Ann: CEO Succession Update, page-31

China is a bonus at this stage but we don't need China to maintain this valuation and then some more, the US and European market is more than enough run way for LOV to expand in the next 5 years, we are only 200s odd stores in the US and the market can cater for 2000 Lovisa stores, let take a conservative figure and 1/2 that to 1000 stores, it still 4-5 times bigger than today number

I believe the market price LOV purely based on US and European store roll out, China is unproven until they get to scale and profitable and this will further add to the valuation if they succeed