Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

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<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island.</li><li>We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.</li><li>We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island.We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 PT

United States

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.  The Company sells its products to department stores and specialty retailers.  Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

Crocs, Inc. designs and manufactures shoes.  The Company produces soft, lightweight, non-marking, slip- and odor-resistant shoes made of closed-cell resin material.  Crocs manufactures men's, women's, and children's shoes and markets them to retail chains.

VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear and occupational apparel categories. VF Corp's products are marketed to consumers shopping in specialty stores, upscale and traditional department stores, national chains and mass merchants.

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

Levi Strauss & Co. manufactures and distributes apparels. The Company offers jeans, casual pants, tops, jackets, shirts, and other related products. Levi Strauss serves customers worldwide.

Capri Holdings Limited retails apparel. The Company offers fashion luxury women's and men's accessories, footwear, apparel, watches, jewelry, eyewear, and fragrance products, as well as provides delivery services. Capri Holdings serves customers worldwide.

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

Samsonite International SA designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

Shenzhou International Group Holdings Ltd manufactures and processes textiles.  The Company produces, dyes, finishes, prints, embroiders, cuts, and sews knitwear.

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

Brunello Cucinelli SpA is a luxury fashion company, known for its cashmere products as well as exclusive brands.  The Company designs, manufactures, and distributes clothing and accessories globally for men and women.

Puma SE designs, manufactures, and sells sporting goods and apparels. The Company produces running, tennis, training, and basketball shoes, as well as t-shirts and accessories. Puma serves customers worldwide.

Pandora A/S designs, manufactures, markets, and distributes hand finished and modern jewellery made from primarily sterling  silver, gold, precious and semiprecious stones and Murano glass. The Company offers rings, bracelets, necklaces and earings.

The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, liquid crystal displays, and scoreboards. The Company produces watches under various branded names, as well as operates retail boutiques. Swatch Group serves customers worldwide.

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island. We...

Small Cap Consumer Research

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