Ann: SSG - FY22 Results Presentation, page-11

About four years ago I discussed SSG with a female friend who's normally quite good at picking winners, and she said 'it won't be able to compete against hairdressers and WOW/COL/MTS' IGAs/Aldi/Costco.' She also remarked it was too 'male focused' and that this was a 'small market':

I've applied the same thought processes for about the same amount of time and so have never owned these shares.
The mistake, if indeed there is a logic error here, is that the products retailed are high end and not part of the offering of the large department stores so the competition is not as great as once perceived.
They've also started offering products linked more to women which may help to flatten out their sales revenue across the year rather than have it concentrated around Father's Day and the Xmas period.
They've removed the last of their franchise stores which frees up their chance to market online.
They have plans to open quite a few more stores so there should be room for some growth.
Against this, of course, is that they rely heavily on overseas manufacturers providing new, suitable products and then keeping SSG as the sole distributor.
I will spend more time on this one. It's quite perplexing.