Lululemon Athletica (NASDAQ: LULU) and Levi Strauss (NYSE: LEVI) both saw their stocks hit record highs during the bullish stampede toward growth stocks in 2021. However, both stocks tumbled over the past year as investors fretted over the impact of inflation on apparel sales.

As of this writing, shares of Lululemon and Levi Strauss trade 24% and 50%, respectively, below their all-time highs. Should investors buy either of these out-of-favor apparel stocks as a contrarian play? 

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Source Fool.com