Ann: Updated October 2020 Guidance, page-7

THIS STOCK IS A BUY...

• Sept 2019 CLB pivot from B2C (subscription) to B2B (wholesale)
• They are now doing double the revenue in this channel that they do in B2C
• They have a huge roll out to both shops (bricks and mortar) through dept store and online boutiques - corona working both ways for them
• targeting 15k shops this year... that's doubling shops in 6 months...
• Sales in Q3 (just posted) are seasonally weak - no holidays - Revenue up 150% on PCP thats your comp
• October guide in B2C is now 1.5m this is just shy of the whole Q3... CHRISTMAS/THANKSGIVING YET TO COME
• Margin is expanding ~2.5% a year - this will continue with scale