Adore IPO - ABY, page-4

Glorified wholesale distributor.

Their Gross margin is 31%, they sell predominatly other peoples brands and have a very high CODB, resulting in a poultry EBITDA of $5m

So like any wholesale distributor they risk major brands taking product away from them and doing it (on-line) themselves, they are reliant on Australia Post and are locked into Express post delivery costs.

You couldn't get a more competitive market than skin care (just walk through Chemist Warehouse and Myer for range) and most of their competitors have had their hands tied behind their back with COVID allowing easy market share gains.

At the mooted $650m valuation the valuation is insane.