I'm not sure you understand the company? They don't really...

I'm not sure you understand the company? They don't really represent a way of 'entering' the luxury market. At a simple level, all they own is a platform/website and the associated contracts, which means that when Jane wants to buy a luxury handbag, she can get it cheaper through the Cettire website because Cettire source it direct and ship it straight to Jane without having to touch the product. Side note: worth remembering there have been various complaints/allegations about Cettire sending customers non-genuine products - detailed in the Australian. There's no bricks and mortar and no inventory. Aside from the website/tech stack, there's not much to the company. Look at the assets on the 1H/25 balance sheet, it's weak. There was $101M cash (this is now down to $45M). There was $31.2M of receivables owed to them, but they in turn had trade payables of -$115.7M. There was $6.3M in inventories (this is just stock in transit) and $1.0M in 'other assets'. In other words, they have negligible 'current assets'. The non-current assets are basically all the capitalized costs spent developing the website, less accumulated amortization, which comes to $28.3M.

So if someone paid $100M for this company, what are they actually buying? I don't see how there is any 'brand' benefit here either, which is demonstrated by the fact that Cettire have had to discount just as hard as the next player. Considering they're not profitable ('adjusted' EBITDA = BS) and that cash went from $101M (31 Dec) to $76M (31 Mar) to $45M (31 May) there's a possibility that without an emergency injection of capital, this gets very ugly.