1. Board renewal - director(s) with proper US retail and...

1. Board renewal - director(s) with proper US retail and international e-commerce logistics experience. Kay and ex-Lovisa are not enough.

2. Management bench strength - appointment of a proper COO supporting Phil Ryan, mitigation of key person reliance and additional bandwidth to address deep rooted logistical problems unearthed in recent weeks.

3. USA leadership and potential USA relocation of CEO - Alexandria Sydney has done an OK job so far, but existing geographic team composition will never command and grow the USA business properly, as would a Team USA. You can only do so much by virtual connectivity and light resourcing on the ground in key international locations. The loss of the likes of Macy’s and accelerated expansion needs to be properly addressed.

4. Strategic clarity - the new CCX is now around 3 years old. High level discussion on overseas plus size market opportunity, references to land grabs etc no longer cuts it. We need specific detail on how and when this business will expand internationally.

The competition will have this business for breakfast if changes are not made as necessary.