Thank you. Yes I have seen the numbers in the presentation but I...

Thank you. Yes I have seen the numbers in the presentation but I like to verify through external sources. The numbers are certainly extraordinary.

I'm trying to verify if the growth is sustainable and profitable.

I am just trying to get rebuttles to my negative arguments.


Point 1: The negative comments I refer to are very recent i.e. hours and weeks not just from 2022.

Point 2: Amazon has 25,000 reviews and Cettire has 49,000 reviews on TrustPilot, which seems to be more US centric. For a small player that many reviews seems abnormal.

Point 2: This is a comment from a company that reviews retailers:Of course this is just a webpage which may not have genuine content. But if you read the individual reviews on TrustPilot the language seems somehwhat off. If you filter out the negative reviews they are somewhat concerns, aslo a chance these are fake and by competitors.

https://clothedup.com/cettire-reviews/Cettire

Has good reviews on Trustpilot, many claiming the quality of the products were good and up to their standards and the items were authentic.However, we think it’s suspicious that many of these reviews are from people who have only written 1 review in their lifetime. Trustpilot is a very easy platform to leave fake reviews.On the other hand, Cettire reviews on the reviews.io platform are terrible. There are 568 reviews on this platform with a 1.7/5 rating overall (only 16% of shoppers recommended the brand). There were many reports of items being fake and not looking or feeling authentic, plus very poor customer service.

Point 3: You go on their Instagram the comments are about poor response rates / returns / Issue with items. Also comments are being hidden. The very recent posts you can see comments but they are negative and seem to dissapear.

Point 4: If refunds are not being processed quickly the refund amount might be higher than reported, impacting cash flow in future periods.

Accounting policy for refunds payable
These amounts represent the goods expected to be returned by customers as a result of ‘change of mind’ or defective
goods. The expected value of refunds payable is estimated based on historical data and a review of sales for the year
and refunds issued post year‑end applicable to those sales.

Point 5: At their half year they had $53m cash the April update they had $39m. So they generated surplus cash of $15.8m in the first half of FY23, but over the subsequent 4 months they have used $14m. Does any one know how much of this is for growth? Presumably this swing is influenced by the working capital cycle of the busines.

As always this not advice and may not be accurate.