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, raising our price target for VNCE to $16 (from $9) and maintaining our conservative projections after meeting with Vince Holding management at their New York City showroom.</li><li> We believe the core Vince operations remain primed for continued top and bottom line growth, driven by great looks, premium pricing and an affluent customer base who will pay full price for the right lifestyle driven offerings.</li><li> Further, we are now even more enthused about the potential for the recent October’s Very Own (“OVO”) transaction to begin to move at a quicker pace than we initially projected, with key announcements (new wholesale relationships, retail stores and category and product expansion) on tap for 2026, with a key impact for FY27.</li></ul>

We are reiterating our Buy rating, raising our price target for VNCE to $16 (from $9) and maintaining our conservative projections after meeting with Vince Holding management at their New York City showroom. We believe the core Vince operations remain primed for continued top and bottom line growth, driven by great looks, premium pricing and an affluent customer base who will pay full price for the right lifestyle driven offerings. Further, we are now even more enthused about the potential for the recent October’s Very Own (“OVO”) transaction to begin to move at a quicker pace than we initially projected, with key announcements (new wholesale relationships, retail stores and category and product expansion) on tap for 2026, with a key impact for FY27.

VNCE: Catalysts Ahead; Raising PT to $16 (from $9); Reiterate Buy

<ul><li>We are reiterating our Buy rating, projections and $9 price target for Vince Holding after visiting the company’s recently acquired October’s Very Own (“OVO”) London flagship.</li><li> Opening in November 2017, the London location remains the only non-North American outpost for the brand, and we believe offers a compelling shopping experience for the Drake fan or London fashion shopper.</li><li>Situated in a key shopping area between Regent Street and Soho on the West End of London we believe the OVO stores offer a springboard to wholesale and potentially more international stores under Vince leadership.</li></ul>

We are reiterating our Buy rating, projections and $9 price target for Vince Holding after visiting the company’s recently acquired October’s Very Own (“OVO”) London flagship. Opening in November 2017, the London location remains the only non-North American outpost for the brand, and we believe offers a compelling shopping experience for the Drake fan or London fashion shopper.Situated in a key shopping area between Regent Street and Soho on the West End of London we believe the OVO stores offer a springboard to wholesale and potentially more international stores under Vince leadership.

VNCE: Snapping the Store – OVO London Edition: European Gateway; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, price target and projections for Vince Holding after visiting company stores and shop in shops in London.</li><li> We remain impressed with Vince’s ability to offer compelling collections to the core London shopper and create a true lifestyle brand focused on key Vince items (i.e. sweaters, dresses, outerwear and footwear) and, increasingly offer fashion driven looks driven by color and daring newness.</li><li> Further, Vince management has continued to expand, taking direct control of a key department store shop in shop and flowing in complete collections to drive multi-piece shopping.</li></ul>

We are reiterating our Buy rating, price target and projections for Vince Holding after visiting company stores and shop in shops in London. We remain impressed with Vince’s ability to offer compelling collections to the core London shopper and create a true lifestyle brand focused on key Vince items (i.e. sweaters, dresses, outerwear and footwear) and, increasingly offer fashion driven looks driven by color and daring newness. Further, Vince management has continued to expand, taking direct control of a key department store shop in shop and flowing in complete collections to drive multi-piece shopping.

VNCE: Snapping the Store-London: Driving Affluent Sales; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey.</li><li> We believe the Fall season has been very strong for the company, with momentum in sweaters, outerwear, new bottoms fabrics and tops.</li><li> Further, we are seeing an even greater focus on full price, multi-piece selling, which we believe has resonated for the core Vince customer looking for great Fall outfits.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey. We believe the Fall season has been very strong for the company, with momentum in sweaters, outerwear, new bottoms fabrics and tops. Further, we are seeing an even greater focus on full price, multi-piece selling, which we believe has resonated for the core Vince customer looking for great Fall outfits.

VNCE: Snapping the Store: Fall Fashion On Target for High Returns; Reiterate Buy, 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.

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Ralph Lauren (RL US)

VNCE: Catalysts Ahead; Raising PT to $16 (from $9); Reiterate Buy

We are reiterating our Buy rating, raising our price target for VNCE to $16 (from $9) and maintaining our conservative projections after meeting...

Small Cap Consumer Research

VNCE: Snapping the Store – OVO London Edition: European Gateway; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $9 price target for Vince Holding after visiting the company’s recently acquired October’s Very...

Small Cap Consumer Research

VNCE: Snapping the Store-London: Driving Affluent Sales; Reiterate Buy, PT

We are reiterating our Buy rating, price target and projections for Vince Holding after visiting company stores and shop in shops in London. We...

Small Cap Consumer Research

VNCE: Snapping the Store: Fall Fashion On Target for High Returns; Reiterate Buy, PT

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and...

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

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