I think the thesis for any buyers of Adore would have to be it is not Myer and Myer will fail. 

Some notes from comparing the two:

• Websites look almost the same.
• They have many of the same products.
• Prices are the same.
• Both provide free deliverly over $49 though Adore is express at this price, therefore, more expensive for Adore. However, Myer purchases can be exchanged in store which is an extra bonus on their side.

Looking at market captialisation of both:

Myer - $266 million, net cash at 1H21 of $201m gives an EV of $65 million.

Adore - $415m, net cash at 1H21 of $25m gives an EV of $390m.

Looking at those valuations is why I make the statement Adore's only advantage as an investor over Myer is the fact it isn't Myer. Younger buyers would likely just think of Myer as an older persons store and not look before buying. If Myer were to create a new website and brand selling the same product what would be the difference between that new brand and Adore? 

It is no wonder Adore share price is around half the IPO price when you compare it to Myer. Myer you are getting the whole rest of the retail business for free (which may be fair given its performance!) and at 1/6 of the price....