Fashion Files Vol 161: Europe Exposure Update, Coach Collab, G-III Readthroughs

Research evidence excerpt

Fashion Files Vol 161: Europe Exposure Update, Coach Collab, G-III Readthroughs

USA | Consumer EquityJuneResearch7, 2026

Exhibit 1 - Europe/EMEA Exposure Across OurFashion Files Vol 161: Europe Exposure Update,

Covg - PVH Most Exposed While TPR Exposure

Relatively LowCoach Collab, G-III Readthroughs

60%

For this week in our fashion coverage, we focus on 1) a review of 50% 48% 40%

31% 29% 27%European exposure across our coverage, given recent PVH commentary around 40%30% 35%

20% 18%increased ME-related pressure in the region in April, 2) Coach collaboration with 20%

8%LA-based lifestyle brand Brain Dead reflects drop model and AUR levers, 3) G- 10%

0%III earnings readthroughs for the apparel industry, and 4) EPS recaps. PVH LUXE VFC RL CPRI LEVI KTB DECK TPR

.

Source: Company filings, Jefferies

Data reflects most recent FYE for each co. Region definition

Europe Exposure Across Coverage: This week, PVH called out more broad-based headwinds to -VFC.Europe:TPRLEVI,data LUXEreflects(ex-Germany),"Other" sales,RL.whichEMEA:is mainlyCPRI, PVH,Europe,

Europe due to higher gas prices and challenged consumer sentiment, which it assumes will cont. Middleest., assumingEast, and~50%Licensing.of int'l DECKsales arefigurefromrepresentsEurope. KTBJEF

into the 2H (see EPS note here). US has been more resilient. We're unsure of how much co-specific percentage is JEF est. for combined Wrangler and HH.

headwind there may be from the conflict (e.g., more wholesale exposed, lower recent results),

but mgmt. indicated widespread traffic headwinds. On a sales mix basis, PVH screens as most

exposed, while TPR appears most insulated. PVH called out particular softness in April, which would

not have shown up in results for cos with March QE. Given the more tangible impact noted to store