OXFORD INDUSTRIES INCOXM
OXFORD INDUSTRIES INC Goodwill & Intangibles Disclosure
Intangible Assets and Goodwill
Intangible assets by category are summarized below (in thousands):
| January 31, 2026 | February 1, 2025 | ||||||||||
| Intangible assets with finite lives | $ | 118,719 | $ | 120,616 | |||||||
| Accumulated amortization and impairment | (85,808) | (76,201) | |||||||||
| Total intangible assets with finite lives, net | 32,911 | 44,415 | |||||||||
| Intangible assets with indefinite lives: | |||||||||||
| Tommy Bahama Trademark | $ | 110,700 | $ | 110,700 | |||||||
| Lilly Pulitzer Trademark | 27,500 | 27,500 | |||||||||
| Johnny Was Trademark | 9,000 | 66,000 | |||||||||
| Southern Tide Trademark | 9,300 | 9,300 | |||||||||
| Total intangible assets with indefinite lives | $ | 156,500 | $ | 213,500 | |||||||
| Total intangible assets, net | $ | 189,411 | $ | 257,915 | |||||||
Intangible assets, by reportable segment, as well as Corporate and Other, and in total, for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows (in thousands):
| Tommy Bahama | Lilly Pulitzer | Johnny Was | Emerging Brands | Corporate and Other | Total | ||||||||||||||||||||||||||||||
| Balance, January 28, 2023 | $ | 110,700 | $ | 27,859 | $ | 129,446 | $ | 15,840 | $ | — | $ | 283,845 | |||||||||||||||||||||||
| Acquisition | — | — | — | 4,899 | — | 4,899 | |||||||||||||||||||||||||||||
| — | — | (11,900) | — | — | (11,900) | ||||||||||||||||||||||||||||||
| Amortization | — | (227) | (13,852) | (664) | — | (14,743) | |||||||||||||||||||||||||||||
| Balance, February 3, 2024 | $ | 110,700 | $ | 27,632 | $ | 103,694 | $ | 20,075 | $ | — | $ | 262,101 | |||||||||||||||||||||||
| Acquisition | — | 7,814 | — | — | — | 7,814 | |||||||||||||||||||||||||||||
| Impairment | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Amortization | — | (244) | (10,870) | (886) | — | (12,000) | |||||||||||||||||||||||||||||
| Balance, February 1, 2025 | $ | 110,700 | $ | 35,202 | $ | 92,824 | $ | 19,189 | $ | — | $ | 257,915 | |||||||||||||||||||||||
| Acquisition | — | 274 | — | 32 | — | 306 | |||||||||||||||||||||||||||||
| — | — | (57,000) | (2,127) | — | (59,127) | ||||||||||||||||||||||||||||||
| Amortization | — | (1,104) | (7,734) | (845) | — | (9,683) | |||||||||||||||||||||||||||||
| Balance, January 31, 2026 | $ | 110,700 | $ | 34,372 | $ | 28,090 | $ | 16,249 | $ | — | $ | 189,411 | |||||||||||||||||||||||
Based on the current estimated useful lives assigned to our intangible assets, amortization expense for each of the next five years is expected to be $7 million, $6 million, $5 million, $4 million and $3 million.
Goodwill, by reportable segment, as well as Corporate and Other, and in total, for Fiscal 2025, Fiscal 2024 and Fiscal 2023 is as follows (in thousands):
| Tommy Bahama | Lilly Pulitzer | Johnny Was | Emerging Brands | Corporate and Other | Total | ||||||||||||||||||||||||||||||
| Balance, January 28, 2023 | $ | 739 | $ | 19,522 | $ | 96,637 | $ | 3,600 | $ | — | $ | 120,498 | |||||||||||||||||||||||
| Acquisition | — | — | — | 3,371 | — | 3,371 | |||||||||||||||||||||||||||||
| Measurement-period adjustments | — | — | 2,599 | — | — | 2,599 | |||||||||||||||||||||||||||||
| — | $ | — | (99,236) | — | — | (99,236) | |||||||||||||||||||||||||||||
| Other, including foreign currency | (42) | — | — | — | — | (42) | |||||||||||||||||||||||||||||
| Balance February 3, 2024 | $ | 697 | $ | 19,522 | $ | — | $ | 6,971 | $ | — | $ | 27,190 | |||||||||||||||||||||||
| Acquisition | — | — | — | 232 | — | 232 | |||||||||||||||||||||||||||||
| Other, including foreign currency | (39) | — | — | — | — | (39) | |||||||||||||||||||||||||||||
| Balance, February 1, 2025 | $ | 658 | $ | 19,522 | $ | — | $ | 7,203 | $ | — | $ | 27,383 | |||||||||||||||||||||||
| Acquisition | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| — | — | — | (1,853) | — | (1,853) | ||||||||||||||||||||||||||||||
| Other, including foreign currency | 74 | — | — | — | — | 74 | |||||||||||||||||||||||||||||
| Balance, January 31, 2026 | $ | 732 | $ | 19,522 | $ | — | $ | 5,350 | $ | — | $ | 25,604 | |||||||||||||||||||||||
Goodwill and Other Intangible Assets Impairment Testing
We assess the recoverability of goodwill and other indefinite-lived intangible assets annually, at the beginning of the fourth quarter of each fiscal year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. Intangible assets with finite lives are amortized over their estimated useful life and are tested for impairment, along with other long-lived assets, when events and circumstances indicate that the assets might be impaired. Please see "Note 1—“Business and Summary of Significant Accounting Policies,” for discussion of the Company’s goodwill and intangible assets impairment testing process.
During the Third Quarter of Fiscal 2025, we identified triggering events requiring interim impairment assessments of the indefinite-lived Johnny Was trademark and the Jack Rogers reporting unit. These triggering events also required interim impairment assessments of the Johnny Was asset group and Jack Rogers asset group, which includes the Jack Rogers trademark and other non-current assets, including property and equipment, finite-lived intangible assets, and operating lease assets. For Johnny Was, the triggering events during the Third Quarter of Fiscal 2025 included leadership changes in key positions and the identification of underperforming retail stores for closure in the remainder of Fiscal 2025 and Fiscal 2026 along with the significant impact of recently implemented U.S. import tariffs that have increased product costs and pressured margins. Approximately 90% of Johnny Was products are sourced from China and are subject to elevated import tariffs. Due to the nature of its product assortment and supply chain dependencies, the brand has been unable to diversify sourcing to other countries as rapidly as our other operating segments. These triggering events, along with recent trends of declining net sales, operating results and performance below forecasted expectations, led to downward revisions of projected net sales and operating results. For Jack Rogers, the triggering events included declining net sales and operating results, performance below forecasted expectations, which has been exacerbated by the U.S. import tariffs implemented in Fiscal 2025, and downward revisions to projected net sales and operating results.
As a result of these triggering events, we performed quantitative impairment assessments of the indefinite-lived Johnny Was trademark, the Jack Rogers reporting unit and the Johnny Was and Jack Rogers asset groups. The impairment assessments were performed in accordance with our accounting policies for goodwill and intangible assets, including intangible assets with finite lives. Refer to “Note 1—Business and Summary of Significant Accounting Policies" for discussion of our accounting policies.
For both indefinite-lived and finite-lived trademarks, fair value was estimated using the relief-from-royalty method, which considers projected revenues, assumed royalty rates, and a discount rate reflecting the risk profile of the asset. The significant declines in profitability for both Johnny Was and Jack Rogers led to a reduction in the royalty rates
used to determine the fair value of each trademark. For finite-lived assets, the recoverability of the carrying value of each asset group was determined using undiscounted projected future cash flows. For goodwill, fair value of the reporting unit was determined using an income approach based on discounted projected future cash flows. The recent declines in net sales and operating results, performance below forecasted expectations and negative revisions to projected results led to reductions in future cash flows used in both the discounted and undiscounted cash flow analyses. If the carrying value of an asset group was found to be not recoverable, the fair value of the non-current assets was determined using valuation techniques consistent with those applied in our annual impairment analyses.
Based on the impairment analyses, the fair values of the Johnny Was trademark and Jack Rogers reporting unit were determined to be below their respective carrying amounts resulting in impairment charges of $57 million and $2 million, respectively. Further, the carrying value of the Jack Rogers asset group was determined to not be recoverable requiring an estimate of the fair value of the Jack Rogers trademark using the relief-from-royalty method. The fair value of the Jack Rogers trademark was determined to be below its carrying amount resulting in a $2 million impairment charge. Jack Rogers had no material other non-current assets. The carrying value of the Johnny Was asset group was determined to be recoverable as of the end of the Third Quarter of Fiscal 2025, and consequently did not result in any impairment charges. The impairment charges were recorded in Impairment of goodwill, intangible assets and equity method investments in our consolidated statements of operations.
No additional impairment charges for Fiscal 2025 were recorded based on our annual quantitative assessments as of November 2, 2025. The annual impairment assessments were performed in accordance with our accounting policies for goodwill and intangible assets, including intangible assets with finite lives. Refer to “Note 1—Business and Summary of Significant Accounting Policies" for discussion of our accounting policies. No impairment charges were recorded based on our annual quantitative assessment as of November 3, 2024 for Fiscal 2024.
Based on our annual quantitative assessment for Fiscal 2023, it was determined that the Johnny Was reporting unit and intangible assets with an indefinite life were impaired. The impairment charges for Johnny Was reflected (1) the challenging macroeconomic environment that resulted in the moderation of forecasted revenue and operating income in future years and (2) increased interest rates that had risen significantly from the September 2022 acquisition date that led to an increase in discount rates used in our impairment analyses. We recorded $111 million of noncash impairment charges during Fiscal 2023, including a goodwill impairment of $99 million and an intangible asset impairment of $12 million, which were included in Impairment of goodwill, intangible assets and equity method investments in our consolidated statements of operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 27, 2026 | Showing above |
| 2025 | Mar 31, 2025 | |
| 2024 | Apr 1, 2024 | |
| 2023 | Mar 28, 2023 | |
| 2022 | Mar 28, 2022 | |
| 2021 | Mar 29, 2021 | |
| 2020 | Mar 30, 2020 | |
| 2019 | Apr 1, 2019 | |
| 2018 | Apr 2, 2018 | |
| 2017 | Mar 28, 2017 | |
| 2016 | Mar 28, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.