KMV is a holding company that operates through FMF Manufacturing, a contract manufacturer of leather goods based in Cambodia. KMV produces affordable luxury handbags, such as tote bags and backpacks, and small leather accessories like wallets. The company operates as a pure contract manufacturer, producing goods only after receiving specific customer orders and maintaining no finished goods inventory. KMV's customers are U.S.-headquartered global fashion brands that provide the designs, trademarks, and material specifications. KMV executes the manufacturing process at its factory in Cambodia using roughly 1,264 employees. The company's business model features extreme customer concentration; in FY2026, three customers accounted for all revenue, with one customer representing approximately 74% of sales. KMV does not sign long-term contracts and instead relies on seasonal purchase orders. To manage this concentration risk, KMV focuses its strategy on diversifying its customer base, specifically targeting European fashion brands and expanding its manufacturing capabilities. The company sources raw materials like leather and hardware on a per-order basis, often from suppliers designated by the brands. KMV manages invoicing and procurement through its Hong Kong subsidiary, Prospect Focus Limited.