I own Adairs, albeit a small parcel, for the reasons outlined in previous straws by myself and others - Essentially I thinks it's a good business at an attractive price. But my major concern regarding the risks of this investment pertains to the broader economic environment and potential impacts on any investment that is significantly exposed to discretionary consumer spending. We find ourselves in a position with very low interest rates whereby housing and rental prices in many parts of the country are sky high and people are borrowing beyond their means to the point of a recent rule change to reduce borrowing power. Simply, the concern is if/when if interest rates rise, as they have recently in NZ,   the result will be a  reduction in discretionary spending. Speculating On When/how this occurs is out of my lane, but I'd be Interested  in others thoughts on the matter. 

@Slew, it was a tongue in cheek comment  to say that it's not something I'm personally into. I am indeed one who use linen until it's functionally incapable of performing its job. 
 

But I agree with everything you've said. The trends of the day are tailwinds for the company. My friends who are interior designers have never been busier for some of the reasons you've outlined. 
 

And To your point about fast fashion for the home, a strength of Adair's is that it makes its own stuff, so it can keep up with or even drive the styles and trends. This helps keep the Linen Lovers engaged. 

The "Linen Lovers" club has been a marketing masterstroke for Adairs. $20 for a 2 year membership gets you discounts, exclusive offers, free shipping/returns, access to online shopping "events" and so on. The club membership is growing at around 15% yoy and is nearing 1 million members. It has accounted for 80% of total company sales in FY21 and members their spend more than other customers (1.5x average transactional sale). This resulted in total sales up 28.5% for FY21 for the company. 

Why on earth you would love linen so much is beyond me, but this type of brand engagement forms a strong basis moving forward. How the company looks in terms of online vs bricks and mortar split is anyone's guess as we move towards the so-called "new normal," but I think the medium term outlook is promising. 

Held