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"Partnership"

THG is simply a new customer of them

@speci

FCF would be re-invested in growth according to annual report 2022

With the MyProtein rebrand they obviously try to be more of a lifestyle brand to attract a wider audience.

Let's see if it works...

Agree with OSG, the 9% nutrition decline is really concerning to me. THG always says it is good at building brands, but regarding MyProtein you guys have to admit that this brand doesn't have any pricing power.

A few years ago it was really popular in Germany (where i am from), because of its low price. But nowadays there are plenty low-budget brands out there.

I can read @Jb101

- As a customer i just don't see how it strenghens my relationship with the brand. I use the app instead the website because i get a better discount code there. That's it.

- first party data: What first party data? Also the website is built and powered by Ingenuity, so it should have first party data regardless?

The THG nutrition sales drop is also concerning for me, although they got new income streams with licensing deals and more offline offerings.

Especially the pricing power of the MP brand concerns me. Just look at how much Glanbias Optimum Nutrition are able to sell their protein compared to our protein products.

Recently I've also started to use the MyProtein App to order my purchases, but i was a customer of MyProtein before and only started to use the app because MP offers better discount codes when you use the app.

So the margins are actually worse for THG when I use the app instead the normal website.

If the customer base isn't increasing, i don't see why a growing app participation would be a benefit for THG.

Maybe someone can enlighten me.

@Yes

The business model of shopify is totally different.

As i said, when i invested first in THG, i (and probably many other) had the vision of competing with shopify. But the business model of Ingenuity wasn't clear yet as it was an "yet to build division".

I thought Ingenuity could be better than Shopify because THG has their own warehouses. But as i said, totally different business model today.

When i first invested in THG there was the vision of competing with Shopify (IPO was in 2020, Shopify skyrocketed during Covid19).

The business model of Ingenuity wasn't clear at that time since.

I can't tell you what the vision of Softbank was, but Softbank also invested big in WeWork...and we all know where WeWork is now at...

@Yorek

The marketing business alone is basically an in-house marketing agency. There are hundreds of marketing agencies out there.

Why buying THG's marketing agency?

I don't see SoftBank coming back. Were there any rumours i missed?

Personally, i'm not even convinced of THG Ingenuitys tech solution.

Combined with marketing services and logistics it can be an attractive package for customers yes, but the tech solution itself? What makes it unique?

I totally disagree with you, Yorek.

I don't see any synergies between THG Ingenuity and Amazon.

Amazon is a marketplace, THG Ingenuity a D2C solution.

Amazon has their own warhouses, their own warehouse software, their own couriers.

For what do they need the D2C-solution of THG? They want that 3rd party sellers sell on the amazon marketplace and not on their own website.

Amazon certainly will NOT use AutoStore/THG Ingenuitys pay-per-pick model, if they invest in AutoStore systems.

The Pay-Per-Pick model is for smaller customers who can't / don't want make big investments.

The CEO of AutoStore said this himself in a earnings call that most customer don't choose the Pay-Per-Pick model because ROI is so fast on the regular model.

AutoStore offer their own warehousemanagement system (WMS) with their robotics.

Many people mistaken, if they think that all AutoStore Systems are powered by THG Software. The number is neglectable (also words of the AutoStore CEO in a earnings call).

How do i know this? I'm also invested in AutoStore and listened to the last Q&A of the earning calls.

Is it true that people from the UK have to pay huge fees to invest in ETF's?

What are the average fees of your brokers?

Just for context you should also mention that:

- Ulta sales grows (lower than expected, but it grows)

- THG sales declines

not talking about profitability and other numbers etc.

The more i read of you, the worse my opinion of you gets

I'm invested in THG since IPO and also think that it is undervalued, but THG only can change the sentiment with numbers.

THG is a self claimed growth company that doesn't grow.

It is time to prove that they can grow organically - especially in the beauty segment.

All the growth in the past came through acqusition during a period of cheap money (congrats to MM for collecting that amount tho).

Also i criticise that THG doesn't distinct between revenue of non-own brands and own brands (ESPA, Christopher Robin, etc.) and in their financial reports.

THG isn't transparent after all

@Crafty

THG Labs = Bentley Laboratories

Aquired by THG in 2021 for 180m.

Just as most other THG subdivisions are just relaballed aquisitions.

Stop hyping for nothing. U know so little about the company you post all day long.

Also just to let you know: THG had huge write offs because they overpaid for their aquisitions

Ingenuity or Nutrition Spin-Off would be my guess

Also THG Ingenuity will never be valued with the same multiples as pure tech / software companies are, because their sales are not purely from it's software.

THG Ingenuitys revenue is a combined mix of:

1. Logistic services

2. E-Commerce tech (website builder, fraud management, etc)

3. Marketing services

Why does everyone on this board compares THG Ingenuity to Ocado?

Just because THG invested in two automated warehouses from AutoStore ?

THG only run its own WMS (warehouse management system) with it, but there are plenty other WMS out there.

Comparing THG with Ocado doesnt make any sense. You can compare Ocado with AutoStore, but not with THG...