Exhibit $9$ Competitive Analysis by Geography

$\backslash$table$[[$Geography$,$Competitor,$\backslash$table$[[$Wholesale$],[$Distribution$]],\backslash$table$[[$Direct Points$],[$of Sale$]],\backslash$table$[[$Price$],[$Position$]],\backslash$table$[[$Overall Market$],[$Competitiveness$]]],[$ASIA$,\backslash$table$[[$Paez$],[$TOMS$],[$Sanuk$]],\backslash$table$[[$Good$],[$Very Good$],[$Very Good$]],\backslash$table$[[\backslash$table$[[1-5],[25-20],[25-50]]]],\backslash$table$[[\backslash$table$[[$$$45],[$$$65],[$$$50]]]],$High$],[$EUROPE$,\backslash$table$[[$Paez$],[$TOMS$],[$Sanuk$]],\backslash$table$[[$Very Good$],[$Very Good$],[$Moderate$]],\backslash$table$[[\backslash$table$[[5-25],[1-5],[0]]]],\backslash$table$[[\backslash$table$[[$$$45],[$$$70],[$$$55]]]],$High$],[\backslash$table$[[$NORTH$],[$AMERICA$]],\backslash$table$[[$Paez$],[$TOMS$],[$Sanuk$]],\backslash$table$[[$Poor$],[$Excellent$],[$Very Good$]],\backslash$table$[[\backslash$table$[[0],[5-25],[5-25]]]],\backslash$table$[[\backslash$table$[[$$$45],[$$$55],[$$$50]]]],$High$],[\backslash$table$[[$SOUTH$],[$AMERICA$]],\backslash$table$[[$Paez$],[$TOMS$],[$Sanuk$]],\backslash$table$[[$Very Good$],[$Good$],[$Moderate$]],\backslash$table$[[\backslash$table$[[5-25],[0],[0]]]],\backslash$table$[[\backslash$table$[[$$$45],[$$$65],[$$$50]]]],$Medium$/$High$]]$

Source: Company documents.Please evaluate the international growth opportunities for the brand Paez

for the chosen positioning.

a$)$ How should the sales and distribution strategy be adjusted,

e$.$g$.$ flagship stores, wholesale, franchising, e$-$commerce?

b$)$ In which regions and countries should Paez engage?

c$)$ How should Paez further develop the product

and the market segments? this question is taken from the Paez case study $($ Jill Avery, harvard business publishing$)$