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

<ul><li>We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>Given the company's response to tariffs has somewhat muddied the traditional product flows, our visits were a combination of two seasons (Pre-Fall 1 & 2) in a period where traditionally a third season (Pre-Fall 3) is debuting.</li><li>Did it matter?</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.Given the company's response to tariffs has somewhat muddied the traditional product flows, our visits were a combination of two seasons (Pre-Fall 1 & 2) in a period where traditionally a third season (Pre-Fall 3) is debuting.Did it matter?

VNCE: Snapping the Store: Creating New Seasons; Reiterate Buy, $4 PT

<ul><li>We are reiterating our Buy rating, $4 price target and projections after visiting Vince stores in Connecticut, Long Island and New Jersey.</li><li>We believe, while Vince continues to tweak the flow of goods due to tariffs, the offerings remain highly relevant and fresh and highlight a strong fashion sense, with continued expansion of the overall offerings (in terms of color and utility) and high overall quality.</li><li>Further, we believe, except for a core of weekly shoppers, the Vince customer is still seeing multiple levels of newness and excitement when they visit the store; as management noted, slightly longer seasons have driven even higher levels of full price shopping.</li></ul>

We are reiterating our Buy rating, $4 price target and projections after visiting Vince stores in Connecticut, Long Island and New Jersey.We believe, while Vince continues to tweak the flow of goods due to tariffs, the offerings remain highly relevant and fresh and highlight a strong fashion sense, with continued expansion of the overall offerings (in terms of color and utility) and high overall quality.Further, we believe, except for a core of weekly shoppers, the Vince customer is still seeing multiple levels of newness and excitement when they visit the store; as management noted, slightly longer seasons have driven even higher levels of full price shopping.

VNCE: Snapping the Store: Set Up for Summer; Reiterate Buy, $4 PT

<ul><li>We are reiterating our Buy rating, $4 price target and projections for Vince Holdings after hosting a virtual fireside chat with Vince Chief Executive Officer Brandon Hoffman and Chief Financial Officer Yuji Okumura.</li><li>While FY25 continues to be buffeted by shifts in the overall tariff universe, we believe Vince management has remained focused on the longer term business model.</li><li>While actively diversifying the production base, the company has also continued to open and upgrade stores, expand on the wholesale front, maintain product quality, versatility and the ability to leverage product flows to capture higher overall market share.</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince Holdings after hosting a virtual fireside chat with Vince Chief Executive Officer Brandon Hoffman and Chief Financial Officer Yuji Okumura.While FY25 continues to be buffeted by shifts in the overall tariff universe, we believe Vince management has remained focused on the longer term business model.While actively diversifying the production base, the company has also continued to open and upgrade stores, expand on the wholesale front, maintain product quality, versatility and the ability to leverage product flows to capture higher overall market share.

VNCE: Fireside Chat Notes: Controlling the Controllable; Reiterate Buy, $4 PT

<ul><li>We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond.</li><li>We believe, more than any other player in our universe, VNCE has been affected by worries over tariffs; given that the company registered over 60% of their goods from China in FY24, this is not surprising.</li><li>That said, we believe Vince management has done yeoman's work in quickly diversifying the supply chain and focusing on the key longer term drivers of the business, from continued store expansion and upgrades, increasing wholesale penetration, international growth, deepening the focus on men's and adding new categories to the store mix to become even more of a lifestyle brand.</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond.We believe, more than any other player in our universe, VNCE has been affected by worries over tariffs; given that the company registered over 60% of their goods from China in FY24, this is not surprising.That said, we believe Vince management has done yeoman's work in quickly diversifying the supply chain and focusing on the key longer term drivers of the business, from continued store expansion and upgrades, increasing wholesale penetration, international growth, deepening the focus on men's and adding new categories to the store mix to become even more of a lifestyle brand.

VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.</li><li>The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.</li><li>Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.</li></ul>

The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

United States

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ralph Lauren (RL US)

VNCE: Snapping the Store: Creating New Seasons; Reiterate Buy, $4 PT

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

Small Cap Consumer Research

VNCE: Snapping the Store: Set Up for Summer; Reiterate Buy, $4 PT

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

Small Cap Consumer Research

VNCE: Fireside Chat Notes: Controlling the Controllable; Reiterate Buy, $4 PT

We are reiterating our Buy rating, $4 price target and projections for Vince Holdings after hosting a virtual fireside chat with Vince Chief...

Small Cap Consumer Research

VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT

We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond. We believe, more than...

Small Cap Consumer Research

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

The WTR Consumer Stock Index trailed the Small Cap S&P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)