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Fairness Opinion Detail

GES FOOpen source

Guess Inc. to Authentic Brands, Marciano Brothers

Luxury & ApparelApparel, Footwear & Accessories/Aug 2025/Solomon Partners

Deal Information

Target
Guess Inc.
Acquiror
Authentic Brands, Marciano Brothers
Sector
Luxury & ApparelApparel, Footwear & Accessories
Target Type
Public
Acquiror Type
Strategic
Advisors
Solomon Partners

Transaction Metrics

Enterprise Value
$1.4B
EV / LTM Sales
0.5x
EV / LTM EBITDA
6.6x
EV / Fwd EBITDA
6.0x

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Solomon Partners

EV / LTM Adjusted EBITDA selected range: 4.9x - 6.4x

3 comps
Sep 2023Chico’s FASSycamore Partners$872M-4.9x-
Apr 2024Hibbett, Inc.JD Sports$1.1B-6.2x-
May 2025Foot Locker, Inc.DICK’S Sporting Goods, Inc.$2.5B-6.4x-
Mean-5.8x-
Median-6.2x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Solomon Partners

Open
WACC
12.0% – 14.0%
Terminal method
Exit multiple
Terminal assumption
3.7x – 5.7x (terminal-year Adjusted EBITDA)
Forecast basis
June Projections (management)
Forecast period
August 2025 through fiscal year 2030
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