Telsey Advisory Group Company Profile

Background

Founded in 2006 by Dana Telsey, Telsey Advisory Group (TAG) is a leading woman-owned research, trading, banking, and consulting brokerage firm specializing in the consumer sector. With a comprehensive approach to evaluating and assessing the consumer market, TAG provides clients with detailed analysis and market context essential for strategic and investment decisions. The firm's focus sectors include apparel, cosmetics, department stores, discounters, e-commerce, food and beverage, footwear, hardlines, home furnishings, luxury, off-price, specialty apparel, sporting goods, and supermarkets.

Key Strategic Focus

TAG's strategic focus encompasses equity research, sales and trading, investment banking, and consulting services, all centered on the retail and consumer sectors. The firm's equity research franchise covers over 155 companies across various industries, including apparel manufacturers, department stores, discounters, entertainment, financial services, footwear, gaming, hardlines, leisure, lodging, media, off-price, restaurants, specialty apparel, supermarkets, sporting goods, and telecom. TAG's investment banking group is active in capital markets transactions, mergers and acquisitions, and private placements, while its consulting group conducts financial analysis and valuation, business and financial due diligence, and real-time primary research.

Financials and Funding

As of March 2025, TAG's estimated annual revenue is approximately $15 million, with a revenue per employee of $189,000. The firm has experienced a 15% growth in employee count over the past year, bringing the total number of employees to 71.

Leadership Team

Dana Telsey: Founder, Chief Executive Officer, and Chief Research Officer. With over 31 years of experience, Ms. Telsey is widely recognized as Wall Street's leading retail equity analyst. She has been a 13-year member of Institutional Investor magazine's "All-America Research Team," where she was the No. 1 specialty stores analyst for seven consecutive years through 2005.

Jerry Arzú: Chief Financial Officer and Chief Operating Officer. Mr. Arzú oversees the firm's financial operations and strategic initiatives.

Tom Chin: Founding Member, Senior Managing Director, and Head of Investment Banking and Consulting. Mr. Chin leads the firm's investment banking and consulting practices, focusing on capital markets transactions and advisory services.

Joseph Feldman: Senior Managing Director, Assistant Director of Research, and Founding Member. Mr. Feldman contributes to the firm's research initiatives and has been recognized as the No. 1 Earnings Estimator for Multiline Retailer and Food & Staples Retailing by Thomson Reuters in 2018.

Steven Willis: Senior Managing Director, Debt Capital Markets. Mr. Willis joined TAG in May 2023, bringing over 30 years of experience in providing bespoke financial solutions for a diverse group of domestic and global clients.

Matthew Eng: Managing Director, Debt Capital Markets. Mr. Eng joined TAG in May 2023, with 20 years of experience in the financial services industry, focusing on executing debt transactions and providing clients with access to diverse funding sources.

Leadership Changes

In May 2023, TAG expanded its Debt Capital Markets group with the addition of Steven B. Willis as Senior Managing Director and Matthew C. Eng as Managing Director. These strategic hires aim to bolster the firm's capabilities in providing comprehensive debt financing solutions to its diverse clientele.

Competitor Profile

Market Insights and Dynamics

The financial services industry, particularly within the consumer sector, is highly competitive and dynamic. Firms specializing in equity research, investment banking, and consulting services must continuously adapt to evolving market trends and client needs.

Competitor Analysis

TAG's primary competitors include firms such as Lazard, Raymond James Financial, Houlihan Lokey, BMO Capital Markets, and Guggenheim Partners. These firms offer similar services in equity research, investment banking, and consulting, catering to a diverse clientele across various industries.

Strategic Collaborations and Partnerships

In December 2024, TAG announced a strategic alliance with Santander's U.S. broker-dealer subsidiary, Santander U.S. Capital Markets LLC. This partnership aims to leverage TAG's expertise in the Retail & Consumer and e-commerce sectors with Santander's extensive scale and geographical reach, enhancing growth opportunities for both companies.

Operational Insights

TAG's certification as a Woman-Owned Business Enterprise (WBE) by various states and organizations positions the firm favorably in securing contracts and partnerships that prioritize diversity and inclusion. This certification, combined with the firm's specialized focus on the consumer sector, provides a distinct competitive advantage in the marketplace.

Strategic Opportunities and Future Directions

TAG's strategic alliance with Santander and the expansion of its Debt Capital Markets group indicate a proactive approach to growth and diversification. By leveraging these partnerships and enhancing its service offerings, TAG is well-positioned to capitalize on emerging opportunities within the financial services industry.