IPO · Consumer Discretionary · Proposed listing on Nasdaq
Tailored Brands IPO: how the business makes money
Tailored Brands sells and rents men's clothes through 1,009 stores, including The Men's Wearhouse. FY2025 net sales were $2,528.2 million and net income $217.2 million.
By Hardik Bhandare · Checked against filings:
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Tailored Brands, Inc. · New York, New York
Based on the amended registration statement (Form S-1/A) dated .
Figures: from the preliminary prospectus (S-1), subject to change.
The company has publicly filed its registration statement (Form S-1 or F-1) with the SEC. No price range is set yet.
Last updated
- Net sales, FY2025 (ended Jan 31, 2026)
- $2,528.2M
- Net income, FY2025 (all holders)
- $217.2M
- Stores, Aug 1, 2026
- 1,009
- Debt principal, Aug 1, 2026
- $1,050.0M
- Proposed listing
- Nasdaq: MW
The short version
The Tailored Brands IPO in 5 points
1 · What it sells
Tailored Brands sells and rents men's clothes through 1,009 stores under four banners at Aug 1, 2026, and its FY2025 net sales were $2,528.2 million.
2 · Who pays it
Individual shoppers pay Tailored Brands, with retail sales at 85.1% of FY2025 net sales and rentals at 14.9%.
3 · What it keeps from $100
Of every $100 of FY2025 net sales, Tailored Brands kept $8.6 as net income, after a $0.5 loss on repaying debt early, on operating income of $315.7 million, and $120.6 million of that net income was for common stockholders.
4 · Where the operating profit comes from
Specialty Menswear, the segment that includes rental, earned $486.6 million of FY2025 segment operating income against $46.7 million at K&G, before $217.6 million of unallocated corporate costs.
5 · The one thing to watch
Interest expense was $56.8 million in the six months to Aug 1, 2026, up from $25.7 million a year earlier, after January 2026 borrowing that refinanced debt and helped pay an $865.4 million dividend.
Sources: From Tailored Brands' S-1/A dated Aug 31, 2026 · checked
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01The business in one line
What does Tailored Brands do?
Shoppers buy or rent men's clothes at Tailored Brands' 1,009 stores; most of the money pays for clothes, stores and overhead.
- Rentals, which peak around prom and weddings, were 14.9% of FY2025 net sales. Clothes sold were the other 85.1%.
- Of every $100 of FY2025 net sales, $8.6 was left as net income. In January 2026 the company borrowed more, partly to pay an $865.4 million dividend.
02The offer
What is the Tailored Brands IPO?
- New shares sold by the company
- Not yet in the filing
- Shares sold by existing stockholders
- Not yet in the filing
- To list on
- Nasdaq
- Proposed ticker
- MW
- Lock-up on existing holders
- 180 days
- New shares: the company sells them, and the money, after underwriting costs, goes to the company.
- Selling stockholders: existing holders sell shares too, and that money goes to them. The S-1/A does not yet say who sells how many.
- The underwriters' 30-day option for extra shares comes only from selling stockholders. It would not raise the number of shares outstanding, and its size is blank.
- A forward stock split happens before the offering, and its ratio is blank. Share and per-share figures on this page are before that split.
- Certain non-employee directors, including Executive Chairman Peter Sachse, gave non-binding indications to buy shares at the public price. The dollar amount is blank, and those shares fall under the lock-up.
- Tailored Brands is a holding company incorporated in Delaware. Its proposed Nasdaq ticker is MW.
The company, selling stockholders, directors, executive officers and holders of substantially all existing shares agree not to sell for 180 days from the prospectus date. Goldman Sachs, Morgan Stanley and Jefferies may release shares at any time at their sole discretion. In one exception, an institutional holder identified by the company to the representatives may use locked-up shares as collateral for a loan, and its lenders may sell on default.
Share classes and votes
- Underwriters
- 13 named in the S-1 (lead: Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Jefferies LLC)
- Underwriter conflict of interest
- The S-1/A does not mention a FINRA Rule 5121 conflict or name a qualified independent underwriter. It says certain underwriters and affiliates have provided services for customary fees. Goldman Sachs Bank USA is administrative and collateral agent on the Term Loan.
- Controlled company
- The S-1/A says Tailored Brands expects to be a "controlled company" under Nasdaq rules after the offering. It may use exemptions from a majority-independent board and fully independent compensation and nominating committees; it does not say which it will use.
- Lead underwriters
- Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Jefferies LLC
- Transfer agent
- Broadridge Corporate Issuer Solutions, LLC
Learn: How to read an S-1: Anthropic's IPO registration statement · Dual-class shares: when votes and ownership don't match · IPO lock-up agreements: what they are and when they end
03Where the new money goes
What will Tailored Brands do with the money it raises?
- Repay principal on the Term Loan Facility, which had $490.0M outstanding at Aug 1, 2026, at a rate of 9.4%, and matures on Jan 28, 2031The S-1/A leaves the dollar amount blank. Two existing shareholders, not named, held 13.4% and 5.4% of the Term Loan at Aug 1, 2026. The S-1/A does not say how a repayment would be split.Amount not fixed
- General corporate purposes, including working capital, operating expenses and capital expendituresThis is whatever remains after the repayment; no amount is stated. The S-1/A says management will have broad discretion over it.Amount not fixed
The S-1/A gives no amounts and says management will have broad discretion over the remainder. The company gets nothing from shares sold by selling stockholders.
Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.
04Key dates
What are the key dates for the Tailored Brands IPO?
| Event | Date | Source |
|---|---|---|
| Registration statement (S-1) filed | Tailored Brands, Inc.: EDGAR filing list (CIK 0002045151), read Nov 5, 2026: the S-1/A is the latest filing; no 424B4, RW or later amendment | |
| Amendment (S-1/A) filed | Tailored Brands, Inc.: EDGAR filing list (CIK 0002045151), read Nov 5, 2026: the S-1/A is the latest filing; no 424B4, RW or later amendment | |
| EDGAR checked: no later amendment, final prospectus (424B4) or withdrawal | Tailored Brands, Inc.: EDGAR filing list (CIK 0002045151), read Nov 5, 2026: the S-1/A is the latest filing; no 424B4, RW or later amendment | |
| Expected pricingnot yet stated in a filing | Not yet stated | Tailored Brands, Inc.: Form S-1/A (Amendment No. 1) registration statement and preliminary prospectus (no price range) |
| Lock-up ends180 days from the prospectus date, which is not yet set | Not yet stated | Tailored Brands, Inc.: Form S-1/A (Amendment No. 1) registration statement and preliminary prospectus (no price range) |
Learn: IPO lock-up agreements: what they are and when they end
05What it sells
What does Tailored Brands sell?
The Men's Wearhouse
Founded 1973, with 641 stores. It sells many brands of tailored clothing, everyday clothes and formalwear, and rents formalwear. FY2025 net sales were $1,604.2 million, 63% of the total as stated in the S-1/A.
Jos. A. Bank
Founded 1905 in Baltimore, with 180 stores. It sells classic menswear, largely its own label, and rents formalwear. FY2025 net sales were $404.3 million, or 16%.
K&G Fashion Superstore
Founded 1989 in Atlanta, with 81 stores. It is a value banner for the whole family and has no online store. FY2025 net sales were $352.3 million, or 14%.
Moores
Founded 1980 in Mississauga, Ontario, with 107 stores in Canada. Its range largely mirrors The Men's Wearhouse. FY2025 net sales were $167.3 million, or 7%.
Formalwear rental
Customers rent formalwear for events such as weddings. In FY2025 there were about two million reservations and over 15 million garments, per the S-1/A. Rental sales were $377.3 million.
Private and exclusive brands
About 88% of FY2025 sales, up from 70% in FY2022, per the S-1/A. They include Kenneth Cole Awearness, Joseph Abboud, Pronto Uomo and Egara.
Think of it like this
The rental side works like a library of suits: the same garment goes out again and again, so its cost is spread over many rentals.
What it does
- Does: Sells and rents men's clothes in stores in all 50 states and 10 Canadian provinces
- Does: Sells online, about 9% of FY2025 sales
- Does: Delivers to about 94% of US stores with its own fleet
What it does not do
- Does not: Make most of what it sells: it buys from 72 suppliers in over 15 countries and owns one factory, in New Bedford, Massachusetts
- Does not: Own most of its stores: substantially all of them are leased
- Does not: Sell K&G online: the S-1/A says K&G has no online presence
06Who pays it
Who pays Tailored Brands?
Shoppers buying clothes
85%
of revenue
Individual shoppers buying in stores and online. Retail sales were $2,150.9 million in FY2025. E-commerce was about 9% of total sales.
Customers renting formalwear
15%
of revenue
Individual customers renting for events. Rental sales were $377.3 million in FY2025. The S-1/A says rental plus retail customers spend about 1.9 times what rental-only customers do.
- Shoppers buying clothes85%
- Customers renting formalwear15%
How spread out the customers are
Customers are individual consumers, and the S-1/A gives no customer concentration figure. It served 8.8 million customers in FY2025 at $258 average spend. US sales were $2,360.8 million and Canada $167.3 million, or 93.4% and 6.6% (Cityfort calculation from S-1/A filed Aug 31, 2026).
07How the money flows · FY2025
How does money flow through Tailored Brands?
Money in
- Retail sales$2.2B
- Rental services$377M
The company
Tailored Brands
$2.5B came in
Money out
- Cost of clothes sold and rented$1.0B
- Store occupancy, including depreciation$298M
- Selling, general and administrative$880M
- Other depreciation$24.5M
- Interest and loss on repaying debt early$56.7M
- Income taxes$41.8M
- Net income (total)$217M
- Shoppers paid $2,150.9 million for clothes and $377.3 million for rentals in FY2025.
- Buying the clothes and running rentals cost $1,010.2 million. Store occupancy took another $298.1 million.
- Selling, general and administrative costs took $879.7 million and other depreciation $24.5 million, leaving operating income of $315.7 million.
- Interest was $45.3 million and a loss on repaying debt early $11.4 million. Income taxes were $41.8 million.
- That left total net income of $217.2 million, of which $120.6 million was for common stockholders.
08Where the money goes · FY2025
Where does $100 of Tailored Brands' money go?
Tailored Brands · FY2025
Receipt for every $100
| Cost of clothes sold | $37.8 |
|---|---|
| Selling, general and administrative | $34.8 |
| Store occupancy | $11.8 |
| Rental cost of sales | $2.2 |
| Interest | $1.8 |
| Other depreciation | $1.0 |
| Loss on repaying debt early | $0.5 |
| Income taxes | $1.7 |
| Net income (total) | $8.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from S-1/A filed Aug 31, 2026. Of every $100 of FY2025 net sales: each line = line ÷ total net sales × 100. FY2025 interest includes the new January 2026 debt for only a few days.
09What it needs to run
What does Tailored Brands need to run?
Overseas suppliers
72 suppliers in over 15 countries. In FY2025, direct sourcing spend was about 24% in Vietnam, 14% in Indonesia, 11% in Bangladesh and 11% in China, per the S-1/A.
Leased stores
Stores average about 7,000 square feet, and over 90% are off-mall. The lease liability was $574.8 million at Jan 31, 2026.
Rental garments and cleaning
About 3.2 million rental units in circulation and capacity to clean about 600,000 units a week, per the S-1/A.
Distribution network
3 retail, 6 rental and 2 e-commerce distribution centers plus 27 hubs. Its own fleet handles about 80% of carton freight.
People
About 14,430 employees at Aug 1, 2026: 13,100 in the US and 1,330 in Canada. About 7,540 work full time.
10Why it makes money
Why does Tailored Brands make money?
Rental keeps more of each sale than clothing: its selling margin was 85.5% in FY2025, before store and other costs.
Rental services cost $54.6 million against $377.3 million of FY2025 sales, before store costs. The company says a garment's initial cost is typically recovered within its first rental. Clothes for sale cost $955.6 million against $2,150.9 million of retail sales.
Gross margin rate (share of net sales left after cost of sales), as stated in the S-1/A
46.4%48.2%
FY2023 to FY2025
- A customer comes in for an event or a work need
- The store rents or sells mostly its own private and exclusive brands
- Rental garments go out, come back, get cleaned and go out again
- The event brings other visits: about three store visits per rental customer
- Stores pay rent and staff from this mix of sales
↺ Step 5 feeds back into step 1.
11Business segments · FY2025
Which businesses make up Tailored Brands?
Specialty Menswear
86%The Men's Wearhouse, Jos. A. Bank, Moores and the rental business. Share of sales is a Cityfort calculation from S-1/A filed Aug 31, 2026. Segment income of $486.6 million is before $217.6 million of FY2025 corporate and other unallocated expenses.
Revenue $2.2B · Operating profit $487M
K&G
14%K&G Fashion Superstore, a value store for the whole family. Net sales were $188.8 million in the six months to Aug 1, 2026, against $189.5 million a year earlier.
Revenue $352M · Operating profit $46.7M
How the mix changed
- Specialty Menswear
- K&G
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
12Where it sells · FY2025
Where does Tailored Brands sell?
- United States93%
- Canada (Moores)7%
13Competitors and what protects it
Who does Tailored Brands compete with?
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Rental reach4 of 5
US men's apparel rental share was nearly 60% in FY2025, according to the S-1/A, citing a Consumer Edge report. Its own distribution network supports about 600,000 units a week of cleaning capacity.
- Store network4 of 5
1,009 stores at Aug 1, 2026 in all 50 states and 10 Canadian provinces, per the S-1/A. Over 90% are off-mall.
- Own brands3 of 5
Private and exclusive brands were about 88% of FY2025 sales, up from 70% in FY2022, per the S-1/A. Clearance was less than 13% of sales.
Weak spot
Most customers made one purchase in FY2025
About 74% of customers made a single purchase in FY2025, per the S-1/A, and customers average 1.6 visits a year.
14Where growth could come from
Where could Tailored Brands' growth come from?
Tailored Brands says in its S-1/A (Aug 31, 2026) that it sees over 500 additional locations over the next 10 years. It targets more than 20 new locations in FY2026 and more than 35 in FY2027.
New stores
Early6 stores opened and 3 closed in the six months to Aug 1, 2026
The company says in its S-1/A (Aug 31, 2026) that the 500 locations would be about 250 Men's Wearhouse, 200 Jos. A. Bank and 50 K&G, at about $1.0 million average initial investment per store.
Status: Early, too early to judge.
Rental
WorkingRental services sales of $211.1M in the six months to Aug 1, 2026, up from $194.9M a year earlier
Rental services sales were $377.3 million in FY2025, down from $379.1 million in FY2024, and rental rose in the latest half.
Status: Working, on track against what the company said.
Online sales
WorkingE-commerce sales rose 16.1% in FY2025 and 6.6% in the six months to Aug 1, 2026
E-commerce was about 9% of FY2025 sales. Omni-channel customers, who buy both ways, were about 4% of customers, per the S-1/A.
Status: Working, on track against what the company said.
More visits per customer
Early1.6 visits per customer in FY2025
Repeat customers spend about $464 a year, and customers with three or more transactions were about 10% of customers and about 20% of revenue, per the S-1/A.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
15The numbers · Consolidated · US$
How has Tailored Brands done?
Revenue
$2.5BFY2025
Net sales fell from $2,624.4 million in FY2023, a 53-week year, to $2,475.8 million in FY2024, then rose to $2,528.2 million in FY2025.
US$
See the numbers
Net profit
$121MFY2025
Net income for common stockholders was $120.6 million in FY2025, against $217.2 million in total; EPS is before the planned stock split, and the S-1/A restated FY2024 and FY2025 EPS only, for an immaterial error.
US$
See the numbers
Profit kept per $100 of revenue
$4.8FY2025
Operating income was 12.5% of FY2025 net sales, as stated in the S-1/A; EBITDA (operating income plus depreciation, without $28.3 million of rental product amortization) is a Cityfort calculation from S-1/A filed Aug 31, 2026.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$281MFY2025
Free cash flow was $281.0 million in FY2025, up from $192.2 million in FY2024; the company also paid $853.4 million of dividends to common stockholders in FY2025.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Saturday closest to Jan 31; named for the calendar year it starts in (FY2025 ended Jan 31, 2026)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: A $52.5M deemed dividend (a payment to convert preferred stock) and $44.1M of undistributed earnings to participating preferred stock left $120.6M for common stockholders.
Latest part-year · Six months ended Aug 1, 2026 (6 months to Aug 1, 2026)
- Revenue
- $1.4B
- EBITDA
- $233M
- Net profit
- $111M
- EPS (not annualised)
- $2.25
A part-year can't be compared with a full year. Audited figures from the S-1/A (interim period unaudited), converted from US$ thousands to US$ million.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
16The company's own measures · FY2025 and the six months to Aug 1, 2026 (dated on each item)
What do Tailored Brands' own measures show?
Official (GAAP): Net income (total), FY2025
$217M
Company's own measure: Adjusted EBITDA, FY2025
$411M
The company's measure: net income before interest, tax, depreciation and rental product amortization, and also before stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more ($13.6M), loss on repaying debt early ($11.4M), litigation ($4.2M) and other items. The S-1/A states it as 16.3% of net sales.
Official (GAAP): Net income (total), six months to Aug 1, 2026
$111M
Company's own measure: Adjusted EBITDA, six months to Aug 1, 2026
$262M
Same definition, stated as 19.3% of net sales. It includes a $12.2M tariff refund, and it leaves out stock-based pay ($6.0M), loss on repaying debt early ($6.6M) and litigation ($4.6M).
Official (GAAP): Net sales growth, same period
5.1%
Company's own measure: Comparable sales growth, six months to Aug 1, 2026
5.1%
The company's measure: sales at stores open a full twelve months, plus e-commerce sales, against the same period a year earlier. It was 1.9% in FY2025, after -4.5% in FY2024 and -8.4% in FY2023. The S-1/A says retailers define it differently.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Rental share of Adjusted EBITDA, FY2025
30 % (about)
The company's statement, against rental's 14.9% of FY2025 net sales. The S-1/A places rental inside Specialty Menswear and reports no rental segment.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Stores profitable on 4-Wall Store Contribution, FY2025
100 % of locations
The company's measure: store profitability excluding allocated corporate overhead such as certain advertising, non-store supply chain, corporate staff and IT. The S-1/A gives no dollar total and no reconciliation to a GAAP figure.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
17Financial strength · Aug 1, 2026
How much debt does Tailored Brands have?
- Total debt$1.1B
- Cash and investments$100M
- Net debt (debt minus cash)$950M
- Net worth (shareholders' money)−$517M
- Net debt of $949.9 million is a Cityfort calculation from S-1/A filed Aug 31, 2026: debt principal minus cash, without leases or financing liabilities.
- Debt: Term Loan $490.0 million at 9.4%, due Jan 28, 2031; Senior Secured Notes $450.0 million at 9.000%, due Feb 1, 2031; ABL Facility (a revolving credit line) $110.0 million at 5.2%, due Jul 21, 2031.
- Interest expense was $56.8 million in the six months to Aug 1, 2026, against $25.7 million a year earlier and $45.3 million in all of FY2025.
- The company says it paid down $190 million of debt, 15.3%, in the six months to Aug 1, 2026.
- The deficit reflects treasury stock of $716.3 million and an accumulated deficit of $114.8 million, among other lines. Retained earnings moved from $503.7 million to -$226.4 million in FY2025, the year of the dividend.
- Current and noncurrent operating lease liabilities were $585.2 million at Aug 1, 2026, and financing liabilities from sale-leasebacks $85.3 million. Neither is counted as debt here.
18Who owns it before the IPO · Aug 31, 2026
Who owns Tailored Brands before the IPO?
From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.
19Who runs it
Who runs Tailored Brands, and did they deliver?
John Tighe
Chief Executive Officer and director · since 2025
President from March 2022 and Chief Customer Officer from May 2021. FY2025 total pay was $8,046,809, of which $5,597,050 was stock.
Peter Sachse
Executive Chairman · since 2025
Director since March 2021 and CEO or co-CEO until August 2025. FY2025 total pay was $8,096,499.
Mike Baughn
Executive Vice President, Chief Financial Officer · since 2025
Foot Locker's CFO from June 2023 to September 2025.
Karla Gray
Executive Vice President, Chief Operating Officer · since 2025
Chief Stores Officer from May 2021; formerly at Nike.
Whit Alexander
Executive Vice President, Chief Customer Officer · since 2025
Formerly at McKinsey, Best Buy and Target.
Jamie Bragg
Executive Vice President, Chief Supply Chain Officer · since 2016
With the company since 1991.
Timothy Lavelle
Director · since 2024
A Silver Point Managing Director; chair of the compensation committee since May 2025.
Sean Mahoney
Director · since 2021
Chair of the nominating committee.
Wesley S. McDonald
Director · since 2026
Chair of the audit committee; Kohl's CFO from 2003 to 2017.
Julie Rosen
Director · since 2025
President of Bath & Body Works from 2020 to 2024.
Delaney Steele
Director · since 2026
An Executive Vice President at Ross Stores from 2012 to 2026.
20Governance signals
What do Tailored Brands' governance filings show?
- Auditor
- Deloitte & Touche LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The related-party section lists the Stockholders Agreement, a Director Nomination Agreement with Silver Point, directors' indications to buy shares, a related-party policy and indemnification. Separately, the financial statements say two unnamed existing shareholders hold part of the Term Loan.
- Credit rating
- No public credit rating found
Flags to know about
other
Controlled company
The S-1/A expects Tailored Brands to be a controlled company under Nasdaq rules, so it may use exemptions from some board independence rules. It does not say which.
related party
Existing shareholders hold part of the Term Loan
Two unnamed existing shareholders held 13.4% and 5.4% of the Term Loan at Aug 1, 2026. Interest to them was $5.3 million in the six months to that date.
other
EPS restated for FY2024 and FY2025
The S-1/A restates EPS for an immaterial error on preferred stock accretion. FY2025 rose $0.93 and FY2024 $0.70 on a diluted basis; no other statement changed.
disclosure
Ownership table is blank
The S-1/A leaves every number in the ownership table blank, including its date, so Silver Point's stake is not yet stated.
21Group and related parties
How much does Tailored Brands rely on related parties?
- Silver Point, a credit investing firm with nearly $50 billion of investable assets, became a significant shareholder in 2020 in connection with the company's restructuring. It has had a majority position since 2021, per the S-1/A.
- A Director Nomination Agreement, to be signed, lets Silver Point choose 3 directors at 50% or more of the votes, 2 at 25% to under 50%, and 1 at 10% to under 25%. The board will have 7 members.
- A Stockholders Agreement gives pre-IPO holders rights to have the company register their shares for sale, with the company paying the expenses.
- The charter will not stop Silver Point competing with the company, and it includes a corporate opportunity waiver: the company gives up first claim on such deals.
- Two unnamed existing shareholders held 13.4% and 5.4% of the Term Loan at Aug 1, 2026, and 30.0% and 5.4% at Jan 31, 2026. The S-1/A does not name them.
- The $865.4 million dividend in FY2025 went to common stockholders; the S-1/A gives no split by holder.
22Legal cases · as of Aug 31, 2026
What legal cases does the Tailored Brands offer document list?
Outstanding cases
Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.
23What could go wrong
What could go wrong for Tailored Brands?
- Debt
Debt and higher interest
Debt principal was $1,050.0 million at Aug 1, 2026. Interest expense was $56.8 million in the six months to that date, up from $25.7 million a year earlier.
Watch Interest expense and the amount of Term Loan repaid from the offering.
- Demand
Weaker consumer spending
The S-1/A names consumer spending and economic downturns as a risk. Net sales fell 5.7% in FY2024, partly on lower store traffic and one fewer week.
Watch Net sales growth in the next filing.
- Competition
Small growth in its market
Industry data from Circana, as cited in the S-1/A, put US men's apparel at $76 billion in 2025 and tailored clothing at $4 billion. The company calculates in its S-1/A (Aug 31, 2026) about 0.7% yearly growth for men's apparel for 2026 to 2028.
Watch Whether sales growth comes from existing stores or new ones.
- Regulation
Tariffs and overseas sourcing
Tariffs cost about 0.9 percentage points of gross margin in the six months to Aug 1, 2026. A $12.2 million refund added about the same, per the S-1/A, and no further refund is booked.
Watch New tariffs on Vietnam, Indonesia, Bangladesh and China, its largest sourcing countries.
- Execution
Store expansion and leases
The company says in its S-1/A (Aug 31, 2026) that it plans more stores, after closing more than 400 in 2020. Lease payments due were $683.3 million, undiscounted, at Jan 31, 2026.
Watch Stores opened and closed in each filing.
- Concentration
Rental depends on events
Rental was 14.9% of FY2025 net sales. Its sales depend on events such as prom and weddings, and fell to $377.3 million in FY2025 from $405.8 million in FY2023.
Watch Rental services sales in Q2 and Q3, its peak quarters.
- Other
Uneven quarters
Rental peaks in Q2 and Q3, and Q4 is the seasonal low. Net income was $5.7 million in Q4 FY2025, against $97.5 million in Q3 FY2025.
Watch Compare each quarter with the same quarter a year earlier.
24Risks of the offer
What risks does the Tailored Brands offer document flag?
Silver Point controls the company
The S-1/A says Silver Point's interests may conflict with other holders'. As a controlled company, Tailored Brands may use exemptions from some Nasdaq governance rules, so holders may lack some protections.
Size and price not yet set
The S-1/A leaves the price range, shares offered, money raised and ownership after the offering blank.
Dilution
The S-1/A warns that buyers face immediate and substantial dilution in net tangible book value. The amounts are blank.
Shares unlocked after 180 days
Sales by pre-IPO owners, or the perception of them, could lower the price, per the S-1/A. The underwriters can release the lock-upA period after an IPO when insiders agree not to sell their shares. Learn more at any time.
Selling stockholders take part of the money
Money from shares sold by selling stockholders goes to them, not to the company. The S-1/A does not yet say how much.
No public market yet, and a volatile price
There has been no public market for the shares, and an active one may not develop. The S-1/A warns the price may be volatile, up to loss of the whole investment.
No dividends expected
The company says in its S-1/A (Aug 31, 2026) that it anticipates retaining future earnings and paying no cash dividends in the foreseeable future. Debt documents also limit dividends.
Anti-takeover terms
The S-1/A lists anti-takeover provisions and a Delaware forum clause as risks to holders.
25How it got here
How did Tailored Brands get here?
1905
Milestone
Jos. A. Bank founded
The oldest of the four banners was founded in Baltimore.
1973
Milestone
The Men's Wearhouse founded
Today's largest banner, with 641 stores at Aug 1, 2026.
1980
Milestone
Moores founded
The Canadian banner began in Mississauga, Ontario. K&G followed in Atlanta in 1989.
2020
Crisis
Restructuring and store closures
The S-1/A refers to "our restructuring" in 2020, when Silver Point became a significant shareholder. A fleet optimization closed more than 400 stores that year.
2021
Business-model change
Silver Point takes a majority position
Silver Point has held a majority since 2021. The company, incorporated in 2020 as New TMW Topco Inc., took the Tailored Brands, Inc. name in April 2021.
2024
Milestone
Share repurchase
In March 2024 the company bought back shares in a cash tender offer. FY2024 cash repurchases were $711.8 million. It took a $550.0 million term loan in February 2024.
2025
Milestone
New chief executive
John Tighe became CEO in August 2025, and Peter Sachse became Executive Chairman.
2026
Business-model change
New debt and an $865.4 million dividend
In January 2026 the company took a $650.0 million Term Loan and issued $450.0 million of notes. It used them, with other funds, to refinance debt and pay the dividend.
2026
Milestone
IPO filings
After confidential drafts on Apr 21 and Jun 17, 2026, the company publicly filed its Form S-1 on Jul 10 and an amendment on Aug 31.
26Both sides
What do supporters and critics point to?
What supporters point to
- Net sales were $1,357.9 million in the six months to Aug 1, 2026, up 5.1% from $1,292.5 million a year earlier.
- Operating income rose to $206.6 million in those six months from $164.1 million a year earlier.
- Free cash flow was $281.0 million in FY2025, up from $192.2 million in FY2024.
- The company says it paid down $190 million of debt, 15.3%, in the six months to Aug 1, 2026.
- Private and exclusive brands were about 88% of FY2025 sales, up from 70% in FY2022, per the S-1/A.
What critics point to
- Debt principal was $1,050.0 million at Aug 1, 2026, and total shareholders' deficit was $517.0 million.
- An $865.4 million dividend was declared in FY2025, partly funded by new borrowing, and interest expense more than doubled to $56.8 million in the latest six months.
- Net income fell to $111.0 million in the six months to Aug 1, 2026, from $114.0 million a year earlier; the latest period includes a $12.2 million tariff refund.
- Net sales in FY2025 were $2,528.2 million, below $2,624.4 million in FY2023, a 53-week year.
- The S-1/A (Aug 31, 2026) says Silver Point will control the company after the offering, and about 74% of FY2025 customers made a single purchase.
27What to watch next
What should you watch next for Tailored Brands?
Next event
An amended S-1 with a price range and share count
Date not announced yet.
Price range and share count
A later amendment would state the shares offered, the price range and the share count after the offering.
Who sells and how much
The S-1/A does not yet say which holders sell, or Silver Point's stake before and after the offering.
How much debt the offering repays
The dollar amount for the Term Loan is blank. The loan was $490.0 million at Aug 1, 2026, at a rate of 9.4%.
Results after Aug 1, 2026
No quarter after Q2 FY2026 is on file. Q2 FY2026 net sales were $676.2 million.
Which governance exemptions it uses
The S-1/A says it may use controlled-company exemptions, without saying which.
28Key facts
Key facts about Tailored Brands
- What does Tailored Brands do?
- Tailored Brands, Inc. sells and rents men's clothes through 1,009 stores in the US and Canada at Aug 1, 2026. Its four store brands are The Men's Wearhouse, Jos. A. Bank, Moores and K&G, per its S-1/A dated Aug 31, 2026.
- How does Tailored Brands make money?
- Tailored Brands earned $2,150.9 million from retail sales and $377.3 million from rental services in FY2025, the year ended Jan 31, 2026, per its S-1/A. Retail was 85.1% of net sales and rental 14.9%.
- What is Tailored Brands' business model?
- Tailored Brands buys clothes from 72 suppliers, sells them in leased stores and rents formalwear from the same stores. In FY2025, rental cost of sales was $54.6 million on $377.3 million of rental sales, before store costs, per its S-1/A.
- Is Tailored Brands profitable?
- Yes. Tailored Brands' operating income was $315.7 million and total net income $217.2 million in FY2025, per its S-1/A. Net income for common stockholders was $120.6 million, because preferred stock took a share.
- What is Tailored Brands' revenue by segment?
- In FY2025, Tailored Brands' Specialty Menswear segment had net sales of $2,175.9 million and K&G $352.3 million, per its S-1/A. Specialty Menswear covers The Men's Wearhouse, Jos. A. Bank and Moores, and the rental business.
- How much does Tailored Brands earn from each store brand?
- Tailored Brands' FY2025 net sales were $1,604.2 million at The Men's Wearhouse, $404.3 million at Jos. A. Bank, $352.3 million at K&G and $167.3 million at Moores in Canada, per its S-1/A.
- How big is Tailored Brands' rental business?
- Tailored Brands' rental services brought in $377.3 million in FY2025, or 14.9% of net sales. Its stated rental selling margin was 85.5%, which leaves out store and other costs, per its S-1/A.
- Who are Tailored Brands' customers?
- Tailored Brands sells to individual shoppers. It served 8.8 million customers in FY2025 with an average spend of $258, and about 74% of them made a single purchase that year, per its S-1/A.
- Who owns Tailored Brands before the IPO?
- Tailored Brands' S-1/A dated Aug 31, 2026 calls Silver Point Capital its Principal Stockholder, with a majority position since 2021. It also lists Arbour Lane Capital Management. Every share count and percentage in the table is blank.
- What is the Tailored Brands IPO?
- Tailored Brands filed a Form S-1 on Jul 10, 2026 and an amendment on Aug 31, 2026 to list common stock on Nasdaq as MW. The company and selling stockholders both sell shares; counts and the price range are not yet in the filing.
29Sources and changes
Where every number on this page comes from
Sources (2 documents)
- S1Tailored Brands, Inc.: Form S-1/A (Amendment No. 1) registration statement and preliminary prospectus (no price range) · Tailored Brands, Inc. via SEC EDGAR · Tier 1: company or exchange filing · Aug 31, 2026
- S5Tailored Brands, Inc.: EDGAR filing list (CIK 0002045151), read Nov 5, 2026: the S-1/A is the latest filing; no 424B4, RW or later amendment · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version, based on the S-1/A dated Aug 31, 2026. (first version, based on the S-1/A)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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