Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

Note 7 — Inventories, Net

Inventories consisted of the following:

	December 31,
	2020		2019
Finished goods	$	367,275	$	606,036
Raw materials		27,111		34,259
Work in process		17,899		18,124
	$	412,285	$	658,419

During the fourth quarter of 2020, the Company continued to make progress in improving inventory levels across its stores and distribution network. Consistent with the strategy of rationalizing in-store SKU count and improving working capital velocity, the Company has updated its seasonal assortment strategy to target higher in-season sell-through of merchandise and reduce annual inventory carry-over. The more edited and curated assortments are expected to improve the customer experience by making stores easier to shop and product selections more relevant to consumers, while also improving the efficiency of inventory management and reducing working capital needs. As a result, during the fourth quarter of 2020 the Company disposed of and recorded a reserve for future disposals of a total $88,358 in inventory that will not be required in future seasons.

See Note 2  — Summary of Significant Accounting Policies, for a discussion of the Company’s accounting policies for inventories.