What changed in this filing

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Item 1. Business

2026-06-29 compared with 2025-06-30 · 207 added, 202 removed, 203 unchanged (67% of the section changed)

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the brand continues to draw on its rich heritage of performance garments and statement designs.

Retro-inspired vivid and bold color

palates complement technical fabrics to deliver fashion, form and function for women, men and children.

Initially known for

its on-and-off the slopes skiwear, in 2016 we developed a summer range inspired by the island of Ibiza to bring its unique style to

swimwear and activewear.

We believe our bold fashion and technical proposition resonates with the modern fashion-conscious consumer

that sees value in authentic European heritage and statement-design tailored for an active and healthy lifestyle at a compelling

quality-to-value price point.

Retro-inspired vivid and bold color palates

complement technical fabrics to deliver fashion, form and function for women, men and children.

Initially known for its on-and-off the

slopes skiwear, in 2016 we developed a summer range inspired by the island of Ibiza to bring its unique style to swimwear and activewear.

We believe our bold fashion and technical proposition resonates with the modern fashion-conscious consumer that sees value in authentic

European heritage and statement-design tailored for an active and healthy lifestyle at a compelling quality-to-value price point.

operate at the intersection of the global luxury skiwear, outerwear, and active lifestyle markets, which are large, resilient, and undergoing

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support our growth strategy and validate our digital-first, lifestyle-oriented brand positioning:

Acceleration of Online

Luxury Sales :

of Online Luxury Sales :

The luxury industry has historically lagged behind other retail sectors in digital adoption;

however, this dynamic

is shifting rapidly.

According to Bain & Company, online sales accounted for 22% of global luxury purchases in 2021 and are expected

to represent between 32% and 34% by 2030.

This channel expansion is being driven by evolving consumer preferences and increased digital

investment by luxury brands.

As a digitally native brand, we believe Perfect Moment is well-positioned to capitalize on this shift.

Generational Demographic

this dynamic is shifting rapidly.

According to Bain & Company, online sales accounted for 22% of global luxury purchases in 2021

and are expected to represent between 32% and 34% by 2030.

This channel expansion is being driven by evolving consumer preferences

and increased digital investment by luxury brands.

As a digitally native brand, we believe Perfect Moment is well-positioned to capitalize

on this shift.

Demographic Transition :

The spending power of Generation Y, Generation Z, and Generation Alpha continues to increase.

According to Bain,

these generations accounted for all of the luxury market’s growth in 2022 and are expected to comprise 80% of total global

luxury spending by 2030.

These consumers demand authenticity, digital engagement, and values-driven branding—all core elements

of our business model.

Geographic Expansion

of Luxury Demand :

to Bain, these generations accounted for all of the luxury market’s growth in 2022 and are expected to comprise 80% of total

global luxury spending by 2030.

These consumers demand authenticity, digital engagement, and values-driven branding—all core

elements of our business model.

Expansion of Luxury Demand :

Historically, the luxury market has been concentrated in North America and Europe;

however, demand is shifting

however, demand

is shifting eastward.

Mainland China is expected to become the world’s largest luxury market by 2030.

In November 2024, we conducted a

limited market entry in China through Tmall and are currently evaluating joint venture structures to support longer-term expansion

in the region and capitalize on emerging consumer demand.

In November 2024, we

conducted a limited market entry in China through Tmall and are currently evaluating joint venture structures to support longer-term

expansion in the region and capitalize on emerging consumer demand.

Heritage and Evolution

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This dual focus differentiates us from many competitors who are more narrowly focused.

Heritage-Driven Brand

Heritage-Driven

Brand Identity .

Founded in Chamonix in 1984, our brand draws from over four decades of ski and surf heritage.

This foundation underpins

our credibility in luxury outerwear and appeals to a global consumer base seeking authenticity and timeless design.

This foundation

underpins our credibility in luxury outerwear and appeals to a global consumer base seeking authenticity and timeless design.

Direct-to-Consumer

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physical retail activations to test new markets and deepen engagement.

Scalable Operating

With in-house control over design and development and a flexible, asset-light manufacturing base, we are able to scale

seasonally and geographically while maintaining margin discipline.

Experienced Leadership.

Our senior team brings leadership experience from global apparel and lifestyle brands, guiding our disciplined growth strategy

with an entrepreneurial approach.

Partner Relationships .

As of March 31, 2025, we have two luxury marketplace partners, Farfetch and Amazon Luxury, and 160

wholesale partners, of which 16 are luxury department stores (including those we believe are the most sought-after and prestigious

names in the fashion industry), 18 operate as exclusively online multi brand retailers and 90 are respected specialty stores with

a focus on either sports or winter goods, which is key to our branding strategy.

Strategic Retail

Operating Model .

With in-house control over design and development and a flexible, asset-light manufacturing base, we are

able to scale seasonally and geographically while maintaining margin discipline.

Our senior team brings leadership experience from global apparel and lifestyle brands, guiding our disciplined

growth strategy with an entrepreneurial approach.

Retail Expansion:

We are testing physical retail through short-term, low-risk formats such as pop-up stores and shop-in-shops,

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Brand Awareness and Attract New Customers

brand awareness and deepening customer engagement remain central to our growth strategy.

While Perfect Moment has built strong loyalty

among existing customers and achieved meaningful global traction, we continue to see significant opportunity in underpenetrated and emerging

in our rich ski heritage, Perfect Moment appeals to a global audience that values both high-performance apparel and elevated design.

Skiing’s association with affluence and lifestyle has enabled us to position the brand as aspirational, particularly on social

media, where our visual identity and storytelling strongly resonate.

combining our signature aesthetic with high-impact marketing, celebrity endorsements, influencer partnerships, editorial features, and

collaborations, we have crafted a compelling brand narrative that aligns with the values of our target audience.

brand narrative has translated into meaningful global media presence.

In FY2025, we achieved record-breaking brand visibility, with global

media coverage and social traction significantly outpacing prior years.

Notable achievements included:

Global UVPM (Unique Visitors per Month)

Expanding brand awareness and

deepening customer engagement remain central to our growth strategy.

While Perfect Moment has built strong loyalty among existing customers

and achieved meaningful global traction, we continue to see significant opportunity in underpenetrated and emerging markets.

Rooted in our rich ski heritage,

Perfect Moment appeals to a global audience that values both high-performance apparel and elevated design.

Skiing’s association

with affluence and lifestyle has enabled us to position the brand as aspirational, particularly on social media, where our visual identity

and storytelling strongly resonate.

By combining our signature aesthetic

with high-impact marketing, celebrity endorsements, influencer partnerships, editorial features, and collaborations, we have crafted a

compelling brand narrative that aligns with the values of our target audience.

Global UVPM (Unique Visitors

Total Social Audience (KOLs)

Social Audience During Ski Season (Q3–Q4)

Social Audience During

Ski Season (Q3–Q4)

905.2 million

597.1 million

Global Print Circulation

Celebrity/Influencer Posts

Taylor Swift, Hailey Bieber, Chloe

Kim, Emma Roberts, Anitta, Miranda Kerr

Multiple including Priyanka

Chopra Jonas, Anitta, Miranda Kerr, and more

Similar tier but lower frequency

Significant increase

Significant increase with

Key Media Features

Vogue, WWD, British Vogue,

ELLE, Harper’s BAZAAR

Vogue, Harper’s BAZAAR,

ELLE, WWD, Tatler

Vogue, WWD, GQ

Expanded global reach

recent announcement of our strategic collaboration with Alpine generated additional momentum, reaching over 1.1 billion in global PR

(UVPM) and delivering high-impact social media performance across both brand channels.

These results reinforce our position at the intersection

of luxury performance and lifestyle, and demonstrate the effectiveness of targeted collaborations in amplifying reach and engagement.

**A 9.6M print circulation figure today represents a

far more premium, intentional readership than 25.6M did a last year, casual readers have migrated online, leaving a committed,

high-affinity core.

Our media mix is evolving in lockstep with how our audience consumes content, and our digital and social numbers

reflect that shift positively.

The announcement of our strategic collaboration with Alpine generated additional momentum,

reaching over 1.1 billion in global PR (UVPM) and delivering high-impact social media performance across both brand channels.

These results reinforce our position at the intersection of luxury performance and lifestyle, and demonstrate the effectiveness

of targeted collaborations in amplifying reach and engagement.

Acquisition and Market Expansion Strategy

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local market complexities.

international growth strategy is closely integrated with our marketing and customer engagement approach.

We leverage our brand’s

unique heritage—rooted in performance-driven ski apparel with a distinctive retro-modern aesthetic—to connect with affluent,

style-conscious consumers who engage deeply with lifestyle content.

Skiing remains an aspirational category, and our ability to tell

culturally relevant, visually compelling stories has been central to growing awareness in new markets.

support customer acquisition and global reach, we execute a multi-channel marketing strategy that blends aspirational brand storytelling

with data-driven performance marketing.

This includes premium editorial placements, influencer activations, celebrity collaborations,

and visibility in luxury destinations, as well as robust paid social, search engine marketing (SEM), SEO, programmatic media, and retargeting

Our proprietary data and customer insights allow us to refine targeting, optimize customer acquisition costs, and improve

return on advertising spend (ROAS).

Our international

growth strategy is closely integrated with our marketing and customer engagement approach.

We leverage our brand’s unique heritage—rooted

in performance-driven ski apparel with a distinctive retro-modern aesthetic—to connect with affluent, style-conscious consumers

who engage deeply with lifestyle content.

Skiing remains an aspirational category, and our ability to tell culturally relevant, visually

compelling stories has been central to growing awareness in new markets.

customer acquisition and global reach, we execute a multi-channel marketing strategy that blends aspirational brand storytelling with

data-driven performance marketing.

This includes premium editorial placements, influencer activations, celebrity collaborations, and visibility

in luxury destinations, as well as robust paid social, search engine marketing (SEM), SEO, programmatic media, and retargeting campaigns.

Our proprietary data and customer insights allow us to refine targeting, optimize customer acquisition costs, and improve return on advertising

spend (ROAS).

ahead, we plan to further invest in digital community development by enhancing engagement across both core and emerging social platforms

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markets through language-specific content, local currency pricing, and improved shipping and distribution capabilities.

Complementing

our digital expansion, we are developing a selective network of Perfect Moment-owned retail locations in key global cities.

Complementing our

digital expansion, we are developing a selective network of Perfect Moment-owned retail locations in key global cities.

These physical

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central to our strategy for customer acquisition, market expansion, and long-term value creation.

Brand Equity and Market Positioning

continue to enhance brand desirability by deepening strategic partnerships and cultivating cultural relevance through collaborations

with globally resonant brands.

These alliances are complemented by curated cultural touchpoints designed to reinforce the brand’s

aspirational positioning.

further strengthen brand exclusivity, we are expanding access to premium, invitation-only experiences, limited-edition product capsules,

and bespoke VIP programs.

These initiatives are designed to reinforce scarcity-driven value and deepen emotional affinity with our most

engaged customer segments.

brand amplification strategy includes highly selective alignments with globally recognized influencers and tastemakers, as well as targeted

celebrity endorsements.

These efforts are bolstered by high-visibility editorial placements in tier-one publications.

Product Storytelling and Technical Credibility

are investing in elevated storytelling formats to articulate our product innovation and craftsmanship.

This includes the use of advanced

content technologies, such as CGI and AI-powered educational tools, to bring our product narratives to life across digital channels.

continue to validate the performance and functionality of our products through strategic endorsements by elite athletes, subject matter

experts, and professionals in relevant fields.

This expert-led validation reinforces product credibility and supports the brand’s

premium technical positioning.

Customer Retention and Lifetime Value

are launching a high-touch VIP loyalty program designed to reward our most valuable customers with elevated services including personal

styling, concierge shopping experiences, and curated ski retreats.

This program aims to drive repeat engagement and strengthen brand

addition, we are deepening customer relationships through exclusive community engagement initiatives, which focus on fostering a sense

of belonging and shared identity among our luxury consumer base.

These efforts are designed to support long-term customer retention and

maximize customer lifetime value.

Our Wholesale Network

in the next five (5) years we will be mainly focused on accelerating digital growth and our direct-to-consumer channel, we still intend

to continue broadening customer access and strengthening our global foothold in new and existing markets by strategically expanding our

wholesale network and deepening current relationships.

In all of our markets, we have an opportunity to increase sales by adding new

wholesale partners and increasing volume in existing retailers.

Additionally, we are focused on strengthening relationships with our

retail partners through broader offerings, exclusive products and shop-in-shop formats, which are dedicated spaces within another company’s

retail store on a short-term rental basis.

Elevating Brand Equity and Market Positioning

We continue to enhance brand desirability

by deepening strategic partnerships and cultivating cultural relevance through collaborations with globally resonant brands.

These alliances

are complemented by curated cultural touchpoints designed to reinforce the brand’s aspirational positioning.

To further strengthen brand exclusivity, we are expanding

access to premium, invitation-only experiences, limited-edition product capsules, and bespoke VIP programs.

These initiatives are designed

to reinforce scarcity-driven value and deepen emotional affinity with our most engaged customer segments.

Our brand amplification strategy includes highly selective

alignments with globally recognized influencers and tastemakers, as well as targeted celebrity endorsements.

These efforts are bolstered

by high-visibility editorial placements in tier-one publications.

Enhancing Product Storytelling and Technical

We are investing in elevated storytelling formats

to articulate our product innovation and craftsmanship.

This includes the use of advanced content technologies, such as CGI and AI-powered

educational tools, to bring our product narratives to life across digital channels.

We continue to validate the performance

and functionality of our products through strategic endorsements by elite athletes, subject matter experts, and professionals in relevant

This expert-led validation reinforces product credibility and supports the brand’s premium technical positioning.

Accelerating Customer Retention and Lifetime

We are launching a high-touch VIP loyalty program

designed to reward our most valuable customers with elevated services including personal styling, concierge shopping experiences, and

curated ski retreats.

This program aims to drive repeat engagement and strengthen brand loyalty.

In addition, we are deepening customer relationships

through exclusive community engagement initiatives, which focus on fostering a sense of belonging and shared identity among our luxury

consumer base.

These efforts are designed to support long-term customer retention and maximize customer lifetime value.

Enhance Our Wholesale Network

Although in the next five (5)

years we will be mainly focused on accelerating digital growth and our direct-to-consumer channel, we still intend to continue broadening

customer access and strengthening our global foothold in new and existing markets by strategically expanding our wholesale network and

deepening current relationships.

In all of our markets, we have an opportunity to increase sales by adding new wholesale partners

and increasing volume in existing retailers.

Additionally, we are focused on strengthening relationships with our retail partners through

broader offerings, exclusive products and shop-in-shop formats, which are dedicated spaces within another company’s retail

store on a short-term rental basis.

We believe our retail partners have a strong incentive to showcase our brand as our products

drive customer traffic and consistent full-price sell-through in their stores.

Our Product Offerings

continue to develop new product categories to engage customers across all seasons and expand our share of wallet.

Broaden Our Product Offerings

We continue to develop new product

categories to engage customers across all seasons and expand our share of wallet.

These include:

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Pricing Architecture :

Establishing a Good / Better / Best pricing model to improve value perception, broaden customer access, and support luxury tier collaborations.

believe this strategy supports year-round engagement, reduces seasonal revenue concentration, and enhances gross margin through full-price,

high-margin items.

FY2025 marked the launch of our first spring/summer capsule under this strategy, with additional lines planned based

on customer response and inventory performance.

Perfect Moment Owned Physical Retail

are actively redefining the après-ski lifestyle as a distinct luxury category, transcending its traditional association with winter

Our product strategy includes broadening the après assortment to incorporate versatile knitwear, accessories, and transitional

outerwear suited for both urban and alpine environments.

support this repositioning, we are deploying high-impact experiential activations, including luxury pop-up stores and immersive brand

experiences in strategic mountain and resort locations.

These initiatives are designed to increase customer engagement, drive retail

conversion, and extend our physical brand footprint in high-value markets.

FY2024 and FY2025, we tested temporary physical retail spaces to evaluate customer response and operational learnings.

In FY2026, we

plan to open two concession locations in high-profile markets.

Our physical retail rollout is focused on near-term milestones and aligned

with our broader brand experience goals.

approach is designed to strengthen customer touchpoints and deliver a consistent luxury retail experience across channels.

Strategies to Improve Margin

intend to focus on the following other strategies to improve our margin:

Establishing a

Good / Better / Best pricing model to improve value perception, broaden customer access, and support luxury tier collaborations.

We believe this strategy supports year-round engagement,

reduces seasonal revenue concentration, and enhances gross margin through full-price, high-margin items.

FY2026 marked the launch of our

first spring/summer capsule under this strategy, with additional lines planned based on customer response and inventory performance.

Establish Perfect Moment Owned Physical Retail

We are actively redefining the

après-ski lifestyle as a distinct luxury category, transcending its traditional association with winter sports.

Our product strategy

includes broadening the après assortment to incorporate versatile knitwear, accessories, and transitional outerwear suited for

both urban and alpine environments.

To support this repositioning,

we are deploying high-impact experiential activations, including luxury pop-up stores and immersive brand experiences in strategic mountain

and resort locations.

These initiatives are designed to increase customer engagement, drive retail conversion, and extend our physical

brand footprint in high-value markets.

In FY2025 and FY2026, we tested

temporary physical retail spaces to evaluate customer response and operational learnings.

In FY2027, we plan to open two concession

locations in high-profile markets.

Our physical retail rollout is focused on near-term milestones and aligned with our broader brand experience

This approach is designed to strengthen

customer touchpoints and deliver a consistent luxury retail experience across channels.

Other Strategies to Improve Margin

We intend to focus on the following other strategies

to improve our margin:

Shift towards direct-to-consumer

revenue (such as ecommerce and physical retail).

We expect that rebalancing from wholesale to direct-to-consumer, coupled with

the other margin initiatives, would result in a double-digit percentage point improvement in our gross margin over time, driven by

favorable channel mix.

We expect that rebalancing from wholesale to direct-to-consumer, coupled

with the other margin initiatives, would result in a double-digit percentage point improvement in our gross margin over time, driven

by favorable channel mix.

Reducing product range

within skiwear.

We believe the current range offers too much choice, resulting in reduced economies of scale and higher levels

of markdowns and discounts.

We believe the current range offers too much choice, resulting in reduced economies of scale and higher

levels of markdowns and discounts.

Rationalizing the range is expected to improve both margin and sell-through.

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country of manufacture, and country of sale.

We believe our industry and customer segment exhibit relatively inelastic demand, allowing

for modest annual price increases in line with luxury market expectations.

These pricing strategies will support margin expansion

We believe our industry and customer segment exhibit relatively inelastic demand,

allowing for modest annual price increases in line with luxury market expectations.

These pricing strategies will support margin

expansion as we grow.

Focusing on reducing

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and other logistics fees.

We are focused on improving cost efficiency by shifting more volume to sea freight from air freight, relocating

production to lower-duty countries, and reducing broker and customs-related costs through improved planning and process.

We are focused on improving cost efficiency by shifting more volume to sea freight from air freight, relocating production

to lower-duty countries, and reducing broker and customs-related costs through improved planning and process.

Implementing a Good

/ Better / Best pricing model.

This tiered structure enhances customer value perception and supports product and price accessibility

across a broader consumer base.

It also enables luxury-tier expansion for high-profile collaborations and licensed projects.

margin enhancement initiatives are central to our efforts to increase profitability, streamline operations, and create a scalable business

model that can support long-term growth and brand equity.

This tiered structure enhances customer value perception and supports product and price

accessibility across a broader consumer base.

It also enables luxury-tier expansion for high-profile collaborations and licensed

These margin enhancement initiatives are central to

our efforts to increase profitability, streamline operations, and create a scalable business model that can support long-term growth and

brand equity.

and Supply Chain

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based on three main components:

Service Oriented Architecture

facilitates design and maintenance of partner integrations:

Key enabler of omni-channel

Able to cater to evolving

business needs

Decreases Total Cost of

Ownership and increases efficiency

Cloud-focused strategy

Improve scalability and

cost efficiency

Allow for better accessibility

and performance in markets around the worlds

Headless Architecture allows:

Rapid build of differentiating

user experience without impact to the backend systems

Innovative new user experiences

build on headless building blocks

Evolution of front-end

over time to take advantage of new technologies and innovations

Oriented Architecture facilitates design and maintenance of partner integrations:

enabler of omni-channel

to cater to evolving business needs

Total Cost of Ownership and increases efficiency

Cloud-focused

strategy designed to:

scalability and cost efficiency

for better accessibility and performance in markets around the worlds

Architecture allows:

build of differentiating user experience without impact to the backend systems

new user experiences build on headless building blocks

of front-end over time to take advantage of new technologies and innovations

and Other Intellectual Property

protect our intellectual property through a combination of trademarks, domain names, copyrights, design rights/design patents and

trade secrets, as well as contractual provisions and restrictions on access to our proprietary technology related to our ecommerce

Our principal trademark assets include the trademark “Perfect Moment,” which is registered in the United

States and targeted foreign jurisdictions, as are our logos and taglines.

We have applied to register or registered many of our

trademarks in the United States and other jurisdictions in all classes relevant to our business, and we will pursue additional

trademark registrations to the extent we believe they would be beneficial and cost-effective.

We actively oppose and defend our

position on the trademark registers and subscribe to a trademark watch service for our key assets.

Further we subscribe to an

online monitoring system to search for infringements of our intellectual property rights and, in addition, act on any reported to us

by customers or employees.

protect our intellectual property through a combination of trademarks, domain names, copyrights, design rights/design patents and trade

secrets, as well as contractual provisions and restrictions on access to our proprietary technology related to our ecommerce platform.

Our principal trademark assets include the trademark “Perfect Moment,” which is registered in the United States and targeted

foreign jurisdictions, as are our logos and taglines.

We have applied to register or registered many of our trademarks in the United

States and other jurisdictions in all classes relevant to our business, and we will pursue additional trademark registrations to the

extent we believe they would be beneficial and cost-effective.

We actively oppose and defend our position on the trademark registers

and subscribe to a trademark watch service for our key assets.

Further we subscribe to an online monitoring system to search for infringements

of our intellectual property rights and, in addition, act on any reported to us by customers or employees.

are the registered holder of multiple domestic and international domain names that include “perfect moment” and similar variations.

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that apply to retailers and/or the promotion and sale of merchandise and the operation of stores and warehouse facilities.

sold worldwide are subject to tariffs, treaties and various trade agreements as well as laws affecting the importation

of consumer goods.

We monitor changes in these laws, regulations, treaties and agreements, and believe that we are in material compliance

with applicable laws.

sold worldwide are subject to tariffs, treaties and various trade agreements as well as laws affecting the importation of consumer goods.

We monitor changes in these laws, regulations, treaties and agreements, and believe that we are in material compliance with applicable

Certificates and Approvals

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and Human Capital Resources

of March 31, 2025 and 2024, we had a total of 50 and 39 full-time employees, respectively, as well as a limited number of temporary employees

and consultants.

Our employees are neither unionized nor covered by collective bargaining agreements, and we consider our current employee

relations to be good.

of March 31, 2026 and 2025, we had a total of 52 and 50 full-time employees, respectively, as well as a limited number of temporary

employees and consultants.

Our employees are neither unionized nor covered by collective bargaining agreements, and we consider our current

employee relations to be good.

and Available Information

We file annual, quarterly and current reports;

file annual, quarterly and current reports;

proxy and information statements and other information with the SEC.

We also make our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all related amendments, available

free of charge through our website at www.perfectmoment.com as soon as reasonably practical after they have been filed with the SEC.

also provide to anyone, without charge, copies of the documents upon written request.

Requests should be directed to the attention of

the Corporate Secretary at our address on the cover page of this Form 10-K.

We also make our annual

report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all related amendments, available free of charge

through our website at www.perfectmoment.com as soon as reasonably practical after they have been filed with the SEC.

We also provide

to anyone, without charge, copies of the documents upon written request.

Requests should be directed to the attention of the Corporate

Secretary at our address on the cover page of this Form 10-K.

We are an electronic filer.

The SEC maintains an internet

website at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers, such as us, that

file electronically with the SEC.

The SEC maintains an internet website at www.sec.gov

that contains reports, proxy and information statements and other information regarding issuers, such as us, that file electronically

with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business