Ann: Investor Webinar - Q1FY24 Update, page-13

I agree there is certainly interest from a VC perspective in some of the above companies highlighted. What there isn't any insight on is how financially sustainable these businesses are and the proportion of funding being spent on growth / brand initiatives. Perhaps not enough credit is given to FRX and how far its operations have matured over the past year or so, in addition to FRX already having some pretty big deals (and numerous) by any comparison.

If FRX have sustainable operations and capability that can support scale, who knows, maybe they will be in a position to acquire or merge some of the example competitors above if they do not achieve the same...