Jerash Holdings (US), Inc. is a manufacturer and exporter of customized sportswear and outerwear with operations across Jordan, Hong Kong, China, and the US, primarily serving large global brands.

# Company Overview: Jerash Holdings (US), Inc.

## Business Operations
- **Industry Focus:** Manufacturing and exporting customized, ready-made sportswear and outerwear.
- **Products:** Jackets, polo shirts, t-shirts, pants, shorts. In FY2025, primary product was crew neck shirts (~37% of shipped pieces). In FY2024, main products were shorts, pants, and vests (~37% of shipped pieces).
- **Manufacturing Facilities:** 6 factories and 4 warehouses located in Al Tajamouat Industrial City and Al-Hasa County, Jordan.
- **Production Capacity:** Approximately 24 million pieces annually as of March 31, 2025.
- **Employees:** Around 6,000 full-time staff spread across Jordan, Hong Kong, China, and the US.

## Key Customers
- **Major Customer:** VF Corporation (owns The North Face, Timberland, Vans). 
  - **Revenue Contribution:** Approximately 65% of total sales in FY2025 and FY2024.
  - **Sales Figures:**
    - FY2025: ~$94.15 million (64.6%)
    - FY2024: ~$78.91 million (67.3%)

- **Other Significant Customers:** New Balance, G-III, Hugo Boss, SWC Inc., Tharanco, American Eagle, Skechers, and others.
  - **FY2025 Total Sales to Top Customers:** The rest primarily come from big brands and retail clients, with smaller proportions from others.

## Financial Highlights (FY2025)
- **Revenue:** ~$145.8 million (up 24% from FY2024's ~$117.2 million)
- **Net Income (Loss):** Loss of approximately **$840,000** (compared to a loss of ~$2.04 million in FY2024)
- **Gross Profit Margin:** ~15% (improved from 14% in FY2024)
- **Operating Expenses:** ~14% of revenue (~$20.87 million)
- **Other Expenses, net:** ~$1.3 million
- **Income Tax Expense:** ~$991,120 (~$991K, effective tax rate ~656%)
- **Reported Net Loss:** ~$840,000

## Organizational Structure
- **Incorporation:** Delaware (2016)
- **Subsidiaries:**
  - **Wholly Owned:** Jerash Garments, Treasure Success, Chinese Garments, Jerash Embroidery, Paramount, MK Garments, Jerash Supplies.
  - **Joint Ventures:** J&B International (51% owned), Jerash Newtech (51% owned), with other 49% partners.
- **Operations in Jordan:** Multiple manufacturing units with strategic locations, benefiting from trade agreements with EU and the US.
- **Support and Sales Offices:** Located in Hong Kong, China, and the US, with a focus on sales, marketing, and supporting production.

## Market Focus
- **Primary Markets:** United States, Jordan, China/Hong Kong, Germany, others.
  - **FY2025 US Sales:** ~$128.58 million (88% of total revenue)
  - **FY2025 Jordan Sales:** ~$3.08 million (2%)

## Business Strategy
- Manufacturing for well-known brands primarily through purchase orders that involve sample development and approval.
- Relies heavily on a major customer (VF Corporation) but is seeking diversification.
- Continual expansion of manufacturing capacity, including plans for new factories and workforce housing.

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This summary provides a detailed overview of Jerash Holdings’ operations, financials, structure, and customer base based solely on the provided document.

Jerash Holdings (US), Inc. is a manufacturer and exporter of customized sportswear, outerwear, and PPE, primarily serving major global brands from its facilities in Jordan.

# Jerash Holdings (US), Inc. Overview

## Business Operations
Jerash Holdings (US), Inc., through its wholly owned subsidiaries, focuses on the manufacturing and exporting of customized, ready-made sportswear and outerwear, as well as personal protective equipment (PPE), from its facilities in the Hashemite Kingdom of Jordan.

### Key Highlights
- **Manufacturing Focus**: The company specializes in producing sportswear and outerwear, including jackets, polo shirts, t-shirts, pants, and shorts.
- **PPE Production**: Initiated in response to high demand during the COVID-19 pandemic, PPE offerings include branded (washable) and disposable face masks, medical scrubs, protective coveralls, and surgical gowns.
  
## Organizational Structure
- **Wholly Owned Subsidiaries**: The company operates through several subsidiaries including:
  - Jerash Garments and Fashions Manufacturing Co., Ltd. (Jordan)
  - Treasure Success International Limited (Hong Kong)
  - Chinese Garments and Fashions Manufacturing Co., Ltd. (Jordan)
  - Jerash for Industrial Embroidery Co., Ltd. (Jordan)
  - Al-Mutafaweq Co. for Garments Manufacturing Ltd. (Jordan) and others.

## Production Facilities
- **Total Facilities**: Six factories and five warehouses in Jordan, capable of an annual production capacity of approximately 14 million pieces (excluding PPE).
- **Employee Count**: Approximately 5,600 full-time employees across multiple locations including Jordan, Hong Kong, China, and the USA.

## Customer Base
- **Key Customers**: Jerash Holdings serves a number of well-known brands and retailers, including:
  - VF Corporation (The North Face, Timberland, Vans)
  - New Balance
  - G-III (Calvin Klein, Tommy Hilfiger, DKNY)
  - Acushnet (Footjoy, Titleist)
  - American Eagle
  - Skechers
- **Revenue Dependence**: A significant portion of revenue comes from a limited number of customers, with sales to VF Corporation accounting for 67% of total sales in Fiscal 2024.

## Financials
- **Revenue**: Total revenue for the fiscal year ended March 31, 2024, was approximately **$117.2 million**, compared to **$138.1 million** in fiscal 2023.
- **PPE Contribution**: Sale of PPE products contributed an insignificant amount to total revenue in fiscal 2024 and fiscal 2023.

## Market Environment
- **Competitive Landscape**: The sportswear and outerwear manufacturing industry is highly competitive, emphasizing price, quality, and customer service.
- **Economic Dependence**: The company is sensitive to market and economic conditions, including consumer spending trends that can affect sales, especially as a major portion of its revenue is derived from discretionary purchases in the retail sector.

## Conclusion
Jerash Holdings (US), Inc. is a key player in the sportswear and outerwear manufacturing industry, with a robust organizational structure, significant production capacity, and a customer base that includes major global brands. Despite facing competition and dependency on a limited number of customers, the company continues to adapt and expand its offerings in response to market demands.

Jerash Holdings (US), Inc.

10-K / June 26, 2025

10-K / June 28, 2024

10-K / June 26, 2025

Company Overview: Jerash Holdings (US), Inc.

Business Operations

Key Customers

Financial Highlights (FY2025)

Organizational Structure

Market Focus

Business Strategy