GIII · CIK 0000821002
What G-III Apparel Group, Ltd. told the SEC could break it.
G-III's risks concentrate in its Asian sourcing base. With no owned manufacturing, about 72% of its product in fiscal 2026 came from Vietnam, China, and Bangladesh — roughly 36.9% from Vietnam and 25.0% from China — which makes additional U.S. tariffs on those imports a direct threat to its costs and gross margins. That sourcing is also vendor-concentrated: two Vietnam vendors alone supplied 27.0% and 15.6% of purchases, so losing a key vendor could disrupt deliveries. On the demand side, it carries moderate customer concentration, with one customer about 11.4% of fiscal 2026 net sales and Ross Stores another 11.0%.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. tariffs on imports from China and Vietnamhigh
FY2026 inventory was ~36.9% sourced from Vietnam and ~25.0% from China; additional U.S. tariffs on these imports would raise costs or compress gross margins.
“Products sourced from Vietnam represented approximately 36.9% of our inventory purchased in fiscal 2026. Products sourced from China represented approximately 25.0% of our inventory purchased in fiscal 2026. Additional tariffs imposed on products imported by us from China, Vietnam and potentially other countries in our supply chain would increase our costs, require us to increase prices to our customers or, if we are unable to do so, result in lower gross margins on the products sold by us.”
Supplier concentration
- Two Vietnam vendors at 27.0% and 15.6% of purchaseshigh
Sourced 27.0% and 15.6% of purchases from two different (unnamed) vendors in Vietnam in fiscal 2026; loss of key vendors could disrupt deliveries.
“In fiscal 2026, we sourced 27.0% and 15.6% of our purchases from two different vendors in Vietnam. The loss of key vendors or a disruption in receipt of products from key vendors could adversely affect our ability to deliver goods to our customers on time and in the requested quantities.”
SEC filing →As of 2026
Customer concentration
- Unnamed customer ~11.4% of net salesmedium
A single (unnamed in window) customer accounted for 11.4% of net sales in fiscal 2026; loss of largest customers could be material.
“an aggregate of 11.4% of our net sales in fiscal 2026. In addition, sales to Ross Stores accounted for an aggregate of 11.0% of our net sales in fiscal 2026. The loss of any of these customers or a significant reduction in purchases by our largest customers could have a material adverse effect on our results of operations.”
SEC filing →As of 2026
Geographic concentration
- 72% of product sourced from Vietnam, China and Bangladeshmedium
Approximately 72% of product sourced from Vietnam, China and Bangladesh in fiscal 2026, with no owned manufacturing facilities; concentrated in Asia.
“During fiscal 2026, approximately 72% of our product was sourced from Vietnam, China and Bangladesh. We do not own any manufacturing facilities.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
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