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    Igor Novgorodtsev • Lares Capital

    Igor Novgorodtsev serves as an analyst at Lares Capital, engaging directly with public companies through earnings calls and in-depth financial analysis. He has made notable appearances covering firms such as Sow Good Inc., demonstrating detailed understanding of business trends and recovery metrics within the consumer goods sector. While his full career history and prior firm affiliations are not widely disclosed, he has held senior-level board positions—including Vice Chairman—at public companies before joining Lares Capital. Information on professional credentials, securities licenses, or performance track records including success rates or average returns is not available in public sources.

    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership

    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q1 2026

    Question

    Igor Novgorodtsev of Lares Capital asked about the impact of currency fluctuations, requested a detailed breakdown of Jordan's effective apparel tariff rate versus competing nations, and inquired about the status of the Busana joint venture.

    Answer

    CFO Gilbert Lee stated that currency impact is minor as billings are in USD and the Jordanian Dinar is pegged. Eric Tang, Head of Jordan Operations, and CEO Sam Choi provided a detailed tariff comparison, explaining that Jordan's 15% rate is highly competitive because it's applied to a duty-free base, unlike Asian countries that pay a base duty plus a reciprocal tariff. Choi also confirmed the Busana joint venture was terminated as Jerash can now deal with those customers directly.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q1 2026

    Question

    Inquired about the impact of currency fluctuations (USD vs. JOD) on expenses, asked for a detailed comparison of Jordan's effective tariff rate versus competing countries, and requested an update on the Busana joint venture.

    Answer

    The company stated that currency impact is minor because the Jordanian Dinar is pegged to the USD. They provided a detailed tariff comparison, highlighting that Jordan's 15% rate is highly competitive against countries like Bangladesh (20%) and Vietnam (20%), especially since those countries pay additional duties that Jordan does not. They also clarified that the Busana joint venture was terminated as they can now deal with those customers directly.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q4 2025

    Question

    Asked about the potential for gross margin improvement due to increased demand from tariffs, the certainty of margins given the company is fully booked, whether regional geopolitical issues deter customers, and how the company is managing its own inbound supply chain risks.

    Answer

    The company expects gross margins to improve as they prioritize higher-margin FOB business over CMT business. While they are booked through December, margins for later quarters are still projections. Management emphasized that Jordan remains a safe and stable country, a fact that visiting customers confirm, alleviating concerns. To mitigate supply chain risks, the company has diversified its shipping routes and increased regional sourcing from countries like Turkey and Egypt.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q3 2025

    Question

    Asked for details on logistics improvements through the Red Sea, the impact on gross margins, the company's normalized gross margin target, the status of the Busana joint venture, and whether Busana might shift production to Jordan.

    Answer

    Logistics are normalizing, with raw materials again coming through the Red Sea, which should improve costs. The company targets a 15-16% gross margin for fiscal 2026 as it onboards new customers. The Busana JV is seeing flat growth as new buyers remain cautious due to regional turmoil. The JV is used strategically for high-value, tariff-sensitive orders, a strategy that is not expected to change.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q3 2025

    Question

    Igor Novgorodtsev requested details on the improved logistics situation and its impact on gross margin, the company's normalized gross margin target, the progress of the Busana joint venture, and the potential for Busana to shift production to Jordan.

    Answer

    CFO Gilbert Kwong-Yiu Lee explained that logistics have normalized, improving margins, and the company is targeting a 15-16% gross margin for fiscal 2026 as new customer volumes ramp up. He described the Busana JV growth as flat due to regional turmoil causing customer caution. Executive Eric Tang clarified that the JV is strategically used for high-value orders from brands like Hugo Boss to maximize tariff savings, while lower-end products are made elsewhere.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q2 2025

    Question

    Asked about the company's cash utilization, specifically why they incur high interest expenses while holding cash, and whether recent political turmoil in Bangladesh creates a business opportunity for them.

    Answer

    The company explained that interest expenses stem from supply chain financing programs for early payment and a bank credit line, and they are monitoring these costs. Regarding Bangladesh, they confirmed that other apparel groups are moving to Jordan and that Jerash has been approached by Bangladeshi manufacturers about potential cooperation.

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    Igor Novgorodtsev's questions to Jerash Holdings (US) Inc (JRSH) leadership • Q2 2025

    Question

    Igor Novgorodtsev of Lares Capital asked about the company's cash utilization, specifically the reasons for high interest expenses despite a strong cash position, and whether geopolitical instability in Bangladesh presented a business opportunity for Jerash.

    Answer

    CFO Gilbert Kwong-Yiu Lee attributed the high interest expenses to the use of supply chain financing programs with major customers like VF Corp. and New Balance, which are tied to higher global interest rates, as well as a credit line with DBS bank. Executive Director Eric Tang addressed the geopolitical question, confirming that Jerash has been approached by Bangladesh-based manufacturers to discuss potential cooperation, highlighting an emerging opportunity from regional instability.

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    Igor Novgorodtsev's questions to FitLife Brands Inc (FTLF) leadership

    Igor Novgorodtsev's questions to FitLife Brands Inc (FTLF) leadership • Q4 2024

    Question

    Asked about the company's online advertising strategy, Subscribe & Save performance, the extent of international sales and related tariff risk, and the details and future of the relationship with GNC following their recent dispute.

    Answer

    Advertising spend is stable and optimized at a granular level, with subscriber counts generally growing. Direct international sales are minimal, limiting risk from retaliatory tariffs. The relationship with GNC is important and the dispute is settled; the company demonstrated it can service franchisees directly if needed but prefers using GNC's central distribution for logistical ease.

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