• Jerash is like the Foxconn of sport and outerwear manufacturing.

• Jackets: Customized and readymade jackets for sport and outerwear.
• Polo Shirts: Customized and readymade polo shirts made from knitted fabric.
• T-shirts: Customized and readymade t-shirts made from knitted fabric.
• Pants: Customized and readymade pants for sport and outerwear.
• Shorts: Customized and readymade shorts for sport and outerwear.
• Personal Protective Equipment (PPE): Equipment designed to protect individuals.

Jerash (JRSH) sells primarily to other companies, specifically brand-name retailers. Based on their public filings, the company's major customers include:

• Walmart (WMT)
• PVH Corp. (owner of Tommy Hilfiger and Calvin Klein brands) (PVH)
• American Eagle Outfitters (AEO)
• New Balance
• Nike (NKE)

Samuel Choi

Chairman, CEO, President & Treasurer

Samuel Choi was appointed CEO in May 2017. He was appointed Director of Jerash Garments in 2012. Mr. Choi worked at Deutsche Bank and First Pacific Bank from 1987 to 1995, and subsequently began his work in the garment and textile industry in 1995. He holds a professional diploma in Company Secretaryship and Administration from Hong Kong Polytechnic (1985) and an MBA with distinction from the University of Sheffield, England (1987).

Gilbert K. Lee

Chief Financial Officer

Gilbert K. Lee was appointed Chief Financial Officer in December 2019. Prior to joining Jerash Holdings, he served as the Chief Financial Officer of Fuling Global Inc., a Nasdaq-listed manufacturer, from August 2015 to November 2019. From August 2011 to May 2015, Mr. Lee was the U.S.-based Chief Financial Officer and later Vice President of Business Development for Tanke Biosciences Corporation, a livestock nutrition products manufacturer. He has also held roles as Director of Finance at Two's Company and Director of Finance and Marketing at Essilor of America. Earlier in his career, he was a Plant Controller for an NYSE-listed roofing materials manufacturer. Mr. Lee earned his MBA from the University of Texas at Austin in 1995, an MPA from the University of Texas at Arlington in 1987, and a BBA in Marketing from the University of Texas at Arlington in 1982.

Wei (Kitty) Yang

Vice President, Secretary, Director

Wei Yang has served as Deputy General Manager of Jerash Garments since 2014. She possesses extensive executive expertise in human resources management and as a liaison with overseas business partners within the manufacturing industry in Jordan. Ms. Yang is fluent in English, Arabic, and Chinese.

Eric Tang

Head of Operations, Jordan

Eric Tang has been responsible for the operation of Jerash Garments in Jordan since 2007. He brings over 20 years of experience in trade and manufacturing within the garment industry.

Baiju Chellamma

General Manager

Baiju Chellamma has been the General Manager of Jerash Garments since 2008. Before joining Jerash, he served as factory manager for Classic Fashion Apparel Industry in Egypt and as factory manager for Bin Jabr Group Ltd. in Abu Dhabi. Mr. Chellamma holds a BA from the University of Kerala in India.

The key risks to Jerash Holdings (US), Inc. (JRSH) are:

1. Customer Concentration Risk: Jerash Holdings faces significant risk due to its substantial reliance on VF Corporation, which constituted approximately 65% and 67% of total sales in fiscal years 2025 and 2024, respectively. The absence of long-term contracts or minimum purchase requirements with VF Corporation or other major customers creates instability in revenue generation.
2. Geopolitical and Operational Risks in Jordan: The company's manufacturing operations are concentrated in Jordan, making it vulnerable to geopolitical events, regional conflicts, and political instability. These factors can lead to significant supply chain disruptions, increased logistics costs, and delays in both the shipment of raw materials and finished goods, as evidenced by challenges with ports like Haifa and the need to explore alternative routes.
3. Regulatory and Trade Policy Risks: Changes in international trade agreements and the imposition of tariffs, such as the 10% baseline tariff by the U.S. on imports from Jordan, or potential reciprocal tariffs, could negatively impact the company's competitiveness and overall profitability.

The emerging trend of nearshoring and reshoring apparel manufacturing, driven by advancements in automation, on-demand production technologies, and increasing pressure for supply chain resilience and speed-to-market, poses a clear threat. As retailers and brands seek to reduce long lead times, minimize geopolitical risks, and improve sustainability credentials, they are exploring options to produce closer to their end markets. This shift could diminish the competitive advantage of distant, large-scale contract manufacturers like Jerash, whose business model relies on global export from regions like Jordan.

The addressable markets for Jerash Holdings (US), Inc.'s main products and services are significant both globally and in the United States:

• For customized and readymade sport and outerwear:
  • The global sportswear market was estimated at approximately USD 399.44 billion in 2025.
  • The U.S. activewear market was valued at around USD 135.1 billion in 2024.
  • The global outerwear market reached USD 155 billion in 2024.
  • The global knitwear market, which encompasses apparel made from knitted fabric, was valued at USD 894.06 billion in 2024.
• For personal protective equipment (PPE):
  • The global Personal Protective Equipment (PPE) market size was valued at USD 84.43 billion in 2024.
  • The U.S. Personal Protective Equipment (PPE) market was valued at USD 15.6 billion in 2025.

Here are 3-5 expected drivers of future revenue growth for Jerash Holdings (JRSH) over the next 2-3 years:

1. Increased Production Capacity: Jerash Holdings is significantly expanding its manufacturing capabilities. The company recently acquired a new manufacturing building in Amman, Jordan, which is projected to increase production capacity by at least 40% once renovations are completed by the end of calendar year 2026. This expansion is a key part of their five-year growth strategy to more than double current production capacities.
2. Acquisition of New Customers and Customer Base Diversification: The company is actively pursuing and securing new clients. Recent success includes attracting a fresh pipeline of orders from new customers with established global brands and gaining another European-based high-end apparel brand. Notably, Q3 fiscal 2026 results were boosted by significant initial orders from a new strategic partner, Hansoll Textile in Korea. Jerash is also receiving new business from high-profile global brands through its joint venture with Busana.
3. Expansion into New Geographic Markets: Jerash Holdings is targeting growth in new regions. The company is particularly enthusiastic about its expansion opportunities in Europe, where it has secured a new high-end apparel brand and initiated trial orders. Additionally, the Q3 fiscal 2026 revenue growth was partly driven by a new customer in Korea, alongside higher shipments to existing major export markets like the U.S.
4. Product Diversification: The company's strategy includes broadening its product offerings. Product diversification was cited as a contributor to revenue growth in Q3 fiscal 2026, and management has emphasized a continued focus on diversifying both the customer base and the product mix as a long-term strategy.
5. Increased Order Volumes from Existing Customers: Jerash is experiencing a strong and continued demand from its long-standing global customers. This consistent demand contributes significantly to the company's revenue growth, with a tangible increase in purchase orders from these established clients.

Share Repurchases

• Jerash Holdings' board of directors authorized a share repurchase program of up to $3.0 million, which was in effect through the end of the company's fiscal year, March 31, 2023.

Capital Expenditures

• In fiscal year 2025, Jerash Holdings completed the construction of a 195,000-square-foot housing facility for its workforce in Al Tajamouat Industrial City.
• The company plans to invest approximately $1.3 million and $7.8 million in capital expenditures for fiscal years ending March 31, 2026, and 2027, respectively, primarily to enhance production capacity.
• In February 2026, Jerash Holdings received approval to acquire an approximate 184,000 square-foot manufacturing building and associated land in Amman, Jordan, for about $3.4 million, with plans to invest an additional $5.0 million for renovations and advanced manufacturing equipment. This investment is projected to increase manufacturing capacity by at least 40%.