Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands after meeting with Chief Executive Officer Ciaran Long and touring the Las Vegas’ Culture Kings store.</li><li> We believe after a material negative impact from tariffs and a reconfiguration of the supply chain in 2025, a.k.a. Brands is ideally positioned to demonstrate the material positives from new Princess Polly store openings, continued wholesale expansion, and the potential launch of a second domestic Culture King location in 2026.</li><li> We believe this material pivot will once again refocus investors on one of the most appealing specialty retail growth stories in the sector and we view the upside for 2026 and beyond as impressive.</li></ul>

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands after meeting with Chief Executive Officer Ciaran Long and touring the Las Vegas’ Culture Kings store. We believe after a material negative impact from tariffs and a reconfiguration of the supply chain in 2025, a.k.a. Brands is ideally positioned to demonstrate the material positives from new Princess Polly store openings, continued wholesale expansion, and the potential launch of a second domestic Culture King location in 2026. We believe this material pivot will once again refocus investors on one of the most appealing specialty retail growth stories in the sector and we view the upside for 2026 and beyond as impressive.

AKA: Mgmt. Meeting, CK Tour: Readying for the Pivot; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April) expectations and raised FY26 guidance even further, as momentum has remained very strong into 2Q.</li><li> We believe, with product flow returning to normal, the company continuing to offer compelling fashion and expanding the product offerings, and a wider category selection, Vince is ideally positioned to drive upside.</li><li> Further, with a focus on core affluent customers who have remained economic winners and who remain full price buyers for the great looks and utility Vince offers, we believe the company is poised, even after the 1Q beat and FY26 raise, to drive further upside.</li></ul>

We are reiterating our Buy rating and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April) expectations and raised FY26 guidance even further, as momentum has remained very strong into 2Q. We believe, with product flow returning to normal, the company continuing to offer compelling fashion and expanding the product offerings, and a wider category selection, Vince is ideally positioned to drive upside. Further, with a focus on core affluent customers who have remained economic winners and who remain full price buyers for the great looks and utility Vince offers, we believe the company is poised, even after the 1Q beat and FY26 raise, to drive further upside.

VNCE: 1Q Review: A Triumph on Multiple Levels; Raising PT to $9 (from $7)

<ul><li>We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li> We believe, with product flows fully normalizing, Vince has been able to offer exciting fashion newness, from a winning collection of linen driven items for men and women to colourful summer dresses, exciting new fruit driven hues and patterns and a continued acceleration of accessories.</li><li> We are also seeing strong fashion looks in men’s tops (textures are the key for Summer 2026), women’s light sweaters and hints of what should be a very strong season of outerwear.</li></ul>

We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey. We believe, with product flows fully normalizing, Vince has been able to offer exciting fashion newness, from a winning collection of linen driven items for men and women to colourful summer dresses, exciting new fruit driven hues and patterns and a continued acceleration of accessories. We are also seeing strong fashion looks in men’s tops (textures are the key for Summer 2026), women’s light sweaters and hints of what should be a very strong season of outerwear.

VNCE: Snapping the Store: Moving from Win to Win; Reiterate Buy, $7 PT

<ul><li>We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the open on Tuesday.</li><li> We believe, with strong fashion sense, materially better product flows, great colors, new product lines, and an affluent consumer base who is still looking for value-added items to add to their wardrobe, Vince is one of the best positioned specialty retailers, with the ability to drive solid top and bottom line upside in FY26.</li><li> As such, we reiterate our Buy rating and $7 price target for VNCE.</li></ul>

We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the open on Tuesday. We believe, with strong fashion sense, materially better product flows, great colors, new product lines, and an affluent consumer base who is still looking for value-added items to add to their wardrobe, Vince is one of the best positioned specialty retailers, with the ability to drive solid top and bottom line upside in FY26. As such, we reiterate our Buy rating and $7 price target for VNCE.

VNCE: 1Q Preview; Right Product, Right Customer Drive Upside; Reiterate Buy, $7 PT

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.</p>

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.

Spain

Industria de Diseno Textil, S.A. designs, manufactures, and distributes apparel.  The Company operates retail chains in Europe, the Americas, Asia, and Africa.

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Industria De Diseno Textil SA (ITX SM)

AKA: Mgmt. Meeting, CK Tour: Readying for the Pivot; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands after meeting with Chief Executive Officer Ciaran Long and...

Small Cap Consumer Research

VNCE: 1Q Review: A Triumph on Multiple Levels; Raising PT to $9 (from $7)

We are reiterating our Buy rating and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April)...

Small Cap Consumer Research

VNCE: Snapping the Store: Moving from Win to Win; Reiterate Buy, $7 PT

We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

VNCE: 1Q Preview; Right Product, Right Customer Drive Upside; Reiterate Buy, $7 PT

We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the...

Small Cap Consumer Research

Global Equity Strategy: Guarded Optimism

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical...

Vermilion Research

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