Had cause to look at this one for a non-investing reason. If you remember the ASX outage last year, it was the day of the IPO. Not a single share got traded. Ominous. Well not so, the shares have been on a tear since. With the world in the strange place that it is, it could be due to the extra cash sloshing around. Everyone needs a new shirt to look good in lockdown. Right?

The IPO followed the conglomerate of capital investors purchase from the founders a few years earlier. The listing process raised around 150M allowing sell down by the partners and left the business in a better financial place paying down debt and increasing cash.

Since the IPO the business has executed well. Stores and online sales have seen strong growth. Management plan to almost double current store numbers from the current 60 something locations.

There has been a recent significant acquisition by a funds manager which provides some confidence, however, it depends on their motivation. Will watch to see how long they hold.

It is a crowded market and a hard place to differentiate. This is a place where efficiencies matter and reputation is everything.

If they have executed this quarter well, the shares should see another positive boost.