Apparel and Clothing Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › APPAREL AND CLOTHING

Apparel and Clothing: The Higher Multiples Sit with Durable Earnings

How the market prices sixteen apparel and clothing companies, what separates the two ends of the range, and what the recent transaction record shows about who is buying what.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › APPAREL AND CLOTHING

   Cover slide introducing the Apparel and Clothing sector report as of September 28, 2026.

   We're presenting NeuraCap's Apparel and Clothing sector outlook, with market data as of September 28, 2026. The primary valuation basis throughout is EV/EBITDA on CY2027E consensus.

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › APPAREL AND CLOTHING Apparel and Clothing: The Higher Multiples Sit with Durable Earnings How the market prices sixteen apparel and clothing companies, what separates the two ends of the range, and what the recent transaction record shows about who is buying what. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the five report sections plus the appendix.

   This report runs in five sections plus an appendix — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. We've put the bottom line first by design, so a reader who stops after section one still leaves with the whole story. Let's start there.

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   CONTENTS What This Report Covers 01 The Bottom Line The Sector on One Page 02 The Landscape One Label, Three Business Models 03 Valuation & Situations The Range, and Who Sits at Each End 04 Precedent Transactions What Buyers Actually Paid For 05 Strategic Implications Where the Next Multiple Point Is Earned 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Apparel and Clothing Is Priced as Branded Wholesale, and the Premium Sits with Durable Earnings

   Summary slide stating that Apparel and Clothing is priced as branded wholesale, with the premium sitting with durable earnings.

   Across the 16 companies we cover, the sector prices like branded wholesale, and the premium at the top of the range tracks with durable earnings rather than any single season's order book. Our primary basis is EV/EBITDA on CY2027E consensus, and 13 of the 16 companies clear the platform's plausibility gates to be rated on that basis. That's the frame for everything that follows, so what matters next is where each business model sits inside that range.

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   01 · THE BOTTOM LINE Apparel and Clothing Is Priced as Branded Wholesale, and the Premium Sits with Durable Earnings The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Forward Year Does Not Close the Gap Between the Two Ends Of the 16 companies here, the 13 names with a CY2027E estimate sit in the middle of the range at 8.1x forward EBITDA, with the top group at 13.1x and the bottom group at 6.3x. A forward multiple already credits the earnings ramp in the estimates, so a premium that survives the forward year is associated with durability rather than with next season's order book. 2 Faster Growers Hold a Higher Price, but Only by a Step Split at 4% revenue growth, the 7 faster-growing names carry a middle multiple of 9.3x against 7.8x for the 6 slower ones. The step is visible but narrow, so growth is associated with the higher price without accounting for all of it. 3 A Read on This Sector Is a Read on Branded Wholesale Economics Wholesale apparel manufacturing and private label covers 81% of the companies here and clears at 7.9x. Branded footwear and accessories plus a single luxury maison make up the balance, so door productivity, full-price sell-through and the order book are the operating measures that sit alongside most of these prices. 4 Two Very Different Assets Changed Hands Under the Same Sector Label The two largest deals in the recent record are Gildan Activewear Inc.'s agreement for Hanesbrands LLC at $4.4B and Authentic Brands Group LLC's agreement for Guess?, Inc. at $2.3B. One pairs a manufacturer with manufacturing scale and unit volume; the other pairs a brand licensing platform with a trademark — two different business models under the same sector label. 8.1x Sector median EV/EBITDA CY2027E consensus · 13 rated of 16 companies 13.1x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 28 Transactions with disclosed terms 48 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map of business models within Apparel and Clothing.

   One label — Apparel and Clothing — actually covers three different business models, and most of the value sits in branded wholesale. Let's map where the two smaller groups sit beside it.

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   SECTION 02 02 THE LANDSCAPE One Label, Three Business Models Branded wholesale carries most of the sector; two smaller groups sit beside it. 02 of 06 Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of the Money Sits in Branded Wholesale, with Two Smaller Groups Beside It

   Chart grouping the 16 approved companies by business segment with median EV/EBITDA (CY2027E) per group.

   We've grouped all 16 approved companies by business segment and shown the median EV/EBITDA on CY2027E for each. Most of the money sits in branded wholesale, with two smaller groups sitting beside it. So the sector-level multiple is really a wholesale multiple with two adjacent stories layered in.

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   02 · MARKET MAP Most of the Money Sits in Branded Wholesale, with Two Smaller Groups Beside It 16 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 WHOLESALE APPAREL MANUFACTURING AND PRIVATE LABEL 13 cos median 7.9x Ralph Lauren (RL) Gildan Activewear (GIL) Levi Strauss & (LEVI) PVH Ermenegildo (ZGN) Kontoor Brands (KTB) Under Armour (UAA) Columbia (COLM) FIGS G-III Apparel (GIII) Canada Goose (GOOS) Oxford Industries (OXM) Superior Group (SGC) Thirteen of the sixteen companies sit here, so this group's channel mix and markdown cadence set the tone for the whole page. BRANDED FOOTWEAR AND ACCESSORIES 2 cos median 8.5x Capri Holdings (CPRI) Lakeland (LAKE) Two companies, clearing at 8.5x, where brand equity and category credibility carry more of the price than volume. LUXURY FASHION MAISONS 1 cos no rated names Lanvin Group (LANV) One company, with no CY2027E estimate on this page, standing for the founder- and family-held end of the market where processes are relationship-led.

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   02 · LANDSCAPE

   One Apparel Label Covers Three Business Models with Different Economics

   Segment-level view describing what each business model does and why its economics differ.

   One apparel label covers three business models with materially different economics. We walk through what each group does and why it commands the multiple it does, using EV/EBITDA on CY2027E medians on rated names. Full company-level detail sits in the appendix if you want to trace any single name.

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   02 · LANDSCAPE One Apparel Label Covers Three Business Models with Different Economics Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Wholesale apparel manufacturing and private label 13 81% 7.9x Ralph Lauren Corporation (RL) · Gildan Activewear Inc. (GIL) · +11 more The sector's centre of gravity. Branded and private-label goods sold through wholesale doors alongside owned retail and digital. At 81% of the companies here and 7.9x on CY2027E, this group's gross margin rate, allowances and off-price exposure are what the market is reading when it prices the sector. Branded footwear and accessories 2 13% 8.5x Capri Holdings Limited (CPRI) · Lakeland Industries, Inc. (LAKE) Brand equity over unit volume. Two of the companies here, 12% of the set, clearing at 8.5x on CY2027E. Pricing power and category credibility do more work than scale in this group, and the trademark itself is the asset a buyer underwrites. Luxury fashion maisons 1 6% — Lanvin Group Holdings Limited (LANV) One maison, priced separately. A single company, 6% of the set, with no CY2027E estimate on this page. Creative leadership, trademark ownership across territories and custodianship of the house are the terms on which this end of the market is discussed.

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   SECTION 03

   03

   Section divider introducing the valuation range and the two ends of the distribution.

   Next we rank the universe on CY2027E EBITDA and set the two ends of the range side by side. This is where we start to see what separates the premium names from the rest.

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   SECTION 03 03 VALUATION & SITUATIONS The Range, and Who Sits at Each End Ranked on CY2027E EBITDA, with the two ends of the range set out side by side. 03 of 06 Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even After the Forward Year

   Chart ranking all 13 rated companies by EV/EBITDA (CY2027E) with the sector median highlighted.

   Sorted descending across the 13 rated companies, the sector median sits at 8.1x, with the top group holding at 13.1x and the bottom group at 6.3x. Because a forward multiple already credits the earnings ramp built into the CY2027E estimates, a premium that survives that forward year is associated with durability, not with next season's order book. That's the gap we spend the rest of this section unpacking.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even After the Forward Year EV / EBITDA (CY2027E) · all 13 rated companies, sorted descending · sector median 8.1x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.1x CORE · median 8.1x DISCOUNT · median 6.3x Sector median 8.1x WHAT SEPARATES THE TWO ENDS The top of the range clears 13.1x. Four companies sit in the premium tier at a middle multiple of 13.1x on CY2027E EBITDA. Brand pricing power that survives a promotional cycle and an owned consumer relationship are the features that recur in that group. The bottom of the range sits at 6.3x. Four companies sit in the discount tier at a middle multiple of 6.3x on the same measure. Wholesale weighting, promotional cadence and reliance on the off-price channel to clear are the recurring features at this end. A forward multiple already credits growth. CY2027E EBITDA carries the earnings ramp the market already expects, so a premium that holds through the forward year is a judgment on how repeatable those earnings are. The 13 names with a CY2027E estimate are ranked here; 16 companies appear on the page.

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   03 · VALUATION DRIVERS

   The Price Step Sits with the Faster-Growing Names, and Less so with the Higher-Margin Ones

   Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Splitting the rated names at their covered medians, the faster-growing cohort carries 9.3x against 7.8x for the slower group — a visible step, though a narrow one. The margin split shows less separation, so growth is associated with the higher price more than margin is, without accounting for all of it. We read this as association in the data shown, not as a causal claim.

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   03 · VALUATION DRIVERS The Price Step Sits with the Faster-Growing Names, and Less so with the Higher-Margin Ones Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=7; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 11% The Faster-Growing Half Holds the Higher Multiple Split at 4% revenue growth, the 7 names above the line carry a middle multiple of 9.3x and the 6 below it 7.8x. The step is narrow: growth is associated with the higher price here, and several slower names hold their price on brand position and replenishment mix instead. Margin Rate on Its Own Does Not Line up with the Price Canada Goose Holdings Inc. (GOOS) runs a 19% EBITDA margin at 5.1x on CY2027E, while Under Armour, Inc. (UAA) carries a 5% margin at 14.0x, and Gildan Activewear Inc. (GIL) posts a 25% margin with no CY2027E tier on this page. Across the 13 names with a CY2027E estimate, margin rate and multiple do not move in one direction. Growth Here Clusters in Repeat-Purchase Assortments FIGS, Inc. (FIGS) and Lakeland Industries, Inc. (LAKE) both post 9% revenue growth and Ermenegildo Zegna N.V. (ZGN) 8%, the three fastest lines on the page. Core and carryover mix dampens fashion risk, and the growth end of this set leans that way rather than toward seasonal assortments. A Declining Top Line and a Thin Multiple Travel Together G-III Apparel Group, Ltd. (GIII) carries -4% revenue growth at 5.8x and PVH Corp. (PVH) 1% at 6.8x. Both sit in the discount tier, and both are wholesale-weighted businesses where markdown cadence and allowances sit between gross margin rate and reported EBITDA.

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    03 · SITUATION MAP

    Five Names Sit Above the Middle on Both Price and Growth

    Quadrant map cutting companies on price versus the sector median and growth versus the covered median.

    We cut the universe on EV/EBITDA versus the sector median and on revenue growth versus the covered median. Five names sit above the middle on both dimensions at once. This is a map of where situations sit today, not a set of recommendations.

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    03 · SITUATION MAP Five Names Sit Above the Middle on Both Price and Growth Cut on EV / EBITDA vs the sector median (8.1x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced for Growth Above-median multiple · above-median revenue growth 5 names Ralph Lauren Corporation (RL) · Ermenegildo Zegna N.V. (ZGN) · Kontoor Brands, Inc. (KTB) · +2 more Ralph Lauren Corporation (RL), Ermenegildo Zegna N.V. (ZGN), Kontoor Brands, Inc. (KTB), FIGS, Inc. (FIGS) and Lakeland Industries, Inc. (LAKE) price above 8.1x on CY2027E and grow above the middle of the set. This is the group where the price and the top line agree, and holding full-price sell-through as volume builds is what keeps them there. Priced on the Estimate Above-median multiple · below-median revenue growth 2 names Under Armour, Inc. (UAA) · Capri Holdings Limited (CPRI) Under Armour, Inc. (UAA) and Capri Holdings Limited (CPRI) hold above-middle multiples with below-middle growth. The forward estimate is doing the work in both cases, so the earnings recovery inside that estimate is the thing to track. Growth Ahead of the Price Below-median multiple · above-median revenue growth 2 names Canada Goose Holdings Inc. (GOOS) · Superior Group of Companies, Inc. (SGC) Canada Goose Holdings Inc. (GOOS) and Superior Group of Companies, Inc. (SGC) grow above the middle of the set and price below it. Where growth runs ahead of the multiple, the open question is whether the market is discounting channel mix, margin durability or both. Below on Both Measures Below-median multiple · below-median revenue growth 4 names PVH Corp. (PVH) · Columbia Sportswear Company (COLM) · G-III Apparel Group, Ltd. (GIII) · +1 more PVH Corp. (PVH), Columbia Sportswear Company (COLM), G-III Apparel Group, Ltd. (GIII) and Oxford Industries, Inc. (OXM) sit below the middle on both measures. For these four, the levers visible in this data are mix and margin quality rather than top-line acceleration.

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    03 · GROWTH VS PROFITABILITY

    Where Growth and Margin Show up Together, the Price Is Higher

    Scatter of revenue growth against EBITDA margin with median EV/EBITDA shown per quadrant.

    Plotting revenue growth against EBITDA margin, cut at the covered medians, we see that where growth and margin show up together, the price is higher. That combination is rarer than either trait alone in this universe. So the multiple premium concentrates where both are present, not where just one is.

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    03 · GROWTH VS PROFITABILITY Where Growth and Margin Show up Together, the Price Is Higher Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 13 companies with both estimates · cuts at the covered medians (4% growth, 11% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=5; margin-only n=2; growth-only n=2; neither n=4). Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -2% 0% 2% 5% 8% 10% 5% 10% 15% 20% MARGIN ONLY median 7.3x BALANCED median 10.6x NEITHER median 8.4x GROWTH ONLY median 8.0x GIII UAA PVH OXM COLM CPRI KTB SGC GOOS RL ZGN LAKE FIGS x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Read across for revenue growth above the middle of the set and up for an EBITDA margin above 11%. Five of the 13 names with a CY2027E estimate clear both bars — Kontoor Brands, Inc. (KTB), Canada Goose Holdings Inc. (GOOS), Ralph Lauren Corporation (RL), Ermenegildo Zegna N.V. (ZGN) and FIGS, Inc. (FIGS) — and their middle multiple is 10.6x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 13 names clear it.

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    03 · THE AGENDA

    Deciding Where the Next Dollar of Open-to-Buy and Margin Goes

    NeuraCap's view on the questions an owner or acquirer should resolve on open-to-buy and margin allocation.

    Building on the cohort data, we frame the practical questions an owner or acquirer should be resolving now — where the next dollar of open-to-buy and margin goes. These are observations grounded in the data shown earlier, not recommendations. They're the natural bridge into what recent buyers have actually paid for.

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    03 · THE AGENDA Deciding Where the Next Dollar of Open-to-Buy and Margin Goes NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Choose Distribution Width or Price Integrity Every additional wholesale door adds volume and adds clearance risk. The companies at the top of this range show narrower, higher-quality demand and restraint on the off-price channel; the ones at the bottom show the opposite pattern, and the difference lands in the gross margin rate after allowances. What changes the answer: Markdown cadence deepening while weeks of supply build against the same door count. Set the Core-to-Fashion Mix on Purpose, Not by Habit Carryover and replenishment smooth the season; fashion assortments carry the upside and the markdown. The growth end of this set leans toward repeat-purchase demand, which is a mix decision made a year ahead in open-to-buy rather than a reaction in-season. What changes the answer: The sell-through gap between carryover and seasonal assortments widening two seasons running. Treat the Sourcing Map as a Valuation Input Duty treatment, country-of-origin determination and lead time sit directly in landed cost, and they pass through to gross margin with a lag. Nearshoring or diversifying a sourcing base is a multi-season commitment of capital, and buyers read it as a structural hedge rather than an operational footnote. What changes the answer: A change in duty treatment on a country of origin carrying a large share of units. Decide What Earns More as a Royalty than as Owned Operations The recent record shows one buyer paying for operating scale and another paying for the mark alone. That is the build-versus-buy question in reverse: which categories and territories are worth running, and which are worth licensing with territory, term and minimum guarantees attached. What changes the answer: A licence approaching renewal, or a category where owned operations earn less than the royalty on offer.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    Now we turn to what buyers actually paid for — marks, sourcing scale and technical capability — across the recent transaction record.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Actually Paid For Marks, sourcing scale and technical capability across the recent transaction record. 04 of 06 Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Recent Deals Cluster Around Trademarks, Sourcing Scale and Technical Capability

    Case studies on three of the disclosed-terms transactions illustrating what recent buyers paid for.

    We've selected three of the disclosed-terms transactions as case studies, with multiples on LTM financials at announcement where disclosed. Recent deals cluster around trademarks, sourcing scale and technical capability. These deal multiples aren't directly comparable to our CY2027E public basis, and we don't claim a spread between them. The complete transaction list sits in the appendix.

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    04 · DEAL CASE STUDIES Recent Deals Cluster Around Trademarks, Sourcing Scale and Technical Capability 3 of 28 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 48 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2025 $4.4B Gildan Activewear Inc. Gildan Activewear Inc. agrees to buy Hanesbrands LLC at $4.4B, putting sourcing scale behind a basics… EV / LTM revenue 1.0x EV / LTM EBITDA 8.9x WHY THE DEAL HAPPENED Gildan Activewear Inc. is a vertically integrated manufacturer and Hanesbrands LLC brings replenishment-driven basics brands with established shelf position. The transaction suggests the buyer is underwriting landed cost and capacity utilisation across a far larger unit volume, with the marks supplying the demand side. HOW THE TARGET WAS VALUED Recorded at $4.4B, 8.9x EBITDA and 1.0x revenue. That EBITDA multiple sits above the middle of the 13 names with a CY2027E estimate, consistent with a buyer pricing normalized, inventory-clean earnings rather than a reported season. Aug-2025 $2.3B Authentic Brands Group LLC Authentic Brands Group LLC agrees to acquire Guess?, Inc. at $2.3B, putting a licensing platform behind a… EV / LTM revenue 0.7x EV / LTM EBITDA 10.9x WHY THE DEAL HAPPENED Authentic Brands Group LLC buys intellectual property and capitalizes royalty streams, and Guess?, Inc. brings a registered mark across categories and territories. The transaction suggests the buyer is underwriting trademark ownership and licence economics ahead of the current operating P&L. HOW THE TARGET WAS VALUED Recorded at $2.3B, 10.9x EBITDA and 0.7x revenue. A modest revenue multiple sitting alongside a full EBITDA multiple is the combination you see when a moderate-margin operating business is valued on what the mark can earn as a royalty annuity. Jun-2022 $530M Compass Diversified Holdings Compass Diversified Holdings takes PrimaLoft Technologies Holdings, Inc. at $530M, buying the material… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Compass Diversified Holdings acquires cash-generative niche businesses and PrimaLoft Technologies Holdings, Inc. sits upstream of apparel brands as a specified technical input. The transaction suggests a buyer paying for specification-led customer relationships and a branded ingredient that travels across many garment makers. HOW THE TARGET WAS VALUED The transaction was recorded at $530M. Against the $270M Oxford Industries, Inc. agreed for JW Holdings, LLC, it sits at the larger end of the mid-market bolt-ons in this record, where contracted, specification-driven demand is what the buyer is underwriting.

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    SECTION 05

    05

    Section divider introducing where the next multiple point is earned.

    The features that show up repeatedly at the top of the range are built over seasons, not quarters. Let's set out what those features are and what they mean for strategy.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Next Multiple Point Is Earned The features that repeat at the top of the range are built over seasons, not quarters. 05 of 06 Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Where the Higher Multiples Sit in Apparel and Clothing, and What Travels with Them

    NeuraCap's view on where the higher multiples sit and what travels with them over the next twelve months.

    We lay out where the higher multiples sit in this sector and what tends to travel with them. This page is directional — our view drawn from the analysis in this report, framed as questions for the next twelve months rather than as recommendations. It's the strategic bridge from the data to the decisions owners, boards and buyers each face.

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    05 · STRATEGIC IMPLICATIONS Where the Higher Multiples Sit in Apparel and Clothing, and What Travels with Them NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Gap Between the Two Ends of the Range Is Largely Operational Full-price sell-through, markdown cadence and weeks of supply sit inside management's control; consumer demand does not. The features that recur at the top of this range — pricing power that survives a promotional cycle, an owned consumer relationship, a solid replenishment mix — are built over seasons and are what a buyer treats as normalized earnings. FOR BOARDS Capital Allocation Now Decides the Mix That Gets Priced Later Open-to-buy pointed at core and carryover behaves differently from open-to-buy pointed at seasonal fashion, and the two produce different inventory risk. The recent record shows buyers paying for capability, materials and marks, which puts build-versus-buy on sourcing and licence rights squarely in front of a board. FOR BUYERS Pricing Is Set off Normalized, Inventory-Clean Earnings Diligence in this sector concentrates on aged and carryover inventory, sourcing and duty exposure, and trademark and licence terms including change-of-control consents. Where designer or founder leadership is central, rollover and earnouts tied to brand performance are conventional terms rather than exceptions.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    The final section carries the full universe, the valuation methodology and the source for every figure in the body of this report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Full table of the rated companies on EV/EBITDA (CY2027E), grouped by valuation tier, plus names not rated.

    This appendix carries all 13 rated companies on EV/EBITDA (CY2027E), shaded against the sector median, alongside the names that carry no eligible multiple. Every ticker links back to its underlying source. This is the full comparable set behind every chart earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.1x); amber marks below · 13 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.6x · median 13.1x · 4 companies FIGS, Inc. FIGS Wholesale apparel manufacturing and private label $2.1B 16.8x 9% 15% 24 Under Armour, Inc. UAA Wholesale apparel manufacturing and private label $3.5B 14.0x 1% 5% 6 Ralph Lauren Corporation RL Wholesale apparel manufacturing and private label $22.2B 12.3x 5% 19% 26 Ermenegildo Zegna N.V. ZGN Wholesale apparel manufacturing and private label $6.3B 10.6x 8% 22% 32 CORE — 7.8x–10.6x · median 8.1x · 5 companies Kontoor Brands, Inc. KTB Wholesale apparel manufacturing and private label $4.8B 9.3x 4% 17% 22 Capri Holdings Limited CPRI Branded footwear and accessories $3.0B 9.0x 3% 8% 13 Lakeland Industries, Inc. LAKE Branded footwear and accessories $125M 8.1x 9% 5% 16 Superior Group of Companies, Inc. SGC Wholesale apparel manufacturing and private label $268M 7.9x 4% 5% 10 Oxford Industries, Inc. OXM Wholesale apparel manufacturing and private label $969M 7.8x 3% 7% 11 DISCOUNT — <7.8x · median 6.3x · 4 companies Columbia Sportswear Company COLM Wholesale apparel manufacturing and private label $2.9B 7.8x 3% 11% 14 PVH Corp. PVH Wholesale apparel manufacturing and private label $7.1B 6.8x 1% 12% 13 G-III Apparel Group, Ltd. GIII Wholesale apparel manufacturing and private label $1.0B 5.8x -4% 6% 3 Canada Goose Holdings Inc. GOOS Wholesale apparel manufacturing and private label $1.0B 5.1x 5% 19% 22

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of disclosed-terms precedent transactions, newest first.

    Here is the disclosed-terms transaction list, newest first, drawn from the full set of recorded transactions. Deal values link to the underlying filing, and multiples are LTM at announcement. The remaining transactions sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (48 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 48 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 28 transactions shown; the rest are in the companion workbook. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Authentic Brands Group LLC → Guess?, Inc. $2.3B 0.7x 10.9x Authentic Brands Group LLC agreed to acquire Guess?, Inc. in Aug-2025 at 10.9x EBITDA and 0.7x revenue. For a buyer that outsources operations to licensees, the trademark and its licence book are the asset being underwritten. Aug-2025 Gildan Activewear Inc. → Hanesbrands LLC $4.4B 1.0x 8.9x Gildan Activewear Inc.'s Aug-2025 agreement for Hanesbrands LLC was struck at 8.9x EBITDA and 1.0x revenue. A vertically integrated manufacturer adding replenishment-driven basics is buying unit volume through its own sourcing base alongside the marks. Feb-2025 Kontoor Brands, Inc. → CTC Triangle B.V. n/a n/a 16.8x Kontoor Brands, Inc. completed CTC Triangle B.V. in Feb-2025 at 16.8x EBITDA. Capability bolt-ons of this kind clear well above where whole companies in this peer set are priced, which is the usual shape when a buyer is acquiring a function rather than a consumer… Jun-2023 Thoma Bravo, L.P. → Luigi Fedeli e Figlio S.r.l. n/a 4.1x n/a Thoma Bravo, L.P. announced Luigi Fedeli e Figlio S.r.l. in Jun-2023 at 4.1x revenue. A revenue multiple at that level is consistent with a high gross margin, small-scale maker rather than a volume manufacturer. Sep-2022 Oxford Industries, Inc. → JW Holdings, LLC $270M n/a n/a Oxford Industries, Inc. agreed to acquire JW Holdings, LLC in Sep-2022 at $270M. A mid-market bolt-on for a multi-brand operator, sized to be absorbed into an existing sourcing, logistics and wholesale platform. Jun-2022 Compass Diversified Holdings → PrimaLoft Technologies Holdings, Inc. $530M n/a n/a Compass Diversified Holdings announced PrimaLoft Technologies Holdings, Inc. in Jun-2022 at $530M. Technical inputs sit upstream of apparel brands and carry specification-led customer relationships that behave differently from seasonal demand. Sep-2021 Searchlight Capital → Adams Outdoor n/a 0.7x n/a Searchlight Capital announced the acquisition of Adams Outdoor in Sep-2021. It sits in this transaction record as a financial sponsor purchase outside branded apparel operations. Jun-2018 George Feldenkreis → Perry Ellis International, Inc. n/a n/a 8.8x George Feldenkreis announced the acquisition of Perry Ellis International, Inc. in Jun-2018 at 8.8x EBITDA. Bilateral, relationship-led processes are common where founder or family ownership is involved. Jan-2018 Boardriders, Inc. → Billabong International Limited n/a n/a 7.4x Boardriders, Inc. announced Billabong International Limited in Jan-2018 at 7.4x EBITDA. Multi-brand consolidation priced below the middle of today's peer set, with the buyer taking on the target's distribution as well as its marks.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page continuing the full list of disclosed-terms precedent transactions, newest first.

    This continues the disclosed-terms transaction list from the previous page. As before, deal values link to the underlying filing, and the rest of the recorded universe is available in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (48 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 48 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 28 transactions shown; the rest are in the companion workbook. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2017 Coach, Inc. → Kate Spade & Company n/a n/a 9.3x Value shown as recorded in the filing; deal value unit unresolved. Aug-2016 Compass Diversified Holdings → 5.11 Tactical® n/a n/a 10.5x Value shown as recorded in the filing; deal value unit unresolved. Jun-2016 Delta Galil → VF Corp (Contemporary Brands) n/a 1.2x 6.2x Value shown as recorded in the filing; deal value unit unresolved. Apr-2016 Shandong Ruyi Technology Group Co., Ltd. → SMCP S.A. n/a n/a 12.4x Feb-2015 Hanesbrands → Knights Apparel n/a n/a 8.0x Value shown as recorded in the filing; deal value unit unresolved. Jun-2014 Gildan Activewear → Doris n/a n/a 8.5x Value shown as recorded in the filing; deal value unit unresolved. Jun-2014 Hanesbrands → DBApparel n/a n/a 7.5x Value shown as recorded in the filing; deal value unit unresolved. Dec-2013 Leonard Green & Partners, L.P. → Lucky Brand Jeans n/a n/a 6.8x Jan-2013 Sycamore Partners → The Jones Group Inc. n/a n/a 8.3x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of sources, valuation assumptions and data-quality exclusions behind the report.

    We set out here how this report was built — the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in this report links to the record it was taken from, or the appendix names its source directly. This is the page to return to if you want to trace any number back to its filing.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Apparel and Clothing and it clears the coverage gate with 13 of 16 companies (81%). EV / Revenue, P / E are carried as a cross-check. The set earns: 13 of the 13 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 11 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 927 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (926) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across These 16 Companies, Durable Earnings and Growth Sit Together at the Top of the Range.

    Closing statement that durable earnings and growth sit together at the top of the range across the 16 companies.

    Across these 16 companies, durable earnings and growth sit together at the top of the range. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you'd like to trace further.

    Everything on this page

    Across These 16 Companies, Durable Earnings and Growth Sit Together at the Top of the Range. NeuraCap AI — Apparel and Clothing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Apparel and Clothing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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