Yet Another Value Podcast

Half Moon Capital on Oxford Industries $OXM

Dec 5, 2022

01:06:27

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Episode notes

Introduction

4min

OXM: A Lifestyle Beach Brand

3min

Tommy Bahama: A Luxury Brand

3min

The Rise and Fall of Lulu Lemon

3min

The Evolution of Tommy Bahama

3min

The Advantages of Tommy Bahama

5min

The Bear Thesis on the City of Oxford

3min

Oxford Industry Raising Organic Growth Guidance

2min

The Normalization of the Business of Manifest

4min

10.

The Rise and Fall of Tommy Bahama

2min

11.

The Impact of Tommy Bahama on Older Folks

2min

12.

Tommy Bahama's Management Strength

2min

13.

The Importance of Insider Ownership Management

3min

14.

Crocs' Acquisition of Hey, Dude

4min

15.

The Double Whammy of Tommy Bahama

4min

16.

Tommy Bonner's First Look

3min

17.

The Importance of a Premium Brand

3min

18.

Tommy Pahama's Inventory Is Up 25 Percent

2min

19.

The Rise of Crocs

5min

20.

The Importance of Auditing Your Data

2min

21.

How to Maintain a Model for Your Business

6min

The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come on the pod to discuss their thesis on Oxford Industries (OXM). OXM owns the Tommy Bahama and Lily Pulitzer brands, and Half Moon thinks the market is underestimating the strength of those brands for a variety of reasons.

Half Moon's OXM thesis: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:aec0338f-33d0-4e35-b956-ac6aa024167a?viewer%21megaVerb=group-discover

Chapters

0:00 Intro
2:20 OXM overview
5:00 Tommy Bahama brand strength
8:55 Could Tommy Bahama follow the LULU brand path?
16:05 OXM's valuation
22:10 Did Tommy Bahama over-earn during COVID?
28:00 OXM management 36:10 Capital Allocation and OXM's recent Johnny Was acquisition
38:30 CROX HEYDUDE acquisition and learnings for OXM
43:10 A little more on Tommy Bahama and the California branded hotel
47:30 OXM's margins and current competitive environment
53:30 Tommy Bahama's inventory risk