DESTINATION XL GROUP Business Summary

Destination XL Group, Inc. (DXLG) is the leading omnichannel specialty retailer dedicated to the "Big + Tall" men’s apparel and footwear market. The company generates revenue primarily through retail sales across a multi-channel ecosystem that includes approximately 280 physical stores under the DXL and Casual Male XL banners, alongside a high-growth direct-to-consumer (DTC) platform comprising dxl.com and a dedicated mobile app. In December 2025, DXLG announced a transformative all-stock merger with FULLBEAUTY Brands to create a $1.2 billion inclusive-sizing powerhouse, a deal expected to close in the first half of 2026. This merger will shift the company’s revenue mix toward a 73% DTC-led model. DXLG currently competes with specialty segments of major retailers like Nordstrom and Kohl's, as well as niche players such as Duluth Holdings (Duluth Trading Co.) and the KingSize brand (currently a FULLBEAUTY subsidiary), maintaining its position as the only national end-to-end specialist in the oversized men's category. Originally founded in 1976 by Calvin Margolis and Stanley Berger as Designs, Inc., the company is currently led by President and CEO Harvey S. Kanter, a retail veteran who previously served as CEO of Blue Nile and Moosejaw. Kanter is supported by EVP and CFO Peter H. Stratton, Jr., who brings a background from Cintas and Shaw’s Supermarkets and is slated to remain CFO of the combined entity post-merger. While Jim Fogarty (current CEO of FULLBEAUTY) is designated to take the helm upon the merger's completion, the current governance is overseen by Chairman Lionel F. Conacher, a former managing partner at Next Ventures. The company maintains a strong institutional backing, with major shareholders including Willem Mesdag’s Red Mountain Capital Partners, AWM Investment Company, and Pleasant Lake Partners, reflecting a leadership team and board with deep expertise in digital transformation and specialty retail operations.