Ann: Cettire Confirms China Launch, Provides FY24 Update, page-84

Aaron Yeoh (BUY): I actually disagree with Emmanuel. Cettire is a buy from my perspective. Again, we like the fact that it's a founder-led business. Dean Mintz still owns 30% of the business, still heavily aligned with shareholders. He bootstrapped this business from day one to IPO and I think he runs a really focused business where if you dig underneath the surface around how he has built this business and you speak to a number of other competitors, only then do you realise how this business is much more efficient than its peers.

I think there's a significant barrier to entry for someone else to come in and procure supply, get the supply arrangements that Cettire has. They've literally done this with having no website. I think it's testament to the persistence of the management team. In addition to that, yes, its major competitor, Farfetch has gone through significant turmoil in recent periods. It's gone through a liquidation process, subsequently been acquired by a Korean e-commerce company. We've spoken to a few different suppliers out there as well, and I think that's really benefiting Cettire and will continue to benefit it with regards to procuring not only a wider range of supply, but a deeper range of supply of the products that people are after. And so we think the opportunities ahead of it are still very compelling and the numbers will do the talking, so it's a buy.