Tmall Sales Trends, page-43

Tmall sales may well have slowed due to this confusion around these tax changes. It's a bit like reading tea leaves...

Tmall is one channel, representing a relatively low % of BAL sales. It was growing rapidly and will continue to be an important channel for BAL in the future. I'm talking about the flagship store here.

BAL has a massive opportunity to grow off line channels, they have barely scratched the surface.

I'm also happy BAL have been conservative with guidance, the opportunity is enormous, but it will take investment, and time to develop.