Here are 1-3 brief analogies for Birks:

• Birks is often referred to as "Canada's Tiffany & Co."
• It's like a Canadian version of Tiffany & Co. or Cartier, specializing in luxury jewelry and watches.

• Fine Jewelry: Birks offers a wide array of luxury jewelry items, including rings, necklaces, bracelets, and earrings crafted from precious metals and gemstones.
• Luxury Watches: The company retails high-end timepieces from various renowned international brands, alongside its own Birks-branded watch collections.
• Bridal Jewelry: Birks specializes in a dedicated selection of engagement rings, wedding bands, and other custom pieces for special bridal occasions.

Birks Group Inc. (symbol: BGI) sells primarily to individuals.

Its primary customer categories are:

• Luxury Consumers/High-Net-Worth Individuals: These customers are affluent individuals who seek premium, high-quality jewelry, watches, and gifts for personal indulgence. They often value brand heritage, craftsmanship, and exclusivity for significant personal milestones or as everyday luxury items.
• Bridal & Engagement Customers: This category includes individuals purchasing engagement rings, wedding bands, and other fine jewelry specifically for their upcoming weddings, proposals, or related celebratory events. This segment represents a significant life event purchase.
• Special Occasion Gift Givers: Customers who purchase luxury items as gifts for others, commemorating anniversaries, birthdays, holidays, graduations, or other significant events. This category also includes corporate gifting.

• Compagnie Financière Richemont SA (SWX: CFR)
• The Swatch Group AG (SWX: UHR)
• LVMH Moët Hennessy Louis Vuitton SE (EPA: MC)
• Seiko Holdings Corporation (TYO: 8050)

Niccolò Rossi di Montelera, Executive Chairman of the Board & Interim Chief Executive Officer

Niccolò Rossi di Montelera was appointed Interim CEO effective August 29, 2025. He was elected to the Company's Board of Directors in September 2010 and served as Vice-Chairman of the Board from June 2015 until becoming Executive Chairman in January 2017. His long-standing involvement with Birks provides a deep understanding of the company's heritage and strategic direction.

Davide Barberis Canonico, Corporate Director, Interim President & Chief Operating Officer

Davide Barberis Canonico was appointed Interim President and Chief Operating Officer, assuming day-to-day leadership responsibilities, effective August 29, 2025. He has served on the Birks Group Board of Directors for 12 years and brings extensive leadership experience, having held CEO roles at several other companies.

Katia Fontana, Vice President, Chief Financial Officer

Katia Fontana has been the Vice President and Chief Financial Officer of Birks Group Inc. since January 2020, overseeing finance, real estate, information technology, and e-commerce. Prior to joining Birks, she was Chief Financial Officer at Avenir Global in 2019 and at Groupe Dynamite Inc. from 2004 to 2019. She began her career at Deloitte from 1993 to 2004, rising to Senior Director, Audit & Assurance.

Miranda Melfi, Vice President, Human Resources, Chief Legal Officer and Corporate Secretary

Miranda Melfi serves as Vice President of Human Resources, Chief Legal Officer, and Corporate Secretary for Birks Group.

Maryame El Bouwab, Vice President, Merchandising, Planning & Supply Chain

Maryame El Bouwab holds the position of Vice President, Merchandising, Planning & Supply Chain at Birks Group.

1. High Financial Leverage, Liquidity Risks, and NYSE American Listing Compliance: Birks Group faces significant financial challenges, including high debt, negative stockholders' equity, and a low current ratio. The company received a non-compliance notice from NYSE American regarding its continued listing standards and has until August 2026 to meet these requirements, with the threat of delisting if it fails to do so. This precarious financial position directly impacts its ability to meet short-term obligations and could hinder future capital raising.
2. Sensitivity to Macroeconomic Conditions and Consumer Discretionary Spending: As a luxury jewelry and timepiece retailer, Birks Group's performance is highly vulnerable to macroeconomic shifts, inflation, and changes in consumer discretionary spending. Economic downturns or reduced consumer confidence can lead to decreased demand for luxury goods, thereby adversely affecting the company's sales and profitability.
3. Foreign Exchange Volatility: Birks Group's business is exposed to foreign exchange rate fluctuations due to its reliance on imported goods from the U.S. and Europe. A weaker Canadian dollar against other major currencies can increase the cost of these imported goods, consequently impacting the company's gross profit margins.

1. The rapid growth and increasing consumer acceptance of lab-grown diamonds (LGDs) pose a clear emerging threat. LGDs are chemically and physically identical to mined diamonds but are significantly more affordable and often marketed with stronger ethical and sustainability claims. This trend threatens to devalue traditional natural diamonds, pressure profit margins on Birks' core product offerings, and shift consumer preferences towards alternatives that could commoditize a segment of the luxury jewelry market.

2. The accelerating shift towards online luxury jewelry purchases, especially among younger, digitally native demographics, presents a significant threat. While Birks maintains an online presence, its business model heavily relies on brick-and-mortar stores and the high-touch in-store experience. Pure-play online retailers and direct-to-consumer brands are increasingly capturing market share by offering convenience, broader selections, competitive pricing, and sophisticated digital tools, potentially diminishing the unique value proposition of traditional luxury physical retail.

The primary addressable markets for Birks Group Inc. (BGI) are in the luxury fine jewelry and luxury timepiece sectors, predominantly within Canada.

Addressable Markets:

• Luxury Watch Market (Canada): The Canadian luxury watch market generated a revenue of approximately USD 885.8 million in 2023. This market is projected to reach approximately USD 1,313.1 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 5.8% from 2024 to 2030.
• Jewelry Market (Canada): The overall Canadian jewelry market, which includes fine jewelry, was valued at approximately USD 4,198.3 million in 2024. This market is expected to grow to approximately USD 6,915.2 million by 2033, with a CAGR of 5.8% from 2025 to 2033.
• Luxury Goods Market (Canada): More broadly, the Canada luxury goods market, which encompasses products like fine jewelry and luxury timepieces, was valued at approximately USD 32.01 billion in 2024. It is projected to reach approximately USD 61.11 billion by 2033, exhibiting a CAGR of 7.47% during the forecast period of 2025 to 2033.

1. Strategic Acquisitions and Brand Portfolio Expansion: Birks Group recently finalized the acquisition of European Boutique's luxury watch and jewelry business for C$9 million. This acquisition includes four multi-brand luxury stores, three mono-brand boutiques for prestigious brands like Omega, Breitling, and Montblanc, and an e-commerce platform. This strategic expansion is anticipated to solidify Birks' position in the Canadian luxury market, expand its physical footprint in key areas like the Greater Toronto Area, and integrate a curated portfolio of high-margin European luxury brands. The company also holds a licensing agreement to operate the Canadian brand Diamonds Direct®. Birks' CEO has also indicated a continued interest in adding more brands in the future to enhance its offerings and boost the bottom line.
2. Growth in Luxury Timepiece Sales: Luxury timepieces have been a significant driver of recent positive comparable store sales growth for Birks. When excluding the impact of a third-party jewelry brand exit, comparable store sales increased, "mainly driven by timepiece sales". The integration of new luxury watch brands through the European Boutique acquisition is expected to further capitalize on this strong-performing category.
3. Enhanced E-commerce Platform and Digital Strategy: E-commerce has demonstrated "strong performance" for Birks. The acquisition of European Boutique also includes its national e-commerce platform (European.ca), which positions Birks to further tap into the "growing demand for online luxury shopping". Continued investment in and optimization of its digital sales channels are expected to contribute to future revenue.
4. Retail Footprint Optimization and New Store Concepts: Birks is actively evaluating and enhancing its retail presence. This includes opening new stores under brands like TimeVallée and Birks, and launching new store design concepts, such as the one at Royalmount. Renovations of existing key stores, like those in Chinook and Laval, have already led to "improved sales performance". The company is also planning to open two standalone storefronts for the Chaumet brand in Canada by 2025, in Vancouver and Toronto, indicating a strategy of targeted physical expansion for successful brands.

Share Repurchases

• Birks Group has not engaged in share repurchases over the last 3-5 years.

Share Issuance

• The number of shares outstanding for Birks Group increased by 1.57% in one year.
• The company's share count has generally increased, leading to dilution for existing investors.

Inbound Investments

• In June 2025, Birks Group entered into a commitment letter for an additional term loan of CAD $13.5 million from SLR Credit Solutions, one of its senior lenders, intended to fund a strategic acquisition and ordinary course working capital.
• Contemporaneously, Mangrove Holding S.A., a controlling shareholder, agreed to advance CAD $3.75 million in additional indebtedness to fund working capital requirements.

Outbound Investments

• In July 2025, Birks Group completed the acquisition of the luxury watch and jewellery business of European Boutique for a purchase price of CAD $9,000,000.
• The acquisition of jewellery stores was a strategic focus, partially funded by a CAD $13.5 million incremental loan.

Capital Expenditures

• In the last 12 months, Birks Group's capital expenditures were approximately -$4.90 million USD.
• The company has generated negative free cash flow in four of the past five fiscal years, including negative CAD -$15.3 million in FY2023, indicating that capital expenditures have been a drain on cash flow and that the company has burned more cash than it generated from operations.
• A lack of capital for expansion suggests limited significant capital expenditures for growth initiatives.