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Item 1. Business

2025-06-30 compared with 2024-07-01 · 338 added, 506 removed, 67 unchanged (93% of the section changed)

Moment Ltd., a Delaware corporation (“Perfect Moment,” “we,” “our,” or “us”), is a

high-performance, luxury skiwear and lifestyle brand that fuses technical excellence with fashion-led designs.

We create apparel

and products that feature what we believe is an unmatched combination of fashion, form, function and fun for women, men and children.

Moment Ltd., a Delaware corporation (“Perfect Moment,” “we,” “our,” or “us”), is a high-performance,

luxury skiwear and lifestyle brand that fuses technical excellence with fashion-led designs.

We create apparel and products that feature

what we believe is an unmatched combination of fashion, form, function and fun for women, men and children.

idea for the Perfect Moment brand was born in Chamonix, France in 1984, when the professional skier and extreme sports filmmaker, Thierry

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skiers and surfers.

May 2012, Mr.

Donard assigned the Perfect Moment trademark to Perfect Moment TM Sarl (“TMS”), a then newly incorporated Swiss

company, 50% of which was owned by Mr.

Donard and 50% of which was owned by Fermain Limited, an entity controlled by Max Gottschalk,

who is the Chairman of our board of directors, and Jane Gottschalk, who is our Chief Creative Officer and a member of our board of directors.

Perfect Moment Asia Limited (“PMA”) was also incorporated in May 2012 and PMA entered into a licensing agreement with TMS

for the Perfect Moment trademark.

The Perfect Moment brand was then relaunched by Max and Jane Gottschalk.

Perfect Moment (UK) Limited,

a United Kingdom corporation (“PMUK”) was later incorporated in July 2017 as a wholly owned subsidiary of PMA, for the primary

purpose of online sales of finished goods.

Between December 2017 and November 2018, PMA acquired 100% of the equity of TMS from Mr.

In March 2021, we effected a reorganization, in which all of the equity of PMA was exchanged for newly issued shares of

Perfect Moment Ltd.

common stock and Series A convertible preferred stock, which preferred stock was converted to common stock in connection

with the closing of our initial public offering on February 12, 2024.

In July 2021, TMS assigned the Perfect Moment trademark to PMUK.

On January 17, 2024, the Company established a wholly owned U.S.

subsidiary, Perfect Moment USA Inc.

(“PMU”), incorporated

in the State of Delaware.

Some of the production team still sits in Hong Kong but the majority of the employees, including the majority

of production, design, marketing and finance teams, and all senior management (other than our Chief Financial Officer, who is located

in the United States) and our board of directors are located in the United Kingdom (other than Berndt Hauptkorn, who is located in France).

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, function and fun for women, men and children.

Initially known for its on-and-off

the slopes skiwear, in 2016 PMA 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 luxury fashion and multi-channel commerce.

The global luxury industry is large and characterized by specific

market dynamics and consumer trends that are shaping the future of the industry, including the following:

Stable and Resilient Addressable Markets

have an attractive luxury ski apparel market in which we believe is well-positioned and has a large growth runway.

According to EIN Presswire,

the global luxury ski wear market was valued at $1.6 billion in 2022 and is expected to expand at a Compound Annual Growth Rate (“CAGR”)

of 6.35% reaching $2.4 billion by 2028.

We believe the global luxury ski wear market has a relatively narrow target demographic and that

this demographic is characterized by relatively high affluence and either proximity to a ski area or a location with a traditional interest

in skiing as a recreational activity.

We believe that due to the relatively high affluence and international nature of the demographic,

there has been, and continues to be, significant space for premium and luxury products that deliver both fashion and technical performance.

have started to make inroads into the adjacent, significantly larger, global luxury outerwear market, which we believe is set to continue

growing, yet remains somewhat fragmented and localized.

The global luxury outerwear market, compared to the global luxury ski wear market,

is a larger and faster growing market.

According to Research Reports World, the global luxury outerwear market was valued at $15.9 billion

in 2022 and is expected to expand at a CAGR of 6.51% reaching $23.2 billion by 2028.

Again, we believe the demographic for this market

has relatively high affluence but has a broader geographical spread as it is not linked to the activity of skiing.

In the global luxury

outerwear market, we believe an increasingly large number of consumers are turning to heritage brands with technical credentials for

luxury outerwear products that not only serve a technical function but also make a fashion statement.

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

structural growth.

Our core addressable market segments benefit from rising demand for premium, functional fashion with a distinct brand

Skiwear and Outerwear

global luxury skiwear market was valued at $1.6 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.35%,

reaching $2.4 billion by 2028, according to EIN Presswire.

This market serves a niche yet affluent demographic, typically located near

ski regions or with a strong interest in recreational winter sports.

This consumer group prioritizes both fashion and technical performance

and has demonstrated consistent demand for luxury offerings in alpine apparel.

global luxury outerwear market, a larger and more geographically diverse category, was valued at $15.9 billion in 2022 and is expected

to grow at a CAGR of 6.51%, reaching $23.2 billion by 2028 (Research Reports World).

Within this segment, we believe consumers are increasingly

seeking heritage-driven, functional outerwear that delivers both performance and aesthetic appeal, especially in urban and lifestyle

and Athleisure

addition, Perfect Moment is also targeting the broader leisure markets for swimwear, activewear and lifestyle products.

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profile, geographic footprint, target demographic, marketing tools and operational expansion plan to gain significant share.

Channel Shift to Online

to Bain & Company (“Bain”), online is set to become the leading channel for luxury purchases by 2030.

The online share

of the global personal luxury goods market in 2017 was 9%, significantly lower than other retail markets, according to Bain, which has

been driven by luxury brands’ cautious approach to adopting technology and social platforms;

however, online sales accounted for

22% of the luxury goods market in 2021 and online sales are expected to become a larger percentage of the total luxury market, reaching

32% to 34% by 2030.

believe the digital shopping behavior of consumers is evolving at a rapid pace and the shift to digital is affecting how the luxury industry

and consumers interact.

Ecommerce sales have climbed steadily for years, according to Statista, with continuous further growth

Statista estimates a growth in global ecommerce market revenue from approximately $2.4 billion in 2017 to approximately

$8.1 billion in 2026, and with the COVID-19 pandemic, ecommerce use among consumers has advanced even faster than expected.

the start of the COVID-19 pandemic in March 2020, according to Statista, there have been a significant number of first-time online shoppers

around the world.

the marketing side, we believe that inspiration and trends have shifted from editorial content on the printed pages of monthly fashion

magazines to the real-time social media channels of the world’s leading fashion bloggers, influencers and celebrities.

Demographic Shift

new generations of global luxury consumers account for a larger share of spending, we believe they are fundamentally changing the way

luxury products are purchased.

According to Bain, Generation Y and Generation Z accounted for all of the market’s growth in 2022.

The spending of Generation Z and the younger Generation Alpha is set to grow three times faster than that of other generations though

2030, making up a third of the market.

Generation Y, Generation Z and Generation Alpha are forecast by Bain to become the biggest buyers

of luxury by 2030, representing 80% of global purchases.

Markets and Future Growth

believe the demand for luxury fashion is truly global.

According to Bain, consumers of luxury fashion have traditionally been from Europe

and the Americas, but, by 2030, mainland China is forecasted to surpass the Americas and Europe in having the biggest global luxury market.

Growth of the global luxury goods market is expected to be significantly driven by demand from China and from emerging markets, including

India and emerging Southeast Asian and African countries, based on forecasts between 2022 and 2030.

Chinese consumers are forecast by

Bain to regain their pre-COVID-19 status as the dominant nationality for luxury, growing to represent circa 40% of global purchases by

Brand Positioning .

Perfect Moment’s affordable luxury offering sits below the ultra-luxury positioning and luxury performance

positioning by our direct luxury competitors.

Most of our competitors skew to either fashion or pure performance, while Perfect Moment

focuses on both.

Brand That Resonates with Highly Valuable Customer Segments .

With the Perfect Moment brand having approximately 40 years

of European ski and worldwide surf heritage, bold fashion, distinct design aesthetic and technical performance, we believe our products

and our mission resonate with the modern fashion-conscious consumer who sees value in authentic European heritage and statement-design

tailored for an active and healthy lifestyle, which generates brand loyalty among our key customers, Generation Y and Generation

Z consumers, and drives repeat purchases.

and Unique Marketing Engine and Significant Growth Runway .

We believe that ecommerce will continue to shape the consumer

and retail industries by changing shopping behavior as well as contributing to the digital transformation of retail business models,

which we believe has been accelerated as a direct result of the COVID-19 pandemic.

Our retail business commenced and continues to

exist primarily online.

We are a direct-to-consumer retailer that utilizes technology to deliver what we believe is a customer experience

with a specific focus on engaging and interacting with the Generation Y and Generation Z tech-savvy consumer segment by offering

speed, convenience and a seamless customer experience.

By selling directly through our digital platform, we control all aspects of

the customer experience and are able to engage with our community before, during and after purchase, through our digital platform

and social channels.

We believe this direct engagement enables us to establish personal relationships at scale and provides us with

valuable customer data and feedback that we leverage across our organization to better serve our customers.

We also have collaborations

with a growing group of A-list celebrities and influencers whom we consider having an authentic feel and on-brand partner collaborations

with luxury brands that we believe speak to the same audience.

We also focus on top-tier editorial coverage in fashion magazines

and arrangements with luxury wholesale partners, which include The Wall Street Journal, Forbes, Vogue, Conde Nast Traveler and Harper’s

Bazaar, to name a few.

We believe these marketing efforts will be translated into an engaged lifestyle-driven Instagram community.

Passionate and Committed Management Team .

Through steady brand discipline and a focus on sustainable growth, our management

team has transformed a small family business into a global brand.

We have assembled a team of seasoned executives from diverse and

relevant backgrounds who draw on experience working with a wide range of leading global companies including Burberry, Jimmy Choo,

Michael Kors, Nike, North Face, Rapha, Disney and Elemis.

Members of our team have created and grown leading luxury, fashion and

digital businesses globally, and they retain a strong entrepreneurial spirit.

Their leadership and passion have accelerated our evolution

into a lifestyle brand and the growth of our direct-to-consumer channel alongside strengthening our wholesale business.

Multi-Channel

Distribution.

Our global distribution strategy allows us to reach customers through two distinct, brand-enhancing channels.

In our wholesale channel, which as of March 31, 2024 extended into 25 countries, we carefully select the best retail partners and

distributors to represent our brand in a manner consistent with our heritage and growth strategy.

As a result, we believe our wholesale

partnerships include best-in-class luxury and online retailers.

Through our fast growing direct-to-consumer channel, which includes

our global ecommerce site, we are able to more directly control the customer experience, driving deeper brand engagement and

loyalty, while also driving towards more favorable margins.

Our direct-to-consumer (“DTC”) ecommerce channel,

www.perfectmoment.com, is complemented by our luxury marketplace partnerships globally and in emerging markets.

We employ product

supply discipline across both of our channels to manage scarcity, preserve brand strength and optimize profitable growth for us and

our retail partners.

Going forward, we plan to open a limited number of pop-up and retail stores in major metropolitan centers as

well as premium outdoor destinations where we believe they can operate profitably.

To further support our customers and increase

our gross margins we plan on opening third party distribution centers in key markets, targeting an opening in the United States in

the fiscal year ending March 31, 2025.

believe that several macroeconomic and demographic shifts are shaping the future of the global luxury apparel industry.

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

Acceleration 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

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 :

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

however, demand is shifting

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.

Heritage and Evolution

the last 40 years, the Perfect Moment brand has evolved from its origins as a small business founded by Thierry Donard—producing

apparel for his team of free-ride skiers and surfers—into a global luxury lifestyle brand.

Built on a foundation of luxurious,

distinctively designed, and high-performance ski apparel, we have continued to expand the brand into new categories and across multiple

seasons while maintaining our heritage of technical excellence and bold aesthetics.

foundation has enabled us to extend our product offering beyond core skiwear into surfwear, swimwear, activewear, lifestyle apparel,

and accessories.

We apply the same disciplined approach to design, product development, and merchandising across all categories, ensuring

that each item aligns with our brand’s identity—fusing function with style, and performance with fashion.

parallel, we have expanded our distribution beyond a network of regional distributors to include a curated group of premium multichannel

retail partners and a growing direct-to-consumer (DTC) business.

This strategic evolution in both product and channel mix has positioned

Perfect Moment as a year-round brand with growing relevance across sport, leisure, and lifestyle use cases.

remain committed to offering apparel that reflects the demands of alpine performance while meeting the expectations of today’s

fashion-conscious global consumer—delivering a distinct brand experience that resonates on the slopes, in the city, and everywhere

Moment competes in the global luxury apparel and outerwear market, which includes a range of premium lifestyle, sportswear, and heritage

Our direct competitors include both luxury skiwear specialists and broader luxury outerwear players.

competitors tend to specialize in either technical performance or high fashion.

Perfect Moment is uniquely positioned at the intersection

of these two pillars, offering products that combine elevated design with technical integrity.

This dual positioning allows us to differentiate

ourselves from heritage performance brands that prioritize function over form, and from fashion brands that lack alpine credibility.

brand also competes with emerging DTC brands focused on active lifestyles, as well as traditional wholesale-driven outerwear players.

We believe our distinct heritage, design philosophy, and rapidly scaling digital footprint allow us to compete effectively across both

luxury and performance categories.

Fashion and Performance Positioning .

Perfect Moment’s affordable luxury brand positioning bridges the gap between pure

fashion and high-performance apparel.

Our products integrate technical design with elevated aesthetics, enabling both alpine functionality

and everyday style.

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

Heritage-Driven Brand

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.

Direct-to-Consumer

and Selective Wholesale Distribution .

We operate a digitally native, direct-to-consumer ecommerce platform that allows us

to control the customer experience, optimize pricing, and drive margin expansion.

Our wholesale partnerships are selective and aligned

with our premium positioning, providing additional reach while preserving brand integrity.

We complement these channels with short-term

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 .

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

Supply Chain .

We directly control the design, innovation and testing of our products, which we believe allows us to achieve

greater operating efficiencies and deliver quality products.

We manage our production through long-standing relationships with our

third-party suppliers and vendors.

We believe our flexible supply chain gives us distinct advantages including the ability to broaden

and scale our operations, adapt to customer demand, shorten product development cycles and achieve higher margins.

of Innovation and Uncompromised Craftsmanship .

We strive to create the most innovative, functional, comfortable and stylish

apparel in the industry.

We develop cross-functional products that we believe are characterized by quality, style and performance.

We continue to use best-in-class materials in every product, and we will continue to innovate.

Business Strategy

Moment sits at the intersection of three large and growing markets (luxury ski apparel, premium outerwear and athleisure and lifestyle).

Based on the characteristics of these respective markets, we believe we have the right brand profile, geographic footprint, target demographic,

marketing tools and operational expansion plan to gain significant market share.

We believe we are also well-positioned to drive sustainable

growth and profitability by executing on the following strategies:

Strategic Retail

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

with plans to scale selectively based on performance.

Business Strategy and Product

Moment sits at the intersection of three large and growing markets (luxury ski apparel, premium outerwear and lifestyle).

characteristics of these respective markets, we believe we have the right brand profile, geographic footprint, target demographic, marketing

tools and operational expansion plan to gain significant market share.

We believe we are also well-positioned to drive sustainable growth

and profitability by executing on the following strategies:

Brand Awareness and Attract New Customers

brand awareness among potential new customers and strengthening our connections with those who already know us will be a key driver of

While we believe our brand has achieved substantial traction globally and those who have experienced our products demonstrate

strong loyalty, our presence is relatively nascent in many of our markets.

We believe we have a significant opportunity to increase brand

awareness and attract new customers to Perfect Moment through word of mouth, brand marketing and performance marketing.

the past, Perfect Moment’s strong skiing heritage has been used to engage with a core ski audience for whom we believe the combination

of technical performance and retro inspired designs resonate strongly.

We believe the nature of skiing as a largely affluent, international

pursuit means there is a large opportunity in aspirational, lifestyle-led social media engagement.

We believe Perfect Moment has captured

this social media opportunity to great effect, combining the style and form of the brand with celebrities, influencers, top-tier editorial,

collaborations and luxury locations to create a distinct, fun and engaging aspirational lifestyle narrative.

Beyond social media, we

believe Perfect Moment has been able to deploy this same core brand proposition and narrative to direct digital marketing and traditional

media, elevating brand profile and driving high levels of engagement simultaneously.

Perfect Moment has also been able to build an effective

online marketing engine driving large volumes of direct, organic search and paid search traffic to our ecommerce website, www.perfectmoment.com.

expect to continue this approach to social media, building our follower base through a similar and evolving mix of celebrities, influencers,

editorials and locations.

We also expect to continue to pursue and scale the effective search engine optimization and paid search strategies

which have contributed to online sales growth, as well as direct marketing and customer engagement via their successful newsletter.

Moment is developing plans to leverage a new Perfect Moment owned physical store network to deepen its brand identity and profile, as

well as drive higher levels of loyalty and engagement at the local level.

marketing and performance marketing also work together to drive millions of visits to our digital platforms.

Brand marketing includes

differentiated content, our network of ambassadors, and social media, all of which result in what we believe is outsized engagement with

our community.

Our performance marketing efforts are designed to drive customers from awareness to consideration to conversion.

efforts include retargeting, paid search and product listing advertisements, paid social media advertisements, search engine optimization

and personalized email.

We believe our highly productive, diversified strategy generates a significant return on brand equity, driving

sales and building a growing customer database.

approach this strategy as a funnel, with brand awareness at the top and customer conversion at the bottom, allocating resources across

the top, middle and bottom, and measuring returns on these respective investments.

Digital Growth

used the wholesale channel to establish our brand globally, we believe we will become less reliant on wholesale partners during the next

five (5) years by committing more resources to our direct-to-consumer strategy and accelerating our digital growth.

We believe technology

and partnerships are the key underpinning factors in any ecommerce business and as such we will continue to enhance customer experience,

focusing on mobile as the dominant growth channel and leveraging the emerging benefits of social and conversational commerce.

International Expansion and Enter New Markets

believe there is an opportunity to increase penetration across our existing markets and selectively enter new regions.

Although the Perfect

Moment brand is recognized globally, our past investments have been focused on North America, the United Kingdom and the EU and have

driven revenue growth in the United States during the past fiscal year.

we expect the majority of our near-term growth to continue to come from the United States, the United Kingdom and the EU, we believe

there is a tremendous opportunity over the long term throughout the rest of the world.

In the fiscal year ended March 31, 2024, we increased

our outreach in what we believe are the most promising countries in continental Europe.

As part of the plan to enter new markets, we

will start with China, as we seek to enhance our ability to serve our international customers and further establish Perfect Moment as

a global brand.

believe there is a significant opportunity beyond our existing markets, with China representing the next market opening for Perfect Moment.

China is projected to become the largest winter sports market, with people participating expected to reach 50 million by 2025 with 1,000

ski resorts to be open by 2030, according to reports by Daxue Consulting and Capital Mind.

We allocated a small amount of inventory to

test the Chinese market directly in November 2024 on Tmall, using local partners to operate, with a digital approach to selling.

originally forecasting to run losses with respect to such activities for two years, then become profitable from the third year of such

activities, with China representing less than 10% of our revenue by 2027.

The data we now have on this small test has led to exploring

partnership models such as a Joint Venture, where we could benefit for local distribution, market expertise and financial support for

inventory and marketing.

We still believe the most significant hurdle to overcome with respect to our plan to enter the Chinese market

is liquidity to fund the initial operating losses.

order to offer a more localized experience to customers internationally, we intend to offer market-specific languages, currency and content,

as well as strategic international shipping and distribution hubs.

We plan to leverage our social media strategy and expand our network

of social media ambassadors to grow our brand awareness globally.

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)

Total Social Audience (KOLs)

Social Audience During Ski Season (Q3–Q4)

597.1 million

Global Print Circulation

Celebrity/Influencer Posts

Multiple including Priyanka

Chopra Jonas, Anitta, Miranda Kerr, and more

Similar tier but lower frequency

Significant increase

Key Media Features

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.

Acquisition and Market Expansion Strategy

new customers while deepening engagement with existing ones remains a foundational pillar of our long-term growth strategy.

Perfect Moment

has built a loyal customer base and strong brand equity in core markets such as the United States, the United Kingdom, and the European

Union, while still seeing significant untapped potential across emerging regions and underpenetrated demographics.

In FY2025, we expanded

outreach across continental Europe and initiated a market test in China via Tmall.

We are actively exploring deeper market penetration

opportunities, including potential joint ventures or partnerships, particularly in China where we seek to balance growth potential with

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).

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

and scaling our network of social media ambassadors.

In parallel, we are committed to offering a localized customer experience in priority

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.

These physical

touchpoints are designed to serve as immersive brand destinations that foster loyalty and drive community engagement.

This holistic,

multi-channel approach—anchored by strong creative execution, performance discipline, and a globally resonant brand voice—remains

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

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Our Product Offerings

to enhance and expand our product offerings represents a meaningful growth driver for Perfect Moment.

We expect that expanding our product

lines will allow us to strengthen brand loyalty with the existing Perfect Moment customer base, drive higher penetration in our existing

markets and expand our appeal across new geographies.

We intend to continue developing our offering through the following strategies:

Fall and Winter .

Perfect Moment will continue to focus on quality materials and distinctive designs in order to create luxury products

which aim to deliver technical performance and style impact.

However, believing that people want to bring the functionality of our ski

apparel into their everyday lives, Perfect Moment is broadening the product range beyond the core “on-slope” skiwear to encompass

less technical lifestyle products and a wide range of exceptional products for any occasion, including all year-round accessories.

Spring and Summer.

We intend to continue building our successful spring and summer collections in categories such as surfwear, activewear,

loungewear and swimwear.

We believe offering inspiring new and complementary product categories that are consistent with our values of

heritage, functionality and quality and can become part of our core business represents an opportunity to develop a closer relationship

with our customers and expand our addressable market.

believe this strategy will deliver a number of benefits:

We expect that cross-over into adjacent product markets will increase sales by allowing us to sell outerwear, lifestyle

products, activewear and swimwear to non-skiers and cross-sell lifestyle and “off-slope” products to existing skiwear

customers in a winter setting.

Seasonality .

We expect that sales of new lifestyle products as well as activewear and swimwear products will be less concentrated

in the winter months and increase revenue from new and existing customers as we grow brand awareness.

We believe that our margins will be improved by this strategy as modest price increases across the existing range increase

margins dollar for dollar.

A greater use of high-margin luxury materials such as cashmere will support price and margin increases,

while a move towards more less technically-complex lifestyle pieces will also drive margin improvement.

Full price sales with limited

promotional activity will further improve margins.

the fiscal year ended March 31, 2024, we restructured and invested in our design, product development, merchandizing and production teams

to create a pathway to execute this underpinning strategy.

We will launch our first spring / summer capsule encapsulating our new strategy

at the end of Q1 FY25.

We plan to then gradually increase our product offering as we evaluate demand, supply and profitability.

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

These include:

Fall/Winter Lifestyle :

Less technical but equally premium outerwear, loungewear, and accessories.

Spring/Summer Expansion :

Activewear, surfwear, swimwear, and transitional layering pieces.

Multi-Seasonal Lifestyle

Launching a new lifestyle collection to complement our core skiwear line, designed to support year-round customer

Accessories Expansion :

Investing in the growth of our accessories business, working with expert vendor partners to capture commercial uplift and enhance

brand exposure.

Style Expansion :

Increasing annual style count from approximately 75 styles to 220–240 styles.

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

Moment has grown to date without owning a physical stand-alone store.

Sales growth has been driven by our online offering and wholesale

As part of our growth strategy, we believe opening directly operated stores in strategically selected major cities and pop-up

stores in strategic ski resorts and high-traffic city locations would provide an excellent opportunity to generate sales in key locations,

providing a luxury in-store experience, reflecting the character of the brand and providing an experiential contact point for customers.

our product range expands, we see the potential to further grow our community with a physical presence by opening directly operated stores.

We already have a physical presence in department stores, operated under wholesale arrangements.

Operating Perfect Moment owned stores

would provide our community a home for the brand and act as a beacon for new or potential customers, but they also add extra complexity

In order to test our retail model, we plan to first establish pop-up locations.

We are exploring options in London for an initial

pop-up location.

We tested a shop-in-shop location in Los Angeles that opened in November 2023 thru to February 2024 at Fred Segal in

West Hollywood.

Shop-in-shop locations are dedicated spaces within another company’s retail store on a short-term rental basis.

We expect that our experience with such temporary spaces would help us develop our strategy for all-year-round stores, including location,

size, capital expenditure need, as well as the financial and operating impact.

The success of the Fred Segal pop-up transitioned them

into a new physical wholesale account.

Operating temporary spaces would also provide our management team experience with opening and

operating retail stores.

We evaluate each potential store location based on lease availability and projected viability, and plan to open

pop-ups in the fiscal year ending March 31, 2025 and if the learnings from the pop-ups are favorable we would plan to open year-round

stores beginning the fiscal year ending March 31, 2027.

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:

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, due to channel mix, over time.

product range within skiwear .

We believe the current range offers too much choice, and yields poorer margins, resulting from

a lack of economies of scale and higher levels of markdown and discounts.

and modify supplier base .

We are expecting our supplier base to evolve as we source fabrics and trims more efficiently and introduce

new finished good suppliers with better commercial terms (such as lower labor costs or better duty rates due to factories being based

in the EU, UK, or Vietnam).

and revise price positioning .

We will continue reviewing our selling prices.

We are expecting to introduce better discipline

and processes to assess price positioning with a focus on margin by each product, country of manufacture and country of selling.

We expect to raise selling prices to improve the gross margin over time as part of the range development process and will

monitor price elasticity.

We believe prices are relatively in-elastic for our industry and our customer segment, and that pricing

increases are generally expected by customers annually for luxury goods.

on reducing costs relating to crossing borders .

Operating a global business requires crossing borders with products resulting

in high costs for freight, duty, couriers and other handling costs.

Perfect Moment has grown very quickly and as a result has not

been able to focus on crossing borders in a cost-effective way.

We are focused on reducing these costs and expect to see savings

over time in freight (for example by using less air freight and more sea freight), lowering duty costs (for example moving production

to countries with lower tariffs) and reducing broker fees through better processes.

the last 39 years, the Perfect Moment brand has grown from our predecessor, a small business founded by Thierry Donard, making apparel

for his team of free-ride skiers and surfers, into a global brand by building on our strength of creating luxurious, distinctively designed

and functional ski outfits.

We have leveraged this strength to expand our brand into multiple seasons and new categories beyond skiwear.

With the same discipline, we have also expanded our revenue channels beyond distributors to include a select group of luxury multichannel

retailers, as well as our own DTC channel.

approach product design with our customer in mind by designing products that solve their unique needs.

We are inspired by free spirits

as well as free riders – trailblazers who might not come close to a ski run.

We are for anyone who is unafraid to stand out –

with the fashion they wear and the moments they make.

We are still all about that perfect moment.

But it could happen on and off the

Our product truths are standout styles for moment makers, flattering silhouettes for living in the moment, comfortable cuts for

moving in the moment and high-performing materials that make the moment last.

We are constantly challenging ourselves to create the highest

quality and most innovative fabrications, styles and product features for our customers.

Our apparel is comfortable, durable, functional

and stylish, all at an affordable luxury price point.

adventure started in the mountains of Chamonix in 1984, with the Perfect Moment brand a vision of famed extreme sports filmmaker and

professional skier Thierry Donard, who designed apparel for his team of expert freeride skiers and surfers for his film production company

La Nuite de la Glisse.

Donard used his personal experience to create designs that were characterized by quality, style and performance,

and focused on the ultimate goal of every athlete:

to experience the “perfect moment”.

Thierry Donard continues to be a stockholder

in Perfect Moment and, in the past, we have provided product placements for his films.

product offerings have evolved significantly since the days of solely making specialty ski and surfwear for extreme sports.

continue to draw on our rich heritage of performance garments and statement designs.

Retro-inspired vivid and bold color palates complement

the industry’s leading technical fabrics to deliver fashion, form, function and fun for women, men and children.

Primarily known

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

to swimwear and activewear.

our customers want to bring the functionality of our clothing into their everyday lives, we expanded our product offerings to include

products for outdoor enthusiasts, urban explorers and discerning consumers everywhere.

The uncompromised craftsmanship and quality of

the Perfect Moment brand is preserved in new products and high-performance materials to keep our customers warm and comfortable no matter

how low the temperature drops.

As we evolved and expanded our winter assortment to suit new uses, climates and geographies, we also refreshed

our core offerings with the introduction of our sustainable swimwear collection and enhancing our classic products with a focus on elevated

style, luxurious fabrics and refined fits.

Moment has launched a refined line of accessories in response to customer demand for products to complement their skiwear, outerwear

Our accessories focus on handwear, headwear, neckwear and everything the customer needs for a day of fun and adventure on

the mountain, near the sea or in the city;

offering unparalleled fit, function and timeless style to our customers, consistent with the

heritage of our core products.

Beyond accessories, we continue to selectively respond to customer demand for new product categories.

Our customers have shown meaningful interest in key new product categories including travel gear, which we may pursue in the future.

we expand the Perfect Moment brand to serve new uses, wearing occasions, geographies and consumers, we will always stay true to who we

are and what the Perfect Moment brand stands for:

authentic heritage, uncompromised craftsmanship and quality, exceptional style and

superior functionality.

Marketing Strategy

Awareness and Engagement

believe the nature of skiing as a largely affluent, international pursuit means there is a large opportunity in aspirational, lifestyle-led

social media engagement.

We have utilized social media to publicize our brand with celebrities, influencers, top-tier editorial, collaborations

and luxury locations to create a distinct, fun and engaging aspirational lifestyle narrative.

Perfect Moment expects to continue its

approach to social media, building its follower base through a similar approach with an evolving mix of celebrities, influencers, editorials

and locations.

Beyond social media, we believe Perfect Moment has been able to deploy the same core brand proposition and narrative to

direct digital marketing and traditional media, elevating brand profile and driving high levels of engagement simultaneously.

principally acquire consumers through online channels, including paid and organic search, metasearch, affiliate partnerships, display

advertising and social media channels.

We have access to channel experts who work with dedicated analysts, data scientists and engineers

and have invested resources to optimize paid search, developing programs and algorithms to maximize our return on paid search.

focus on building continuous dialogue with our consumers given their levels of engagement with luxury shopping.

We do this by creating

content and developing tailored product recommendations, which we distribute via email, social media, display advertising and directly

on our platform.

We believe our strategy generates a significant return on new customer acquisition investments resulting from high average

order value, strong product margins and attractive repeat purchase behavior.

for the Future

forward, our marketing focus is on continuing to tell our stories in unique, creative and authentic ways that engage customers.

distribution model has shifted from pure wholesale to multi-channel, our business needs have evolved.

We have supported this shift through

a blend of brand and performance marketing that reaches a global audience while maintaining a consistent and authentic brand experience.

We will continue to strategically invest in reaching new audiences across platforms in developing audiences, markets and boosting affinity

around the world.

Development and Innovation

Uncompromised

craftsmanship begins with sourcing the right raw materials.

We use premium fabrics and finishings for performance, comfort and longevity.

Our blends of down and fabrics enable us to create warmer, lighter and more durable products across seasons and applications.

insulated products are made with down because it is recognized as the world’s best natural insulator, providing approximately three

times the warmth per ounce as synthetic alternatives.

We are committed to the sustainable and ethical sourcing of our raw materials.

We only use down that is a by-product of the poultry industry and we only purchase down and fur from suppliers who adhere to our stringent

standards regarding fair practices and humane treatment of animals.

Global End-To-End Operations

core operations areas are supply chain management, fulfilment and premium customer service.

Change Management

have built a supply chain that is scalable for our business and through which we control the design and development of our products.

Innovation and Manufacturing

have a diversified and flexible supply chain that leverages third-party suppliers and manufacturers to produce our raw materials and

finished products.

We directly and actively manage every step of our product development and production process.

The extent to which

we manage production is differentiated from a model of primarily relying on third-party agents to manage production.

We believe our approach

has enabled us to produce luxury products through greater control of the end-to-end production process.

purchase our finished products from our manufacturers on a purchase order basis and do not have any long-term agreements requiring us

to use any supplier or manufacturer.

We have long-standing relationships with our vendors, which are strengthened by the consistency

and longevity of our core fabric and core style profile.

regularly source new suppliers and manufacturers to support our ongoing innovation and growth, and we carefully evaluate all new suppliers

and manufacturers to ensure they share our standards for quality of manufacturing, ethical working conditions and social and environmental

sustainability practices.

content creation process includes styling, photographing, photo-editing and content management and allows us to achieve a luxury product

presentation with a consistent look and feel.

Our third-party studios are the heart of the process, where teams of professional stylists,

models and photographers create product images under the leadership and control of our marketing and creative experts.

We also develop

original content, including tailored merchandise descriptions, convenient size and fit information and detailed measurements information

to provide the best consumer experience, maximize revenue and minimize returns.

and Fulfilment

ship our finished products to our business-to-business (“B2B”) and business-to-consumer (“B2C”) customers globally.

We distribute our B2C products from our fulfilment center located in the United Kingdom, where we have created a warehouse-within-a-warehouse

model at our third-party logistics provider’s site.

We regularly evaluate our distribution infrastructure and capacity to ensure

that we are able to meet our anticipated needs and support our continued growth.

Customer Service

provide high-quality customer service throughout the consumer experience, from purchase to returns, offering advice on size and fit,

styling recommendations, responding to customer feedback and managing return and exchange requests.

We localize aspects of the consumer

journey for convenience, such as offering different languages and payment methods through customer care.

operate in a competitive industry, and consumers have the option to purchase both online and offline, through our partners.

believe that we do not have any direct competition, we have indirect competitors in two primary categories, skiwear brands and outerwear

Brands – Perfect Moment’s affordable-luxury products are characterized by quality, style and performance where retro-inspired

vivid and bold color palates complement the industry’s leading technical fabrics to deliver fashion, form, function and fun for

women, men and children.

Most other competitors in skiwear skew to either fashion or pure performance.

Additionally, Perfect Moment’s

Kids-wear range addresses an overlooked premium segment.

Brands – The market for outerwear is highly fragmented.

We principally operate in the market for premium outerwear, which is

part of the broader apparel industry.

We compete directly against other manufacturers, wholesalers and direct retailers of outerwear,

premium functional outerwear and luxury outerwear.

We compete both with global brands and with regional brands operating only in select

Because of the fragmented nature of our marketplace, we also compete with other apparel sellers, including those who do not

specialize in outerwear.

While we operate in a highly competitive market, we believe there are many factors that differentiate us from

other manufacturers, wholesalers and retailers of outerwear, including our brand, our heritage and history, our focus on functionality

and craftsmanship and the fact that our core products are cross functional and can be used for different purposes for example on the

slope and in the city.

Brands – Competition in the athletic apparel industry is principally on the basis of brand image and recognition as well as

product quality, innovation, style, distribution and price.

We believe that we successfully compete based on our luxury brand image,

our focus on women and our technical product innovation.

We are also differentiated by our range of surfwear which similar to our skiwear

are characterized by quality, style and performance while most other competitors in surfwear are mainly focused on performance.

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.

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.

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

Review and modify supplier

We expect our supplier base to evolve as we source fabrics and trims more efficiently and introduce new finished goods

suppliers with better commercial terms.

This includes shifting production to regions with lower labor costs or more favorable duty

rates, such as the EU, UK, or Vietnam.

Review and revise price

We are introducing more structured pricing discipline and processes, with a focus on assessing margin by product,

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

Focusing on reducing

costs relating to crossing borders.

As a global brand, Perfect Moment incurs significant costs from freight, duty, couriers,

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.

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.

and Supply Chain

Moment’s global supply chain strategy is designed to support premium quality, timely delivery, and scalable growth across all major

product categories.

We work with a curated network of manufacturing partners in Europe and Asia, selected based on their technical expertise,

material sourcing capabilities, and alignment with our brand values.

have implemented a hybrid sourcing model that balances high-performance technical partners for outerwear with more agile suppliers for

lifestyle and accessory categories.

This approach enables product differentiation while supporting cost-efficiency and flexibility.

supply chain is structured around regional fulfillment centers that serve North America, the UK, and continental Europe.

We also produce

a portion of our products in China, alongside our established manufacturing partnerships in Europe and broader Asia.

This setup reduces

lead times and supports localized customer experience.

In fiscal 2025, we began implementing initiatives to improve margin by consolidating

shipments, introducing duty optimization measures, and shifting a portion of logistics from air to sea freight.

As part of these efforts,

we have also begun assessing the impact of international tariffs on sourcing decisions, which will be further discussed in the Risk Factors

section of this Annual Report.

forward, we aim to further diversify our supplier base to reduce concentration risk, optimize raw material procurement, and improve inventory

turnover through tighter integration between merchandising, production, and logistics planning.

is at the core of our business strategy, powering our operational capabilities and the sustainable scalability of our platform.

3 unchanged sentences

based on three main components:

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

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

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 platform.

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

foreign jurisdictions, as 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 watching 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

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.

11 unchanged sentences

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

sold outside of the United Kingdom are subject to tariffs, treaties and various trade agreements as well as laws affecting the importation

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

of consumer goods.

2 unchanged sentences

Certificates and Approvals

has obtained all licenses, certificates and approvals required for carrying on its business activities during the two fiscal years ended

March 31, 2024 and March 31, 2023.

Company has obtained all licenses, certificates and approvals required for carrying on its business activities during the two fiscal

years ended March 31, 2025 and 2024.

and Human Capital Resources

1 unchanged sentence

and consultants.

None of our employees are unionized or covered by collective bargaining agreements, and we consider our current employee

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;

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 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.

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