without seeing the accounts it is hard to know all the details.
There are a few details that are evidently obvious from observation and disclosed information:
- due to @Klogg ‘s point above about owning the product IP- this translates into a higher gross margin by 5-6%
- almost certainly a big difference between the marketing costs based on the relative visibility of the two brands and predominant mode of customer acquisition for Mocka (word of mouth is my guess).
- it wouldn’t surprise me if they are also better on the distribution side, it’s generally easier to iron out the issues when you are growing much slower- we know Adairs has been working on the distribution side for a couple of years!
Ann: ADH Trading Update and FY20 Group Sales Guidance, page-39
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