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SECTOR: ConsumersSECTOR: ConsumersCOMPANY: True ReligionCOMPANY: True ReligionSR. ANALYSTS: ANNA BRAETJR. ANALYSTS: AMANDA CANNIZZIO, BRIDGET EASTES, MOLY FANG, JONATHAN GARNICK,, IMRAN HOSSEIN, JENNY KWONG, LESLIE MULLINGS, PRADEEP MAHTANI, ANDREW WALTERS
The Premium Brand Denim & Apparel Industry consists of companies that design, manufacture, and distribute high-end apparel and accessories through distributors and company retail stores, with a specialized focus on luxury denim products to be sold to young-adults with high discretionary income.
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By Revenue Industry Market Share by Revenue
True Religion True Religion Company SnapshotCompany Snapshot
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Market Cap Revenue Beta Gross Margin EBITDA EPS P/E
570.42M $311M 1.72 63% 84M 1.75 10.8
TRLG Value ChainTRLG Value Chain
Outsource Production
to U.S. (denim),
Mexico, Asia
Raw Materi
als
In-House Distributio
n Showrooms (CA and
NY)
Direct from TRLG to Customers Brande
dRetailers
Department Stores & Boutiques
Licensing Accessory Manufacturers
International ExpansionInternational Expansion• Headquarters: Switzerland, Japan, South Korea, Hong
Kong, Germany• Joint Venture with German Distributor UNIFA Premium– Reduce Distribution costs
04/22/23 BU Finance & Investment Club 6Source: Company Filings
TRLG ExpansionTRLG Expansion
04/22/23 BU Finance & Investment Club 7
• 101 stores in 5 years• Saturation around 1000
stores • Expanding faster than
competitors – VFC: 50% marketing
on sportswear– BKE: not abroad– GES: approaching
saturation
Source: Company Filings
Total Store Openings:
Movement to Movement to Consumer DirectConsumer Direct