Customer concentration
VF Corporation represented about 65% of fiscal 2025 sales, so any volume or sourcing change would materially affect revenue.
- Scope
- VF Corporation and related brands
- Materiality
- high
Jerash Holdings (US), Inc.
Jerash Holdings (US), Inc. manufactures customized ready-made sportswear, outerwear, and related apparel for branded customers, with production centered in Jordan. The company operates as a contract garment manufacturer, supplying items such as jackets, polo shirts, t-shirts, pants, shorts, and PPE through its own factories and trading/sales subsidiaries.
4,1 %
16,1 %
2,1 %
+14,0 %
2.70
1.31
| % | |
|---|---|
| Sportswear and outerwear | 85% Custom-made knit apparel including jackets, polo shirts, t-shirts, pants, and shorts. |
| Brand-specific contract manufacturing | 10% Made-to-order production for global apparel brands and retailers under customer specifications. |
| PPE products | 3% Personal protective equipment manufactured and traded through Jerash The First and Jerash Supplies. |
| Fabric and fiber supply | 2% Cooltrans-printed fiber and fabric supply through the Hong Kong joint venture. |
Jerash sells primarily to large branded apparel companies and retailers that outsource production rather than own...
- VF Corporation brandsprimary
Manufactured apparel sold directly and indirectly under The North Face, Timberland, and Vans brands.
- Other global branded apparel companiesprimary
Brands such as New Balance, G-III, Hugo Boss, American Eagle, Skechers, and others buy custom garments to supplement their sourcing base.
- Retail and licensing partnerssecondary
Retailers and licensees that need reliable factory capacity, sample development, and on-time delivery for seasonal programs.
- PPE buyers and tradersemerging
Customers and trading counterparties for protective equipment products, a smaller and less central business line.
Jerash’s manufacturing footprint is concentrated in Jordan, where its factories and warehouses are located in Al...
- •Manufacturing is centered in Jordan, near Al Tajamouat Industrial City and Al-Hasa County
- •U.S. customers account for the vast majority of revenue
- •Hong Kong and China support sales, merchandising, and procurement
- •Korea appears as a growing revenue market in recent interim reporting
- •Jordan exposure reflects local production, labor, and operating concentration
Jerash is expanding production capacity in Jordan to support future sales growth and to secure larger commitments from...
01
Increase manufacturing capacity in Jordanmedium-term
Higher capacity is needed to support new customer wins and larger orders from existing brands.
02
Broaden the customer baseshort-term
Reducing dependence on VF Corporation lowers revenue concentration and pricing pressure.
03
Improve sourcing and merchandising supportmedium-term
Support offices help manage samples, procurement, and customer responsiveness across Asia.
Jerash is highly exposed to customer concentration, with VF Corporation accounting for a large share of sales and a...
Geopolitical and country concentration risk in Jordan
Most production is located in Jordan, so unrest, conflict, or logistics disruption could halt manufacturing and shipments.
- Scope
- Jordan operations
- Materiality
- high
Competitive pricing pressure
Apparel manufacturing is highly competitive and customers can shift orders to lower-cost suppliers.
- Scope
- Global sportswear and outerwear sourcing
- Materiality
- high
Capacity utilization risk
New factories and capex only pay off if customer demand grows as planned; underutilization would hurt margins.
- Scope
- Production expansion program
- Materiality
- medium
Principal vs agent revenue presentation
Inflates reported revenue and cost of sales versus a net presentation
Capital expenditure and fixed asset accounting
Higher depreciation and potential impairment if growth assumptions weaken
Seasonality and order timing
Quarterly revenue and margin volatility
: 28.4.2026