Guess', Inc. (GES): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the actual engine driving this apparel giant's business after their recent strategic shifts, and honestly, it's a fascinating mix of old-school retail and smart IP management. For fiscal year 2025, the company posted total net revenue of $3.00 billion, underpinned by a gross margin of 43.4%, showing they still know how to move product. But the real story lies in how they structure their value-balancing the core product sales, which make up about 96.2% of revenue, with the high-margin royalties from their Intellectual Property, especially after the major brand agreement. To see exactly how they connect their iconic brand equity to their global footprint and customer base, check out the nine-block canvas below; it maps out their current operational reality, from their 1,062 directly operated stores to their focus on Gen Z consumers.

Guess', Inc. (GES) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances that keep Guess?, Inc. moving, and honestly, the partnerships are where a lot of the brand's future value is being locked in, especially with that big IP move happening. Let's look at the hard numbers behind these crucial relationships as of late 2025.

Authentic Brands Group (ABG) for IP Ownership

The most significant partnership shift involves Authentic Brands Group (ABG). This strategic move, announced in August 2025, is set to take Guess?, Inc. private in a transaction valued at approximately $1.4 billion, debt included. The core of this deal is ABG acquiring a controlling stake in the brand's intangible assets.

• ABG will acquire a 51% stake in a new entity holding substantially all of Guess?, Inc.'s intellectual property.
• The Rolling Stockholders, including co-founders and the CEO, will retain the remaining 49% of the intellectual property.
• The operating company, which holds the stores and inventory, will remain wholly owned by current Guess? management.
• The transaction is targeted to close in the fourth quarter of fiscal year 2026.

This structure is designed to be asset-light for the IP owner, leveraging ABG's global network against Guess?'s existing licensing base. It's a defintely different structure for the brand going forward.

Licensees and Distributors Operating Partner Stores

Guess?, Inc. maintains a vast global footprint that relies heavily on its network of partners. As of February 1, 2025, the scale of this distribution network was quite clear:

Metric	Number as of February 1, 2025
Partner/Distributor Operated Retail Stores Globally	527
Directly Operated Retail Stores (Americas, Europe, Asia)	1,070
Total Countries of Operation (Direct and Partner)	Approximately 100

This structure allows Guess?, Inc. to maintain a presence in approximately 100 countries worldwide through its direct operations and partner network.

Sequel (Timex Group Division) for rag & bone Watch Licensing

The partnership with Sequel, a division of the Timex Group, is a long-standing one, dating back to the GUESS Watches business in 1984. This expertise was extended to the rag & bone brand, which Guess? partially acquired in April 2024.

• A new five-year licensee partnership was announced in April 2025 to develop premium watches for rag & bone.
• The inaugural rag & bone Fall/Winter 2025 watch collection launched with pricing between $220 and $395 for women's styles and $285 to $595 for men's styles.

Sequel manages timepiece collections for other major brands, blending fashion insight with craftsmanship.

Third-Party Logistics Providers for US Distribution Center Conversion

While the specific financial details or metrics for a US distribution center conversion weren't explicitly detailed in the latest filings, supply chain optimization is a key focus area to combat inflation. We do see concrete examples of 3PL engagement elsewhere, which speaks to their strategy. For instance, GXO Logistics extended its agreement with Guess? in Italy and the Netherlands for nearly a decade, demonstrating reliance on large-scale providers for complex logistics. The US Third-Party Logistics industry revenue was estimated at $138.4 billion in 2025, with market size growing at a CAGR of 4.5% between 2020 and 2025.

SuperCircle for the GUESS Again Textile Recycling Program

Guess?, Inc. is pushing its sustainability goals through the GUESS Again program, which launched online on October 10, 2024, in partnership with SuperCircle. This online initiative complements the existing in-store recycling program managed with Homeboy Threads.

• Customers can mail in textiles of any brand to participate in the online program managed by SuperCircle.
• Guess? previously committed to increasing its repair, resale, and upcycle initiatives by 2025.
• SuperCircle has recycled over 2 million garments to date (as of October 2024).

This partnership is a direct step toward the company's goal of developing more circular business models under the Action Guess commitment.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Key Activities

You're looking at the engine room of Guess?, Inc. (GES), the core things they do every day to make money. It's not just about selling clothes; it's about controlling the creative process, managing a global footprint, and milking the value from their brand names. Here's the breakdown of those essential functions as of late 2025.

Design and development of contemporary apparel and accessories.

This is where the product starts. Guess?, Inc. is focused on designing and developing collections across its portfolio, including the core GUESS brand, MARCIANO, and the recently acquired rag & bone. They are also pushing the new Guess Jeans brand, aiming to capture a younger customer with affordable, sustainable denim inspired by their archives. This activity directly supports the full fiscal year 2025 revenue of almost $3 billion.

Global retail operations management for 1,062 directly operated stores.

Managing the physical touchpoints is a massive undertaking. Guess?, Inc. is actively managing its network of directly operated stores across Europe, the Americas, and Asia. The plan involves streamlining this footprint, specifically by exiting non-strategic, unprofitable locations in North America. As of the end of fiscal year 2025, the company managed 1,062 directly operated stores, a number that is subject to change as they execute their optimization strategy.

Here are some operational metrics from the end of the last reported fiscal year:

Segment	FY2025 Operating Margin	FY2024 Operating Margin
Americas Retail	1.0%	8.0%
Europe	9.5%	11.6%
Asia	0.8%	2.9%

Brand portfolio management (GUESS, MARCIANO, rag & bone).

A key activity is managing the architecture across their distinct brands. This includes integrating the rag & bone business, which was acquired in April 2024, and growing the newer Guess Jeans brand globally. The goal is to optimize the portfolio to be relevant to different target consumer groups-Heritage, Millennials, and Generation Z. This portfolio management is critical to achieving the fiscal 2025 adjusted earnings from operations of $179.5 million.

The brands under management include:

• GUESS
• MARCIANO
• rag & bone
• Guess Jeans (new launch)

Licensing and brand royalty management with a 93.0% operating margin.

This is a high-margin lever for Guess?, Inc. The Licensing segment consistently delivers exceptional profitability. For fiscal year 2025, the operating margin for this segment was reported at 93.0%. This activity also involved a strategic milestone: the fifteen-year renewal of the Guess handbag license with Signal Products, Inc. during the year.

Business optimization to unlock approximately $30 million in profit by FY2027.

Guess?, Inc. is actively engaged in internal restructuring to boost future profitability. This involves streamlining infrastructure and exiting certain retail locations. The company has a concrete target tied to these efforts: they expect this Business and Portfolio Optimization to unlock approximately $30 million in operating profit by fiscal year 2027. This initiative is a direct response to navigating challenging environments, including customer traffic declines and inflationary pressures felt throughout fiscal 2025.

Finance: draft the 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Key Resources

You're looking at the core assets underpinning Guess', Inc. (GES) as it transitions to a private structure in late 2025. These resources are what the business relies on to generate revenue and maintain its market position.

Iconic Global Brand Equity and Intellectual Property (IP) Assets

The brand equity is a massive, durable asset, now partially restructured for future growth. The market valued the entire enterprise, including debt, at approximately $1.4 billion in the August 2025 take-private agreement. The brand's global retail-equivalent sales are estimated around $6 billion. The IP itself is now split following the deal with Authentic Brands Group (ABG).

The Licensing segment, which monetizes this brand equity, is the financial engine, delivering an exceptional operating margin of 93.0% in fiscal year 2025. Total net revenue for the full fiscal year 2025 reached $3.00 billion, an 8% increase year-over-year.

The structure of the IP ownership post-deal is key:

• IP stake acquired by Authentic Brands Group (ABG): 51%.
• IP stake retained by founding family members and CEO: 49%.
• The operating entity and its subsidiaries are wholly owned by current management.

Global Retail and Distribution Footprint

Guess', Inc. maintains a significant physical presence, though it is actively streamlining its North American direct-to-consumer (DTC) portfolio, which saw a 14% comparable sales decline in Q4 FY2025. The global reach, however, remains extensive, spanning approximately 100 countries.

Here's the breakdown of the physical network as of mid-2025:

Metric	Directly Operated Stores	Partner Operated Stores	Total Retail Locations
As of August 2, 2025	1,062 (Europe, Americas, Asia)	527 (Worldwide)	1,589 (1,062 + 527)
As of February 1, 2025	1,070 (Europe, Americas, Asia)	527 (Worldwide)	1,597 (1,070 + 527)

The company also plans to unlock approximately $30 million in operating profit by fiscal 2027 through streamlining North American locations.

Vertically Integrated Supply Chain and Sourcing Network

Guess', Inc. operates a vertically integrated model combining in-house design with manufacturing partnerships. While the most recent data is from fiscal year 2023, it illustrates the geographic diversification of the sourcing network:

• China manufacturing partnership: 37% of production.
• Vietnam sourcing network: 28% of production.
• Bangladesh textile partners: 18% of production.
• Cambodia manufacturing alliance: 12% of production.
• Indonesia consortium: 5% of production.

Customer 360 CRM Platform

The use of Salesforce Customer 360 is central to unifying data across channels-stores, websites, and customer care-to deliver a seamless experience. This platform breaks down information silos, giving agents a single view of the customer. The digital transformation effort, which started in 2019, targeted specific financial goals by 2025, including an increase in operating profit of approximately $150 million and a rise in sales of around $250 million.

The immediate operational benefits include:

• Significantly lower time and effort needed to fix customer problems.
• New opportunities to cross-sell and up-sell based on purchase history.
• Enabling analytics and segmentation for deeper customer behavior insights.

Guess', Inc. (GES) - Canvas Business Model: Value Propositions

Accessible premium fashion with a distinctive, American-European aesthetic.

• The core brand built its foundation on an innovative yet understated New York aesthetic with a strong expertise in denim, blending traditional craftmanship with modern cultural references.
• The company's global footprint spans approximately 100 countries as of November 2, 2024.
• For the third quarter of fiscal year 2026, ended November 1, 2025, total net revenue was $791 Million, up 7% in U.S. dollars.
• The adjusted operating margin for the third quarter of fiscal year 2026 was 4.7%.

Diversified product offering across multiple lifestyle categories.

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection that includes:

• Contemporary apparel
• Denim
• Handbags
• Watches
• Eyewear
• Footwear

Product Category/Segment	Fiscal Year 2025 Net Revenue Change (USD)	Fiscal Year 2025 Operating Margin
Total Net Revenue	8% increase	N/A
Licensing Segment	N/A	93.0%
Americas Retail Segment	N/A	1.0%

Multi-brand portfolio (rag & bone, GUESS JEANS) for varied price points.

The portfolio expansion includes the integration of rag & bone and the development of the GUESS JEANS line.

• rag & bone contributed to a 79% surge in Americas Wholesale revenue in Q3 2025.
• rag & bone generated unaudited annual revenue of approximately $250 Million in 2023.
• The company contributed $57.1 Million toward the purchase of rag & bone operating assets on April 2, 2024.
• GUESS JEANS launched a dedicated eyewear collection in partnership with Marcolin in late 2025.

Commitment to product excellence and local market needs.

• The GUESS JEANS line is specifically committed to sustainability, expanding into new territories like eyewear.
• The company directly operated 1,057 retail stores in Europe, the Americas, and Asia as of November 2, 2024.
• GUESS JEANS opened its first four-story flagship store in Asia, in Tokyo, in July 2025.
• Europe remains a key engine, showing strong wholesale momentum, with its operating margin at 9.5% in fiscal 2025.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Customer Relationships

You're looking at how Guess?, Inc. connects with its buyers as of late 2025. The focus is clearly on merging the physical and digital worlds to keep the brand relevant.

Customer-centric omni-channel experience

Guess?, Inc. is driving its customer experience through an integrated omni-channel approach. The company directly operated 1,074 retail stores across Europe, the Americas, and Asia as of May 3, 2025. For the full fiscal year 2025, total net revenue reached $3.00 billion, an increase of 8% year-over-year. In Europe, retail comparable sales, which include e-commerce, saw a 3% increase in U.S. dollars for the full fiscal year 2025. Specifically in the fourth quarter of fiscal 2025, the inclusion of e-commerce sales positively impacted the retail comparable sales percentage by 1% in U.S. dollars.

Metric	Value (As of Latest 2025 Data Point)	Reporting Period/Date
Total Net Revenue	$3.00 billion	Fiscal Year 2025 (Ended Feb 1, 2025)
Europe Retail Comparable Sales (incl. e-commerce) Growth	3%	Full Fiscal Year 2025
Directly Operated Retail Stores	1,074	May 3, 2025
Q4 FY2025 E-commerce Impact on Retail Comp Sales	1% Positive Impact (USD)	Q4 Fiscal 2025

Personalized marketing via the Customer 360 CRM platform

The foundation of personalized marketing is data centricity, which Guess?, Inc. addresses using Salesforce Customer 360. This system aims to provide a single customer view by breaking down information silos across physical and digital channels. Associates use insights from this platform, including cross-channel purchase history and loyalty status, to forge stronger customer relationships. The industry context shows that 81% of organizations are expected to use AI-powered CRM systems in 2025.

• Empowers associates with insights beyond transactional data.
• Helps reduce the time and effort needed to fix customer problems.
• Enables cross-selling and upselling opportunities.
• Supports the goal of driving stronger e-commerce sales.

Brand engagement through celebrity and influencer collaborations

Guess?, Inc. continues to set up celebrity and influencer collaborations to engage more effectively with millennial and Gen Z consumers, a key part of its strategy to boost brand relevancy. While specific 2025 engagement metrics aren't public, the company is investing more in social media and customer engagement to drive traffic both in-store and online.

Loyalty programs and post-purchase recycling (GUESS Again)

The GUESS Again program is a key component of the company's commitment to circular business models under the ACTION GUESS ESG strategy. This program has two main avenues for customer participation:

• In-store recycling in the US & Canada, partnering with Homeboy Threads.
• E-commerce recycling via SuperCircle, where customers request a shipping label online.

Customers can bring in five or more articles of clothing of any brand to any GUESS store in the US & Canada to receive a discount on their next full-priced qualifying purchase. For responsibly recycling items through the SuperCircle partnership, customers immediately receive GUESS credit for future purchases. As of August 3, 2024, the company had 1,054 directly operated retail stores in Europe, the Americas, and Asia, which serve as drop-off points for the in-store recycling component.

Finance: review the Q4 FY2025 marketing spend allocation across digital engagement channels by next Tuesday.

Guess', Inc. (GES) - Canvas Business Model: Channels

You're looking at how Guess?, Inc. gets its products into the hands of customers as of late 2025. It's a mix of owning the experience and leaning on partners, which is typical for a global brand of this scale.

The total net revenue for the full fiscal year 2025 reached $3.0 billion, which was an 8% increase in U.S. dollars over the prior year. This growth was solid, though the direct-to-consumer (DTC) side faced some headwinds, particularly in North America and Asia, due to slower customer traffic.

Here's a breakdown of the primary ways Guess?, Inc. moves product:

• Directly operated retail stores (DTC).
• E-commerce platforms (DTC).
• Wholesale distribution to department and specialty stores.
• Partner/distributor-operated stores.

The DTC channel, which includes physical stores and e-commerce, is a major focus area. As of November 2, 2024, Guess?, Inc. directly operated 1,057 retail stores across Europe, the Americas, and Asia. The CEO noted that sales productivity in these key market locations is currently below the benchmark set by best-in-class operators, suggesting an opportunity for improvement right where they have direct control.

E-commerce is definitely part of the mix, and it's showing positive leverage in the core retail metric. For instance, in the fourth quarter of fiscal 2025, the inclusion of e-commerce sales positively impacted the retail comparable sales percentage by 1% in U.S. dollars and constant currency. To be fair, this impact varied; in the third quarter of fiscal 2025, the positive impact on retail comps was 2% in both U.S. dollars and constant currency. Still, the penetration of e-commerce relative to the total DTC business is assessed as lower than that of the best online performers.

Wholesale distribution remains a powerful engine, especially internationally. The wholesale businesses in Europe and the Americas showed solid performance throughout fiscal 2025. For example, in the fourth quarter of fiscal 2025, Americas Wholesale revenues jumped 63% in U.S. dollars and 65% in constant currency. This channel relies on department and specialty stores globally to carry the brand.

Finally, the extended network relies on partners. At November 2, 2024, the Company's partners and distributors operated 541 additional retail stores worldwide, extending the brand's reach in nearly 100 countries through licensee and distributor partnerships.

Here's a quick look at the channel structure and some key associated figures:

Channel Type	Key Metric/Status (Latest Available)	Associated Financial Data Point
Directly Operated Retail Stores (DTC)	1,057 stores operated as of November 2, 2024	Sales productivity below best-in-class benchmark
E-commerce Platforms (DTC)	Positive impact on Q4 FY2025 retail comps by 1%	Penetration lower than best online performers
Wholesale Distribution	Americas Wholesale Q4 FY2025 revenue up 63% (USD)	Solid performance in Europe and Americas wholesale
Partner/Distributor-Operated Stores	541 additional stores operated as of November 2, 2024	Global distribution network across nearly 100 countries

Guess', Inc. (GES) - Canvas Business Model: Customer Segments

The customer segments for Guess?, Inc. (GES) are distinct, reflecting both the brand's established history and its strategic expansion into new demographics and markets as of late 2025.

Heritage customers seeking classic brand identity

This segment continues to value the iconic brand identity of Guess?. The core business performance in established markets reflects the enduring appeal to these long-term patrons.

Millennials and Generation Z (Gen Z) consumers (target of GUESS JEANS)

Guess?, Inc. is actively targeting a younger demographic through initiatives like the GUESS JEANS brand. This cohort, which includes over 68 million individuals in the US alone, shows specific purchasing behaviors.

• 77% of US Gen Zs look for style inspiration monthly.
• 40% of Gen Z shoppers report buying new products based on trends.
• This generation is the largest in history, representing 25% of the world's population.
• 65% of Gen Zers on average across 18 surveyed countries are willing to splurge in categories important to them.

Direct-to-consumer business in North America and Asia experienced slower customer traffic during parts of fiscal 2025, indicating a challenging environment for capturing this segment in those specific channels.

Affluent customer base (accessed via the rag & bone acquisition)

The acquisition of rag & bone provides access to a more affluent customer base, complementary to the core Guess? and Marciano brands. In 2023, rag & bone generated unaudited annual revenue of approximately $250 million and adjusted EBITDA of $18 million. Guess? contributed $57.1 million towards the purchase price, which completed in the first quarter of fiscal 2025.

The inclusion of rag & bone positively impacted revenue growth in the fourth quarter of fiscal 2025.

Global consumers across Europe, the Americas, and Asia

Guess?, Inc. operates across a global footprint, with revenue segmented geographically. Total net revenue for fiscal 2025 reached $3.00 billion, with constant currency revenue increasing by 10%.

The following table details the revenue breakdown for the trailing twelve months (TTM) ending June 30, 2025, showing the relative importance of each region:

Segment	Revenue (TTM as of Jun 30, 2025)
Europe	$1.61B
Americas Retail	$763.37M
Americas Wholesale	$356.09M
Asia	$249.25M
Licensing	$117.54M

Europe was the highest performing source, bringing in $1.53B in the full fiscal year 2025, while Other Foreign Countries contributed $1.10B in the same period.

For the three months ended August 2, 2025, product sales in key European markets included Italy at $88.9 million, Germany at $59.7 million, and Spain at $47.2 million.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive the Guess', Inc. business model as of late 2025. These are the necessary outflows to keep the product flowing and the brand visible.

Cost of Goods Sold (COGS) and Gross Margin

The cost to produce the goods sold directly impacts profitability. For the fiscal year ended January 31, 2025, Guess', Inc. reported a Gross Margin of 43.43%. This means for every dollar of revenue recognized from product sales, approximately 43.43 cents remained after accounting for the direct costs of those products.

The first quarter of fiscal 2026 saw a slight compression in this area, with the Gross Margin reported at 39.9%. Management noted that approximately 70% of this decline was due to business mix, specifically higher wholesale volume and lower royalty income.

Operating Expenses: Store Costs and Restructuring

Operating expenses are a major component of the cost structure, covering everything from running the physical locations to one-time adjustments. For the nine months ended November 1, 2025, GAAP operating margin decreased to 0.4%, driven in part by higher expenses, including store costs.

Restructuring charges are a known cost factor, as they are frequently listed as an exclusion when calculating adjusted results for periods like the nine months ended November 1, 2025, and the first quarter of fiscal 2026. For the nine months ended November 1, 2025, GAAP earnings from operations decreased to $8.0 million.

Store costs specifically impacted the Americas Retail segment margin, which decreased to a negative 6.3% for the nine months ended November 1, 2025.

Advertising and Marketing Expenses

Keeping the Guess? brand top-of-mind requires significant marketing spend. For the nine months ended November 1, 2025, higher expenses, including higher advertising expenses, contributed to the pressure on the operating margin. The company has been focused on initiatives like a new European loyalty program and expanded social media investment.

Capital Expenditures (CFI Outflow)

Investments in property, plant, and equipment-your Capital Expenditures-are a key cash outflow. For the fiscal year ending January 2025, Guess', Inc.'s capital expenditures were $86.089 million. This compares to an average of $66.439 million over the five fiscal years ending in 2025.

Supply Chain and Inventory Management Costs

Managing inventory is a critical cost consideration, especially given recent global logistics issues. In the first quarter of fiscal 2026, Guess', Inc. reported a 15% increase in inventory globally. This buildup was intentional, driven by early shipments to Europe to mitigate Red Sea supply chain risks. Inventory ended the quarter at $638 million.

The CFO noted an investment of about $50 million in working capital to support this inventory strategy. The expectation is to reclaim that cash once the supply chain situation normalizes.

Here's a quick look at some of the key cost-related figures:

Metric	Period/Date	Amount/Rate
Gross Margin	FY2025 (ending Jan 31, 2025)	43.43%
Gross Margin	Q1 FY2026	39.9%
Inventory Increase	Q1 FY2026	15%
Ending Inventory	Q1 FY2026	$638 million
Working Capital Investment (Inventory related)	Q1 FY2026	About $50 million
GAAP Earnings from Operations	9M FY2026 (ended Nov 1, 2025)	$8.0 million
Capital Expenditures	FY2025	$86.089 million

The cost structure also includes specific segment pressures:

• Operating margin for Europe segment decreased 0.5% to 6.2% for the nine months ended November 1, 2025, driven by higher expenses.
• Americas Retail segment operating margin was negative 6.3% for the nine months ended November 1, 2025, due to higher expenses.
• The cost of exiting unprofitable channels, such as plans to exit certain North America stores and eliminate losses in Greater China, also factor into future restructuring/operating costs.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Revenue Streams

You're looking at the core ways Guess?, Inc. brings in cash, which is pretty straightforward for a global apparel brand. The vast majority of their money comes from selling things, but the licensing piece is where the high-margin dollars live. We're focusing on the numbers as of late 2025, grounded in the Fiscal Year 2025 results.

Product Sales (Retail and Wholesale) are the engine, generating approximately ~96.2% of Trailing Twelve Months (TTM) revenue. This is the bread and butter of Guess?, Inc., covering everything from the clothes you buy in their stores to the inventory shipped to department stores globally. To be fair, this mix shifts slightly quarter-to-quarter based on inventory timing, but it's the dominant stream.

The total picture for the last full fiscal year is clear: Total Net Revenue for Fiscal Year 2025 was $3.00 billion. This marked an 8% increase in U.S. dollars over Fiscal Year 2024's $2.78 billion. This growth was defintely helped by strategic moves, even as some parts of the business faced headwinds.

The growth drivers in FY2025 were concentrated in specific areas. You saw strong momentum in the wholesale channels, particularly in Europe and the Americas. This is a key area to watch for future performance.

• Wholesale revenue growth in Europe and the Americas was a key driver in FY2025.
• Europe revenues increased 4% in U.S. dollars for FY2025.
• Americas Wholesale revenues saw a massive increase of 63% in U.S. dollars for FY2025.

The Direct-to-Consumer (DTC) channel, which includes sales from physical stores and e-commerce, is the other half of the product sales equation. While the company missed some internal plans for DTC due to slower customer traffic in North America and Asia, the segment still contributed significantly. For the fourth quarter of FY2025, Retail comparable sales (including e-commerce) increased 3% in U.S. dollars.

Here is a breakdown of the revenue streams by segment for the TTM ending June 30, 2025, which gives you a clearer view of where the $3.00 billion total is coming from:

Revenue Segment	TTM Revenue (Ending June 30, 2025)
Europe (Retail & Wholesale)	$1.61B
Americas Retail	$763.37M
Americas Wholesale	$356.09M
Asia	$249.25M
Licensing	$117.54M

Finally, you have Net Royalties from Licensing agreements. This is the high-margin stream because it requires minimal operational cost once the agreement is in place. For the full Fiscal Year 2025, this stream grew nicely, increasing 10% in both U.S. dollars and constant currency. Still, this segment faced some internal mix changes, as Licensing revenues were flat in the third quarter of FY2025 due to the internalization of the outerwear business.