@optimistus
The China label business is transacted in USD, I think at the wholesale level, meaning that the weakening NZD-USD negatively affects margins in that area of the business.
But as per your suggestion it can be offset to some extent by other FX fluctuations. David B mentioned last year that they were looking at buying currency to hedge against some of the uncertainty in FX rates.
China Free Trade A2's net revenue per item just increased 10%, page-6
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