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Ethan Saghi

Research Analyst at BTIG

Ethan Saghi is an Equity Research Analyst at BTIG, specializing in coverage of growth companies within the internet and digital commerce sectors. He has provided detailed research and investment recommendations on firms such as Amazon, Shopify, and Chewy, delivering actionable insights that have supported strong investment returns. Saghi began his career at Apex, later joining BTIG as an Associate before advancing to Analyst, and has contributed to the firm's expanding technology research since joining in the late 2010s. He is FINRA-registered with BTIG, holding securities licenses and recognized for rigorous coverage and research-driven performance.

Ethan Saghi's questions to STEVEN MADDEN (SHOO) leadership

Ethan Saghi's questions to STEVEN MADDEN (SHOO) leadership • Q2 2025

Question

Ethan Saghi of BTIG, on for Janine Stichter, asked for an update on Kurt Geiger's performance since the acquisition, its current margin profile, and its present level of sourcing from China compared to the 80% figure mentioned previously.

Answer

Chairman and CEO Edward Rosenfeld reported that Kurt Geiger continues to perform well, with strong double-digit digital growth in the U.S. and new stores exceeding expectations. He noted the brand's EBIT margin was 9.3% last year and is expected to decline slightly this year due to tariffs but has long-term double-digit potential. He also updated that Kurt Geiger's sourcing from China is now in the 'low 60s' percent, down from 80%.

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Ethan Saghi's questions to OXFORD INDUSTRIES (OXM) leadership

Ethan Saghi's questions to OXFORD INDUSTRIES (OXM) leadership • Q1 2026

Question

Ethan Saghi of BTIG, on behalf of Janine Stichter, asked for color on how new products are resonating at Tommy Bahama and questioned the reasons for the mid-teens sales decline at Johnny Was, as well as the confidence in that brand's full-year guidance.

Answer

Chairman and CEO Tom Chubb confirmed that newness is a key driver across all brands, not just Lilly Pulitzer. Regarding Johnny Was, he explained that the current guidance does not assume a significant rebound in fiscal 2025, as the comprehensive improvement plan is expected to yield results primarily in 2026 and beyond. CFO and COO Scott Grassmyer concurred with this outlook.

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Ethan Saghi's questions to OXFORD INDUSTRIES (OXM) leadership • Q1 2025

Question

Ethan Saghi, on behalf of Janine Stichter at BTIG, asked for color on how newness in the Tommy Bahama assortment is resonating with customers. He also inquired about the drivers behind the mid-teens sales decline at Johnny Was and the basis for confidence in the brand's full-year guidance.

Answer

Chairman, CEO & President Tom Chubb explained that new and differentiated products are performing well across all brands, including Tommy Bahama. Regarding Johnny Was, he clarified that the current guidance does not assume a significant rebound in fiscal 2025, as the ongoing initiatives to improve profitability are expected to yield results primarily in fiscal 2026 and beyond. EVP, CFO & COO Scott Grassmyer concurred with this assessment.

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Ethan Saghi's questions to OXFORD INDUSTRIES (OXM) leadership • Q4 2024

Question

Ethan Saghi of BTIG, on for Janine Stichter, asked whether customers are still responding positively to new products amidst macro uncertainty. He also questioned what specific internal initiatives the company is undertaking to improve conversion rates across its channels.

Answer

Chairman and CEO Thomas Chubb confirmed that newness is driving the business and that customers are responding well. He provided examples such as the Tommy Bahama Barbados Pro short, the Lilly Pulitzer Tazie dress, and the new Lilly Pulitzer menswear line. Regarding conversion, he described efforts as "blocking and tackling," including better product knowledge in stores and significant upgrades to the e-commerce websites for Tommy Bahama, Lilly Pulitzer, Southern Tide, and Beaufort Bonnet to streamline the checkout process.

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Ethan Saghi's questions to OXFORD INDUSTRIES (OXM) leadership • Q3 2024

Question

Ethan Saghi of BTIG asked about Oxford's sourcing strategy to mitigate potential tariff impacts and questioned how the holiday promotional environment has compared to the company's initial expectations.

Answer

Chairman & CEO Thomas Chubb explained that the company has exposure to China and would mitigate tariffs by shifting some production, negotiating cost-sharing with vendors, and implementing minor price increases, a strategy that worked previously. He also confirmed that promotional activity was higher and started earlier in the season, which was factored into the company's guidance.

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Ethan Saghi's questions to ROCKY BRANDS (RCKY) leadership

Ethan Saghi's questions to ROCKY BRANDS (RCKY) leadership • Q4 2024

Question

Ethan Saghi of BTIG asked for an update on the company's sourcing exposure to Mexico given potential tariffs and requested more detail on the business momentum observed quarter-to-date across brands and categories.

Answer

CFO Thomas Robertson stated that sourcing from Mexico is minimal, representing less than a few percent of inventory, and would not have a meaningful impact on the business. Both Robertson and executive Jason Brooks confirmed that Q4's positive momentum has continued into the new year, with the MUK and XTRATUF brands and the e-commerce channel remaining strong. They reiterated caution for Q1 guidance, however, due to the anniversary of a nonrecurring contract and a timing shift of some spring product shipments into Q2.

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