Thanks for the responses. It's exciting to hear about other...

Thanks for the responses. It's exciting to hear about other people's responses.

In the short to medium term, the industry trend of i) offline -> online and ii) general to niche (Chemist Warehouse/Myer to Adore Beauty) is likely to lead to strong growth rates for Adore Beauty. Can you link the Euromonitor sales data / projected CAGR rates?

In the long term when the industry trend stabilises, we should note that customers are a click away from a competitor and online competitor offerings are increasingly convenient (/frictionless) due to the ease of creating an online storefront (thanks to Shopify). This places long term pressure on margins due to the competition from large competitors and, importantly, the increasing number of niche competitors.

On Adore's moat, I agree with you. A new entrant would require a fair amount of time and costs to replace Adore's business.