One by one, the lifeboats are fleeing the impending wreckage of Adore Beauty.
is the latest to strap on a life jacket, her escape from the online make-up huckster flagged to the market on Wednesday.Since its October 2020 float by Quadrant Private Equity, at an offer price of $6.75 a share, things haven’t gone quite to plan for Adore Beauty .P/ASX All Technology Index in June, its shares now a fifth of their IPO value in a wipeout that has obliterated $500 million in market capitalisation.
O’Shannessy was signed up at Adore with 868,502 shares, paid for with a $868,502 limited recourse loan to the company. Not even management is confident enough to claim Adore Beauty as “Australia’s No.1 pure-play online beauty retailer” without adding a worrying fine print supplemental that this is “based on management estimates”.
The cost of Adore’s $96 million worth of sales in the first half of last year worked out to 67 per cent. And on $113 million of revenue in the first half of this financial year? 67 per cent.Who’s bright idea was it to float Adore before it had solidified its brand recognition? Or was it that the pre-IPO brand-building campaign aimed overwhelmingly at simply flogging its noxious stock?
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