KMV is a Cayman Islands holding company that operates through FMF Manufacturing, a contract manufacturer of leather goods based in Kandal Province, Cambodia. FMF makes handbags and small leather goods like wallets for well-known U.S. fashion brands that outsource production to leverage FMF's manufacturing capabilities and Cambodia's lower labor costs. FMF operates on a made-to-order basis, producing goods only after receiving purchase orders. Customers provide design packages, designate raw material suppliers, and send quality control personnel on-site — meaning FMF essentially converts customer-specified inputs into finished products according to customer designs and quality standards, and charges for that conversion. Raw materials such as leather, fabric, and hardware are sourced from Italy, South Korea, Vietnam, and China. FMF's cost base is primarily labor, with 1,255 full-time employees in Cambodia. The customer base is highly concentrated: four customers account for all revenue, with one customer representing roughly 80% of revenue. FMF operates without long-term contracts; customers place orders season by season via letters of authorization, which is standard industry practice but creates revenue visibility risk. FMF's stated priorities are to diversify its customer base and expand into European fashion brands, which given the heavy revenue concentration is a strategic necessity rather than an incremental growth opportunity.