I don't think unemployed youth on dole is their main consumer. I...

I don't think unemployed youth on dole is their main consumer. I think a far bigger risk is not taking off in China. If they can get China going like they have the US, the current price is bargain. Failure in some of the new markets they have entered is also a risk, although this risk reduces with every new market they successfully launch in. I'm seeing very little risk thus far... risk of youth running out of money to spend on Lovisa is also very low.

Lovisa introduced a price hike in the second half of this calendar year and that does not seem to have slowed down demand. The margins for H123 should be much better than H122 so I am expecting a cracker of a result in February.

They are at a run rate of 20% store growth for this financial year. That's the one thing I'm not sure they can keep up on unless they add China to their network.