Birks Group is Canada's largest luxury jewelry and timepiece retailer, operating primarily under the Maison Birks brand — a heritage Canadian name dating back to 1879. As of May 2025, Birks operated 25 retail locations across major Canadian cities, including flagship stores in Montreal, Toronto, Vancouver, and Calgary, as well as mono-brand boutiques for Breitling, Patek Philippe, Graff, and others. Birks sells almost exclusively through its own retail stores (~94% of net sales). The company carries two product categories: Birks-branded fine jewelry designed in-house plus third-party designer jewelry (~39% of fiscal 2025 net sales), and luxury timepieces from brands like Rolex, Patek Philippe, and Cartier (~61% of net sales). Timepieces carry lower gross margins than proprietary jewelry, and as the mix has shifted toward watches in recent years, overall gross margins have compressed. Internally designed jewelry represented ~31% of jewelry sourced for sale in fiscal 2025 and is a key margin driver. The business is seasonal, with the October–December quarter historically generating ~33–34% of annual revenue. A meaningful portion of inventory is carried on consignment or vendor-financed terms. Birks' growth strategy focuses on increasing the share of proprietary jewelry and expanding luxury timepiece distribution, including through acquisitions — in July 2025, Birks acquired European Boutique, a four-location luxury retailer in Toronto, for $9.0M. Birks is in a financially stressed position, carrying a stockholders' deficiency and ~$100M in debt, with key credit facilities maturing in December 2026 and audited financials prepared on a going concern basis.