YS Garment LLC

Overview Key strengths Key risks Relatively low fashion risk. Small scale with limited brand recognition. Good EBITDA margin and a history of revenue growth. High customer and product concentrations. Competitive market with limited barriers to entry. Near-term maturities and refinancing risk. Financial sponsor ownership. We project the company?s revenue will grow approximately 10% in 2022. We view this growth is strong and above industry average, but this is a significant slowdown compared with the 75% annual growth rate in 2021 as it was recovering from restrictions during the onset of COVID-19. This is also slower growth than the 40% sales growth above 2019 levels in its casual apparel categories during the stay-at-home and working-from-home periods. Its revenues increased 33% in

...YS Garment LLC's (Next Level Apparel) growth will slow down in 2022 as consumers shift to dressier categories for work and social gatherings. We project the company's revenue will grow approximately 10% in 2022. We view this growth is strong and above industry average, but this is a significant slowdown compared with the 75% annual growth rate in 2021 as it was recovering from restrictions during the onset of COVID-19. This is also slower growth than the 40% sales growth above 2019 levels in its casual apparel categories during the stay-at-home and working-from-home periods. Its revenues increased 33% in the first quarter of 2022, from strong casual...

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