Culture Kings, page-5

Hear what you say and agree to a point. My counter would be that GLB has 6 stores whilst CK has 8.

GLB has a a model that has bricks, wholesale and direct to consumer. So their model is much more scalable in that higher volumes don’t need as much capex and lease commitments as a traditional retailer. More of the revenue drops to profit.

The other major benefit over CK is that GLB own all their key brands where CK do not own any and also a very important point is that all GLB brands are now global.

I would be certain that they have been approached by PE and other potential suitors. Would be a good opportunity for a global retail player to roll out a retail network globally with own brands. Now that they are so successful they would command a very high price.

The Hill bros own 70% so can do a deal. The only obstacle is Solly Lew. He has a blocking stake to a total takeover and could do what he did with Country Road.