asia-Pacific within its geographic disclosures.

Market Cap: US$12.6b

On Holding sits at the intersection of premium sportswear, strong brand momentum and tariff risk, which makes it especially relevant for import heavy consumer investors right now. The company relies on Asian manufacturing and has been candid about higher U.S. duties, but also about its tools to offset them, including pricing power, direct to consumer growth and supply chain efficiencies. Analysts currently see solid earnings growth and a higher fair value than today’s share price, even as the stock trades on a relatively rich P/E and has underperformed the broader market over the past year. Add in higher leverage and heavy investment needs, and you have a high growth story where tariffs and execution will really matter.

On Holding’s premium growth story and rich P/E both hinge on how much tariff risk is already baked in. Compare that market optimism with the analyst forecasts for On Holding to see what might be missing.

Under Armour (UAA)

Overview: Under Armour is a Baltimore based sportswear company that designs, makes, and sells performance apparel, footwear, and accessories for men, women, and youth through wholesale partners, its own stores, and e-commerce across major global regions.

Operations: Under Armour generates most of its revenue from North America at about US$2.9b, with sizeable contributions from EMEA at roughly US$1.2b and Asia-Pacific at about US$0.7b. Latin America is smaller, and Corporate/Other slightly offsets reported totals.

Market Cap: US$2.9b

Under Armour sits squarely in the tariff conversation because it relies on imported finished goods and textiles, so any change to Section 301 duties can move its cost of goods and earnings quite quickly. Management has already flagged an expected US$100m cost headwind and about 200 basis points of gross margin pressure from trade changes, while also pointing to tools such as diversified sourcing, selective price increases, and tighter product assortments to protect profitability. At the same time, the company is trying to elevate the brand, lean more into direct to consumer sales, and grow outside North America, which could help reduce discounting and widen margins if execution improves. A key consideration for investors is how Under Armour balances tariff risk, ongoing losses, and leverage against current forecasts for earnings growth and a potential return to profitability within a few years.

Under Armour’s tariff hit and brand reset story is only half the picture. The real question is how expectations stack up against the analyst forecasts for Under Armour and what that implies for the next turn in sentiment.

Capri Holdings (CPRI)

Overview: Capri Holdings is a London headquartered luxury fashion group that owns the Michael Kors and Jimmy Choo brands and sells handbags, apparel, footwear, jewelry, and accessories through its own stores, department and specialty retailers, and e-commerce across North America, EMEA, Asia, and Oceania.

Operations: Capri generates US$2.9b of revenue from Michael Kors and US$600m from Jimmy Choo, with sales spread across the United States, EMEA, Asia, and the rest of the Americas.

Market Cap: US$1.9b

Capri Holdings is tightly linked to global trade policy because its import heavy model means tariff changes can quickly shift margins, which is exactly why the current Section 301 court challenge matters. Management has talked about up to US$85m of unmitigated tariff impact in fiscal 2026, yet also about using sourcing shifts, cost efficiencies, and selective pricing to offset that pressure over time. At the same time, Capri is working to refresh Michael Kors, grow Jimmy Choo accessories, and renovate stores. The stock currently trades at a sizeable discount to some fair value estimates. For investors willing to weigh debt, recent losses, and insider selling against that potential turnaround, the full Capri story is worth a closer look.

Capri’s discounted share price and tariff exposure could be masking a very different story. Get the context behind that gap with the analysis report for Capri Holdings and see what the market might be missing next.

The three import focused stocks in this article are just a starting point. The full U.S. Import-Dependent Consumer Goods Stocks screener surfaced 26 more U.S. companies whose stories around tariffs, sourcing, and supply chains could be just as compelling. Use Simply Wall St to identify, filter, and analyze the specific catalysts and narratives that matter most so you can focus on the highest conviction ideas across this group.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.