Member Info for danl90

“ “The key metrics aren’t so much December like-for-like sales, but rather customer relevance and market positioning.”

In this regard, ASOS has been delivering lower growth compared to its peers, a concern echoed by Liberum which stressed inventory skew over last quarter may not have been optimal, due to long lead times in wholesale, which may have resulted in too much occasion-wear relative to casual/loungewear, bringing risk.”

Why is it that all these professional research analysts seem to write things that sound like what I say and don’t say much that sounds like Rag?

Research teams sit with management periodically and discuss a lot of the business in a lot of detail. Yeah their price targets are often silly (depends on the time periods or belief in the fundamental story) but they do have an understanding of how a company does what it does

Market positioning. The key bit to look at with boo will be managements outlook. What was upsetting in the Sep-20 update was the caution (which they were prudent to do as the world was still upside down) but it made people wonder if the summer was a one trick pony (just huge lockdown wave - no blame on management here it’s always better to be prudent when the risk is macro)

Analysts will constantly be looking to see how Amazon clothing scales up. Asos market position atm in 3rd third party is strong but amazon could run it into the ground and not even blink. And as we know asos own brand didn’t grow last year - “it’s a mature business” on a x40 multiple? That’s a growth stock!

Rags view - “asos is great” complete misunderstanding of the risk that could happen overnight

Example - how much did Hargreaves lansdown drop when Robin Hood said it would launch in the U.K.? Robin Hood is awful app but it’s free! Amazon annual cash flow is more than the value of asos and only rising

My view is amazon will buy asos so that will be the payday but if it doesn’t then and goes it organically you wouldn’t bet against amazon? Will be interesting to see the tax rules Biden brings in as if the us goes back similar to Obama where repatriation of cash is taxed then amazon M&A will explode!

@keep agree and I said this above. But this is at the potential risk of reduced margin (read the Sep-20 investor statement and what the board say - it’s not accountants as rag would say this is the actual BOD including JL, MK and KC)

I’ve mentioned before marketing is great and we are good at it. But I’ve also said Shein’s way is very different

- they target micro influencers who statistically get a much higher engagement rate. People although follow big influencers do know when they are being sold to and it’s an ad. A smaller influencer who looks to be living your lifestyle is more trusting - social chain have some good stats and articles about this
- they gift micro influencers free clothes which they have to post - guarantees a post each month or a couple a month. And we know clothes are at 50% GM so if you give someone 10 items at £20 av item that’s £200 but actually costs you £100 + p&p. Boo is chucking cold hard cash and you won’t buy posts for £100
- also there are alternative now who don’t market they are just rip offs - aliexpress and others

So yeah marketing will certainly help win the fight but if boo has to double marketing spend to stand still that’s a profit warning as the market is expecting 20% yoy growth and EPS to stay inline with rev growth. So you can market more to win market share but if you’re increasing market spend to retain customers that’s a profit warning

@akhtar none of the below I disagree with. Clear arguments which balance my points with a view which is corroborated. The point re Zara is very good and shows a huge room for growth. I’ve said none of what I’ve said means end of the road for boo. I’m just saying the investment thesis has changed. Which you’re points as well agree

“South Asia making best clothes” maybe but why can’t this change? We used to make the best ships! You can’t view the world as static. China has 1.3billion people they smash Olympics, academics and science. They can’t find people to sow dresses?

The China backlash point is very true but this has been by the big dogs in suits. As the article I shared shows the actual consumer is not aware that Shein is Chinese or tbh cares.

“Concentration camps” agree and likely Shein is involved but unlike the U.K. with free press you can’t show up to those factories and have a look. You and I or any news outlet will never get substantial evidence linking Shein to anything like that. Jack Ma (one of the world richest men - anyone seen him for the last few months?). And saying people opening their eyes. Really? We grew 40% yet our story was all over the news and papers. Shein accusation is is chaps on a chat board, if I’m honest, linking vague dots. Yesterday I was chatting with a hotel chain ceo (30 sites in U.K.) spent last 5 years getting rid of plastic everywhere and customers saying “less plastic was important” now plastic is in everything and doubled up and customers complain if the bottles of water don’t have extra plastic on the lid” ethics are top priority when there is no other issue. But they soon fall away (unfortunately - panic buying last year shows we are a selfish animal)

The fascination with Shein came from comments like this tread. We all cheer when PLT trends on Twitter and we get excited about IG. So why is tik tok (the second most popular with US teens) a mute point?

“People pay a premium for service” fully agree. But our delivery to US is only a handful of days quicker than Shein. And we don’t offer free shipping so where is the huge service variation to justify the extra price? Shein taps into trends as fast as us (or a week or so after)

Also this is true - I do this! I despise paying shipping but I think the younger generation might be more inclined to as online is more natural to them

https://images.app.goo.gl/xC8oVofoVCdS2JrL8

And your final point that boo will be watching - agree fully. My point is that in a flat market if you watch someone drop prices 10% fine but you need to decide if to follow. Interesting Shein do a 15% brand ambassador discount (it’s what made them popular on tik tok). Zaful (referenced in the article yday) does an 18% brand ambassador discount!

So you’re already seeing the online vs online battle is being driven by price as we are very much at the value end. LV can raise prices we, if undercut, can’t

@people to answer your questions my point is more that boo will have less power to drive the market. Despite what rag says about our great brand so just ignore everything else you can’t be undercut on price he should maybe listen more to his 17 year old daughter who “shops at Zara but won’t walk over glass for PLT as the quality was so bad” so rags big strategy to beat the Chinese was 1) our brand is fine and 2) quality
Well it turns out our quality isn’t good enough for the rag household. Our quality is less than Zara so what the differentiator? PRICE! Yes customers like our brand so they don’t feel bad buying cheap from us but our customers are price sensitive (pg 39 investors pres Carol Kane (who doesn’t listen to accountants) banged on about our core brands having to be the cheapest - looks like Carol has disagreed twice with rag as she tripled karen Millen volumes which rag said didn’t happen)

So all my point has been is in 3 - 5 years time this market changes fundamentally. Customers equally like boo as much as Shein. As I’ve Shein is cooler with the 15 - 18 year olds than boo atm.

So when the market is flat and all the online businesses want to grow how can they do it?
- improve quality of products - damages margins
- spend more advertising - damages margins
- lower price - damages margin
- deliver to customer faster - damages margin

At the moment none of these are relevant but they will be. If a competitor pulls one of these at the value end of the market boo will have to follow. And if we damage margins by 10% you have to add a lot more than 30% growth in at the top! So you end up with a profit warning quite quick

I think what angers rag and others is they see this as a binary issue. Boo wins or loses. It’s not. A business can lose 1% of customers or 5% or 50%. It doesn’t mean they all go - same for all the above advertising might rise 5% or 50% who knows what’s needed

My points is is that this shows the industry has fundamentally changed and all the advantages boo had vs bricks are gone. This is then a different investment thesis from “online vs bricks” to “online vs online”

Rag can’t see this as he still wishes he was at pinstripes

Also the “boyfriend” jab yesterday. Omg this guy really is a dinosaur! This really isn’t the 80s/90s anymore

@people he’s a middle man box shifter. It’s a logistics job. Just because the guy who delivers the flakes knows how they are made doesn’t mean he know the industry inside out. Remember rags told us he’s been supplying topshop (with its amazing wholesale business) and now is owed a tonne of cash or has stock sat there not bought. He didn’t see the writing on the wall for that where as I think most of us here are invested on the fact that “online is the future and bricks are dead” so we all know it. But rag saw them as “competitors” where like I said we all knew them to be failing medium or longer term. Does he sound like he knows what he’s doing?

The whole sale point - that literally is hysterical. And should be a huge red flag. Turn boohoo into a business that needs to pump out wholesale to “survive” we have a x40/50 multiple where do you all think that goes if we tell investors we’re are struggling to survive each year - around 2/3 so you 360p shares are worthless. Yeah sounds like the business model for us! 30 years experience you can tell his mindset is still acting as though the business is the same. It’s fundamentally different and it will fundamentally change again. The world is smaller, faster and consumers ability to compare products is now like it never was. Years ago you could just have great location on a high st and as long as the product was ok you could manage. Now businesses are built from bedrooms or on a laptop - Missguided, in the style, Shein and gym shark

https://www.talliahroseuk.com/
https://www.wander-doll.com/
Two smaller boutique examples

All started by students/ young people from laptops. Brands can be almost instant. How well did the 30years of brand loyalty topshop had hold up? It didn’t.

Consumers now will switch brand over night (hence why we have grown so fast) and here I don’t just mean fashion. Amazon and comparison sites the playing field is flat for so many industries now. To be a restaurant you don’t even need a restaurant now! I’m working atm on a roll out with a dark kitchen team. They will never have a single store. 5/6 brands all by deliveroo. The customer will never know it all comes from the same place. 70-80% of fresh ingredients are used in the 5/6 brand so limits stock risk. If a restaurant didn’t sell the salmon special it’s goes in the bin. These guys salmon goes in loads so they won’t have stock waste costs

So as I’ve said industries change. My investment thesis here is online nails bricks. When there’s no more bricks to beat who’s left? Boohoo and some Chinese brands who are likely unethical, they are also rather clever at social media and a lower cost base

So has my initial investment thesis changed at that point? Yes. So if what I wanted to invest in has now changed why would I not review? All my stocks have a macro theme and then I make sure they are great at what they do and have good financials (rag can’t read those after 30 years - clearly he’s at

@people how many of those insights you’ve mentioned below were from rag? 0!

Another great “rag” was when I was saying boo’s data driven test and repeat was market leading as they can have U.K. wide knowledge and additional data. Rag say “topshop did that - 300 pieces across 30 stores!” They had 300 stores. That insight is terrible. Honestly 30 years in the game and he couldn’t spot how the game had changed

You don’t need 30 years knowledge in every single business people. With industries you certainly would need it. I wouldn’t know a single thing about what rolls Royce do. If they do it well. If they can control pricing. What the demand is for products etc so I’d never buy the shares. Clothes I wear them all the time. I shop at all these stores we all understand this black box

Agree govs might limit China but this isn’t boo beating Shein it’s just regulation helping (don’t call foul when it goes our way!) but on this the EU is due to sign a trade relationship agreement with China so that might make it easier for them to operate

@people you’d do well to understand the market dynamics and why boo wins. Atm we win easy as the competition is bricks

When it’s not all bricks. Ask yourself has you initial investment criteria moved? This is like holding Ford shares and Tesla shows up. Rag is just saying “Ford is a great brand and they have a great supply chain and I’ve been shifting boxes for them for 30 years” and while whole world wanted petrol that was find

But now Tesla has shown up you’d be wise to rethink as the general industry position has moved

@akh agree for today. But will there product be awful in three years? They can improve it. It’s not beyond comprehension that Chinese factories produce good clothes. They build bullet trains and sky scrappers so just say “Chinese factory it’s rubbish” is 1) a bit ignorant of the fact it will improve (Chinese are major players in loads of industries) and 2) a touch racist really

“Creative part in Britain” fine these are tech businesses. Zara has its creative team in Spain and manufacturers in turkey. Shein has offices in U.K. and U.K. designers. This isn’t an issue

“Plenty of room” yeah today I fully agree. But my point has been 3 - 5 years. Who else of the high street can we take a free lunch from? River Island? The smattering of other brands. The big domino has just fallen so like it or not the playing field is levelling

Fashion nova can deliver here.

Like I said I never said I don’t think this is a battle boo can’t win. I just said as an investor. I see better less risky returns elsewhere. Atm I love boo as we are walking and chewing gum to beat the high street. I’m invested as boo is the best fast fashion company that captures the shift to online

When that investment thesis of “shift to online” has played out my initial reason for investing has gone. Again not a boohoo issue just a this sector now doesn’t have the dynamics it once did

Also worth saying fashion nova are growing

So the issue is when there no more high st to eat will it get tougher when everyone else is also pure online, fast manufacture, cheap, has great socials and brand and good distribution

Apparently no - boo will have 0 issues when all it's competitors are exactly the same! That's when the market hits maturity and multiples will fall as the easy ground will have all gone (high street)

But yeah we will just bolt along at 20% growth without changing strategy at all - the whole industry will have changed but we just do as we always have done - that sounds like all the agile tech growth businesses? No it sounds like M&S, topshop and countless others

You're mind for this business is still in pinstripe - just drop the clothes off at the door rag and let the businessmen create the value

@rag so the strategy would be do nothing? that was the short of it

The brand and product will just see you through. There is 0 impact from cheaper competition at all

I'll just leave this here - the Chinese are coming

https://asia.nikkei.com/Business/Business-trends/China-s-fast-fashion-newcomers-target-Zara-in-global-push

"Its app had topped 100 million downloads and counted over 20 million annual users as of 2019

The business has skyrocketed, with sales jumping by a factor of 16 between 2016 and 2019 to 16 billion yuan ($2.47 billion at current rates). Shein logged almost $10 billion in sales during 2020, Chinese news outlets report."

0 competition?

""It identifies trends using big data to better manage production and inventory," - remember when Rag said literally no one cares about data! Dinosaur - it's all about data - boo use it

"Other Chinese startups have bounded onto the global stage. Zaful, operated by a unit of Global Top E-Commerce, sells cheap apparel online mainly to customers in the U.S. and Europe" - and remember we had negative Q2 growth in Europe yet we have no competition and the shops were shut - did ROE just not buy clothes?

"Shein's distribution network is still a work in progress. U.S. orders take over 10 days to reach the customer's door, while Zara completes that process in two to four days." - funny how rag didn't mention investment infrastructure and speed in his answer. I mentioned this a lot last week but why be fast if you've got a good brand our customers will just wait?

"Shein's strength in offering affordable articles is exposed to competition. "Even if [Shein] weaponizes low costs to lure young consumers, if something cheaper comes along, it risks losing customers," Saito said. The company "needs to marshal its collective strengths, including its design aptitude." - even Shein is at risk of losing customers to price so so are Boo - yeah great design and quality will keep a core and keep the business strong but we need 20% growth yoy or your shares fall to £2 so does rag's strategy of sit and do nothing win more customers or lose more customers? - remember over the next few years our customers will be poorer than ever before due to CV. Also Shein quality will improve

So my observation that the industry changes in 3 - 5 years looks a lot more realistic vs rag's world where we "do not think BH has much competition"

All the points rag made were today i was never saying today i have said 3 - 5 years (hence why i sell at £5 as all great for next 12 - 24 months) so he hasn't even shown outlook on his own sector

Also you mention advertising - will that cost not rise? What happens if the margin falls as you have to spend more on marketing

None of what you said links to the share price!

"£5 accountancy comfort zone...looks like you need the cash" no not really but I know when i'm happy. If that makes you sick your life is rather sad. You have nothing better to do with th

@people "danl90 works on knowledge of how business works" - all businesses have fundamentals - understand them and you understand the business. It's hard to think but some CEO's go from airline to TV (ITV CEO). She's also been a NED at New Look and lloyds. Contrary to Rag you don't have to have 30 years box shifting to understand a sector. You can learn it

"Ragtrade works on instinct" - people shares are a value marker. He doesn't know what he's bought. Shes aren't just appreciation tokens! 30 years in the trade and he can't value a company in his own sector - poor. Couldn't see difference betweens and online and assess them as different business models. If he was so switch on he'd not has been shifting a load of topshop SS21 and now be sat as a creditor waiting for 1p in the £1. He might make sense to listen here and learn about assessing changing trends

"For someone who understands businesses so well, your grasp of how to behave best on this board is somewhat lacking" - don't really care. I'm happy to debate but just be able to back it up to something real. Rag just goes back to "instinct" or back to companies that went bust with the dinosaurs! This is the guy who wants us to wholesale as "that's how a lot of this industry survives" - turn our business which is destroying competition and generating cash hand over fist and instead go to something that needs to "survive" - 30 years experience! On how to turn a billion business into a million business - oh dear

"If three new fast fashion companies undercut boo, UK and abroad, by 10% tomorrow how should we react? Give us a real business strategy answer."

I have answered this - it would be an issue. Boo's customer's although love the brand are price sensitive. If we were undercut by a few other "cool" brands this would mean we'd have to follow! Rag thinks we can just price this wherever which atm we can but as I say in 3 - 5 years that might not be the case when the Chinese come!

So what i'm saying on the last part is rag to use his 30 years "living and breathing" the industry to explain what his strategy would be given fast fashion will never look like it has before and the easy ground of competition against higher cost bricks will be less. As he's so well grounded in the industry he should be rock solid on this as it's the medium term scenario

@bang you build pipeline. Takes time. Atm the world is rather unsettled so my role is more strategic. Building trust with potential businesses and keeping an eye on how they cope with lockdown 3

Even to someone like yourself you might think it odd to acquire a business when the world is in a lockdown

Once again fairly obvious - next 6 - 12 months will be busy as what will remain will be quality businesses

Sorry people as you may ask but pg39 shows how we strategically price and position. It's no accident that warehouse and oasis haven't been made cheaper but are priced above boo etc. It's the "accountants" and management will think these clothes can get a higher price than boo (better brand and or quality) we are adjusting the proposition

Coast you can see just a complete change in pricing strategy ie move it closer to volume

In line with example above re handbags you can see similar with boo group now

Boo can sell a coat for £50 - lower quality but affordable for fashion conscious person
oasis - can provide for up to £150 (looks like heavy discounting atm on the website)
KM will sell you high end coat up to a £1000

So we capture all elements of the price points. And the pricing reflects the volumes we want to sell (price elasticity is the concept) We could chose to sell millions more KM coats but we'd burn out the brand. But of course theres a consumer who would love a KM coat and once every few years might get one but most days they want a good KM alternative - step in oasis or warehouse

It's all really easy concepts - car ranges are exactly the same - this isn't a black box we all wear clothes its a simple concept just not with 30's of box shifting!

And let's be clear you don't "tear anything to shreds" as you don't answer any points other than "i live and breath fashion"

"As as a punter if you totally belief in the Brand then you will stick with it becoz Amber Gold from LA tells you to, Brand, Back Story are the value , they dont need to be anymore competitive than they already, price wise they are smashing Asos into next week" - another great example of ametuer hour. Boo don't need to be anymore competitive on price already - agree" this is exactly what i'm saying but my view is that they will have to compete on price in the future as our product will be available just as well and fast from the likes of SHIEN and fashionnova

So rag again explain to the guys and girls why when the playing field is flat and it's just the three above and a few other why boo won't have to raise prices should the others decide to cut (race to the bottom)

"live and breath" some life into an answer

@rag - all waffle again! none of it is backed up or substantiated it's all annotates. I'm not an accountant. I'm an investor. I professionally buy businesses. I got my grounding as an accountant - i understand the numbers and how what the business does turns into cash and profit but do i do any double entry etc - haven't in years! You shift boxes. Have done and still doing. Ever spoke to an end customers? no. Spoke to a designer? no. Spoke to the proposition or marketing teams? no. You're B2B logistics. you're job could be sending the flakes for the 99's

"you being out of your comfort zone after this." - you're stating this as though its my inability to understand boo or fashion as why. When actually when I made the reasoned point that the competitor landscape will change you said "it's always been competitive". That's a huge amateur understanding up until now our competition was bricks and we were online. Someone who "lives and breaths" it would clearly make that distinction! you didn't! That's poor

"this Brand was born out of what was seen coming around the corner and a strong back story, all clothing brands are, it wasn't built on a graph or spread sheet it was built on the passion for seeing that they could do something different, that hasn't changed." - amateur hour again and this time i'll use Carol Kane to put you down as "she doesn't listen to the accountants" so two points
1) you haven't addressed price elasticity - why aren't all our products 40% higher?
2) look at what boo did with KM, oasis, warehouse (pg 39 of Sep-20 pres) we purposefully moved the pricing and positioning of brands to better fit our product matrix ie if we move the price down we think we can sell more - "we think the price elasticity needs to be adjusted". This isn't "accountant speak" it's business acumen.

LV would sell millions more if their bags were half price but they don't do that as they balance the maximum of the price elasticity with the brand power. If an LV bag were to go up 10% they would sell less volume (as price elasticity kicks in). Very simple concept but you just do B2B shipping

"JL and AR i know personally i knew when AR was bought in things would settle, no graph or stat is gonna tell you that, this share could plummet tomorrow on another scandal, its the risk you take with the guys from this block, again no graph helping" we all consider strong management. And AR is a good hire but he isn't going to help if three next entrants undercut our pricing by 50%. And no that's not a graph telling me that's its understanding the industry. There are now more fast fashion operators (you're just blind to them) and you don't understand how this impacts your shares

If three new fast fashion companies undercut boo, UK and abroad, by 10% tomorrow how should we react? Give us a real business strategy answer

"AW21 being successful" you haven't a clue either you don't design it market it or price it you just make it! A CO

@keep U.K. happy to though as it helps others understand

- how to value businesses (rag just saw it was less than £4. Hasn’t a clue what he actually paid for)
- explain value drivers (what boo does well, how we do and what to keep an eye on - rag thinks it just solid brand and being “young” so let’s email management and wack the prices up! Competition? Nah there is absolutely none and never will be as our brand is impossibly strong)
- risk & reward - you can still love a share and sector but things can change (for me I love boo as we are destroying the high street and will continue to do so. In 12 - 24 months that ability - as there’s less high street to get a free lunch from - reduces and other online alternatives will arrive. At that point my investment thesis has changed from vs high street to all being in a flat playing field. At that point either
- our brand will be the outstanding factor (our brands are great but our consumers aren’t buying LV or Chanel here. They are price sensitive so I think shoppers will “shop around” madness i know!
- smaller operators will (as they have weaker brands) undercut. Atm this hasn’t been an issue as boo have been the undercutter of high street. But when that field is level I don’t like holding a stock. Doesn’t mean I don’t think boo won’t win. It’s just if they have to cut prices even 5% then achieving the 20% yoy growth they need to deliver becomes harder so there’s a risk of a slip. Might not ever come

But what I’m mentioning here are changes to my investment thesis. Not saying boo loses it’s shine or a ability more that other side pressure increases. At this point I’d look for another investment with a lower risk and reward profile

We all have assessment of our level of risk. Or is rags case he doesn’t know what he bought in the first place so tbh it’s all the same! “Lives and breaths it” what? Horse manure I think

@people you’ll learnt nout off rag

Apparently boo could pump and pump it’s prices. That brand value will just stretch and stretch!

Why do we sell so cheap atm? Have management been woefully out of touch? Actuallly irresponsible! To be charging so cheap

Prices should go up 20% straight away! That’s next year growth nailed

Who thinks that’s a great idea?

Yeah that’s shared by all other online providers. I go on Instagram there’s an influencer

One post PLT, one post fashion nova

How captive do you think that really is?

@rag

You can’t explain any further! You couldn’t ever articulate a value why you’d buy you’d never be able to demonstrate a value when you’d sell

Price elasticity as a concept has clearer gone over your head. Yeah brand exists but every brand has limits. It just upsets you that you’ve put yourself in a box and can’t get out

You do the middle part of fashion essentially logistics. You get told what to make (no clue on consumer trends you get told what they are), you ship to a central depot (no clue on fulfilment) to the customers. You act as though fashion is this black box. It isn’t. We all understand it. I’ve even articulated a difference between fashion and fast fashion (how I think price elasticity and brand value is weaker at the later) yet you try and be condescending (funny how yesterday you were getting all upset about that and now it’s the only weapon you have left - isn’t that how little children behave?)

Keep shifting the boxes rag - clueless!

@rag it’s a vanilla point I’m not saying it’s my fantastic depth of fashion knowledge but it’s obvious if there were less cheaper alternatives you sell more at the top end. Bentley and the rest sold a lot more cars before the model T came along. I gave example re telematics also. LV wouldn’t sell millions more but there will be some how chose cheaper as it was available. This is just a basic business acumen point it’s not really industry specific. You see this with loads of things from food to cars. Coach could price their bag higher or lower but they picked a pricing point. Rolex could sell higher or lower but they pick a pricing point. They always want to be c.30% higher than tag. Tag always want to be the entry level luxury watch. Brand is good but they are very specific to price. Could tag go near Rolex? No the brand runs out and price kicks in!

You’ve conveniently skipped over the price elasticity point even though you served that up yourself (bit embarrassing when you put yourself in a box)

And me selling at £5 doesn’t show a misunderstanding or lack of value in boo it’s also my consideration as an investor. This dynamic is just the inverse of what we all did when we bought (what’s the upside vs downside and are there more factors supporting upside vs downside - we know you didn’t do the second question as you have no idea of business value or operations. You just did “upside to £4)

So wearing my investor hat I always ask myself that same point. When it flips I sell - simples. I’m not spinning the roulette wheel. I have a target buy and sell. Both based on fundamentals and risk

You’re acting like no one ever sells. How do you think you bought shares? Someone sold them!

So
- answer my price elasticity point realistically how far can it stretch?
- answer how boo could offset sale pricing pressure if it occurred?
- answer how boo’s defensive moat will remain as cheaper or more online fast fashion enters the market
- answer how consumers of fast fashion are brand loyal and price is less relevant or less of a threat (ie can’t compare if cars or car insurance)
- to what extent can this level of growth continue? (years)
- can margins be maintained at current levels?
And then say where you’d sell and why

These are all the points I’ve covered in the below that you skip over. So “live and breath” some answers to them and please back it up with something rather than just ramble on.

We know you shift the boxes from A to B but show us something exciting. Show us the full picture. Ideally link a couple of the points together would be great. A bit more comprehensive. Or you could just take a cowards way out and just say “you’re reference to LV means you know nothing about fashion”. It’s not a rocket science industry. There’s a tonne of students etc doing this from dorm rooms. Adam Frisby etc so it’s no black box. I’d have loved to have tried but I’m not the creative type

How many days in fashion yo

@keep my point is just answering rag. He’s asking why I’d sell at £5 and I’m explaining. It’s not a criticism of boo or not to say it can’t go higher just my time to sell for me comfortably

I think boo’s great long term. Mid term could be pressure and I don’t want to pay to see that pressure through when I could use that reward in other parts of my life

I think it’s all fair easy to follow but give a shout on any points