fashionette delivered strong growth in revenue, profitability and cash flow, and a good improvement in KPIs in FY20, with improving trends through the year. The acquisition of Brandfield will accelerate fashionette’s geographic expansion plans, present revenue synergies from range extensions, and potential upsell to customers. Near-term investment will lead to lower profitability in FY21 before management expectations of improving profitability thereafter. The FY22e P/E of 30.1x (using consensus estimates) is at a discount to the average of other online peers and the average of luxury goods companies.