All thesis are made to be broken – I know this from university days when I remember thinking I had the perfect paper, to be told…not so much. Oh, and unfortunately from many investing ideas, some have also been well broken which is only visible after the fact. 

To Adore. Despite Adore offering a more focused experience than “shopping for price” at Amazon or one of the competitors, I think this is up for more competition, especially with changing buying preferences. 

More thinking about it Kate Morris really is the face of the brand. As previously highlighted, there is risk of her departure and while I am certain they believe this can be managed, it will likely be much harder than they think. Some brands are intrinsically linked to the founder. Being flippant to make a point, think about if the Colonel were to leave KFC. 

I have also conducted “research”. Less scientific than was included in my aforementioned university thesis I will admit, however, I have been consumers their opinion. To date I have canvassed 19 ladies in the 20-30 age group, admittedly not much of a sample size. That said, not one had a long-term relationship with the brand, and a quarter had made zero purchases. 

To date Adore has only counted for a small holding for me. I’m now out.  

Using the mantra of buy a small parcel as it focuses your attention, I am glad the parcel I purchased was only small.

Thoughts on management. The new CEO is a first time CEO, although extensive managemnet consulting and experince advising CEO's. 

Financial Controller is also new to the business, however, has held previous listed company Fin Conrol roles including at CCL.

The co-founders still appear to be well engaged with the company, although sitting on 100M following hte 25% sale to Woolworths, I always wonder how the motivation continues. It's your baby I understand and Kate Morris remains the face of the business. 

They claim they are different to other retailers as they know beauty. I know nothing about beauty so I'll assume that is accurate. 

Spent a bit of time on the website (which I didn't like the UI) and product compared against Amazon. I am sure I'm not the only one that would do the same thing. Online once I identyfy a product it simply comes down to availability and price. Unfortunately Amazon is pretty good at both.

I like they have almost zero debt, but the amature announcement blunders recently make me re-think my holding. As it's only a small parcel I'll continue to hold.