Hi,
I've just been through last results and Cettire's prospectus.
This company is probably the most interesting one of the recently listed e-commerce companies in Australia.
No surprise that the stock has done so well since its listing.
Rather than highlighting the main interesting elements (quite obvious : top line growth, margin, free cash flow, low invested capital), I find more interesting to try to look at the main risks and the comparison with Farfetch.
Has someone looked at Farfetch business model to try to understand the main similarities and differencies between the business models of the two companies ?
At this stage, my main question regarding Cettire is to understand their relationship with their suppliers.
According to what I read, Cettire is not buying directly from the main luxury brands, but from their distributors (please, correct me if I am wrong about this).
So, I wonder if the relationship of Cettire with luxury brand distributors is that strong.
For example, I could not find in the prospectus what was the average length of the contracts between Cettire and their suppliers.
The other question is about pricing.
I wonder if Cettire is totally independant in term of pricing, as the luxury brands have in the past tried to control the end pricing of their products.
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