Ann: FY22 Full Year Results Presentation, page-41

A couple of tantalising indicators of where Victor Herrero is planning to continue the turbo charged growth:

1. First store in Canada open- with a population of 38M people and a culture ,not dissimilar to AUS and USA, this geographic region is very exciting. Compare AUS with a population of 25M and a store count of 154 if you take the success of how the Co is rolling out across the States then Canada could be an absolute treat.

2. The big unknown is China and Herrero, here, has announced the first store in Hong Kong, which will be a test to see how the Co is received. With superb real time data analytics Herrero , armed with immediate feedback, will know if an expansion into China will bear fruit. China has a $100B market for jewellery, is highly fragmented and largely unbranded, so this region could be a potential firecracker!