Yeah, CEO has been disgraceful - selling at the top, not taking questions at investor presentations, and not being transparent about the duties issue raised by the AFR, but this business is too cheap now.
It is on 30x now, but growing revenue at nearly 100%. It worth a small punt with money you are willing to lose.
This guidance miss is probably due to a lot of unforeseen costs that were incurred to launch China site, coupled with weak macro backdrop (which is affecting everyone in retail btw - just take a look at KMD) putting pressure on margins, and players who are exiting the market doing clearances (Farfetch) putting pressure on margins.
All of these reasons are supported by the financials btw. Revenue was in line with Q3, it was just the margins that got crushed. This isn't even a bad thing either - put the money into China now, take market share, and worry about profitability in the future. The prize is too big to be worried about every $1 of profitability atm.
Small punt for me. Maybe 1% of my portfolio.
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