GIII: three retailers are ~40% of sales. Ross dipped to 11.0% in FY26 after jumping to 12.6%

Went through G-III Apparel's last three 10-Ks for the customer concentration disclosure:

* Macy's: 19.2% → 18.0% → 20.6%
* TJX: 13.6% → 13.2% → 11.4%
* Ross: 10.1% → 12.6% → 11.0%
* Top 10 customers: 70.1% → 69.6% → 67.6%

(FY24 → FY25 → FY26; fiscal years end Jan 31)

Together, the two off-price chains are roughly a quarter of G-III's sales, and off-price is a planned channel for G-III, not just where leftover stock ends up. That puts TJX and Ross in a strong position on price and on how much they order. If either one cuts back on buying, G-III's revenue feels it directly.

What I can't figure out is whether the Ross dip in FY26 signals G-III is shifting its mix toward its own brands (DKNY, Karl Lagerfeld, Donna Karan) as the PVH licenses wind down, or whether it's simply Ross buying less. And for a company with 70% of sales going to ten customers, how much of a discount to peers does that justify?

Sources:

* [G-III 10-K for FY2025 (filed 03/24/2025)](https://ir.giii.com/static-files/a7377861-d8de-4904-a1b6-0ab849a50112).
* [G-III 10-K for FY2024](https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/GIII926fc15929b56123d3e6e98545033713.pdf).
* [G-III Q2 FY2027 results](https://ir.giii.com/news-releases/news-release-details/g-iii-apparel-group-ltd-reports-second-quarter-fiscal-2027).