Dear Shareholders and Valued Partners,

As we reflect on this fiscal year, we must acknowledge the challenging landscape that emerged as a byproduct of the COVID-19 pandemic. The sudden decline in global sales, compounded by inventory issues stemming from shipping delays. Inflation and soaring oil prices further exacerbated these challenges, leading to reduced discretionary spending among end consumers. This cascading effect meant our customers, predominantly leading fashion brands, approached their sourcing strategies with heightened conservatism.