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1. Authentic Brands Group (ABG) for accessible fashion brands.

2. A smaller G-III Apparel Group, focused on accessible fashion, celebrity brands, and live streaming commerce.

3. PVH Corp (owners of Calvin Klein and Tommy Hilfiger) for the home shopping and digital retail audience.

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• Brand Licensing and Management: Manages and licenses a portfolio of fashion and lifestyle brands, overseeing design, manufacturing, and distribution through various retail channels.
• Live Streaming E-commerce Platform: Operates a proprietary interactive live streaming e-commerce platform that connects consumers directly with their brands and products.

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1. National Department Stores: Major retail chains that carry Xcel Brands' apparel, accessories, and other licensed products.
2. Mass Market Retailers: Large-scale retailers catering to a broad consumer base, distributing Xcel Brands' products.
3. Specialty Stores: Smaller, more focused retail outlets that carry specific Xcel Brands' collections.
4. Licensing Partners: Other companies that license Xcel Brands' intellectual property (brand names, designs) to produce and distribute products in various categories under those brands.

1. Fashion-Conscious Consumers: Individuals interested in designer or branded apparel, accessories, and home goods from brands such as Halston, Judith Ripka, and C. Wonder.
2. Livestream Shopping Enthusiasts: Shoppers who engage with real-time product presentations and interactive purchasing experiences on platforms like HSN, QVC, and Xcel Brands' own livestream shopping initiatives.
3. Online Shoppers Seeking Value and Convenience: Consumers who utilize Xcel Brands' direct-to-consumer e-commerce sites for product discovery, selection, and purchase from the comfort of their homes.

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Robert W. D'Loren, Chairman & Chief Executive Officer

Robert W. D'Loren is the Founder, Chairman, and Chief Executive Officer of Xcel Brands, which he founded in 2011. He is also the founder and chairman of IPX Capital, LLC, a private investment firm, and co-founded KonnectBio, Inc. and ORME, both livestream and social commerce technology companies. Before Xcel Brands, Mr. D'Loren was the Founder, President, and CEO of NexCen Brands from 2006 to 2008, a global brand acquisition and management company that included holdings such as The Athlete's Foot and Bill Blass. He co-founded UCC Capital Corporation with Prudential Securities, serving as CEO, focusing on investing debt and equity in intellectual property-based companies, and was an industry leader in intellectual property financing. His entrepreneurial career began in 1985 as the founder, President, and CEO of The D'Loren Organization, an investment and advisory firm. Mr. D'Loren has acquired and invested in over 30 consumer companies and served as an asset manager for Fosterlane Management and a manager with Deloitte. He has also served on the Board of Directors for Iconix Brand Group, NexCen Brands, Longaberger Company, Business Loan Center, KonnectBio, and ORME.

James F. Haran, Chief Financial Officer

James F. Haran has served as Xcel Brands' Chief Financial Officer since September 2011. Prior to this, he was the CFO of IPX Capital, LLC and its subsidiaries from June 2008 to September 2011. Mr. Haran also held the position of Executive Vice President, Capital Markets for NexCen Brands, Inc. from 2006 to May 2008. From 1998 to 2006, he was the Chief Financial Officer and Chief Credit Officer for UCC Capital Corporation. Before joining UCC, Mr. Haran was a partner at Sidney Yoskowitz and Company P.C., specializing in real estate and financial services companies.

Joe Falco, President, Chief Merchandising Officer

Joe Falco is the President and Chief Merchandising Officer of Xcel Brands, where he oversees merchandising operations and consumer-facing businesses, including direct-response television and livestreaming. He leads design and ensures consistent brand messaging across all consumer touchpoints. With over 20 years of experience, Mr. Falco has held key leadership roles with global lifestyle brands and retailers such as Calvin Klein, DKNY, Dolce & Gabbana, The Sixty Group, and Elie Tahari. He began his career at Barneys New York.

Seth Burroughs, Executive Vice President of Business Development and Treasury and Secretary

Seth Burroughs serves as the Executive Vice President of Business Development and Treasury and Secretary for Xcel Brands.

Olin Lancaster, Chief Revenue Officer

Olin Lancaster was appointed Chief Revenue Officer of Xcel Brands in September 2025, bringing over three decades of leadership experience in global consumer brands. His career includes senior roles at Kenneth Cole, DKNY, Global Brands Group, and Ralph Lauren. Most recently, he was the CEO of Meridian Brands, where he successfully led a major rebrand, restructuring, and growth strategy, significantly improving profitability and operational performance. At Ralph Lauren, Mr. Lancaster oversaw a wholesale business valued at $1.7 billion. He also serves on the board of Mizzen + Main.

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The key risks to Xcel Brands (XELB) are:

1. Declining Licensing Revenue and Sustained Net Losses: Xcel Brands has experienced a significant decline in net licensing revenues, attributed to cautious consumer spending and the underperformance of certain brands, such as Halston. This decline directly impacts the company's primary revenue stream. The company has also reported significant and ongoing net losses, raising concerns about its profitability. For instance, net licensing revenues fell from $1.5 million in Q3 2024 to $1.1 million in Q3 2025, and the company reported a net loss of approximately $7.9 million for Q3 2025.
2. Liquidity Concerns and High Debt Load: Xcel Brands faces significant financial challenges, including "intense debts" and "liquidity concerns," with a "troublingly low" current ratio. The company's 10-Q filing from November 2025 also highlighted "losses, debt load and cash burn." These financial weaknesses could impede the company's ability to fund operations, invest in growth, or meet its financial obligations.
3. Adverse Macroeconomic Conditions and External Operational Disruptions: The company is vulnerable to broader macroeconomic challenges, such as inflation and rising consumer debt, which can dampen demand for its products. Additionally, external factors like tariffs and operational disruptions, including the transition of HSN to new studios, have negatively impacted sales and overall financial performance.

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The rapidly growing trend of individual creators and influencers launching and directly selling their *own* branded products through platforms like TikTok Shop and Instagram Shopping, thereby bypassing traditional brand licensors and aggregators like Xcel Brands. Xcel Brands' core business model revolves around acquiring, managing, and leveraging established fashion and lifestyle brands, often through celebrity/influencer-led live stream shopping and direct-to-consumer channels. The emergence of robust creator-led commerce platforms empowers individual influencers to build and monetize their own direct-to-consumer product lines from scratch, without the need to license or associate with established brands or companies like Xcel. This shift undermines Xcel's value proposition as a consolidator and marketer of fashion brands, as the direct relationships and branding power increasingly reside with the individual creators themselves, who can become direct competitors with their own intellectual property and distribution channels.

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For Xcel Brands (XELB), the addressable markets for their main products and services, primarily branded apparel, footwear, accessories, and home goods through licensing, are as follows:

• Branded Apparel, Footwear, and Accessories (Licensing):
  • The global apparel licensing market size was valued at approximately USD 97.16 billion in 2025.
  • The North American apparel licensing market reached approximately USD 35.65 billion in 2025.
• Branded Home Goods (Licensing):
  • The global market for licensed home décor reached over USD 25.7 billion in sales in 2022.
  • The global market for licensed housewares reached USD 9.3 billion in 2022.
  • In the U.S./Canada region, retail sales of licensed home décor products were USD 19.4 billion in 2022.
  • In the U.S./Canada region, licensed housewares sales were USD 4.87 billion in 2022.

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Here are 3-5 expected drivers of future revenue growth for Xcel Brands (XELB) over the next 2-3 years:

1. Strategic Pivot to an Asset-Light, Pure-Licensing Model: Xcel Brands is transitioning fully to a core working capital licensing business, exiting wholesale operating businesses. This strategic shift is expected to drive future revenue growth through increased licensing revenues, promising remarkable gross margins.
2. Growth of Key Existing Brands: The company anticipates continued growth from its established brands such as C. Wonder, Tower Hill by Christie Brinkley, and Halston. C. Wonder has demonstrated strong performance on HSN with significant retail sales growth, and Tower Hill by Christie Brinkley exceeded its launch plan and is projected for continued strong sales into 2025. This growth in brand performance is expected to translate into higher licensing revenues.
3. Launch of New Brands and Expansion into New Categories/Channels: Xcel Brands plans to introduce several new brands in late 2025 and throughout 2026. This initiative aims to diversify its brand portfolio into new product categories, such as footwear and handbags (slated for spring 2025), and expand into new retail distribution channels, thereby broadening its market reach and revenue streams. The company is also focusing on new "creator-influencer" brands.
4. Leveraging Social Commerce and Live Streaming: Xcel Brands is focused on building influencer-driven brands through live streaming and social commerce. The company emphasizes innovation in video shopping and social commerce platforms to engage customers, indicating that increased activity and sales through these digital channels are expected to be a significant driver of future revenue.

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Share Issuance

• In August 2025, Xcel Brands completed a public offering of 2,181,818 shares of common stock at $1.10 per share.
• Concurrently in August 2025, the company's CEO and a director purchased 82,159 and 60,883 shares, respectively, at $1.38 per share.
• The aggregate net proceeds from these offerings, after deducting expenses, were approximately $2.0 million.
• A 1-for-10 reverse stock split was effected by Xcel Brands on March 25, 2025.

Outbound Investments

• In December 2023, Xcel Brands acquired a noncontrolling equity interest in ORME, a short-form video social commerce marketplace.

Capital Expenditures

• Xcel Brands' "licensing plus" operating model is a working capital light business model that generally does not require material capital expenditures.
• As of June 30, 2025, the company had no significant commitments for future capital expenditures.