I will be accumulating. I think brands are growing is the key. I...

I will be accumulating.

I think brands are growing is the key.

I think they need to grow the brands some more then sell certain brands at good prices and not at a discount anymore.

This is how they unlock value.

I think they also have high overheads which I hope is helping in growing the brands.

But a company with a billion dollars revenue in the clothing business should be making money.

Kathmandu has half of the revenue but produces 10 percent net profit and similar 60 percent margins. I think they need a someone to trim the fat.

Somehow they global corporation has created inefficiencies that do not existing in the likes of others. Michael hill is also in retail but cost struvture is lower.

Are they spending too much on marketing, events and sponsorships?