Adore Beauty entered the ASX in late 2020 with a market capitalisation of $650 million,enticing more women to invest for the first time. Now the gloss has worn off.
Just as inflation has affected grocery bills and insurance costs,it has also increased the price of beauty services,driving more people to do it themselves.
What started with a $12,000 loan is now a business worth close to $100 million,but this home-grown beauty retailer has had a challenging few years.
The e-commerce marketplace has been forced to make steep price cuts and sell some products at a loss as the COVID rush wears off.
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As interest rates rise and inflation bites,Aussie retailers are being warned they will soon face the toughest conditions in more than a decade.
Executives and directors at companies such as Harvey Norman,Temple&Webster and Bega Cheese have topped up their shareholdings after a rocky earnings season,which has sent down share prices.
Adore Beauty founder Kate Morris is taking on a new role after the successful listing of the online beauty retailer last year,that of a startup investor.
The online beauty seller’s chief executive Tennealle O’Shannessy wants more male shoppers clicking as the company looks to expand its customer base.
Adore Beauty is confident the ‘lipstick effect’ of consumers spending more on luxury treats during times of hardship will continue to lift sales.