The T-shirts and hoodies may not be of great quality (but who makes T-shirts of great quality anyway?), but jeans, windcheaters, and leather jackets are very well-made and better than Hollisters et al.
Whether the brand it is loosing its appeal or not, that is a different question. In my opinion the quality of their clothes and stores is top.
Wasn't Burberry also a "fad with a short time in the sun" just a couple of years ago?
I do get the point with the 15 times earning being too much for what seems to be an error-prone company.