NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Luxury Goods and Jewelry Sector Outlook — September 2026

This report examines eight listed luxury goods and jewelry companies across three business models — multi-brand houses, accessible brands and branded retail — on CY2027E EV/EBITDA, alongside precedent transactions, for owners, boards and acquirers assessing valuation and structure.

Download PDFDownload PowerPoint

Key figures

9.0x
Sector median (CY2027E EV/EBITDA)
7 of 8 approved names rated
10.4x
Top of the range
Tapestry, Inc. (TPR); Brilliant Earth Group, Inc. (BRLT)
5.8x
Bottom of the range
Lowest rated multiple in the set
22.0x
Highest disclosed deal multiple
Michael Kors Holdings Limited's agreement for Gianni Versace S.p.A.

Read the report

C:\Users\dawoo\OneDrive\Desktop\Deployments\neuracap_sector_reports_fable\Code\NeuraCap_Sector_Report_Pipeline_v2.1.0\ncsr\deck_kit\assets\logo_light_full.png

CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LUXURY GOODS AND JEWELRY

Luxury Goods and Jewelry: Where the Premium Sits

How the market is currently pricing eight listed luxury goods and jewelry names, what the higher multiples sit alongside, and what the transaction record shows about structure.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice

1

1 / 21

Executive summary

Luxury goods and jewelry trades as three distinct businesses, each priced differently on a CY2027E EV/EBITDA basis where the sector median sits at 9.0x. The top of the range, led by Tapestry, Inc. (TPR) and Brilliant Earth Group, Inc. (BRLT) at 10.4x, sits alongside owned distribution and full-price sell-through, while margin alone has not lifted the multiple. Precedent deal multiples span 7.1x to 22.0x, and the work ahead sits in mix, margin path and structure rather than in waiting for a re-rating.

Key findings

  • Sector splits into three business models priced differently on forward EV/EBITDA.
  • Top-of-range names trade at 10.4x versus 5.8x at the bottom of the same range.
  • Faster-growing names price at 9.6x versus 8.0x; margin alone doesn't explain it.
  • Deal multiples span 7.1x to 22.0x, with brand depth priced above retail platforms.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LUXURY GOODS AND JEWELRY

    Cover page introducing the Luxury Goods and Jewelry sector outlook as of September 28, 2026.

    We open with where the premium sits in luxury goods and jewelry: how the market is pricing eight listed names, what the higher multiples sit alongside, and what the transaction record shows about deal structure. The pages that follow build this case step by step.

    Everything on this page

    CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LUXURY GOODS AND JEWELRY Luxury Goods and Jewelry: Where the Premium Sits How the market is currently pricing eight listed luxury goods and jewelry names, what the higher multiples sit alongside, and what the transaction record shows about structure. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents page listing the report's five sections plus the appendix.

    This report runs 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, so if you only have time for one section, you'll still leave with the whole story. Everything after that builds out the evidence behind it.

    Everything on this page

    CONTENTS What This Report Covers 01 The Bottom Line Three Businesses, One Sector Label 02 The Landscape Three Pools, Priced Apart 03 Valuation & Situations The Range, End to End 04 Precedent Transactions What Buyers Agreed to Pay 05 Strategic Implications What to Do with This 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Luxury Goods and Jewelry Trades as Three Businesses: Houses, Accessible Brands and Branded Retail

    The bottom line: the sector splits into three business models priced differently on forward EV/EBITDA.

    We see luxury goods and jewelry trading as three distinct businesses — multi-brand houses, accessible brands and branded retail — each priced differently on a CY2027E EV/EBITDA basis. The middle of the range sits at 9.0x, with seven of eight approved names carrying a forward EBITDA estimate, so any re-rating case has to be earned rather than assumed. Tapestry, Inc. (TPR) and Brilliant Earth Group, Inc. (BRLT) sit at the top of the range at 10.4x, versus 5.8x at the bottom, and the premium sits alongside owned distribution and full-price sell-through. That's the frame for everything that follows: the range is tight, so the work is in mix, margin path and structure.

    Everything on this page

    01 · THE BOTTOM LINE Luxury Goods and Jewelry Trades as Three Businesses: Houses, Accessible Brands and Branded Retail 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 (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Middle of the Range Is Tight, so a Re-Rating Has to Be Earned On CY2027E EV / EBITDA the middle of the range sits at 9.0x, with 7 of the 8 approved names carrying a forward EBITDA estimate. A forward multiple already credits the forecast year, so a premium that survives it points to durability rather than one good season. 2 The Top of the Range Sits with the Brands That Hold Full Price Tapestry, Inc. (TPR) and Brilliant Earth Group, Inc. (BRLT) sit at the top of the range at 10.4x, against 5.8x at the bottom. In this group the higher end sits alongside owned distribution and full-price sell-through; the record shows where names are priced, not why. 3 Higher Margin on Its Own Has Not Lifted the Multiple Among the 7 names with a forward estimate, the 4 growing faster than 5% sit at 9.6x against 8.0x for the 3 below that line. On the same 7 names, 2 sit above the middle on multiple with margin below the middle, and 2 sit the other way round, so margin and multiple do not line up one for one. 4 The Transaction Record Spans a Wide Range, and Most of It Is Announced Across the 9 transactions in the record, disclosed EV / EBITDA runs from 7.1x on Signet Jewelers Limited's agreement for Diamonds Direct USA Inc. to 22.0x on Michael Kors Holdings Limited's agreement for Gianni Versace S.p.A. Most entries are recorded as announced, so read them as what buyers agreed to pay. 9.0x Sector median EV/EBITDA CY2027E consensus · 7 rated of 8 companies 10.4x Premium end EV/EBITDA vs 5.8x at the discount end top quartile (n=2) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 20 Transactions with disclosed terms 27 recorded in this tier · 1 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Section divider introducing the market map and landscape analysis.

    This section maps who competes where in luxury goods and jewelry, and how each group sits on the forward valuation lens. We'll show three pools priced apart from one another.

    Everything on this page

    SECTION 02 02 THE LANDSCAPE Three Pools, Priced Apart Who competes where, and how each group sits on the forward lens. 02 of 06 Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Most of the Set Sits in the Multi-Brand Houses, with Two Smaller Pools Beside Them

    Market map grouping the eight approved companies by business segment with median EV/EBITDA per group.

    We group the eight approved companies by business segment — multi-brand houses, accessible brands and branded retail — and size each group by its median CY2027E EV/EBITDA. Most of the approved set sits inside the multi-brand houses group, with two smaller pools alongside it. That concentration means the sector's headline multiple is largely a multi-brand-house story, and the other two groups price on their own logic.

    Everything on this page

    02 · MARKET MAP Most of the Set Sits in the Multi-Brand Houses, with Two Smaller Pools Beside Them 8 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MULTI-BRAND LUXURY HOUSE PLATFORMS 5 cos median 8.8x Tapestry (TPR) Signet Jewelers (SIG) Movado Group (MOV) Lanvin Group (LANV) Brilliant Earth (BRLT) Five of the 8 approved names run several brands across owned retail, wholesale and licence, and this is the group where sourcing and shared retail infrastructure carry the scale argument. ACCESSIBLE LUXURY FOOTWEAR AND ACCESSORIES BRANDS 2 cos median 8.5x Capri Holdings (CPRI) Fossil Group (FOSL) Two names selling at accessible price points, where wholesale rationalisation and markdown discipline dominate the margin conversation. BRANDED WATCH AND ACCESSORY SPECIALTY RETAIL 1 cos 9.5x · 1 rated Playboy (PLBY) One name with a licence-led model and a lighter fleet; on the same forward lens it sits apart from the house platforms.

  6. 06
    02 · LANDSCAPE

    Three Groups, Three Different Price Points on the Same Forward Lens

    Segment view showing each of the three groups priced at a different median EV/EBITDA on the same forward basis.

    Looking at the same forward lens across all three groups, we find three distinct price points rather than one sector-wide multiple. That separation tells us the market is pricing business model, not just brand name, so any comparison across groups needs to account for which business a name actually runs. Full company-level detail sits in the appendix for anyone who wants to trace a specific name.

    Everything on this page

    02 · LANDSCAPE Three Groups, Three Different Price Points on the Same Forward Lens 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. Luxury Goods and Jewelry 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 Multi-brand luxury house platforms 5 63% 8.8x Tapestry, Inc. (TPR) · Signet Jewelers Limited (SIG) · +3 more Five houses, shared infrastructure. Tapestry, Inc. (TPR), Signet Jewelers Limited (SIG), Movado Group, Inc. (MOV), Lanvin Group Holdings Limited (LANV) and Brilliant Earth Group, Inc. (BRLT) operate multiple brands across owned retail, wholesale and licence. The middle of this group on CY2027E EV / EBITDA is 8.8x, and it accounts for 62% of the 8 approved names. Accessible luxury footwear and accessories brands 2 25% 8.5x Capri Holdings Limited (CPRI) · Fossil Group, Inc. (FOSL) Accessible price, wholesale exposure. Capri Holdings Limited (CPRI) and Fossil Group, Inc. (FOSL) sell accessories and footwear at accessible price points through a mix of owned doors, wholesale and outlet. The middle of this group is 8.5x on the forward lens, at 25% of the 8 approved names, and the operating debate here is channel mix and markdown cadence. Branded watch and accessory specialty retail 1 13% 9.5x n=1 Playboy, Inc. (PLBY) One name, licence-led model. Playboy, Inc. (PLBY) is the single name in this group, at 9.5x on CY2027E EV / EBITDA and 12% of the 8 approved names. Its position above the middle of the range sits alongside licence-led revenue and a lighter fleet; with one name in the group, treat the read as indicative.

  7. 07
    SECTION 03

    03

    Section divider introducing the valuation range from top to bottom.

    This section walks the CY2027E EV/EBITDA range end to end — where the top and bottom sit, and what separates them.

    Everything on this page

    SECTION 03 03 VALUATION & SITUATIONS The Range, End to End Where the top and the bottom of the CY2027E EV / EBITDA range sit, and what separates them. 03 of 06 Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Top End Holds Its Premium Even on a Forward Multiple

    All seven rated companies ranked by CY2027E EV/EBITDA against a 9.0x sector median.

    Across all seven rated companies, we see the top end holding its premium even on a forward multiple, against a sector median of 9.0x. Because a forward multiple already credits next year's forecast, a premium that survives it points to durability rather than a single good season. That distinction matters when deciding whether a current price already reflects the story, or is still asking the market to believe it.

    Everything on this page

    03 · PUBLIC MARKET VALUATION The Top End Holds Its Premium Even on a Forward Multiple EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 9.0x · 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 (7 of 8 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.4x CORE · median 8.5x DISCOUNT · median 5.8x Sector median 9.0x WHAT SEPARATES THE TWO ENDS The top end holds 10.4x. On CY2027E EV / EBITDA the top of the range sits at 10.4x and the bottom sits at 5.8x, across the 7 names with a forward estimate. Both ends are forward figures, so the forecast year is already inside each number. Forward pricing already credits growth. Because the lens is CY2027E, expected improvement is priced before it is delivered. A premium that survives that test is associated with durability of earnings rather than a single strong gifting or bridal season. Full-price discipline sits alongside the premium. Across the 7 names with a forward estimate, the higher multiples sit alongside owned, full-price distribution and disciplined markdown behaviour, while promotional dependence and wholesale-heavy mix sit nearer the bottom of the range. The record shows where these names are priced, not why.

  9. 09
    03 · VALUATION DRIVERS

    The Higher Multiples Sit with the Faster Growers, While Margin Does Not Line Up

    Median EV/EBITDA compared by revenue-growth cohort and by EBITDA-margin cohort among rated names.

    Splitting the rated names into faster- and slower-growth cohorts, we find the faster growers priced at 9.6x against 8.0x for the slower group. Splitting the same names by margin shows no equivalent pattern — margin on its own has not lifted the multiple. That's an association in the data we have, not a claim that growth causes the premium, and it points diligence toward growth durability rather than margin alone.

    Everything on this page

    03 · VALUATION DRIVERS The Higher Multiples Sit with the Faster Growers, While Margin Does Not Line Up 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 10% Growth Above 5% Travels with a Higher Multiple Here Of the 7 names with a forward estimate, the 4 above that growth line sit at 9.6x on CY2027E EV / EBITDA against 8.0x for the 3 below it. On a base that small this is an association, not a mechanism, but it is the ordering the market currently shows. Margin and Multiple Do Not Sit in the Same Order Splitting the 7 names with a forward estimate by EBITDA margin puts Signet Jewelers Limited (SIG) and Movado Group, Inc. (MOV) above the middle on margin and below the middle on multiple, while Capri Holdings Limited (CPRI) and Brilliant Earth Group, Inc. (BRLT) sit the other way round. The Margin Line Is Thin, and It Tracks Channel and Inventory Choices Across the 7 names with a forward estimate the middle EBITDA margin is 10%, with covered figures running from 4% to 26%. In this category that spread tracks channel mix, markdown cadence and how much aged metal, stone and movement inventory is carried — the levers boards actually control. The Forward Lens Carries Next Year's Plan Inside the Price The lens is CY2027E EV / EBITDA, so forecast improvement is inside the multiple before it lands. 7 of the 8 approved names carry a forward EBITDA estimate and one does not, which leaves that name outside the ranking rather than cheap.

  10. 10
    03 · SITUATION MAP

    Two Names Sit Above the Middle on Both Multiple and Margin; Five Do Not

    A two-by-two cut of rated names on EV/EBITDA versus EBITDA margin, both against their covered medians.

    Cutting the rated set on EV/EBITDA against the 9.0x sector median and on EBITDA margin against the 10% covered median, only two names sit above the middle on both dimensions. The other five split unevenly, some carrying a premium multiple without the margin to match. These are observations on where each name sits, not a recommendation to act on any one of them.

    Everything on this page

    03 · SITUATION MAP Two Names Sit Above the Middle on Both Multiple and Margin; Five Do Not Cut on EV / EBITDA vs the sector median (9.0x) (rows) and EBITDA margin vs the covered median (10%) (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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple, Margin to Match Above-median multiple · above-median EBITDA margin 2 names Tapestry, Inc. (TPR) · Playboy, Inc. (PLBY) Tapestry, Inc. (TPR) and Playboy, Inc. (PLBY) sit above the middle on both the CY2027E multiple and EBITDA margin. The question for an owner in this position is durability: the forward figure already credits the plan, so holding full-price mix and markdown discipline is what defends the position. Premium Multiple, Margin Still to Come Above-median multiple · below-median EBITDA margin 2 names Capri Holdings Limited (CPRI) · Brilliant Earth Group, Inc. (BRLT) Capri Holdings Limited (CPRI) and Brilliant Earth Group, Inc. (BRLT) are priced above the middle of the range with margin below it. The valuation is carrying margin progression that has still to be delivered, so the agenda is channel mix, average unit retail and cost base. Margin in Hand, Multiple Below the Middle 2 names Signet Jewelers Limited (SIG) · Movado Group, Inc. (MOV) Signet Jewelers Limited (SIG) and Movado Group, Inc. (MOV) earn margin above the middle and are priced below the middle of the range. That combination is usually read as a question about growth and demand mix rather than about profitability. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Fossil Group, Inc. (FOSL) Fossil Group, Inc. (FOSL) sits below the middle on both measures, on a base of 7 names with a forward estimate. Here the two levers move together: revenue quality first, then cost structure, before any re-rating case rests on earnings.

  11. 11
    03 · THE AGENDA

    Mix, Price Discipline and Inventory Are the Levers Inside This Range

    A NeuraCap view framing mix, price discipline and inventory as the operating questions inside the current range.

    We frame the open questions inside this range as mix, price discipline and inventory — the levers an owner or acquirer can actually work with. These are questions to resolve internally before the market resolves them externally, and they follow directly from the cohort data we just walked through. They set up the strategic implications we cover later in the deck.

    Everything on this page

    03 · THE AGENDA Mix, Price Discipline and Inventory Are the Levers Inside This Range 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Move Volume Toward Owned, Full-Price Distribution Across the 7 names with a forward estimate, the higher multiples sit alongside owned distribution and full-price sell-through. Shifting volume out of wholesale and outlet channels costs near-term revenue and raises the quality of what remains. What changes the answer: Full-price sell-through and DTC mix improving across consecutive seasons while average unit retail holds. Clean the Inventory Before Chasing the Next Growth Point Aged metal, stone and movement inventory held at cost sits behind markdown pressure and a thin margin line. Working the assortment down to current, saleable stock changes both the gross margin conversation and the working capital argument in any diligence. What changes the answer: Inventory turns improving with aged stock falling as a share of the balance, without a step-up in promotional depth. Decide Whether the Platform Is One House or Several In the multi-brand group, value rests on whether brand heat is repeatable across the portfolio or concentrated in one house. Door-level productivity and repeat client rate by brand are the evidence that answers it internally before the market answers it externally. What changes the answer: A second and third brand reaching door-level productivity and repeat purchase cadence on their own. Weigh Building the Next Brand Against Buying It The transaction record shows disclosed multiples for European houses well above where this listed group is priced on the forward lens, and lower figures for retail-led jewellery platforms. That spread frames the build-versus-buy choice: archive and client file are bought at a premium, distribution and sourcing scale at less. What changes the answer: A carve-out or founder-led brand available where normalised, post-clean-up EBITDA can be evidenced.

  12. 12
    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    This section turns to what buyers have actually agreed to pay — nine recorded transactions spanning retail-led jewellery platforms to European houses.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Nine recorded transactions, from retail-led jewellery platforms to European houses. 04 of 06 Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

  13. 13
    04 · DEAL CASE STUDIES

    Brand Depth Sits at the Top of the Transaction Record, Retail Platforms Nearer the Bottom

    Case studies drawn from the disclosed-terms transactions, ranging from brand-depth deals to retail platform deals.

    We walk through select transactions with disclosed terms as case studies, measured on LTM financials at announcement where disclosed. Brand-depth deals sit at the top of this record, with retail-led platforms nearer the bottom, and the complete list sits in the appendix for anyone who wants to check a specific deal. These multiples sit on a different basis than the CY2027E public multiples we showed earlier, so we don't draw a spread between the two — we read them side by side as separate evidence.

    Everything on this page

    04 · DEAL CASE STUDIES Brand Depth Sits at the Top of the Transaction Record, Retail Platforms Nearer the Bottom 1 of 20 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. 27 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 7 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2021 $256M Compass Diversified Holdings acquires Lugano Diamonds & Jewelry, Inc. EV / LTM revenue n/a EV / LTM EBITDA 8.5x WHY THE DEAL HAPPENED Compass Diversified Holdings is a diversified holding company, and Lugano Diamonds & Jewelry, Inc. sells high-value jewellery through appointment-led salons rather than a mall fleet. The transaction suggests a buyer looking for a cash-generative branded platform with a repeat client file and inventory it was willing to fund. HOW THE TARGET WAS VALUED The record shows $256M of enterprise value and 8.5x EV / EBITDA, and the entry is recorded as completed in Sep-2021 — what the buyer agreed to pay. That sits below the disclosed multiples on the European house transactions in this record and nearer the retail-led jewellery end of it.

  14. 14
    SECTION 05

    05

    Section divider introducing the strategic implications section.

    This section turns to what to do with this: the operating levers available inside a tight valuation range.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS What to Do with This The operating levers available inside a tight range. 05 of 06 Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

  15. 15
    05 · STRATEGIC IMPLICATIONS

    The Range Is Tight, so the Work Sits in Mix, Margin Path and Structure

    Strategic implications for owners, boards and acquirers given the tight forward valuation range.

    Because the range on CY2027E EV/EBITDA is tight, we see the real work sitting in mix, margin path and structure rather than in waiting for a market re-rating. For owners, that's a revenue-mix question; for boards, it's underwriting the margin improvement already priced in; for acquirers, it's where normalised EBITDA gets negotiated. These are the questions this data puts on the table for the next twelve months, framed as observations rather than recommendations.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS The Range Is Tight, so the Work Sits in Mix, Margin Path and Structure 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Place in the Range Is a Revenue-Mix Question First The 7 names with a forward estimate are priced in a narrow band on CY2027E EV / EBITDA, so a re-rating case rests on the composition of revenue: channel mix, full-price sell-through and repeat client rate. Those are operating choices rather than market conditions. FOR BOARDS Underwrite the Margin Path That Is Already in the Price Two of the 7 names with a forward estimate are priced above the middle of the range with margin below it, which means the forward figure is carrying improvement still to be delivered. The board conversation is the delivery plan behind it: pricing, markdown cadence and cost base. FOR ACQUIRERS Normalised EBITDA Is Where the Negotiation Actually Happens Disclosed multiples in this record span a wide range, from retail-led jewellery platforms at the low end to European houses at the high end, and the gap sits alongside archive depth, client file and owned distribution. Diligence concentrates on what the brand earns at full price once markdown volume, outlet contribution and licence income of uncertain tenor are stripped out.

  16. 16
    SECTION 06

    06

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

    This closing section carries the full universe, the methodology and every underlying source behind the figures we've shown.

    Everything on this page

    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 Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

  17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Full public comparables table of seven rated companies and one unrated name, grouped by valuation tier.

    This page carries all seven rated companies against the 9.0x sector median, plus the one name in the approved set without an eligible multiple. Tickers link directly to the underlying source, so any figure in this deck can be traced back to its filing. It's the reference page for everything we've argued in the sections before it.

    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 (9.0x); amber marks below · 7 rated companies; 1 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 7 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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.6x · median 10.4x · 2 companies Tapestry, Inc. TPR Multi-brand luxury house platforms $25.8B 11.2x 6% 26% 32 Brilliant Earth Group, Inc. BRLT Multi-brand luxury house platforms $179M 9.6x 6% 4% 10 CORE — 8.0x–9.6x · median 8.5x · 4 companies Playboy, Inc. PLBY Branded watch and accessory specialty retail $267M 9.5x 7% 20% 27 Capri Holdings Limited CPRI Accessible luxury footwear and accessories brands $3.0B 9.0x 3% 10% 13 Fossil Group, Inc. FOSL Accessible luxury footwear and accessories brands $588M 8.0x 1% 8% 9 Movado Group, Inc. MOV Multi-brand luxury house platforms $594M 8.0x 5% 10% 15 DISCOUNT — <8.0x · median 5.8x · 1 companies Signet Jewelers Limited SIG Multi-brand luxury house platforms $4.7B 5.8x 2% 12% 14

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full precedent transaction list, sorted newest first.

    This page lists the transactions with disclosed terms, newest first, with deal values linking to the underlying filing. Multiples here sit on LTM financials at announcement, a different basis from the CY2027E public multiples shown earlier in the deck. The remaining entries and the full data-quality detail sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 20 transactions with disclosed terms in this tier (27 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. 27 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 7 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 20 transactions shown; the rest are in the companion workbook. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2023 Signet Jewelers Limited → Diamonds Direct USA Inc. n/a n/a 7.1x Signet Jewelers Limited agreed terms for Diamonds Direct USA Inc. in Oct-2023 at a recorded 7.1x EV / EBITDA, with the entry recorded as announced. It sits at the low end of the disclosed multiples in this record, consistent with a bridal-led retail platform where the… Aug-2023 Tapestry, Inc. → Capri Holdings Ltd $8.5B 1.6x n/a Tapestry, Inc. agreed to acquire Capri Holdings Ltd in Aug-2023 at a recorded $8.5B and 1.6x EV / Revenue, and the transaction is recorded as terminated. Both parties sit in the approved set today, which is why the accessible-luxury consolidation question is still… Nov-2022 LVMH → Tiffany & Co. n/a 4.9x 16.8x LVMH's recorded agreement for Tiffany & Co. carries 16.8x EV / EBITDA and 4.9x EV / Revenue, with status recorded as announced. It is the reference point in this record for archive depth, mono-brand distribution and a bridal franchise inside one asset. Sep-2021 Compass Diversified Holdings → Lugano Diamonds & Jewelry, Inc. $256M n/a 8.5x Compass Diversified Holdings completed the purchase of Lugano Diamonds & Jewelry, Inc. in Sep-2021 at a recorded $256M. The target sells high-value jewellery through an appointment-led salon model, and the buyer is a diversified holding company rather than a house. Dec-2018 Michael Kors Holdings Limited → Gianni Versace S.p.A. n/a n/a 22.0x Michael Kors Holdings Limited announced terms for Gianni Versace S.p.A. in Dec-2018 at a recorded 22.0x EV / EBITDA. A group built on accessible luxury agreed to pay the high end of this record's disclosed range for a European maison with archive and runway… Aug-2018 Movado Group → MVMT Watches Inc. n/a 2.8x n/a Movado Group announced terms for MVMT Watches Inc. in Aug-2018 at a recorded 2.8x EV / Revenue. With no EBITDA multiple recorded, the framing is revenue-based, which is how buyers typically underwrite young direct-to-consumer brands with a thin earnings base. Jul-2017 Michael Kors Holdings Limited → Jimmy Choo PLC n/a n/a 17.5x Michael Kors Holdings Limited announced terms for Jimmy Choo PLC in Jul-2017 at a recorded 17.5x EV / EBITDA. The same buyer appears twice in this record, which points to a platform assembled by acquisition rather than by category extension. Apr-2017 LVMH Moët Hennessy Louis Vuitton S.E. → Christian Dior S.E. n/a n/a 15.6x LVMH Moët Hennessy Louis Vuitton S.E. announced terms for Christian Dior S.E. in Apr-2017 at a recorded 15.6x EV / EBITDA. Bringing a house fully inside an existing platform sits above where this listed group is priced on the forward lens today. Apr-2017 LVMH → Christian Dior SE n/a n/a 15.6x LVMH's recorded agreement for Christian Dior SE in Apr-2017 appears alongside the parallel entry for Christian Dior S.E., both recorded as announced. Read them as one line of evidence on what buyers agreed to pay for full ownership of a house, not as two separate…

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page of the full precedent transaction list, continuing newest first.

    We continue the same newest-first list here, completing the disclosed-terms transactions shown across both pages. As before, these multiples sit on LTM financials at announcement and are not directly comparable to the forward public multiples earlier in the deck. The companion workbook carries the remaining entries and every data-quality flag in full.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 20 transactions with disclosed terms in this tier (27 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. 27 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 7 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 20 transactions shown; the rest are in the companion workbook. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2017 LVMH Moet Hennessy → Christian Dior Couture SA n/a n/a 15.6x Nov-2016 Bain Capital → Blue Nile Inc. n/a 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2016 Samsonite International S.A. → Tumi Holdings, Inc. n/a n/a 13.6x Jul-2013 LVMH Moët Hennessy-Louis Vuitton SE → Loro Piana S.p.A. n/a n/a 21.0x Jul-2013 LVMH → Loro Piana S.p.A. n/a n/a 21.0x Mar-2013 The Swatch Group AG → Harry Winston, Inc. n/a n/a 24.4x Mar-2011 LVMH Moët Hennessy-Louis Vuitton SE → Bulgari S.p.A. n/a n/a 25.8x Mar-2011 LVMH → Bulgari S.p.A. n/a n/a 25.8x n/a n/a → Tapestry, Inc. n/a 0.7x n/a

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 20

    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. Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 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 Luxury Goods and Jewelry and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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 13 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 396 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 (395) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    In This Set, the Higher Multiples Sit Alongside Full-Price Discipline.

    Closing page restating that higher multiples in this set sit alongside full-price discipline.

    In this set, we find the higher multiples sitting alongside full-price discipline rather than scale alone. That pattern holds across the range we've walked through, from the top-of-range names to the transaction record behind them. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Set, the Higher Multiples Sit Alongside Full-Price Discipline. NeuraCap AI — Luxury Goods and Jewelry Coverage September 2026 · Prepared by NeuraCap AI · Confidential Luxury Goods and Jewelry Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Luxury Goods and Jewelry (Consumer Discretionary › Consumer Durables and Apparel › Luxury Goods and Jewelry) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Luxury Goods and Jewelry according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Brilliant Earth Group, Inc. (BRLT), Capri Holdings Limited (CPRI), Fossil Group, Inc. (FOSL), Lanvin Group Holdings Limited (LANV), Movado Group, Inc. (MOV), Playboy, Inc. (PLBY), Signet Jewelers Limited (SIG), Tapestry, Inc. (TPR). The market map groups them by business vertical — Multi-brand luxury house platforms: 5 companies (TPR, SIG, MOV, LANV, BRLT); Accessible luxury footwear and accessories brands: 2 companies (CPRI, FOSL); Branded watch and accessory specialty retail: 1 company (PLBY). 7 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Luxury Goods and Jewelry (Consumer Discretionary › Consumer Durables and Apparel › Luxury Goods and Jewelry) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Luxury Goods and Jewelry according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Brilliant Earth Group, Inc. (BRLT), Capri Holdings Limited (CPRI), Fossil Group, Inc. (FOSL), Lanvin Group Holdings Limited (LANV), Movado Group, Inc. (MOV), Playboy, Inc. (PLBY), Signet Jewelers Limited (SIG), Tapestry, Inc. (TPR). The market map groups them by business vertical — Multi-brand luxury house platforms: 5 companies (TPR, SIG, MOV, LANV, BRLT); Accessible luxury footwear and accessories brands: 2 companies (CPRI, FOSL); Branded watch and accessory specialty retail: 1 company (PLBY). 7 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

13 records failed a validation gate and never feed a statistic in this report (13 excluded from aggregate). Each exclusion, with its reason: BRLT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CPRI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LANV — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LANV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LANV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LANV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LANV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLBY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLBY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLBY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 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 Luxury Goods and Jewelry and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 8 companies; EV / rEVenue: 8 of 8 companies; P/E: 7 of 8 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥9.6x, Core 8.0x–9.6x, Discount <8.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 9.0x = median(ev_ebitda CY2027E) (7 rated companies) · 10.4x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 8.5x = median(ev_ebitda CY2027E) within Core tier (n=4) · 5.8x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 9.6x = median(ev_ebitda CY2027E) | growth ≥ 5% (n=4) · 8.0x = median(ev_ebitda CY2027E) | growth < 5% (n=3) · 8.8x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 10% (n=4) · 9.0x = median(ev_ebitda CY2027E) | EBITDA margin < 10% (n=3) · 14% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Luxury Goods and Jewelry recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 27 transactions were recorded for this industry; 20 are shown. 7 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 10 × deal value unit unresolved; 10 × no evidence record; 5 × duplicate precedent id; 1 × duplicate filings collapsed; 1 × divestiture roles reassigned. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 400 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

More coverage in Consumer Discretionary

Want this analysis for a company in Luxury Goods and Jewelry?

Company valuation reports run the same method against a single business — public or private.

Get your reportTalk to advisory