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 and $30 price target, but lowering our 2025 and 2026 projections after a.k.a. Brands reported 3Q25 (September) results below even our Street low expectations, as Princess Polly was impacted by shifts in the supply chain due to tariffs, which more than offset material positives from the Australian operations, expansion at Culture Kings and wholesale growth at Petal & Pup.</li><li>That said, the issues at Princess Polly were overwhelmingly driven by supply, not demand, which we believe has remained robust.</li><li>With inventory flows normalizing, management is seeing the return of positive sales at Princess Polly, which should position the company for a robust 2026.</li></ul>

We are reiterating our Buy rating and $30 price target, but lowering our 2025 and 2026 projections after a.k.a. Brands reported 3Q25 (September) results below even our Street low expectations, as Princess Polly was impacted by shifts in the supply chain due to tariffs, which more than offset material positives from the Australian operations, expansion at Culture Kings and wholesale growth at Petal & Pup.That said, the issues at Princess Polly were overwhelmingly driven by supply, not demand, which we believe has remained robust.With inventory flows normalizing, management is seeing the return of positive sales at Princess Polly, which should position the company for a robust 2026.

AKA: 3Q Review: Tariffs Hurt, But Quickly Moving Forward; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, projections and $4 price target for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>After a successful "Friends and Family" event last month, Vince has pivoted to rolling out new items and categories, with the debut of branded handbags, small leather accessories and suiting as the company leverages increased levels of licensee partnerships.</li><li>Further, Vince continues to flow exciting fashion for Fall, with outerwear, dresses, increased color offerings, and denim and colder weather fabrics (corduroy).</li></ul>

We are reiterating our Buy rating, projections and $4 price target for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.After a successful "Friends and Family" event last month, Vince has pivoted to rolling out new items and categories, with the debut of branded handbags, small leather accessories and suiting as the company leverages increased levels of licensee partnerships.Further, Vince continues to flow exciting fashion for Fall, with outerwear, dresses, increased color offerings, and denim and colder weather fabrics (corduroy).

VNCE: Snapping the Store: Expanding for Fall, Driving Margins; Reit. Buy, $4 PT

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding with the company announcing 3Q25 (September) results after the close on Wednesday.</li><li>While we continue to believe 3Q will reflect the impact of tariffs to the company's business model, we view the potential for upside to continue to increase as more Princess Polly stores come online (potential for 14 for Xmas) and as the company moves further away from the impact of tariffs.</li><li>Further, we look for continued improvements in wholesale relationships (especially at Nordstrom's) and better overall margin in Australia to also be key pluses post 3Q.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding with the company announcing 3Q25 (September) results after the close on Wednesday.While we continue to believe 3Q will reflect the impact of tariffs to the company's business model, we view the potential for upside to continue to increase as more Princess Polly stores come online (potential for 14 for Xmas) and as the company moves further away from the impact of tariffs.Further, we look for continued improvements in wholesale relationships (especially at Nordstrom's) and better overall margin in Australia to also be key pluses post 3Q.

AKA: 3Q Preview: As Move From Tariff Upheaval, Upside Rises; Reit. Buy, $30 PT

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after attending the opening of the latest Princess Polly store in Roosevelt Field in Long Island.</li><li>The store, the company's 12th Princess Polly location, demonstrated continued increased learning on how to drive and maximize the Princess Polly store setting, from a record number of fitting rooms, further emphasis on accessories and accessories driven displays, offerings centered around lifestyle and outfitting, no discounts and continued usage of RFID to better focus inventories and product flow.</li><li>We continue to be impressed with Princess Polly's loyal customer base and strong flow of fashion right offerings.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after attending the opening of the latest Princess Polly store in Roosevelt Field in Long Island.The store, the company's 12th Princess Polly location, demonstrated continued increased learning on how to drive and maximize the Princess Polly store setting, from a record number of fitting rooms, further emphasis on accessories and accessories driven displays, offerings centered around lifestyle and outfitting, no discounts and continued usage of RFID to better focus inventories and product flow.We continue to be impressed with Princess Polly's loyal customer base and strong flow of fashion right offerings.

AKA: Snapping the Store: Opening Shows Lessons Learned; Reiterate Buy, $30 PT

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.</li>
<li>Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.</li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> , <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> ,<a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:12281:1" rel="noopener">Yue Yuen Industrial Holdings (551 HK)</a> , and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will benefit from the tariff relief.
</li>
</ul>


President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.
Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.

Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.



How Rare Earth Elements Helped China's Textile Companies

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: 3Q Review: Tariffs Hurt, But Quickly Moving Forward; Reiterate Buy, PT

We are reiterating our Buy rating and $30 price target, but lowering our 2025 and 2026 projections after a.k.a. Brands reported 3Q25 (September)...

Small Cap Consumer Research

VNCE: Snapping the Store: Expanding for Fall, Driving Margins; Reit. Buy, $4 PT

We are reiterating our Buy rating, projections and $4 price target for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

AKA: 3Q Preview: As Move From Tariff Upheaval, Upside Rises; Reit. Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding with the company announcing 3Q25 (September) results...

Small Cap Consumer Research

AKA: Snapping the Store: Opening Shows Lessons Learned; Reiterate Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after attending the opening of the latest Princess...

Small Cap Consumer Research

How Rare Earth Elements Helped China's Textile Companies

President Trump will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's...

David Mudd

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52-week Range

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