MMG Advisors, Inc.

NEWS WE’VE FOLLOWED THIS WEEK: Gift cards, apparel, accessories, and jewelry will be the most popular gift categories in 2024, predicts the ICSC Holiday Intentions Survey. Consumers are expected to spend over $125B during Thanksgiving Weekend 2024, also predicted by the ICSC. The global social commerce market is expected to gross $688B in 2024 (up 20% from 2023’s $571B), forecasts Statista. Outdoor recreation contributed $1.2T to the U.S. Economy and supports over 5 million jobs, reports the Bureau of Economic Analysis. M&A activity is expected to increase in 2025, with Citigroup’s Jane Fraser saying it’s “game on” for clients pursuing new deals and?J.P. Morgan’s Jamie Dimon remarking that “animal spirits will be unleashed.” M&A AND FINANCING NEWS Helen of Troy acquired Olie & June (nail care)?for $240 M. Jersey Mike's Subs’s (sandwich chain) was acquired by Blackstone. The North American cat food and pet treat businesses of Whitebridge Pet Brands was acquired by General Mills from Belgian PE Firm NXMH. A-COLD-WALL*-Wall (streetwear brand) was acquired by Four Marketing from Tomorrow Ltd (fashion accelerator). Crown Affair (haircare)raised $9 million led by True Beauty Ventures. Panini Kabob Grill (PKG) Grill (fast casual Mediterranean food chain) was acquired by Corbel Capital Partners. Ned (supplement brand) was acquired by Foria. IRIS Ventures invested in Superlativa (supplements). Faircraft (lab crown leather start up) raised capital led by Kindred Ventures. Hammond's Candies (candymaker) was acquired by Lolli & Pops (backed by TerraMar Capital LLC). Grant Thornton (US) UK (accountancy) sold a majority stake to Cinven. Max Matthiessen (financial advisor) sold a majority stake to the Ontario Teachers' Pension Plan’ and Nordic Capital. Tru Zip (zippers) was spun off by owner Nite Ize, Inc. into an independent brand. Jessica McCormack (diamond jeweler) sold a substantial minority stake to Lingotto Horizon. ōURA (health tracking ring) raised?$75m from Dexcom. Ladder (strength training app) raised?$15M?from Point72 Ventures and ADVantage, and also secured a $90M growth investment from General Catalyst’s Customer Value strategy. Fear of God (lifestyle brand) signed a multiyear partnership agreement with the National Basketball Association (NBA) and WNBA (Women's National Basketball Association). Basic Fun! (branded toys) raised $50M in exit financing from Great Rock Capital Partners, LLC. New Guards Group (FARFETCH-owned brand house) filed for bankruptcy protection in Italian court. PUBLIC COMPANY NEWS The following public companies announced earnings this week: Amer Sports, Citi Trends, La-Z-Boy, Lowe’s, Mytheresa, Target, TJX Companies, Walmart, Wilson, and Williams-Sonoma. BEFORE YOU GO Geno Auriemma (UConn Women’s basketball coach) became the all-time most winning coach in NCAA basketball history, winning his 1,217th game last week against Fairleigh Dickinson. Wishing everyone celebrating?a Happy Thanksgiving!

NEWS WE’VE FOLLOWED THIS WEEK: The U.S. inflation rate rose 2.6% in Oct’24, reported the U.S. Department of Labor, up from 2.4% growth in Sept’24. Core retail sales in October rose 4.5% year-over-year, reports the National Retail Federation. Holiday sales growth will slow to about 3% in 2024 from 4.7% last year, remaining well below the 5.3% 10-year average, predicts S&P Global. Forrester similarly predicts that holiday retail sales will grow 3.7% (to $1T) vs 2023, lower than the previous four years but higher than pre-pandemic years. The Business of Fashion released its annual 2025 State of Fashion report, a worthy read as always. M&A AND FINANCING NEWS Aquatalia (footwear brand) was acquired by Vida Shoes International from ADHJA Aquatalia LLC. JustEatTakeaway.com (Dutch online delivery conglomerate) was acquired by Wonder (delivery food hall). HYPE (streetwear brand) sold a 60% stake to Apparel Brands (backed by True Capital). The Brisbane Bullets (Australian basketball team) sold a majority stake to GameAbove Sports (backed by CapStone Holdings, Inc.). AYA Medical Spa (nine-location medspa franchise) sold a stake to Eagle Merchant Partners. Divi (scalp care) sold a minority stake to Norwest Venture Partners. MYKITA (German eyewear brand) sold a minority stake to LVMH. boohoo (digital retailer) raised ￡39M to support turnaround efforts. Forerunner Ventures announced a new $500M fund focused on early-stage consumer start-ups. PUBLIC COMPANY NEWS? Purple Innovation (mattress) received a delisting warning from Nasdaq. Tapestry and Capri terminated their Merger Agreement. Klarna (e-comm payment processing) filed to IPO on the NYSE at a valuation of $14.6B The following public companies announced earnings this week: Beachbody, BeautyHealth, Burberry, Callaway Golf, Giant Group, JD.com, On Holdings, Sally Beauty, The Honest Company, and Topgolf Callaway Brands. BEFORE YOU GO Make sure to check out Accessories Council 2024 Holiday Issue , which highlights trends of the season, noteworthy artists and designers, along with a great piece by Editor-In-Chief Karen Giberson about MMG Advisors, Inc. on pp 34-35! Thanksgiving is less than two weeks away.

NEWS WE’VE FOLLOWED THIS WEEK: The FED lowered its benchmark lending rate by a quarter point.? Bank of England cut interest rates ahead of the US Fed. National Retail Federation predicts retailers can expect steady sales growth for the upcoming holiday season despite mixed October signals. DTC beauty-sector transactions declined 7% in the UK and 10% in the US in Q3 2024, reports Consumer Edge’s most recent beauty digest. M&A AND FINANCING NEWS Casper (DTC mattresses) was sold to Carpenter Co. by Durational Capital Management. PureGym (global gym operator) received regulatory approval to proceed with its’ $121M acquisition of Blink (Equinox-owned gym franchise). Fix Your Lid (mens' grooming products) was acquired by Inspired Beauty Brands. The Pro's Closet (pre-owned bicycle marketplace) was acquired by Elshair Companies. OUR LEGACY (Swedish menswear brand) received an investment from LVMH. Markham Enterprises Inc (Michigan-based convenience store chain) was acquired by SpartanNash. Petfolk (veterinary urgent care) raised a $36M from Deerfield Management, among others. Directional Capital raised an asset-based facility from SLR Credit Solutions to fund rent-to-own retail location acquisitions. Primo Water (publicly-traded beverage company) will merge with BlueTriton Brands. The Franchise Group (Vitamin Shoppe owner) filed for Chapter 11 bankruptcy protection and said it would wind down its American Freight banner. TGI Fridays (casual dining chain) filed for Chapter 11 bankruptcy protection. PUBLIC COMPANY NEWS Walmart announced it would begin Black Friday sales on Monday, Nov 11, The following public companies announced earnings this week: Allbirds, Asos, Canada Goose, Coupang, Coty, CVS Health, e.l.f. Beauty, HanesBrands, Hims & Hers, Hugo Boss, Kontoor Brands, Oddity, Olaplex, Pandora, Puma, Purple, Qurate Retail, Ralph Lauren, Revolve, The RealReal, ThredUp, Traeger, Inc., Vista Outdoor, Shiseido, Solo Brands, Steve Madden, Tapestry, Tempur Sealy, Under Armour, Vista Group, Warby Parker, Weyco Group, WW International, Yeti, and Zalando. BEFORE YOU GO Opening day for NCAA College Basketball was last Monday, November 4. Hello Kitty turned 50 years old. Rockefeller Center sees the arrival of the Christmas Tree.

NEWS WE’VE FOLLOWED THIS WEEK: U.S. GDP rose 2.8% in the third quarter, continuing a two-year growth streak but down from the 3.0% economists predicted; recent increases were driven by consumer spending. U.S. consumer footwear spending grew 0.7% in Aug’24 (vs 2.8% in Aug’23) per Footwear Distributors and Retailers of America (FDRA). 92% of consumers plan to make in-store purchases this holiday season, reports the ICSC. The Conference Board’s Consumer Confidence Index jumped to 108.7 in October from 99.2 in September — the biggest monthly gain since March 2021. M&A AND FINANCING NEWS L'eggs??was acquired by Windsong Global from Hanesbrands Inc.. Double B Foods (private label frozen foods) was acquired by The Anderson Group. Sigan Industries Group ( beauty manufacturer) was acquired by SV Labs. Hilco Global and TPG Angelo Gordon announced a joint venture to?acquire and finance consumer brands in partnership with Bluestar Alliance, and the joint venture included acquiring Off-White (lifestyle brand) from LVMH. World Gym International (fitness franchises) was acquired by World Gym Taiwan. JACQUEMUS (French fashion house) announced it is seeking a minority investor. Premier Investments sold its apparel brands to MYER (Australian department store) for 890.5M new Myer shares. MarcyPen Capital Partners (early and growth-equity fund including Jay-Z) raised $100M in funding. Esprit U.S. announced the Company would liquidate and shutter its New York Headquarters. PUBLIC COMPANY NEWS The following public companies announced earnings this week: Adidas, Big 5 Sporting Goods, Boot Barn, Brooks Running, Camping World Holdings, Columbia, Compass Diversified, Crocs, Inc., Montcler S.p.A., Prada Group, Puig, Rocky Brands, Shimano, SMCP, The Container Store, TheRealReal, VF Corp EVENTS Delivering Good, Inc. held its “Evening of Delivering Good” fundraising event– all of us at MMG enjoyed seeing our industry colleagues support a great cause! This past Tuesday MMG Advisors, Inc.’s Brandon Mitchel attended the Lead’s CEO Assembly. Thank you The Lead for an inciteful event we look forward to year’s. BEFORE YOU GO The Los Angeles Dodgers beat the New York Yankees to win the 2024 World Series. Daylight Savings Time ends on Sunday, Nov 3, with clocks rolling back one hour at 2:00 am. Lastly the NYC marathon is this weekend!

NEWS WE’VE FOLLOWED THIS WEEK: The US M&A landscape will strengthen over the next 12 months, says 20% of respondents to a new Dykema survey, driven by stronger financial markets, increased capital availability, and stabilizing economic conditions. M&A AND FINANCING NEWS Small Girls PR (media agency) was acquired by Orchestra. Esprit (retailer) sold its U.S. and European shoe trademark rights to Deichmann (German shoe retailer). Voortman Cookies (J.M. Smucker’s cookie business) was sold to Second Nature Brands (backed by CapVest Partners). Nugget Wraps (military pilot helmet custom wraps) was acquired by a Private Investor. Allivet (online pet pharmacy) was acquired by Tractor Supply. Cohn & Gregory Supply (industrial supplier) was acquired by Venturi Supply ( distributor backed by Trive Capital). Quantum Design International (scientific instrument manufacturer) was acquired by Carlson Private Capital Partners. Astier de Villate (French lifestyle brand) sold a majority stake to Vesper (investment fund). The Only Agency (celebrity styling firm) sold a majority stake to Presidio Investors. Mo' Bettahs ’s (Hawaiian restaurant) sold a majority stake to Trive Capital and Blue Marlin Partners, LLC from Savory Fund. Brassica (fast-casual restaurants) sold a minority stake to Chipotle Mexican Grill. Life Time Holdings (gym franchises) raised $500M in Senior Secured Notes. Pure Fishing (fishing brands) entered into a five-year, $750M first lien credit facility from Monarch Alternative Capital LP and Silver Point Finance. Vinted (thrifting marketplace) sold €340M in secondary shares to TPG and others at a €5B valuation. belliwelli (wellness brand) raised a $10M Series B from Invus Kirkland’s (home décor retailer) raised $25M from Beyond Inc., and gained the exclusive licensing rights to open and operate smaller-format Bed Bath & Beyond stores nationwide. Tupperware Brands Corp. canceled its planned auction and agreed to sell to lenders for $23.5M in cash and $63M+ in debt relief. Wendel Group made a control investment in Monroe Capital. PUBLIC COMPANY NEWS The FTC blocked Tapestry’s planned $8.5B acquisitions of Capri Holdings, citing competitive concerns. The following public companies announced earnings this week: Beyond, Inc, Deckers Brands, Ermenegildo Zegna Group, EssilorLuxottica, Hermes, Kering, L’Oréal, Thule Group, Tractor Supply, and Zenga. EVENTS We’re thrilled to share that Delivering Good, Inc. will be hosting their gala next Tuesday at Gotham Hall! ?Join us in New York City for an unforgettable evening focused on making a positive difference. If your are unable to attend feel free to make a donation to Delivering Good: https://lnkd.in/eim_ytVU BEFORE YOU GO The New York Yankees will face off against the LA Dodgers in the first game of the world series, starting Saturday October 26th.?

NEWS WE’VE FOLLOWED THIS WEEK: Holiday season consumer spending is expected to grow between 2.5% - 3.5% vs last year, predicts the National Retail Federation, with growth primarily driven by increases in online shopping. Coresight Research, Deloitte, Adobe and Salesforce have reported predictions on different time periods and assumptions so worthy reads. The University of Michigan’s index of consumer sentiment declined to 68.9 in mid-October from 70.1 at the end of last month, as consumers continue to express frustration over high prices despite inflation expectations easing since this time last year. M&A AND FINANCING NEWS Nails.INC (British nail care brand) was acquired by Pacific World Corporation. HATCH Studios LLC (maternity brand) was acquired by Go Global. Dolly Bikes (Dutch e-cargo bike brand) was acquired by Optima Cycles. RéVive Skincare (skincare brand) was acquired by S’Young Group from Tengram Capital Partners. Burrow (interior design platform) was acquired by Havenly Brands. Stanley Robotics (autonomous valet parking robots) was acquired by HL Robotics. Eyemart Express (eyewear retailer) was acquired by VSP Vision from FFL Partners and Leonard Green & Partners (LGP). Great American (consulting firm) was sold to Oaktree Capital Management from B. Riley Financial. Hudson Malta (Africa-focused fashion retailer) sold a non-controlling stake to Frasers Group. ALTUZARRA (luxury brand) sold a minority stake to P180 Investments. The Aaron's Company, Inc.’s Company (furniture lease-to-own retailer) raised a $120M senior secured line of credit from Second Avenue Capital Partners (SACP) Partners. TOCA Football (indoor soccer) raised $100M in private funding. The Container Store (storage retailer) raised $40M from Beyond, Inc. Ghost (B2B inventory marketplace) raised a $40M Series C from L Catterton, among others. Red Wing Shoe Co. (boot maker) announced it would shutter its hiking brand Vasque Footwear and its outdoor business, citing business challenges. True Value (hardware chain) declared bankruptcy and sold its operations to Do it Best in a $153M Stalking Horse Bid. PUBLIC COMPANY NEWS The following public companies announced earnings this week: 361 Degrees, Life Time Group, LVMH, and Walgreens Boots Alliance. EVENTS We’re excited to announce that Delivering Good, Inc. will host its annual gala on October 29th at Gotham Hall! Join us in New York City for a memorable evening dedicated to making a positive impact. BEFORE YOU GO The Victoria’s Secret Fashion Show returned this year after a five-year hiatus. The WNBA (Women's National Basketball Association) Finals are here; as of press time the New York Liberty leads the Minnesota Lynx two games to one. Playoff Baseball continues.

NEWS WE’VE FOLLOWED THIS WEEK: The consumer-price index rose 2.4% in Sept’24 vs last year (above the 2.3% rise economists expected), reported the U.S. Department of Labor, after rising 2.5% in August. Holiday spending will jump 7% vs last year as in-store foot traffic increases, predicts PwC. Black Friday to Cyber Monday US retail sales could hit a record $75B (up 5% vs. 2023), says Bain & Company. Amazon.com said that during 2024 Prime Day, customers “purchased more items than any previous Prime Day shopping event”. M&A AND FINANCING NEWS YOOX NET-A-PORTER (Fashion e-tail) was acquired by Mytheresa from Richemont. Hatch (maternity brand) was acquired by Go Global. End Clothing (apparel retailer) was acquired by Apollo from The Carlyle Group. Kinetic Group (ammunition business) was sold by Vista Outdoor to CSG. HRB Brands (personal care) was acquired by Sodalis Group from Tengram Capital Partners. Revelyst (outdoor brands) was sold by Vista Outdoor to Strategic Value Partners. Unilever (Consumer packaged goods) sold its Russian business to local manufacturer Arnest Group. Paris FC (second-division French soccer team) was acquired by the Aurnaut family and Red Bull. Moose Knuckles Canada (Canadian luxury outerwear) announced a partnership with BOSIDENG (Chinese down apparel) with financial support from Cathay Capital. Authentic Brands Group and SAKS GLOBAL announced a joint venture, Authentic Luxury Group (ALG), to support luxury brands. ClayCo. Cosmetics Private Limited (skincare) raised a $2M seed round from Unilever Ventures, among others. Sofie Pavitt Face (skincare) raised a seed round from True Beauty Ventures. Jefferson Capital entered a $360M stalking horse bid for the assets of Conn's HomePlus (bankrupt retailer). PUBLIC COMPANY NEWS The Aaron’s Company will go private, following the completion of the Company’s acquisition by IQVentures. The following public companies announced earnings this week: IKEA, Fast Retailing, and Helen of Troy. EVENTS We’re thrilled to share that Delivering Good, Inc. will be hosting its gala on October 29th at Gotham Hall! Join us in New York City for an unforgettable evening focused on making a positive difference. In light of the recent hurricanes, it's more crucial than ever to come together and support those affected by these devastating events. Please check in on family and friends, MMG Advisors, Inc. hopes that everyone is staying safe during this time! BEFORE YOU GO Playoff baseball continues - the New York Mets upset the Philadelphia Phillies in the National League Division Series, advancing to the next round of playoffs for the first time since 2015. Peanuts (comic strip starring Charlie Brown) turned 74 years old this week.

NEWS WE’VE FOLLOWED THIS WEEK: The International Longshoremen’s Association, employees for East Coast and Gulf Coast ports, suspended their strike after they went on strike on Tuesday, potentially affecting over half of American import and export activities. U.S. added 254k jobs last month, with the pace of hiring up strongly and unemployment rate down to 4.1%. Consumer sentiment rose 3.2% in Sept’24, the highest level in five months and 13% above YTD’23, per the University of Michigan’s Consumer Sentiment Index. Amazon Prime Big Deal Days are Oct 8 & 9; will be current sign of consumer strength. ? M&A AND FINANCING NEWS Authentic Brands Group completed its acquisition of Champion from Hanesbrands Inc. and partners with Ames Watson (GearCO), AMG Companies, BBC and Gildan. Off-White (lifestyle brand) was sold by LVMH to Blue Star Alliance. HRB (former High Ridge Brands) sold to Sodalis Group by Tengram Capital Partners. True Beauty Ventures invested in Sofia Pavitt Face. K & E Tackle (fishing brand house) was acquired by GSM Outdoors. Peak Achievement Athletics (athletic brand owner and Bauer Hockey parent) was acquired by Fairfax Financial Holdings Limited. Accord Equipment Finance assets were acquired by Rosenthal & Rosenthal, Inc.. A majority stake in Dunlop Protective Footwear (protective Wellington boots) was sold by EQT Mid-Market Europe fund to Glide Equity Management (GEM). Killington/Pico Ski Resort Partners, LLC (ski resorts) sold a minority stake to Great Gulf. GHP Group, Inc. (consumer outdoor living & indoor heating products) was acquired by Turnspire Capital Partners. MOSCHINO (fashion brand backed by Aeffe) sold its beauty rights to EuroItalia. Filippo De Laurentiis (Italian knitwear) sold a majority stake to Made in Italy Fund - Quadrivio & Pambianco. Lucky Energy (energy drink) raised a $11.8M Series A from Brand Foundry Ventures, among others. Marlo (women's health) raised an investment from Love x Money Ventures.? ? PUBLIC COMPANY NEWS Mulberry rejected Frasers Group offer and announced it would independently raise capital instead. The following public companies announced earnings this week: Costco, Nike, & Levi Strauss ? EVENTS We’re excited to announce that Delivering Good, Inc. will be hosting their annual gala on October 29th at Gotham Hall in NYC! Join us for an unforgettable evening dedicated to making a positive impact. ? BEFORE YOU GO Thinking of those impacted by Hurricane Helene; please support those in need. MMG Advisors, Inc. supports Delivering Good, Inc. Good and appreciates support to those who give to any charity. In Baseball, the Mets stun Brewers and advance for more games. October is Breast Cancer Awareness Month.

NEWS WE’VE FOLLOWED THIS WEEK: U.S. consumers are expected to spend a record $240.8 billion online this holiday shopping season, per the Adobe online holiday shopping forecast. U.S. retail sales will modestly increase 1.2% to 3.5% this upcoming holiday season vs last year, forecasts Gordon Brothers, due to economic and political uncertainty and shorter shopping window. M&A AND FINANCING NEWS Blue Nile (online jewelry retailer) was acquired by Signet Jewelers for $360M in cash. Kichler Lighting (residential light fixtures) was acquired by Kingswood Capital Management. LVMH acquired a 10% interest in Double R , Remo Ruffini’s investment fund which invested in Moncler. Aeffe S.p.A. sold MOSCHINO beauty to EuroItalia. SPW Fabrics (Spanish fabricmaker) raised an investment from Alantra. Tempur Sealy International said it would sell its Sleep Outfitters USA subsidiary (103 stores plus seven distribution centers) and 73 Mattress Firm Stores to Mattress Warehouse (bedding retailer). [solidcore] (fitness studio) sold a majority stake to L Catterton. VIO Med Spa (full-service med spa franchisor) sold a majority stake to Freeman Spogli. Oak Essentials (Jenni Kayne-owned beauty brand) raised from Silas Capital and Unilever Ventures. Grove Collaborative (XXX) raised a $15M PIPE from Volition Capital. PUBLIC COMPANY INFORMATION The following public companies announced earnings this week: H&M, Golden Goose & Stitch Fix. EVENTS We’re excited to announce that Delivering Good, Inc. ?will be hosting their gala on October 29th at Gotham Hall! Join us in NYC for an unforgettable evening dedicated to making a positive impact. BEFORE YOU GO Amazon plans to introduce a reality competition show called “Buy It Now” next month, where entrepreneurs will pitch their products to judges and winners will have prime placement on Amazon.com The first day of Fall was Sunday, September 22.

NEWS WE’VE FOLLOWED THIS WEEK: The Federal Reserve reduced the target federal funds rate by 50 bps to 4.9% in the first rate cut since 2020. Interest rate cuts could spur holiday-season consumer confidence, predicts Bain & Company. Core retail sales (excluding restaurants, autos and gasoline) rose 0.17% month-over-month in August and up 1.93% year-over-year, per CNBC/National Retail Federation. M&A AND FINANCING NEWS Kendra Scott raised capital from 65 Equity Partners, HPS Investment Partners, LLC , and Belzberg & Co. Rise Baking Company was acquired by Platinum Equity and Butterfly Equity. Rebelstork( recommerce for baby gear) raised capital from Serena Ventures Louis Garneau Sports (athleticwear brand) was acquired by Lol? (parent of Sanuk). The active & streetwear apparel assets of Southpole (lifestyle brand) were acquired by iApparel Brands LLC . Nine Planet Fitness sites owned OKTA Holdings (dba Planet Fitness) were sold to Ease Mile Fitness (Planet Fitness franchisee). THG (eComm) announced it would spin off its Ingenuity platform to focus on beauty & sports nutrition. Reliance Vitamin (supplements manufacturer) was acquired by Impetus Wellness Group from Swander Pace Capital. UMIT BENAN (menswear brand) raised its first investment from D Capital. Vyrao (British fragrance brand) raised capital from L Catterton, Manzanita Capital , and Estée Lauder. Abolis Biotechnologies sold a minority stake to BOLD (L'Oréal's PE fund) for $38.6M. VIOLET GREY was re-acquired by founder Cassandra Grey from FARFETCH. CSC Generation Enterprise (new owners of Backcountry) raised a $112M in credit from Second Avenue Capital Partners (SACP) , SB360 Capital Partners and Ares Commercial Finance. Tupperware Brands filed for Chapter 11 bankruptcy protection. PUBLIC COMPANY NEWS The following public companies announced earnings this week: Vince & Zegna BEFORE YOU GO The official first day of fall begins Sunday, September 22, with the Fall Equinox beginning at 8:44 am. Fans can vote for favorite toys at toyhalloffame.org – My Little Pony, Pokeman cards or let us know your favorite.?