I consider the AU8 December quarterly as a solid consolidation...

I consider the AU8 December quarterly as a solid consolidation report after a period of spectacular growth in sales/gross margin and owned brand products.

An increasingly consistent platform of profitable retail and online sales has been developed which is now being complemented by a broadening of the product range and a significant alliance with JD.com.

The market remains sceptical of the continued growth trajectory, despite management re-assurances and prudent cost control. For a start up, this sort of scepticism is healthy and warranted. 15 months of growth does not a blue chip company make.

The proof of the strategy will be revealed over the course of the next nine months during which time it will be re-rated, one way or the other.

For mine, I am happy to be patient and allow the business to mature over time, allowing for the mishaps that will inevitably occur of the months and years ahead.