Xcel Brands Inc 's

The Company operates in competitive markets across multiple product categories, including apparel, footwear, accessories, jewelry, home furnishings and décor, food products, and sporting goods. Competitors vary in fashion, quality, price, product offerings, marketing, retail presence, and consumer spending, with many possessing greater financial resources. The Company’s differentiation is based on its management team's industry experience, a brand management platform emphasizing design, product, marketing, and technology, and operating strategies that include licensing brands with significant media presence and omni-channel retail sales approaches. The Company’s agreements with Qurate restrict sales to Qurate’s direct competitors without consent. Qurate represented approximately 20% and 44% of the Company’s net licensing revenue in 2025 and 2024, respectively.