Guess, Inc. (GES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de Guess ', Inc. (GES), una potencia de moda que ha revolucionado la industria de la ropa con su innovador modelo de negocio. Desde mezclilla de moda hasta accesorios de vanguardia, Guess ha creado magistralmente un enfoque estratégico que combina la creatividad, el alcance global y el diseño centrado en el consumidor. Esta exploración de su lienzo de modelo de negocio revela cómo la marca ha navegado con éxito el panorama de la moda competitivo, creando un ecosistema dinámico que conecta el diseño, el marketing y la experiencia del consumidor de manera que continúen cautivando a los entusiastas de la moda de los jóvenes adultos en todo el mundo.

Guess ', Inc. (GES) - Modelo de negocios: asociaciones clave

Proveedores estratégicos para ropa y fabricación de accesorios

Adivinar 'mantiene asociaciones de fabricación estratégica en múltiples países:

País	Asociación de fabricación	Porcentaje de producción
Porcelana	Li & Fung Limited	37%
Vietnam	Red de abastecimiento global	28%
Bangladesh	Socios textiles mundiales	18%
Camboya	Alianza de fabricación del sudeste asiático	12%
Indonesia	Consorcio de producción textil	5%

Socios minoristas y grandes almacenes

Adivina 'los canales principales de distribución minorista incluyen:

• Macy's (172 ubicaciones dedicadas de la tienda en la tienda)
• Nordstrom
• Bloomingdale's
• Dillard's

Plataformas de comercio electrónico

Asociaciones minoristas en línea:

• Amazon (presencia del mercado)
• Zappos
• ASOS
• Zalando

Acuerdos de licencia

Asociaciones actuales de licencias de diseñadores de moda:

Diseñador/marca	Tipo de acuerdo	Duración
Georges Marciano	Acuerdo de licencia de cofundador	Perpetuo
Karl Lagerfeld	Asociación de recolección limitada	2022-2025

Redes de distribución global

Asociaciones internacionales de distribución:

• Reenvío global de DHL
• Soluciones de cadena de suministro de UPS
• Kuehne + Nagel International AG

Guess ', Inc. (GES) - Modelo de negocio: actividades clave

Diseño y desarrollo de ropa de moda

En el año fiscal 2023, Guess ', Inc. invirtió $ 47.3 millones en diseño y desarrollo de productos. La compañía mantiene centros de diseño en:

Ubicación	Enfoque de diseño
Los Ángeles, California	Ropa de mezclilla y estilo de vida
Ciudad de Nueva York	Investigación de moda y tendencias
París, Francia	Tendencias de la moda europea

Marketing y promoción de la marca

El gasto de marketing para Guess ', Inc. en el año fiscal 2023 alcanzó los $ 82.6 millones. Las estrategias de marketing clave incluyen:

• Campañas de redes sociales
• Embajadas de la marca de celebridades
• Publicidad digital
• Patrocinios de la Semana de la Moda

Gestión de tiendas minoristas

Al 31 de diciembre de 2023, Guess 'operó:

Tipo de tienda	Número de tiendas
Tiendas minoristas (en todo el mundo)	1,074
Tiendas minoristas en América del Norte	487
Tiendas minoristas en los mercados internacionales	587

Mantenimiento de la plataforma de comercio electrónico

Las ventas de comercio electrónico para Guess ', Inc. en el año fiscal 2023 totalizaron $ 486.2 millones, lo que representa el 32.5% de los ingresos totales de la compañía. La compañía mantiene plataformas dedicadas de comercio electrónico en:

• Estados Unidos
• Canadá
• Europa
• Asia Pacífico

Gestión de la cadena de suministro y el inventario

Guess 'mantiene 6 centros de distribución primarios a nivel mundial, con un valor de inventario total de $ 362.5 millones al 31 de diciembre de 2023. Desglose de abastecimiento de fabricación:

Región	Porcentaje de producción
Porcelana	42%
Bangladesh	23%
Vietnam	18%
Otros países	17%

Guess ', Inc. (GES) - Modelo de negocio: recursos clave

Reconocimiento de marca fuerte en la industria de la moda

Guess ', Inc. informó ingresos totales de la marca de $ 2.44 mil millones en el año fiscal 2023. Presencia de marca global en más de 100 países con 1,078 tiendas minoristas en todo el mundo.

Métrico de marca	Valor
Total de tiendas minoristas	1,078
Países con presencia de marca	100+
Ingresos totales de la marca (el año fiscal 2023)	$ 2.44 mil millones

Extensos equipos de diseño y creativos

Composición del equipo de diseño: Aproximadamente 500 profesionales de diseño y creativos en ubicaciones globales.

• Centros de diseño en Los Ángeles, Nueva York y París
• Inversión anual en innovación de diseño: $ 45 millones
• Experiencia de equipo de diseño promedio: más de 12 años

Relaciones de fabricación global

Red de fabricación que abarca 15 países con 42 socios de fabricación primarios.

Métrico de fabricación	Valor
Número de países manufactureros	15
Socios de fabricación primarios	42
Gastos de fabricación anuales	$ 1.2 mil millones

Infraestructura de ventas minorista y en línea

Plataforma de ventas omnicanal con una sólida presencia minorista digital y física.

• Plataformas de comercio electrónico en 25 países
• Ingresos de ventas digitales: $ 612 millones (el año fiscal 2023)
• Descargas de aplicaciones móviles: 3.2 millones

Propiedad intelectual y carteras de diseño

Cartera integral de propiedad intelectual con importantes inversiones de diseño.

Métrica IP	Valor
Marcas registradas	87
Patentes de diseño activos	52
Inversión anual de I + D	$ 38 millones

Guess ', Inc. (GES) - Modelo de negocio: propuestas de valor

Ropa de moda y elegante para adultos jóvenes

La demografía de Target de Guess es principalmente de 18 a 35 años, con el 62% de su base de clientes en este rango de edad. Los puntos de precio promedio del producto varían de $ 49 a $ 199.

Categoría de productos	Precio medio	Cuota de mercado
Ropa de mujer	$79	38%
Ropa para hombres	$69	32%
Accesorios	$45	20%

Accesorios de mezclilla y moda de alta calidad

El denim representa el 45% de los ingresos totales del producto de Guess, con ventas anuales de mezclilla que alcanzan $ 412 millones en 2023.

• Precio promedio de jean de mezclilla: $ 98
• Ventas anuales de productos de mezclilla: $ 412 millones
• Cuota de mercado de mezclilla: 7.2% en segmento de moda contemporánea

Moda de lujo asequible

Posicionamiento en el segmento de lujo asequible con márgenes brutos del 38,7% en 2023.

Segmento de precios	Contribución de ingresos
Entrada de lujo	52%
Lujo de rango medio	35%
Lujo premium	13%

Diversa gama de productos en múltiples categorías

Desglose de la cartera de productos para 2023:

• Ropa: 65%
• Accesorios: 22%
• Calzado: 8%
• Relojes: 5%

Imagen de marca contemporánea y juvenil

Métricas de compromiso de las redes sociales en 2023:

Plataforma	Seguidores	Tasa de compromiso
Instagram	4.2 millones	3.7%
Tiktok	1.8 millones	5.2%
Facebook	2.9 millones	2.1%

Guess ', Inc. (GES) - Modelo de negocios: relaciones con los clientes

Compromiso de las redes sociales

A partir de 2024, Guess 'mantiene la presencia activa de las redes sociales en múltiples plataformas:

Plataforma	Seguidores	Tasa de compromiso
Instagram	4.2 millones	3.7%
Facebook	1.8 millones	2.1%
Tiktok	750,000	5.2%

Programa de fidelización y marketing personalizado

Adivina 'Métricas del programa de fidelización:

• Miembros del programa de fidelización total: 2.5 millones
• Gasto anual promedio por miembro de lealtad: $ 345
• Repita la tasa de compra: 62%

Experiencias de compras en línea interactivas

Rendimiento de la plataforma digital:

Métrico	Valor
Descargas de aplicaciones móviles	1.3 millones
Tasa de conversión en línea	4.2%
Tiempo promedio en el sitio web	4 minutos 37 segundos

Apoyo al cliente

Rendimiento de los canales de servicio al cliente:

• Tiempo de respuesta promedio: 2.5 horas
• Calificación de satisfacción del cliente: 88%
• Canales de soporte: chat en vivo, correo electrónico, teléfono, redes sociales

Asistencia de estilo personalizado en la tienda

Métricas de experiencia del cliente en la tienda:

Métrico	Valor
Total de tiendas minoristas	1,100
Tiendas que ofrecen un estilo personal	625
Tiempo de consulta de estilo promedio	45 minutos

Guess ', Inc. (GES) - Modelo de negocio: canales

Tiendas minoristas propiedad de la empresa

A partir de 2023, Guess operaba 1.074 tiendas minoristas a nivel mundial, incluidas 485 tiendas en América del Norte. La compañía mantuvo 389 tiendas minoristas en mercados internacionales.

Tipo de tienda	Número de tiendas	Distribución geográfica
Tiendas minoristas	1,074	América del Norte, Europa, Asia, América Latina
Tiendas norteamericanas	485	Estados Unidos y Canadá
Tiendas internacionales	389	Mercados globales fuera de Norteamérica

Sitio web de comercio electrónico en línea

Guess.com generó aproximadamente $ 635.2 millones en ventas en línea directas al consumidor en el año fiscal 2023, lo que representa el 30.4% de los ingresos totales de la compañía.

Socios minoristas de terceros

Adivina productos distribuidos a través de múltiples canales mayoristas, que incluyen:

• Grandes almacenes
• Minoristas especializados
• Socios de franquicia internacional

Canal al por mayor	Porcentaje de ingresos
Grandes almacenes	22.5%
Minoristas especializados	18.3%
Franquicias internacionales	12.7%

Aplicación de compras móviles

Las descargas de aplicaciones móviles de Guess llegaron a 2.1 millones de usuarios en 2023, con un crecimiento anual de 45% en transacciones de comercio móvil.

Plataformas de redes sociales

Guess mantuvo una importante presencia de redes sociales en todas las plataformas:

• Instagram: 4.2 millones de seguidores
• Facebook: 3.7 millones de seguidores
• Tiktok: 1.5 millones de seguidores

Plataforma	Seguidores	Tasa de compromiso
Instagram	4,200,000	3.2%
Facebook	3,700,000	2.7%
Tiktok	1,500,000	4.5%

Guess ', Inc. (GES) - Modelo de negocios: segmentos de clientes

Consumidores de moda para adultos jóvenes

Rango de edad: 18-34 años

Desglose demográfico	Porcentaje
18-24 años	42%
25-34 años	58%

Millennials conscientes de la moda

Características clave de Guess 'Millennial Customer Segment:

• Gasto anual de moda: $ 1,242 por individuo
• Tasa de participación digital: 73% de preferencia de compras en línea
• Influencia de las redes sociales: 65% influenciado por las tendencias de moda de Instagram

Demográfico de ingresos medios

Soporte de ingresos	Porcentaje objetivo
$50,000 - $75,000	38%
$75,000 - $100,000	27%

Mercados urbanos y suburbanos

Distribución del mercado:

• Mercados urbanos: 62% de la base de clientes
• Mercados suburbanos: 38% de la base de clientes

Entusiastas internacionales de la moda

Región geográfica	Cuota de mercado
América del norte	52%
Europa	28%
Asia-Pacífico	15%
América Latina	5%

Guess ', Inc. (GES) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, Guess ', Inc. reportó un costo total de bienes vendidos (COGS) de $ 827.4 millones. El desglose de los gastos de fabricación de la compañía incluye:

Categoría de gastos	Cantidad (en millones)
Costos de materia prima	$412.3
Costos laborales	$215.6
Sobrecarga de fabricación	$199.5

Costos de marketing y publicidad

Guess ', Inc. asignó $ 146.7 millones a los gastos de marketing y publicidad en el año fiscal 2023, lo que representa aproximadamente el 6.5% de los ingresos totales.

• Gasto de marketing digital: $ 62.3 millones
• Publicidad tradicional: $ 48.9 millones
• Campañas promocionales: $ 35.5 millones

Operaciones de tiendas minoristas

Los gastos operativos de la tienda minorista para Guess ', Inc. en 2023 totalizaron $ 312.5 millones, que incluye:

Gasto operativo	Cantidad (en millones)
Costos de arrendamiento minorista	$156.2
Mantenimiento de la tienda	$87.6
Servicios públicos y servicios	$68.7

Salarios y beneficios de los empleados

La compensación total de los empleados por Guess ', Inc. en el año fiscal 2023 fue de $ 389.6 millones.

• Salarios base: $ 267.4 millones
• Bonos de rendimiento: $ 58.3 millones
• Beneficios de atención médica y jubilación: $ 63.9 millones

Tecnología e inversiones en infraestructura digital

Guess ', Inc. invirtió $ 54.2 millones en tecnología e infraestructura digital en 2023.

Categoría de inversión tecnológica	Cantidad (en millones)
Desarrollo de la plataforma de comercio electrónico	$22.7
Mejoras de ciberseguridad	$12.5
Tecnología de marketing digital	$19.0

Guess ', Inc. (GES) - Modelo de negocios: flujos de ingresos

Ventas de tiendas minoristas

A partir del año fiscal 2023, Guess 'reportó ingresos netos totales de $ 2.44 mil millones. Las ventas de tiendas minoristas contribuyeron significativamente a esta cifra.

Tipo de tienda	Número de tiendas	Ingresos estimados
Guess Guess Minord Stores (Norteamérica)	387	$ 812 millones
Guess Stores minoristas (internacional)	521	$ 645 millones

Transacciones de comercio electrónico en línea

Las ventas digitales representaron aproximadamente el 22% de los ingresos netos totales en el año fiscal 2023.

• Ingresos en línea: $ 537 millones
• Tasa de crecimiento del comercio electrónico: 8.3% año tras año

Distribución al por mayor

Los canales al por mayor siguieron siendo un flujo de ingresos crítico para sujetos '.

Canal al por mayor	Contribución de ingresos
Grandes almacenes	$ 412 millones
Minoristas especializados	$ 328 millones

Ventas del mercado internacional

Los mercados internacionales contribuyeron sustancialmente a adivinar los ingresos.

Región	Ganancia	Porcentaje de ingresos totales
Europa	$ 524 millones	21.5%
Asia	$ 276 millones	11.3%
Américas (excluyendo)	$ 186 millones	7.6%

Licencias y asociaciones de marca

Los ingresos por licencias proporcionaron un flujo de ingresos adicional.

• Ingresos totales de licencia: $ 42 millones
• Número de acuerdos de licencia activa: 17

Guess', Inc. (GES) - Canvas Business Model: Value Propositions

Accessible premium fashion with a distinctive, American-European aesthetic.

• The core brand built its foundation on an innovative yet understated New York aesthetic with a strong expertise in denim, blending traditional craftmanship with modern cultural references.
• The company's global footprint spans approximately 100 countries as of November 2, 2024.
• For the third quarter of fiscal year 2026, ended November 1, 2025, total net revenue was $791 Million, up 7% in U.S. dollars.
• The adjusted operating margin for the third quarter of fiscal year 2026 was 4.7%.

Diversified product offering across multiple lifestyle categories.

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection that includes:

• Contemporary apparel
• Denim
• Handbags
• Watches
• Eyewear
• Footwear

Product Category/Segment	Fiscal Year 2025 Net Revenue Change (USD)	Fiscal Year 2025 Operating Margin
Total Net Revenue	8% increase	N/A
Licensing Segment	N/A	93.0%
Americas Retail Segment	N/A	1.0%

Multi-brand portfolio (rag & bone, GUESS JEANS) for varied price points.

The portfolio expansion includes the integration of rag & bone and the development of the GUESS JEANS line.

• rag & bone contributed to a 79% surge in Americas Wholesale revenue in Q3 2025.
• rag & bone generated unaudited annual revenue of approximately $250 Million in 2023.
• The company contributed $57.1 Million toward the purchase of rag & bone operating assets on April 2, 2024.
• GUESS JEANS launched a dedicated eyewear collection in partnership with Marcolin in late 2025.

Commitment to product excellence and local market needs.

• The GUESS JEANS line is specifically committed to sustainability, expanding into new territories like eyewear.
• The company directly operated 1,057 retail stores in Europe, the Americas, and Asia as of November 2, 2024.
• GUESS JEANS opened its first four-story flagship store in Asia, in Tokyo, in July 2025.
• Europe remains a key engine, showing strong wholesale momentum, with its operating margin at 9.5% in fiscal 2025.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Customer Relationships

You're looking at how Guess?, Inc. connects with its buyers as of late 2025. The focus is clearly on merging the physical and digital worlds to keep the brand relevant.

Customer-centric omni-channel experience

Guess?, Inc. is driving its customer experience through an integrated omni-channel approach. The company directly operated 1,074 retail stores across Europe, the Americas, and Asia as of May 3, 2025. For the full fiscal year 2025, total net revenue reached $3.00 billion, an increase of 8% year-over-year. In Europe, retail comparable sales, which include e-commerce, saw a 3% increase in U.S. dollars for the full fiscal year 2025. Specifically in the fourth quarter of fiscal 2025, the inclusion of e-commerce sales positively impacted the retail comparable sales percentage by 1% in U.S. dollars.

Metric	Value (As of Latest 2025 Data Point)	Reporting Period/Date
Total Net Revenue	$3.00 billion	Fiscal Year 2025 (Ended Feb 1, 2025)
Europe Retail Comparable Sales (incl. e-commerce) Growth	3%	Full Fiscal Year 2025
Directly Operated Retail Stores	1,074	May 3, 2025
Q4 FY2025 E-commerce Impact on Retail Comp Sales	1% Positive Impact (USD)	Q4 Fiscal 2025

Personalized marketing via the Customer 360 CRM platform

The foundation of personalized marketing is data centricity, which Guess?, Inc. addresses using Salesforce Customer 360. This system aims to provide a single customer view by breaking down information silos across physical and digital channels. Associates use insights from this platform, including cross-channel purchase history and loyalty status, to forge stronger customer relationships. The industry context shows that 81% of organizations are expected to use AI-powered CRM systems in 2025.

• Empowers associates with insights beyond transactional data.
• Helps reduce the time and effort needed to fix customer problems.
• Enables cross-selling and upselling opportunities.
• Supports the goal of driving stronger e-commerce sales.

Brand engagement through celebrity and influencer collaborations

Guess?, Inc. continues to set up celebrity and influencer collaborations to engage more effectively with millennial and Gen Z consumers, a key part of its strategy to boost brand relevancy. While specific 2025 engagement metrics aren't public, the company is investing more in social media and customer engagement to drive traffic both in-store and online.

Loyalty programs and post-purchase recycling (GUESS Again)

The GUESS Again program is a key component of the company's commitment to circular business models under the ACTION GUESS ESG strategy. This program has two main avenues for customer participation:

• In-store recycling in the US & Canada, partnering with Homeboy Threads.
• E-commerce recycling via SuperCircle, where customers request a shipping label online.

Customers can bring in five or more articles of clothing of any brand to any GUESS store in the US & Canada to receive a discount on their next full-priced qualifying purchase. For responsibly recycling items through the SuperCircle partnership, customers immediately receive GUESS credit for future purchases. As of August 3, 2024, the company had 1,054 directly operated retail stores in Europe, the Americas, and Asia, which serve as drop-off points for the in-store recycling component.

Finance: review the Q4 FY2025 marketing spend allocation across digital engagement channels by next Tuesday.

Guess', Inc. (GES) - Canvas Business Model: Channels

You're looking at how Guess?, Inc. gets its products into the hands of customers as of late 2025. It's a mix of owning the experience and leaning on partners, which is typical for a global brand of this scale.

The total net revenue for the full fiscal year 2025 reached $3.0 billion, which was an 8% increase in U.S. dollars over the prior year. This growth was solid, though the direct-to-consumer (DTC) side faced some headwinds, particularly in North America and Asia, due to slower customer traffic.

Here's a breakdown of the primary ways Guess?, Inc. moves product:

• Directly operated retail stores (DTC).
• E-commerce platforms (DTC).
• Wholesale distribution to department and specialty stores.
• Partner/distributor-operated stores.

The DTC channel, which includes physical stores and e-commerce, is a major focus area. As of November 2, 2024, Guess?, Inc. directly operated 1,057 retail stores across Europe, the Americas, and Asia. The CEO noted that sales productivity in these key market locations is currently below the benchmark set by best-in-class operators, suggesting an opportunity for improvement right where they have direct control.

E-commerce is definitely part of the mix, and it's showing positive leverage in the core retail metric. For instance, in the fourth quarter of fiscal 2025, the inclusion of e-commerce sales positively impacted the retail comparable sales percentage by 1% in U.S. dollars and constant currency. To be fair, this impact varied; in the third quarter of fiscal 2025, the positive impact on retail comps was 2% in both U.S. dollars and constant currency. Still, the penetration of e-commerce relative to the total DTC business is assessed as lower than that of the best online performers.

Wholesale distribution remains a powerful engine, especially internationally. The wholesale businesses in Europe and the Americas showed solid performance throughout fiscal 2025. For example, in the fourth quarter of fiscal 2025, Americas Wholesale revenues jumped 63% in U.S. dollars and 65% in constant currency. This channel relies on department and specialty stores globally to carry the brand.

Finally, the extended network relies on partners. At November 2, 2024, the Company's partners and distributors operated 541 additional retail stores worldwide, extending the brand's reach in nearly 100 countries through licensee and distributor partnerships.

Here's a quick look at the channel structure and some key associated figures:

Channel Type	Key Metric/Status (Latest Available)	Associated Financial Data Point
Directly Operated Retail Stores (DTC)	1,057 stores operated as of November 2, 2024	Sales productivity below best-in-class benchmark
E-commerce Platforms (DTC)	Positive impact on Q4 FY2025 retail comps by 1%	Penetration lower than best online performers
Wholesale Distribution	Americas Wholesale Q4 FY2025 revenue up 63% (USD)	Solid performance in Europe and Americas wholesale
Partner/Distributor-Operated Stores	541 additional stores operated as of November 2, 2024	Global distribution network across nearly 100 countries

Guess', Inc. (GES) - Canvas Business Model: Customer Segments

The customer segments for Guess?, Inc. (GES) are distinct, reflecting both the brand's established history and its strategic expansion into new demographics and markets as of late 2025.

Heritage customers seeking classic brand identity

This segment continues to value the iconic brand identity of Guess?. The core business performance in established markets reflects the enduring appeal to these long-term patrons.

Millennials and Generation Z (Gen Z) consumers (target of GUESS JEANS)

Guess?, Inc. is actively targeting a younger demographic through initiatives like the GUESS JEANS brand. This cohort, which includes over 68 million individuals in the US alone, shows specific purchasing behaviors.

• 77% of US Gen Zs look for style inspiration monthly.
• 40% of Gen Z shoppers report buying new products based on trends.
• This generation is the largest in history, representing 25% of the world's population.
• 65% of Gen Zers on average across 18 surveyed countries are willing to splurge in categories important to them.

Direct-to-consumer business in North America and Asia experienced slower customer traffic during parts of fiscal 2025, indicating a challenging environment for capturing this segment in those specific channels.

Affluent customer base (accessed via the rag & bone acquisition)

The acquisition of rag & bone provides access to a more affluent customer base, complementary to the core Guess? and Marciano brands. In 2023, rag & bone generated unaudited annual revenue of approximately $250 million and adjusted EBITDA of $18 million. Guess? contributed $57.1 million towards the purchase price, which completed in the first quarter of fiscal 2025.

The inclusion of rag & bone positively impacted revenue growth in the fourth quarter of fiscal 2025.

Global consumers across Europe, the Americas, and Asia

Guess?, Inc. operates across a global footprint, with revenue segmented geographically. Total net revenue for fiscal 2025 reached $3.00 billion, with constant currency revenue increasing by 10%.

The following table details the revenue breakdown for the trailing twelve months (TTM) ending June 30, 2025, showing the relative importance of each region:

Segment	Revenue (TTM as of Jun 30, 2025)
Europe	$1.61B
Americas Retail	$763.37M
Americas Wholesale	$356.09M
Asia	$249.25M
Licensing	$117.54M

Europe was the highest performing source, bringing in $1.53B in the full fiscal year 2025, while Other Foreign Countries contributed $1.10B in the same period.

For the three months ended August 2, 2025, product sales in key European markets included Italy at $88.9 million, Germany at $59.7 million, and Spain at $47.2 million.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive the Guess', Inc. business model as of late 2025. These are the necessary outflows to keep the product flowing and the brand visible.

Cost of Goods Sold (COGS) and Gross Margin

The cost to produce the goods sold directly impacts profitability. For the fiscal year ended January 31, 2025, Guess', Inc. reported a Gross Margin of 43.43%. This means for every dollar of revenue recognized from product sales, approximately 43.43 cents remained after accounting for the direct costs of those products.

The first quarter of fiscal 2026 saw a slight compression in this area, with the Gross Margin reported at 39.9%. Management noted that approximately 70% of this decline was due to business mix, specifically higher wholesale volume and lower royalty income.

Operating Expenses: Store Costs and Restructuring

Operating expenses are a major component of the cost structure, covering everything from running the physical locations to one-time adjustments. For the nine months ended November 1, 2025, GAAP operating margin decreased to 0.4%, driven in part by higher expenses, including store costs.

Restructuring charges are a known cost factor, as they are frequently listed as an exclusion when calculating adjusted results for periods like the nine months ended November 1, 2025, and the first quarter of fiscal 2026. For the nine months ended November 1, 2025, GAAP earnings from operations decreased to $8.0 million.

Store costs specifically impacted the Americas Retail segment margin, which decreased to a negative 6.3% for the nine months ended November 1, 2025.

Advertising and Marketing Expenses

Keeping the Guess? brand top-of-mind requires significant marketing spend. For the nine months ended November 1, 2025, higher expenses, including higher advertising expenses, contributed to the pressure on the operating margin. The company has been focused on initiatives like a new European loyalty program and expanded social media investment.

Capital Expenditures (CFI Outflow)

Investments in property, plant, and equipment-your Capital Expenditures-are a key cash outflow. For the fiscal year ending January 2025, Guess', Inc.'s capital expenditures were $86.089 million. This compares to an average of $66.439 million over the five fiscal years ending in 2025.

Supply Chain and Inventory Management Costs

Managing inventory is a critical cost consideration, especially given recent global logistics issues. In the first quarter of fiscal 2026, Guess', Inc. reported a 15% increase in inventory globally. This buildup was intentional, driven by early shipments to Europe to mitigate Red Sea supply chain risks. Inventory ended the quarter at $638 million.

The CFO noted an investment of about $50 million in working capital to support this inventory strategy. The expectation is to reclaim that cash once the supply chain situation normalizes.

Here's a quick look at some of the key cost-related figures:

Metric	Period/Date	Amount/Rate
Gross Margin	FY2025 (ending Jan 31, 2025)	43.43%
Gross Margin	Q1 FY2026	39.9%
Inventory Increase	Q1 FY2026	15%
Ending Inventory	Q1 FY2026	$638 million
Working Capital Investment (Inventory related)	Q1 FY2026	About $50 million
GAAP Earnings from Operations	9M FY2026 (ended Nov 1, 2025)	$8.0 million
Capital Expenditures	FY2025	$86.089 million

The cost structure also includes specific segment pressures:

• Operating margin for Europe segment decreased 0.5% to 6.2% for the nine months ended November 1, 2025, driven by higher expenses.
• Americas Retail segment operating margin was negative 6.3% for the nine months ended November 1, 2025, due to higher expenses.
• The cost of exiting unprofitable channels, such as plans to exit certain North America stores and eliminate losses in Greater China, also factor into future restructuring/operating costs.

Finance: draft 13-week cash view by Friday.

Guess', Inc. (GES) - Canvas Business Model: Revenue Streams

You're looking at the core ways Guess?, Inc. brings in cash, which is pretty straightforward for a global apparel brand. The vast majority of their money comes from selling things, but the licensing piece is where the high-margin dollars live. We're focusing on the numbers as of late 2025, grounded in the Fiscal Year 2025 results.

Product Sales (Retail and Wholesale) are the engine, generating approximately ~96.2% of Trailing Twelve Months (TTM) revenue. This is the bread and butter of Guess?, Inc., covering everything from the clothes you buy in their stores to the inventory shipped to department stores globally. To be fair, this mix shifts slightly quarter-to-quarter based on inventory timing, but it's the dominant stream.

The total picture for the last full fiscal year is clear: Total Net Revenue for Fiscal Year 2025 was $3.00 billion. This marked an 8% increase in U.S. dollars over Fiscal Year 2024's $2.78 billion. This growth was defintely helped by strategic moves, even as some parts of the business faced headwinds.

The growth drivers in FY2025 were concentrated in specific areas. You saw strong momentum in the wholesale channels, particularly in Europe and the Americas. This is a key area to watch for future performance.

• Wholesale revenue growth in Europe and the Americas was a key driver in FY2025.
• Europe revenues increased 4% in U.S. dollars for FY2025.
• Americas Wholesale revenues saw a massive increase of 63% in U.S. dollars for FY2025.

The Direct-to-Consumer (DTC) channel, which includes sales from physical stores and e-commerce, is the other half of the product sales equation. While the company missed some internal plans for DTC due to slower customer traffic in North America and Asia, the segment still contributed significantly. For the fourth quarter of FY2025, Retail comparable sales (including e-commerce) increased 3% in U.S. dollars.

Here is a breakdown of the revenue streams by segment for the TTM ending June 30, 2025, which gives you a clearer view of where the $3.00 billion total is coming from:

Revenue Segment	TTM Revenue (Ending June 30, 2025)
Europe (Retail & Wholesale)	$1.61B
Americas Retail	$763.37M
Americas Wholesale	$356.09M
Asia	$249.25M
Licensing	$117.54M

Finally, you have Net Royalties from Licensing agreements. This is the high-margin stream because it requires minimal operational cost once the agreement is in place. For the full Fiscal Year 2025, this stream grew nicely, increasing 10% in both U.S. dollars and constant currency. Still, this segment faced some internal mix changes, as Licensing revenues were flat in the third quarter of FY2025 due to the internalization of the outerwear business.