So exactly 21 days since I posted this (3 weeks ago) and the TMall fans have decreased further from 2548 to 2436.
Another 112 customers exiting the shop, at an average still of around 5 per day.
Remember, this peaked just months ago at just short of 3000 fans.
Still no additions or changes to wine offerings. Still no word on a strategic investor....in fact the wording in the last announcement shifted it away from saying they are seeking 'investors' to just seeking partners who can help them scale.
And now they are finally talking cost cutting. The company was private long before it went public. It had the logistics in place, the wharehouse, the licences, the online store. The Wechat and TMall stores were added ages ago. They slashed marketing and spent ludicrous amounts over the past nine months...so hard to justify on what considering most of the 'implementation' was alr day in place.
Even this quarter's marketing budget was slashed, so not sure how they can say this is the area they are pushing.
Hoping the wholesale contracts come through, or there is still strategic investors around, because I believe this quarter will show a fall is sales and a dire cash position.
I still love the space and the overal company direction. If it shows that that it can implement its plan I'll be one of the first to be back in, albeit at probably higher prices.
Otherwise, currently to risky for my risk appetite.
Milesy
DW8 Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held
