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Company We are a design, innovation and distribution company specializing in consumer fashion accessories. Our products include watches, jewelry, handbags, small leather goods, belts and sunglasses.
The business is unprofitable at the operating level (-1.90% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 251% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$60M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$996M
▼ -12.3% YoY
Net Income (TTM)
-$62M
▲ +23.7% YoY
Op. Margin
-0.03%
▲ +7.2pp YoY
ROIC
-0.05%
▲ +11.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$23M
▼ -251.4% YoY
Op. Cash Flow (TTM)
-$19M
▼ -224.0% YoY
Net Debt
$253M
Cash & Equiv.
$81M
5Y CAGR: -9.0%
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