The Case for Change

Ethan Allen does not lack assets, financial resources or opportunity. It lacks the leadership, urgency, accountability and execution required to convert them into profitable growth.

For nearly two decades, the Company has talked about many of the right themes while revenue declined, market share eroded and competitors built multibillion-dollar platforms. Shareholders now need a board prepared not merely to articulate a new strategy – but to execute one.

Two Decades of Failed Execution

Ethan Allen Has Failed to Build a Modern Omnichannel Business

Ample Capital – But No Credible Growth Agenda

A Board That Has Failed to Deliver Results or Accountability

Sources:

1 Company filings.

2 Furniture Today consumer survey; Google/Ipsos “Path to Purchase” retail insights, 2022 – 2023.

3 In the Company's Form 10-K for the year ended June 30, 2025, management warned that a significant shift in consumer preference toward online purchasing “could have a materially adverse impact on our sales and operating margin.”

4 Similarweb Website Analytics, accessed August 3, 2026.

5 Company's Form 10-K for the year ended June 30, 2022.

6 Company fourth quarter and full year fiscal 2026 earnings press release dated July 29, 2026.

7 Company fourth quarter and full year fiscal 2026 earnings press release dated July 29, 2026.

8 S&P Capital IQ as of August 3, 2026.

Data for the revenue decline chart is from FactSet. Given that Ethan Allen's fiscal year (July 1 – June 30) does not align with the reporting periods for Williams-Sonoma (ends on the Sunday closest to January 31) and RH (ends on the Saturday closest to January 31), the results shown reflect data from the concurrent period. Arhaus 2016 figure reflects 2019 revenue, the earliest publicly available figure, from its 2022 Annual Report.

Data for the enterprise value chart is from the Company's Form 10-K filings.

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info@okapipartners.com

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