Investment Thesis

Just doing this for myself really as a bookmark about why I invested but happy to hear any thoughts about what I've said or things I've missed. I won't be engaging with any of the "woo share price going up" or "this is the best retailer on the ASX" type comments - looking more for facts, substantiation, things with sources or things to measure.

My reasons for investing:
1. Main trend is the co-opting of the young, aspirational, fashionable female Gen Y. This is my generation and they are moving into mid-20s to early 30s now. From my Instagram I can see that all of the ones who have the top quartile earning jobs (the lawyers, the teachers, the managers) follow Adairs - that's a really powerful signal for me. This cohort has spending power, is moving into home or apartment ownership and sees the way they furnish their spaces as an extension of their personal fashion / sense of style (based on my chats with a few of them about why they like Adairs and not, say, Myer or DJs)

2. Adairs Kids - powerful satellite brand, same sort of reasoning as above. The Insta-Mum is all over Adairs Kids and there is a brilliant natural progression from transitioning to home / apt ownership to furnishing the house to furnishing the nursery.

3. Linen Lovers - a cracking loyalty program by the looks of it. Hopefully they keep reporting the spend per member but its clear membership is driving visitation and spending. Hope to see more initiatives in this space.

4. Management buying - yes, Trent Peterson has substantial holdings and has sold some, but I believe in the adage that you can sell for plenty of reasons but you only buy for one. And he's been buying. Tick.

Will add more if I think of them.