TCMs Carton, Snakes & Ladders, Ludo and ESG3 Feb 2021 13:15
With this share having just bought Debs and hopefully Arcadia Brands giving it a much wider Demo, the increase in value that it must warrant is now set up.
HOWEVER
Guess it comes as no surprise to everyone that BH's past is still holding this share back, i thought that the market would move on, it isn't. Asos Roadshow had over 22 people from varying departments, the largest chunk of this was based around Responsible Sourcing and ESG, it was slick, precise, incredibly well thought through. In my time working with BH they have not had one Roadshow, i have had a one to one meeting with BH sourcing which comprised of a couple of people. Asos is a mature company its been honed over the years and has a deep structure to it, BH is still such a young company with a couple of heads of buying very junior and inexperienced, LB's aside most people at BH don't have any experience outside the company, the ones i now who went up from London felt out of place and didnt last long, one was a senior head of buying and is now back at a well known online H ST Brand and is flying. I new it had to undergo massive change but now with Debs even more so, its not Glam Girl anymore its Debs and it is about to become middle England who do care about ESG.
I'm going to take the default car example that most see to like, Cars, Porsche (Asos) v Mclaren (BH)
Its the summer i'd like to drive down through France to St Tropez, I've got a Porsche 992 Targa in the Garage, along side it is a Mclaren 650 Spyder, i've just bought it by part exing the 12C Spyder. Now which one do i take, the 12c was a frigging nightmare kept breaking down, the 650 looks bloody awesome, sexy loud brash, i've been told all the problems are fixed but i've only been on small journeys, i know the 992 Targa is not as sexy or loud but it does look great and it won't give me that constant niggle in the back of my mind, if i hear a noise no issue, where as the 650 i get to Dover and i hear that bloody noise and i'm thinking what the hell was that. I'll take the Porsche its tried tested reliable and all the gremlins have been ironed out over the years unlike the new brash sexy kid on the block i know i will def get there.
TCM was right the other day, it just takes one carton in the wrong place and we are back into a game of Snakes and Ladders with BH, Asos is playing Ludo, there are no snakes. BH also has so much to do, it really does have an absolutely massive task, its taken on Debs and poss others and it has to control all of this when it struggled to control what it already had.
I sold out Asos when it last went above 50 back in autumn and slowly built up on BH but 100% invested on autumn dip , i was always going long on this, but for this share to get once again above £4 is like pulling teeth, it still is the ESG and its also that the City totally realise what a task BH have to become the Porsche or the Ludo and TCM's carton is that bloody niggle.
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