Financial Data and Key Metrics Changes - For fiscal year 2025, net sales increased by 2.7% to $3.18 billion, driven by over 20% growth in key owned brands [7][56] - Non-GAAP net income for the fourth quarter was $58 million or $1.27 per diluted share, compared to $36 million or $0.76 per diluted share in the previous year [55] - Full fiscal year 2025 non-GAAP net income was $204 million, up 9% from $190 million, with earnings per diluted share increasing to $4.42 from $4.04 [60][65] Business Line Data and Key Metrics Changes - The retail segment's net sales for the year were $166 million, up from $148 million, with strong double-digit comparable-store sales growth in DKNY and Karl Lagerfeld stores [57] - The wholesale segment's net sales increased to $3.08 billion, a 2.5% rise from $3.01 billion [56] - Donna Karan's relaunch was highly successful, with expectations of a 40% growth in the business going forward [97][110] Market Data and Key Metrics Changes - Calvin Klein and Tommy Hilfiger businesses collectively represented approximately 34% of total sales, down from over 50% two years ago, with expectations of further decline to about 25% by the end of fiscal 2026 [8] - DKNY achieved mid-teen growth, with approximately $675 million in reported net sales for fiscal 2025 [21][28] - Karl Lagerfeld saw over 20% growth, particularly strong in North America, which grew approximately 35% [29][34] Company Strategy and Development Direction - The company aims to drive growth of owned brands, which now represent just over half of total net sales, focusing on higher operating margins and licensing income [12][14] - Significant investments in marketing and technology are planned to enhance operational capabilities and support brand growth [11][46] - The partnership with All We Wear Group (AWWG) is expected to accelerate international growth, particularly in Spain and Portugal [10][63] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging operating environment but expressed confidence in navigating through it, expecting fiscal 2026 net sales of approximately $3.14 billion, a decrease of about 1% compared to 2025 [49][50] - Management highlighted the importance of adapting to market conditions, including tariff impacts and inventory management strategies [67][69] - The company anticipates continued growth in key owned brands, with a long-term goal of reaching over $5 billion in annual net sales [49][63] Other Important Information - The company ended the fiscal year with a solid inventory position, decreasing approximately 8% to $478 million [61] - A significant focus on enhancing omnichannel capabilities and digital sales is evident, with owned digital sites growing over 20% [46][44] - The company plans to invest approximately $50 million in capital expenditures for new brand launches and technology [71] Q&A Session Summary Question: Context on headwinds and impact of PVH licenses - Management indicated that the fall of Calvin Klein businesses was approximately $200 million, which was offset by growth in other areas [78] Question: Insights on Q4 outperformance and PVH revenue decline - Management clarified that Q4 performance was not due to unique shifts in wholesale shipments, and the decline in PVH revenues was anticipated [92][94] Question: Current size of the Donna Karan business - Management did not disclose specific figures but noted it was the best launch with anticipated growth approaching 40% [97][110] Question: Details on gross margin in Q4 - Management highlighted stronger margins from owned businesses and improved performance in outerwear [100] Question: Trends in wholesale orders and DTC development - Management reported similar order trends to the previous year and emphasized improvements in direct-to-consumer operations [114][116]

编者按 ： 当"不是大牌买不起，而是平替更有性价比"的口号响彻社交媒体，一场关于消 费主义的无声革命正在年轻人中蔓延。他们用"同源工厂""同款工艺""同样景 色"等关键词，直抵商品价值的核心。然而，当"平替"成为商家收割流量的密 码，当"源头厂货"沦为劣质产品的遮羞布，这场理性消费的浪潮正面临被异化 的危机。 来源｜极速财讯 01 平替的本质：一场消费主义的祛魅运动 "不是东北去不起，而是成都雪村更有性价比！"今年春节期间，成都邛崃一处"雪村"喊出了这样响亮的口号，瞬间点燃了南方人对雪的渴望。 官方发布的视频更是将氛围感拉满：大雪纷飞，银装素裹，仿佛置身童话世界。不少附近的小伙伴们纷纷前去打卡。然而，现实却给了他们当头一 棒。 所谓的"雪村"简直是"戏精"附体！树枝上挂着、地面上铺着的不是晶莹的雪花，而是蓬松的棉花；就连那漫天飞舞的"雪花"，竟然是用肥皂水制造的 人工降雪！有网友吐槽：这哪是雪村，分明是"戏"村啊！ 这场视觉盛宴的崩塌，恰是当下"平替经济"狂潮的生动写照。 不少商家更是直接将"平替"当作卖点。拿旅游景区来说， "小镰仓"、"小奈良"、"天空之城"更是泛滥成灾！有数据显示，国内"小镰仓"足足有6 ...

Company Overview - Compass Diversified (CODI) manages a diverse group of middle-market businesses [9] - CODI has a permanent capital base and long-term ownership approach [9] - As of December 31, 2024, CODI's aggregate acquisitions totaled $9.5 billion [10] - The company's invested capital is $5.3 billion [10] - TTM Proforma Revenue is $2.2 billion [10] - TTM Proforma Subsidiary Adjusted EBITDA is $516.5 million [10] - TTM Adjusted Earnings is $161.6 million [10] Financial Performance & Guidance - TTM Proforma Revenue Growth is 6.6% [10] - TTM Proforma Subsidiary Adjusted EBITDA Growth is 18.7% [10] - For 2025, the company projects Subsidiary Adjusted EBITDA between $570 million and $610 million [62] - 2025 Adjusted EBITDA (Less Corporate & Mgmt Fees) is expected to be $480 million to $520 million [62] - Adjusted Earnings for 2025 are projected to be $170 million to $190 million [62]

Financial Data and Key Metrics Changes - In 2024, the company achieved a net sales of CHF 2.32 billion, reflecting a strong constant currency growth rate of over 33% [11][52] - The gross profit margin reached 60.6%, while the adjusted EBITDA margin was 16.7%, indicating a solid path towards midterm targets [12][52] - For Q4, net sales grew by 35.7% on a reported basis, reaching CHF 606.6 million, with a D2C share of 48.8% [55][56] Business Line Data and Key Metrics Changes - The top three running franchises, Cloudmonster, Cloudsurfer, and Cloudrunner, experienced growth between 60% and 140% in 2024 [44] - Apparel net sales exceeded CHF 100 million, with a constant currency growth rate of 51% [46][47] - In Q4, apparel sales grew by 77.5%, reaching CHF 32.6 million, contributing to over 5% of net sales [67] Market Data and Key Metrics Changes - Net sales in the Americas grew by 28.1% in Q4, with Brazil more than doubling its net sales compared to the prior year [58][59] - EMEA saw net sales of CHF 147.4 million in Q4, growing by 31% year-over-year, supported by retail stores in Paris and Milan [60] - APAC achieved a reported growth rate of 117.5% in Q4, with Japan and China being key drivers [61] Company Strategy and Development Direction - The company aims to become the most premium global sportswear brand, targeting a 26% net sales CAGR and a gross profit margin above 60% by 2026 [10] - Strategic partnerships with celebrities and athletes are central to brand building, enhancing visibility and consumer engagement [19][20] - The company plans to expand its retail presence, launching 19 new stores in iconic locations in 2024 [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding growth expectations, with a strong start to 2025 anticipated [39][81] - The company is cautious about macroeconomic conditions but remains optimistic based on strong preorders and brand momentum [97][98] - The focus will be on operational excellence and investments in infrastructure to support long-term growth [80][130] Other Important Information - The company achieved an operating cash flow of CHF 510.6 million, more than doubling year-over-year, with a total cash balance of CHF 924.3 million at year-end [74] - The company is committed to sustainability and plans to publish an impact progress report soon [51] Q&A Session Summary Question: Insights on Cloud 6's contribution to growth in 2025 - Management highlighted that Cloud has become an iconic staple resonating with younger consumers, with a classic campaign set to launch soon [89] Question: Guidance on sales growth by region and consumer environment in the U.S. - Management expects strong growth in Q1, with a focus on D2C and wholesale channels, while remaining prudent due to macroeconomic uncertainties [92][96] Question: Strategies for increasing apparel penetration and distribution - The company aims to elevate apparel's share of revenue to 10%, with a strong correlation between retail presence and apparel success [120] Question: Outlook on operational efficiencies and long-term objectives - Management plans to leverage G&A efficiencies and continue high marketing investments to drive growth and brand awareness [129][131]

Financial Data and Key Metrics Changes - Net revenues for Q4 increased by 5% year-over-year to $151.8 million, exceeding the implied outlook for the period [52] - Full year net revenue reached a record $555.6 million, an increase of 2% year-over-year [61] - Gross margin for Q4 contracted by 20 basis points to 67.3%, while full year gross margin contracted by 150 basis points to 67.6% [57][61] - Adjusted EBITDA for Q4 was $21.1 million, with an adjusted EBITDA margin of 13.9%, compared to 18.4% in the previous year [60] - The company ended the year with cash, cash equivalents, and short-term investments of $245.1 million, with no debt [62] Business Line Data and Key Metrics Changes - Scrubwear increased by 2%, representing 76% of net revenues for Q4, while non-scrubwear increased by 13%, representing 24% of net revenues [54][55] - The international business grew by 45% for the quarter, accounting for 16% of net revenues, marking an all-time high for the brand [16] Market Data and Key Metrics Changes - The company entered 10 new countries in 2024 and continued to scale in over 20 international markets [14] - The active customer base increased by 3% year-over-year to 2.7 million, while net revenues per active customer decreased by 1% to $208 [53] Company Strategy and Development Direction - The company plans to prioritize and rebase efforts, focusing on long-term brand health and reducing promotional activities [21][23] - There is a strategic shift towards enhancing product offerings, including the introduction of new fabric types and expanding into less developed categories like outerwear and footwear [30][28] - The company aims to deepen connections with healthcare professionals through a more authentic marketing approach and increased customization options [31][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged inconsistencies in performance throughout the year, citing challenges in customer acquisition and gross margin pressure [19][20] - The outlook for 2025 anticipates a decline in net revenues in the low single-digit range, reflecting headwinds from reduced promotions and potential declines in active customers [66] - Management expressed confidence in the long-term growth potential, emphasizing the importance of reinvigorating the U.S. business and expanding international and team channels [98] Other Important Information - The company repurchased $38.2 million worth of shares during the quarter, with approximately $4.6 million remaining under the previously announced share repurchase program [65] - The company has minimal direct exposure to tariffs from China, with indirect exposure from partners like New Balance [124] Q&A Session Summary Question: Plans to maintain and reengage lapsed customers during promotional reset - Management acknowledged headwinds on customer acquisition and plans to readjust promotional outlook while investing in brand awareness and retention efforts [80][81] Question: Insights on supply chain investments and pausing Canadian distribution center - Management indicated a focus on optimizing the current distribution facility and reassessing the roadmap for supply chain improvements [83] Question: Understanding the dynamic between strong Q4 performance and downbeat guidance for 2025 - Management explained that Q4 outperformance was driven by color launches, but headwinds in active customer growth and promotional shifts are expected to impact 2025 [92][93] Question: Building blocks to return to normalized growth - Management emphasized the need to reinvigorate growth in the U.S. business and active customer base while expanding retail and international channels [98] Question: Selling and G&A expense dynamics - Management discussed the normalization of transitory costs related to the new distribution center and the impact of increased fixed costs and international operations on selling expenses [106] Question: Profitability of international and non-scrubwear categories - Management confirmed that international operations are profitable, despite a different cost profile, and expects continued growth in non-scrubwear categories [111][112] Question: Product category opportunities and tariffs - Management highlighted ongoing innovation in product categories and minimal exposure to current tariff plans [124]

Financial Data and Key Metrics Changes - For the fourth quarter of 2024, consolidated revenue was $582.3 million, a 12% increase compared to Q4 2023 [19] - Full year revenue for 2024 increased 15.2% to $2.3 billion compared to $2.0 billion in 2023 [22] - Diluted EPS for Q4 2024 was $0.55, down from $0.61 in Q4 2023, while full year diluted EPS increased to $2.67 from $2.45 in 2023 [22][23] - Consolidated gross margin was 40.4% in Q4 2024, down from 41.7% in Q4 2023 [21] Business Line Data and Key Metrics Changes - Wholesale revenue for Q4 2024 was $402.9 million, up 13.6% year-over-year, with footwear revenue increasing by 1% to $227.4 million [19] - Accessories and apparel revenue surged 35.4% to $175.4 million in Q4 2024, driven by strong growth across categories [19] - Direct-to-Consumer (DTC) revenue was $176 million, an 8.4% increase compared to Q4 2023, with Steve Madden DTC revenue up 6% and Dolce Vita DTC revenue growing 36% [12][20] Market Data and Key Metrics Changes - International revenue grew 12% in 2024, with EMEA region revenue increasing 18% [9] - Revenue in the Americas excluding the U.S. grew 9%, supported by a new joint venture in Latin America [9] Company Strategy and Development Direction - The company aims to expand its international presence and diversify production away from China, targeting a reduction in goods sourced from China to the low 40% range by November 2025 [14][28] - The acquisition of Kurt Geiger is expected to enhance growth in international markets and accessories categories, aligning with the company's strategic initiatives [15][44] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the outlook for 2025 due to new tariffs and inventory pressures in the handbag business [14] - The company anticipates revenue growth of 17% to 19% in 2025, including contributions from Kurt Geiger, but expects low single-digit growth excluding the acquisition [24] Other Important Information - The company returned nearly $160 million to shareholders through dividends and share repurchases [14] - Inventory at the end of 2024 was $257.6 million, up 12.5% year-over-year, attributed to longer transit times [23][96] Q&A Session Summary Question: Can you talk about gross margin pressure and plans to mitigate it? - Management acknowledged tariff pressures and outlined strategies including diversifying production and selective price increases [26][28] Question: How is the DTC business performing in January versus February? - Management noted a slow start to the year, particularly in spring product sales, attributed to weather and consumer confidence [38][40] Question: Why is now the right time for the Kurt Geiger acquisition? - The acquisition is seen as an opportunity to leverage Kurt Geiger's growth potential and align with strategic initiatives [43][44] Question: What are the expectations for organic growth in 2025? - Management expects low single-digit growth in wholesale and high single-digit growth in DTC, with specific pressures noted in the handbag segment [54][55] Question: How is inventory health and performance of boots? - Inventory is considered healthy, with a strong boot season reported, but management is focused on transitioning consumers to spring styles [94][98]

Financial Data and Key Metrics Changes - In 2024, global revenue increased by 5%, with Wrangler's revenue growing by 9% and Lee's revenue declining by 5% [24][26][20] - Adjusted gross margin expanded by 160 basis points to 44.7%, driven by lower input costs and mix [30] - Adjusted earnings per share (EPS) was $1.38, representing a 2% increase compared to the prior year [31] Business Line Data and Key Metrics Changes - Wrangler's global revenue grew 9% in the fourth quarter, with notable growth in outdoor (29%) and female segments (19%) [17][25] - Lee's direct-to-consumer (DTC) revenue grew double digits, while wholesale revenue declined significantly [20][27] - Non-denim categories accounted for approximately one-third of global revenue, with outdoor business growing at a mid-teens rate [9] Market Data and Key Metrics Changes - The U.S. market saw a 9% growth in Wrangler revenue, while Lee's U.S. revenue decreased by 6% [24][26] - In Asia, revenue performance was better than expected, while Europe performed as anticipated [24][29] - Point of Sale (POS) trends showed a decline in February after a strong start to the year, reflecting consumer conservatism [42][101] Company Strategy and Development Direction - The company is focused on Project Genius, aiming for $100 million in savings, with benefits expected to flow through in 2025 [11][34] - Plans to explore shop-in-shop concepts in key retailers to enhance consumer experience [9] - The addition of Helly Hansen is expected to drive growth and enhance the brand portfolio [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain environment, emphasizing operational strength and brand investments [6][23] - The company anticipates a transition year for Lee in 2025, focusing on repositioning for growth [20][21] - Management noted that consumer sentiment is currently cautious due to various macroeconomic factors [101] Other Important Information - The company returned $198 million to shareholders through dividends and share repurchases in 2024 [33] - Inventory decreased by 22% to $390 million, achieving an annual turnover target of approximately 3.5 times [32] - The company expects cash from operations to exceed $300 million in 2025 [47] Q&A Session Summary Question: Details on Lee's performance and DTC vs. wholesale dynamics - Management explained that DTC growth reflects successful new product introductions, while wholesale performance lags due to pipeline filling [50][53] Question: Gross margin expectations and seasonal dynamics - Management clarified that gross margin is expected to increase by 30 basis points in Q1, with a moderation in Q2 due to seasonal dynamics and product cost inflation [51][52] Question: Insights on consumer segmentation for Lee - Management indicated a shift towards targeting a more fashion-conscious consumer, moving away from overly aspirational segments [91][92] Question: Impact of potential tariffs on operations - Management discussed that tariffs would begin to impact the P&L in late Q2, with mitigating actions expected to show results in late 2025 and early 2026 [94][95]

Financial Data and Key Metrics Changes - Q4 consolidated revenues reached $924 million, a 3% year-over-year increase, driven by growth in Golf Equipment and slight increases in Active Lifestyle, while Topgolf revenue remained consistent with the prior year [60] - Adjusted EBITDA for Q4 was $101 million, reflecting a 45% increase due to improved operating results across all segments [60] - Full year consolidated adjusted free cash flow was $203 million, exceeding previous guidance [69] Business Line Data and Key Metrics Changes - Golf Equipment revenue increased by 13% year-over-year to $225 million, attributed to strong sales of golf clubs and the Chrome family of golf balls [63] - Topgolf generated adjusted EBITDA of $337 million, an 11% increase compared to 2024, despite same venue sales declining by 8% [19][60] - Active Lifestyle segment revenue increased by 1% year-over-year, primarily driven by TravisMathew's apparel sales [64] Market Data and Key Metrics Changes - U.S. on-course golf participation rose by 1.5 million to 28.1 million, with rounds played growing 2% year-over-year [43] - The macro environment for premium out-of-home entertainment is facing headwinds, impacting same venue sales at Topgolf [20][41] Company Strategy and Development Direction - The company is focused on the separation of Topgolf, evaluating options for a spin-off or potential sale [16] - Initiatives to improve same venue sales include new experiences, value offerings, and operational efficiencies [41][39] - The company anticipates growing Golf Equipment revenues slightly faster than the overall golf market, with expected gross margin improvements [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged year-over-year headwinds from foreign exchange and incentive compensation, projecting a $75 million negative impact on core business EBITDA [11] - Despite challenges, management remains optimistic about the future, expecting to mitigate headwinds through operational improvements [12][56] - The company is committed to returning to growth in same venue sales and improving profitability [41] Other Important Information - The company recorded a non-cash accounting charge of $1.45 billion related to the impairment of Topgolf goodwill and intangible assets [58] - Available liquidity increased to $797 million as of December 31, 2024, due to better cash flow generation [66] Q&A Session Summary Question: Could you elaborate on same venue sales trends when the weather has been neutral at Topgolf? - Management indicated that neutral weather markets are currently running down low to mid-single digits, with expectations for improvement in 2025 due to easier comparisons and positive consumer response to value messaging [78][79] Question: Can you talk about the key drivers behind the acceleration in corporate events comp? - Management noted that increased flexibility in product design and local market learnings contributed to the acceleration in corporate events comp, with expectations for walk-in sales to perform better than events in 2025 [89][92] Question: What drives the core business down year-over-year? - The primary driver for the decline in the core business is foreign exchange impacts, with additional challenges from competitive launches and reduced product launches planned for the second half of the year [96][97] Question: Is there anything structurally changed in the core business affecting profitability? - Management confirmed that there are no structural changes affecting profitability, with foreign exchange being the main driver of the decline [102][104] Question: Can you provide an update on expectations for pro forma leverage of the core business? - Management expressed confidence in achieving a leverage ratio of 3x or under within 12 months of the spin, emphasizing strong cash flow generation and operational flexibility [120][122]

As filed with the Securities and Exchange Commission on February 20, 2025 Registration No. 333-281949 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 707 Cayman Holdings Limited (Exact name of Registrant as specified in its charter) (Name, address, including zip code, and telephone number, including area code, of agent for service) Not Applicable (Translation of Registrant's name into English) (Primar ...

Amendment No. 3 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________ Kandal M Venture Limited (Exact name of Registrant as specified in its charter) _________________ Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 3100 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification Number) | Padachi Vi ...