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The UK marketplace landscape - Insider edition #LTM129 · Let's talk Marketplace

• 0:00
  If
• 0:00
  you
• 0:00
  look
• 0:00
  at
• 0:00
  assortments
• 0:01
  based
• 0:01
  on
• 0:02
  Amazon,
• 0:03
  they
• 0:03
  tend
• 0:03
  to
• 0:03
  be
• 0:03
  kind
• 0:03
  of
• 0:04
  entry
• 0:04
  level,
• 0:04
  value
• 0:05
  driven,
• 0:05
  really
• 0:05
  price
• 0:06
  led.
• 0:06
  That's
• 0:07
  why
• 0:07
  people
• 0:07
  go
• 0:07
  to
• 0:07
  Amazon,
• 0:08
  right,
• 0:08
  because
• 0:08
  they
• 0:08
  get
• 0:08
  the
• 0:08
  best
• 0:08
  deal,
• 0:09
  right.
• 0:11
  And
• 0:11
  I
• 0:11
  think
• 0:11
  for
• 0:11
  brands
• 0:12
  it's
• 0:13
  a
• 0:13
  real
• 0:13
  challenge
• 0:14
  in
• 0:14
  maintaining
• 0:15
  identity
• 0:16
  and
• 0:16
  price
• 0:17
  perception
• 0:18
  in
• 0:18
  an
• 0:19
  area
• 0:19
  whereby
• 0:20
  it's
• 0:20
  driven
• 0:20
  by
• 0:20
  convenience
• 0:21
  and
• 0:21
  it's
• 0:21
  driven
• 0:22
  by
• 0:22
  algorithms
• 0:22
  and
• 0:23
  not
• 0:23
  really
• 0:23
  driven
• 0:24
  by
• 0:25
  brand
• 0:25
  equity
• 0:26
  is
• 0:26
  probably
• 0:27
  the
• 0:27
  biggest
• 0:27
  challenge
• 0:28
  with
• 0:28
  Amazon.
• 0:32
  Let's
• 0:33
  Talk
• 0:33
  Marketplace.
• 0:34
  The
• 0:34
  Marketplace
• 0:35
  podcast
• 0:35
  with
• 0:36
  Ingrid
• 0:36
  Lommer
• 0:36
  and
• 0:37
  Vana
• 0:37
  Rie
• 0:37
  Dichter.
• 0:41
  Hello
• 0:42
  and
• 0:42
  welcome
• 0:42
  back
• 0:42
  to
• 0:43
  let's
• 0:43
  Talk
• 0:43
  Marketplace.
• 0:44
  Glad
• 0:44
  you
• 0:44
  tuned
• 0:44
  in
• 0:44
  again.
• 0:45
  I'm
• 0:45
  Ingrid
• 0:46
  and
• 0:46
  with
• 0:46
  me,
• 0:46
  as
• 0:46
  always,
• 0:47
  is
• 0:47
  Valerie.
• 0:48
  And
• 0:48
  today
• 0:49
  I
• 0:49
  think
• 0:49
  we'll
• 0:49
  be
• 0:50
  doing
• 0:50
  one
• 0:50
  of
• 0:50
  our
• 0:51
  country
• 0:51
  episodes
• 0:52
  in
• 0:52
  which
• 0:52
  we
• 0:52
  take
• 0:52
  a
• 0:52
  deeper
• 0:53
  look
• 0:53
  at
• 0:53
  the
• 0:53
  marketplace
• 0:53
  landscape
• 0:54
  of
• 0:54
  one
• 0:54
  particular
• 0:55
  European
• 0:55
  country.
• 0:57
  Haven't
• 0:57
  done
• 0:58
  one
• 0:58
  of
• 0:58
  those
• 0:58
  in
• 0:58
  a
• 0:58
  while,
• 0:59
  so
• 0:59
  about
• 1:00
  time,
• 1:00
  I
• 1:00
  think.
• 1:01
  And
• 1:01
  we
• 1:02
  have
• 1:02
  a
• 1:02
  very
• 1:02
  special
• 1:02
  guest
• 1:03
  for
• 1:03
  today's
• 1:03
  show,
• 1:04
  haven't
• 1:04
  we?
• 1:04
  Valerie,
• 1:04
  why
• 1:05
  don't
• 1:05
  you
• 1:05
  introduce
• 1:05
  him?
• 1:06
  He's,
• 1:06
  you
• 1:06
  know,
• 1:07
  yours
• 1:07
  after
• 1:08
  all.
• 1:09
  Well,
• 1:10
  yes,
• 1:10
  indeed.
• 1:11
  With
• 1:11
  us
• 1:11
  today
• 1:14
  is
• 1:14
  one
• 1:15
  of
• 1:15
  the
• 1:15
  dearest
• 1:15
  members
• 1:16
  of
• 1:16
  the
• 1:16
  Marketplace
• 1:17
  Leaders
• 1:17
  circle
• 1:18
  for
• 1:18
  softlines,
• 1:18
  our
• 1:19
  exclusive
• 1:19
  brand
• 1:20
  community
• 1:21
  for
• 1:21
  marketplace
• 1:22
  decision
• 1:22
  makers
• 1:23
  in
• 1:23
  right
• 1:23
  now
• 1:23
  fashion,
• 1:24
  sports
• 1:24
  and
• 1:25
  accessories
• 1:25
  industry.
• 1:27
  And
• 1:28
  yeah,
• 1:28
  during
• 1:28
  our
• 1:29
  running
• 1:29
  season,
• 1:30
  he
• 1:30
  has
• 1:31
  been
• 1:31
  the
• 1:31
  go
• 1:31
  to
• 1:32
  person
• 1:32
  for
• 1:32
  every
• 1:32
  question
• 1:33
  on
• 1:33
  the
• 1:33
  UK
• 1:33
  Marketplace
• 1:34
  business,
• 1:35
  especially
• 1:36
  for
• 1:36
  the
• 1:36
  fashion
• 1:36
  and
• 1:36
  sports
• 1:37
  market.
• 1:38
  And
• 1:38
  this
• 1:38
  is
• 1:38
  what
• 1:38
  we
• 1:38
  want
• 1:39
  to
• 1:39
  talk
• 1:39
  with
• 1:39
  you
• 1:40
  about
• 1:40
  today
• 1:40
  on
• 1:41
  the
• 1:41
  show.
• 1:41
  So
• 1:41
  welcome
• 1:42
  Neil
• 1:42
  Lauderdale.
• 1:44
  Thanks,
• 1:44
  Valerie.
• 1:44
  Thanks,
• 1:45
  Ingrid.
• 1:45
  Nice
• 1:45
  to
• 1:45
  be
• 1:45
  here.
• 1:47
  Yeah,
• 1:47
  great
• 1:47
  to
• 1:47
  have
• 1:47
  you
• 1:48
  on
• 1:48
  the
• 1:48
  show,
• 1:48
  Neil.
• 1:48
  As
• 1:49
  Valerie
• 1:49
  said,
• 1:49
  you've
• 1:49
  been
• 1:50
  an
• 1:50
  invaluable
• 1:51
  source
• 1:51
  of
• 1:51
  information
• 1:52
  for
• 1:52
  our
• 1:52
  community
• 1:52
  members
• 1:53
  and
• 1:53
  that's
• 1:54
  why
• 1:54
  we
• 1:54
  thought
• 1:55
  why
• 1:55
  don't
• 1:55
  we
• 1:55
  get
• 1:55
  him
• 1:55
  on
• 1:55
  the
• 1:55
  show
• 1:56
  and,
• 1:56
  you
• 1:56
  know,
• 1:57
  show
• 1:57
  everyone
• 1:57
  what
• 1:59
  good
• 1:59
  insights
• 2:00
  you
• 2:00
  bring
• 2:00
  to
• 2:00
  our
• 2:00
  circle.
• 2:01
  So,
• 2:02
  but
• 2:02
  as
• 2:02
  not
• 2:02
  every
• 2:03
  one
• 2:03
  of
• 2:03
  our
• 2:03
  listeners
• 2:04
  might
• 2:04
  know
• 2:04
  you
• 2:04
  already,
• 2:05
  maybe
• 2:05
  let's
• 2:05
  first
• 2:06
  introduce
• 2:06
  you
• 2:06
  a
• 2:07
  little
• 2:07
  bit.
• 2:07
  We've
• 2:07
  got
• 2:08
  our
• 2:08
  three
• 2:08
  questions
• 2:09
  for
• 2:09
  that
• 2:09
  and
• 2:09
  the
• 2:10
  first
• 2:10
  one
• 2:10
  would
• 2:10
  be
• 2:10
  who
• 2:11
  are
• 2:11
  you?
• 2:11
  Neil?
• 2:12
  Great
• 2:13
  question.
• 2:14
  So,
• 2:14
  yeah,
• 2:14
  I'm
• 2:14
  Neil
• 2:15
  Lauderdale.
• 2:15
  I've
• 2:17
  been
• 2:17
  in
• 2:17
  the
• 2:17
  sports
• 2:18
  and
• 2:18
  fashion
• 2:18
  industry
• 2:18
  for
• 2:19
  25
• 2:20
  plus
• 2:20
  years,
• 2:21
  worked
• 2:22
  in
• 2:22
  multiple
• 2:22
  different
• 2:22
  functions
• 2:23
  from
• 2:24
  retail
• 2:24
  through
• 2:25
  to
• 2:25
  product.
• 2:27
  And
• 2:27
  the
• 2:27
  last
• 2:27
  probably
• 2:28
  15
• 2:28
  years
• 2:29
  of
• 2:29
  my
• 2:29
  career
• 2:29
  has
• 2:29
  been
• 2:30
  based
• 2:30
  around
• 2:30
  commercial
• 2:31
  and
• 2:31
  commercial
• 2:32
  leadership,
• 2:33
  with
• 2:33
  the
• 2:33
  last
• 2:34
  five
• 2:34
  years
• 2:34
  of
• 2:34
  that
• 2:35
  being
• 2:36
  solely
• 2:36
  focused
• 2:37
  around
• 2:37
  marketplaces
• 2:38
  and
• 2:39
  marketplace
• 2:39
  development.
• 2:40
  So
• 2:40
  I've
• 2:40
  worked
• 2:40
  with
• 2:42
  some
• 2:42
  big
• 2:42
  brands
• 2:42
  like
• 2:43
  Nike
• 2:44
  in
• 2:44
  the
• 2:44
  past
• 2:44
  and
• 2:45
  recently
• 2:46
  been
• 2:46
  part
• 2:46
  of
• 2:46
  the
• 2:46
  Pentland
• 2:47
  team
• 2:47
  heading
• 2:47
  up
• 2:48
  their
• 2:48
  Marketplace
• 2:48
  program.
• 2:49
  Yeah.
• 2:50
  Great.
• 2:50
  So
• 2:51
  what
• 2:51
  would
• 2:51
  you
• 2:52
  say,
• 2:52
  do
• 2:53
  you
• 2:53
  do
• 2:53
  best
• 2:53
  in
• 2:53
  the
• 2:53
  marketplace
• 2:54
  Business.
• 2:54
  What's
• 2:54
  your
• 2:55
  usp?
• 2:55
  As
• 2:55
  a
• 2:56
  marketplace
• 2:56
  person,
• 2:58
  I
• 2:58
  like
• 2:58
  to
• 2:59
  move
• 2:59
  fast,
• 2:59
  make
• 3:00
  decisions
• 3:00
  and
• 3:00
  learn
• 3:01
  as
• 3:01
  we
• 3:01
  go.
• 3:01
  I
• 3:02
  think
• 3:02
  that's.
• 3:02
  The
• 3:03
  marketplaces
• 3:04
  are
• 3:04
  so
• 3:04
  new
• 3:04
  at
• 3:05
  the
• 3:05
  moment,
• 3:06
  still
• 3:07
  new
• 3:07
  for
• 3:07
  a
• 3:07
  lot
• 3:07
  of
• 3:07
  brands,
• 3:08
  still
• 3:08
  new
• 3:08
  for
• 3:08
  a
• 3:08
  lot
• 3:08
  of
• 3:08
  retailers.
• 3:10
  And
• 3:10
  I
• 3:11
  think
• 3:11
  if
• 3:11
  you
• 3:11
  move
• 3:12
  fast,
• 3:12
  make
• 3:13
  decisions
• 3:13
  quickly,
• 3:14
  you
• 3:15
  learn
• 3:15
  very,
• 3:15
  very
• 3:15
  quickly.
• 3:17
  I
• 3:17
  think
• 3:17
  that's.
• 3:17
  That's
• 3:18
  been
• 3:18
  the
• 3:18
  biggest
• 3:18
  strength
• 3:18
  that
• 3:19
  we've
• 3:19
  brought
• 3:19
  to
• 3:19
  the
• 3:19
  marketplace
• 3:20
  program.
• 3:21
  Yeah,
• 3:21
  absolutely.
• 3:22
  So,
• 3:23
  and
• 3:23
  to
• 3:23
  get
• 3:23
  you
• 3:24
  a
• 3:24
  bit
• 3:24
  more
• 3:24
  in
• 3:25
  person,
• 3:25
  what's
• 3:25
  a
• 3:26
  fun
• 3:26
  fact
• 3:26
  about
• 3:26
  yourself?
• 3:27
  Oh,
• 3:28
  great
• 3:28
  question.
• 3:28
  Fun
• 3:29
  fact
• 3:29
  about
• 3:29
  myself
• 3:29
  is
• 3:30
  you
• 3:30
  can
• 3:30
  probably
• 3:30
  see
• 3:30
  I
• 3:30
  love
• 3:31
  playing
• 3:31
  guitars.
• 3:32
  Yes,
• 3:32
  I
• 3:33
  noticed.
• 3:33
  Yeah.
• 3:34
  And
• 3:35
  I.
• 3:36
  I
• 3:36
  played
• 3:36
  guitar
• 3:37
  at
• 3:37
  our
• 3:37
  last
• 3:37
  Christmas
• 3:38
  party
• 3:39
  for
• 3:40
  the
• 3:40
  first
• 3:40
  time.
• 3:40
  Played
• 3:40
  in
• 3:41
  front
• 3:41
  of
• 3:41
  a
• 3:41
  crowd
• 3:41
  and
• 3:42
  so
• 3:42
  fulfilled
• 3:43
  a
• 3:43
  lifelong
• 3:44
  ambition.
• 3:44
  Cool.
• 3:45
  What
• 3:45
  did
• 3:45
  you
• 3:45
  play?
• 3:46
  An
• 3:47
  Oasis
• 3:47
  track,
• 3:47
  funnily
• 3:48
  enough.
• 3:49
  Of
• 3:49
  course.
• 3:50
  Very
• 3:51
  nice.
• 3:52
  Great.
• 3:53
  And
• 3:54
  Neil,
• 3:54
  you're
• 3:54
  also
• 3:54
  located
• 3:55
  in
• 3:55
  the
• 3:55
  uk,
• 3:55
  right?
• 3:56
  Yeah,
• 3:57
  based
• 3:58
  in
• 3:58
  the
• 3:58
  uk.
• 3:59
  All
• 3:59
  my
• 3:59
  life,
• 4:00
  all
• 4:00
  the
• 4:00
  roles
• 4:01
  I've
• 4:01
  had
• 4:01
  have
• 4:01
  been
• 4:02
  UK
• 4:02
  based.
• 4:02
  Although
• 4:03
  the
• 4:03
  current
• 4:04
  role
• 4:04
  of
• 4:04
  the
• 4:04
  role
• 4:04
  I've
• 4:04
  just
• 4:05
  come
• 4:05
  from
• 4:06
  did
• 4:06
  have
• 4:06
  Amir
• 4:07
  responsibilities
• 4:07
  as
• 4:08
  well.
• 4:08
  So
• 4:08
  I've
• 4:08
  kind
• 4:08
  of
• 4:08
  seen
• 4:09
  it
• 4:09
  from
• 4:09
  both
• 4:09
  sides,
• 4:09
  from
• 4:10
  both
• 4:10
  the
• 4:10
  UK
• 4:10
  perspective
• 4:11
  and
• 4:11
  also
• 4:11
  the
• 4:11
  European
• 4:12
  perspective.
• 4:13
  So,
• 4:13
  Ingrid,
• 4:14
  as
• 4:14
  I
• 4:14
  told
• 4:14
  you,
• 4:15
  right,
• 4:16
  Neil
• 4:16
  is
• 4:16
  really
• 4:16
  the
• 4:16
  perfect
• 4:17
  guest
• 4:17
  if
• 4:17
  you
• 4:17
  want
• 4:18
  to
• 4:18
  debate
• 4:18
  the
• 4:18
  UK
• 4:19
  marketplace
• 4:21
  business
• 4:21
  for
• 4:21
  fashion
• 4:22
  and
• 4:22
  sports.
• 4:22
  And
• 4:23
  that's
• 4:23
  what
• 4:23
  we
• 4:23
  will
• 4:24
  do
• 4:24
  after
• 4:24
  a
• 4:24
  quick
• 4:25
  look
• 4:25
  at
• 4:25
  our
• 4:25
  partner.
• 4:26
  Pixelmoto.
• 4:33
  Founded
• 4:34
  in
• 4:34
  Milan
• 4:34
  in
• 4:35
  2021,
• 4:35
  Pixelmotor
• 4:36
  specializes
• 4:37
  in
• 4:37
  AI
• 4:38
  assisted
• 4:38
  image
• 4:39
  and
• 4:39
  video
• 4:39
  production.
• 4:40
  The
• 4:40
  key
• 4:41
  feature
• 4:41
  is
• 4:41
  that
• 4:41
  the
• 4:42
  AI
• 4:42
  does
• 4:42
  not
• 4:43
  generate
• 4:43
  the
• 4:43
  im,
• 4:44
  but
• 4:44
  supports
• 4:45
  the
• 4:45
  team
• 4:45
  and
• 4:45
  models
• 4:46
  in
• 4:46
  taking
• 4:46
  the
• 4:46
  best
• 4:47
  possible
• 4:47
  shots
• 4:48
  quickly
• 4:48
  by
• 4:49
  optimizing
• 4:49
  camera
• 4:50
  positioning,
• 4:51
  lightning
• 4:51
  model
• 4:52
  poses
• 4:52
  and
• 4:53
  so
• 4:53
  on.
• 4:54
  This
• 4:55
  significantly
• 4:55
  shortens
• 4:56
  production
• 4:56
  time
• 4:57
  and
• 4:57
  reduces
• 4:57
  costs
• 4:58
  up
• 4:58
  to
• 4:59
  70%
• 5:00
  for
• 5:00
  photo
• 5:00
  production
• 5:01
  and
• 5:01
  up
• 5:01
  to
• 5:01
  90%
• 5:02
  for
• 5:02
  video
• 5:02
  production.
• 5:03
  So
• 5:04
  this
• 5:04
  is
• 5:04
  money
• 5:04
  that
• 5:04
  can
• 5:04
  be
• 5:05
  reinvested
• 5:05
  in
• 5:05
  the
• 5:05
  production
• 5:06
  of
• 5:06
  more
• 5:06
  visual
• 5:07
  content.
• 5:08
  For
• 5:08
  example
• 5:08
  videos
• 5:09
  which
• 5:09
  you
• 5:09
  normally
• 5:09
  might
• 5:10
  person
• 5:11
  might
• 5:11
  not
• 5:11
  do,
• 5:11
  maybe.
• 5:13
  PixelModer
• 5:14
  produces
• 5:14
  over
• 5:14
  14
• 5:15
  million
• 5:15
  images
• 5:16
  and
• 5:16
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• 5:16
  per
• 5:17
  year
• 5:17
  and
• 5:18
  operates
• 5:18
  virtually
• 5:19
  around
• 5:19
  the
• 5:20
  clock
• 5:20
  in
• 5:20
  eight
• 5:20
  locations
• 5:21
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• 5:21
  over
• 5:22
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• 5:24
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• 5:24
  across
• 5:24
  the
• 5:25
  globe.
• 5:25
  Its
• 5:26
  customers
• 5:26
  include
• 5:27
  over
• 5:27
  100
• 5:28
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• 5:28
  from
• 5:29
  more
• 5:29
  than
• 5:29
  20
• 5:29
  countries,
• 5:30
  including
• 5:30
  three
• 5:30
  of
• 5:31
  the
• 5:31
  top
• 5:31
  five
• 5:31
  global
• 5:32
  online
• 5:32
  marketplaces.
• 5:33
  Pixmotor
• 5:34
  pursues
• 5:35
  a
• 5:35
  unique
• 5:35
  onboarding
• 5:36
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• 5:36
  It
• 5:36
  begins
• 5:37
  with
• 5:37
  strategic
• 5:38
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• 5:38
  and
• 5:38
  a
• 5:38
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• 5:39
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• 5:39
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• 5:39
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• 5:40
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• 5:40
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• 5:40
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• 5:41
  on
• 5:41
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• 5:41
  proprietary.
• 5:42
  Proprietary
• 5:42
  AI
• 5:43
  with
• 5:43
  no
• 5:43
  obligation.
• 5:44
  And
• 5:44
  the
• 5:44
  motto
• 5:45
  here
• 5:45
  is
• 5:45
  let
• 5:45
  the
• 5:45
  results
• 5:46
  speak
• 5:46
  for
• 5:46
  themselves.
• 5:47
  Yeah,
• 5:47
  if
• 5:47
  you
• 5:47
  want
• 5:48
  to
• 5:48
  more
• 5:48
  know,
• 5:49
  want
• 5:49
  to
• 5:49
  know
• 5:49
  more
• 5:49
  about
• 5:50
  this
• 5:50
  company
• 5:50
  and
• 5:51
  what
• 5:51
  they
• 5:51
  offer,
• 5:51
  listen
• 5:52
  once
• 5:52
  again
• 5:52
  to
• 5:52
  our
• 5:53
  episode
• 5:53
  126
• 5:54
  with
• 5:54
  Gianni
• 5:55
  Sarazi
• 5:55
  from
• 5:56
  Pixel
• 5:56
  Motor.
• 5:56
  We'll
• 5:57
  link
• 5:57
  it
• 5:57
  in
• 5:57
  the
• 5:58
  show
• 5:58
  notes.
• 6:04
  Okay,
• 6:05
  then
• 6:05
  I
• 6:05
  would
• 6:06
  say
• 6:06
  let's
• 6:06
  go
• 6:06
  get
• 6:07
  started
• 6:07
  and
• 6:08
  learn
• 6:08
  a
• 6:08
  bit
• 6:08
  more
• 6:08
  about
• 6:08
  the
• 6:09
  UK
• 6:09
  fashion
• 6:09
  market
• 6:10
  with
• 6:10
  the
• 6:10
  help
• 6:10
  of
• 6:10
  Neil.
• 6:12
  So
• 6:13
  maybe
• 6:14
  as
• 6:14
  you
• 6:14
  have
• 6:14
  led
• 6:15
  the
• 6:15
  marketplace
• 6:16
  business
• 6:16
  for
• 6:16
  several
• 6:16
  major
• 6:17
  fashion
• 6:17
  brands
• 6:18
  in
• 6:18
  the
• 6:18
  UK
• 6:18
  and
• 6:19
  also
• 6:19
  have
• 6:19
  been
• 6:20
  in
• 6:20
  close
• 6:20
  contact
• 6:20
  now
• 6:21
  through
• 6:21
  our
• 6:22
  community
• 6:22
  as
• 6:23
  well
• 6:23
  with
• 6:24
  your
• 6:24
  colleagues
• 6:25
  from
• 6:25
  the
• 6:26
  continent,
• 6:26
  so
• 6:26
  to
• 6:26
  speak.
• 6:27
  So
• 6:27
  what
• 6:28
  would
• 6:28
  you
• 6:28
  say
• 6:28
  is
• 6:28
  the
• 6:29
  key
• 6:29
  lesson
• 6:29
  that
• 6:29
  stands
• 6:30
  out?
• 6:31
  If
• 6:31
  you
• 6:32
  just
• 6:32
  look
• 6:32
  at
• 6:32
  the
• 6:32
  UK
• 6:33
  fashion
• 6:33
  market,
• 6:34
  what
• 6:34
  does
• 6:34
  it
• 6:34
  separate
• 6:35
  from
• 6:35
  other
• 6:35
  markets?
• 6:36
  Maybe?
• 6:36
  Yeah.
• 6:37
  I
• 6:37
  think
• 6:37
  from
• 6:38
  a
• 6:38
  marketplace
• 6:38
  point
• 6:39
  of
• 6:39
  view
• 6:39
  it's
• 6:40
  the
• 6:40
  biggest
• 6:40
  lessons
• 6:40
  we've
• 6:40
  taken
• 6:41
  is
• 6:41
  that
• 6:41
  it's
• 6:41
  not
• 6:41
  just
• 6:42
  another
• 6:42
  sales
• 6:42
  channel.
• 6:43
  You
• 6:43
  can't
• 6:43
  treat
• 6:44
  it
• 6:44
  just
• 6:44
  like
• 6:44
  another
• 6:44
  sales
• 6:45
  channel.
• 6:45
  These
• 6:46
  have
• 6:46
  to
• 6:46
  be
• 6:46
  seen
• 6:46
  as
• 6:47
  brand
• 6:47
  building
• 6:48
  kind
• 6:48
  of
• 6:48
  ecosystems
• 6:49
  for,
• 6:49
  for
• 6:49
  your
• 6:50
  company.
• 6:51
  And
• 6:51
  success
• 6:51
  is
• 6:52
  all
• 6:52
  dependent
• 6:53
  on
• 6:54
  balancing
• 6:54
  that
• 6:54
  commercial
• 6:55
  need
• 6:57
  with
• 6:57
  brand
• 6:57
  integrity.
• 6:58
  And
• 6:59
  hence
• 6:59
  why,
• 7:00
  you
• 7:00
  know,
• 7:00
  at
• 7:01
  Pentland
• 7:01
  we
• 7:01
  would
• 7:02
  be
• 7:02
  asked
• 7:03
  weekly
• 7:04
  for
• 7:04
  new
• 7:04
  marketplaces
• 7:06
  and
• 7:06
  we
• 7:07
  were
• 7:07
  very
• 7:07
  selective
• 7:08
  about
• 7:08
  the
• 7:08
  marketplaces
• 7:08
  we
• 7:09
  went
• 7:09
  into
• 7:09
  because
• 7:10
  that
• 7:10
  brand
• 7:10
  equity
• 7:11
  has
• 7:11
  to
• 7:11
  be
• 7:12
  front
• 7:12
  and
• 7:12
  foremost
• 7:13
  of,
• 7:13
  of
• 7:14
  what
• 7:14
  you're
• 7:14
  trying
• 7:14
  to
• 7:14
  do.
• 7:15
  I
• 7:15
  think
• 7:15
  the
• 7:15
  other
• 7:16
  big
• 7:16
  learnings
• 7:17
  for
• 7:17
  us
• 7:19
  was
• 7:19
  around
• 7:19
  data.
• 7:20
  We
• 7:20
  thought
• 7:21
  our
• 7:21
  data
• 7:21
  was
• 7:21
  good
• 7:23
  and
• 7:24
  it
• 7:24
  probably
• 7:24
  wasn't
• 7:25
  as
• 7:25
  good
• 7:25
  as
• 7:25
  it
• 7:25
  needed
• 7:25
  to
• 7:26
  be.
• 7:26
  So
• 7:26
  the
• 7:26
  data
• 7:27
  has
• 7:27
  to
• 7:27
  be
• 7:27
  clean,
• 7:27
  it
• 7:28
  has
• 7:28
  to
• 7:28
  be
• 7:28
  robust
• 7:29
  and
• 7:29
  it
• 7:29
  has
• 7:29
  to
• 7:30
  be
• 7:30
  really
• 7:30
  consistent
• 7:31
  for
• 7:31
  success
• 7:31
  across
• 7:31
  all
• 7:32
  marketplaces.
• 7:33
  I
• 7:34
  think
• 7:34
  then
• 7:34
  you've
• 7:34
  got
• 7:34
  to
• 7:34
  look
• 7:35
  at
• 7:35
  data
• 7:36
  and
• 7:36
  the
• 7:36
  data,
• 7:37
  sorry,
• 7:38
  the
• 7:38
  content
• 7:38
  has
• 7:39
  to
• 7:39
  be
• 7:40
  consumer
• 7:40
  relevant
• 7:43
  and
• 7:43
  the
• 7:43
  more
• 7:43
  you
• 7:44
  move
• 7:44
  into
• 7:44
  areas
• 7:45
  like
• 7:45
  TikTok,
• 7:45
  which
• 7:45
  I
• 7:46
  know
• 7:46
  we'll
• 7:46
  kind
• 7:46
  of
• 7:46
  touch
• 7:46
  on,
• 7:47
  the
• 7:47
  more
• 7:47
  this
• 7:47
  has
• 7:48
  to
• 7:48
  be
• 7:48
  user
• 7:49
  generated
• 7:49
  and
• 7:50
  unique
• 7:51
  to
• 7:51
  the
• 7:51
  platform
• 7:52
  it's
• 7:52
  actually
• 7:52
  on.
• 7:53
  And
• 7:54
  then
• 7:54
  the
• 7:54
  other
• 7:54
  big
• 7:54
  part,
• 7:55
  which
• 7:55
  a
• 7:55
  lot
• 7:55
  of
• 7:55
  people
• 7:56
  find
• 7:56
  difficulty
• 7:57
  in
• 7:57
  finding
• 7:58
  and
• 7:58
  coming
• 7:58
  into
• 7:58
  the
• 7:59
  uk,
• 7:59
  just
• 7:59
  as
• 8:00
  we
• 8:00
  would
• 8:00
  find
• 8:00
  difficulty
• 8:01
  going
• 8:01
  out
• 8:01
  of
• 8:01
  the
• 8:01
  uk
• 8:01
  is
• 8:02
  the
• 8:02
  logistics
• 8:02
  part
• 8:02
  of
• 8:02
  it.
• 8:03
  The
• 8:03
  logistics
• 8:04
  part
• 8:04
  is
• 8:04
  critical
• 8:05
  because
• 8:05
  consumers
• 8:06
  want
• 8:06
  their
• 8:06
  products
• 8:07
  as
• 8:07
  soon
• 8:07
  as
• 8:07
  possible
• 8:08
  and
• 8:08
  don't
• 8:08
  want
• 8:09
  to
• 8:09
  have
• 8:09
  to
• 8:09
  delay
• 8:11
  for
• 8:11
  any
• 8:11
  logistics
• 8:12
  reasons.
• 8:13
  I
• 8:14
  think
• 8:14
  the
• 8:14
  other
• 8:14
  bit
• 8:15
  is
• 8:15
  around
• 8:15
  that
• 8:16
  the
• 8:16
  UK
• 8:16
  market's
• 8:17
  moving
• 8:17
  really
• 8:17
  fast.
• 8:18
  Right.
• 8:18
  I
• 8:19
  think
• 8:19
  when
• 8:19
  we
• 8:20
  first
• 8:20
  started
• 8:20
  with
• 8:20
  Pentland
• 8:21
  nearly
• 8:22
  five
• 8:22
  years
• 8:22
  ago,
• 8:24
  there
• 8:24
  were
• 8:24
  a
• 8:25
  couple
• 8:25
  of
• 8:25
  big
• 8:25
  players
• 8:25
  who
• 8:26
  were
• 8:26
  in
• 8:26
  the
• 8:26
  marketplace
• 8:27
  and
• 8:27
  that
• 8:27
  was
• 8:28
  you
• 8:28
  kind
• 8:28
  of
• 8:28
  joined
• 8:29
  them
• 8:29
  and
• 8:29
  you
• 8:29
  learned
• 8:30
  from
• 8:31
  ways
• 8:31
  what
• 8:31
  you
• 8:31
  were
• 8:32
  doing
• 8:32
  then.
• 8:32
  But
• 8:32
  they
• 8:32
  tended
• 8:33
  to
• 8:33
  be
• 8:33
  hybrid
• 8:33
  relationships
• 8:34
  with
• 8:35
  wholesale
• 8:35
  partners
• 8:36
  who
• 8:36
  wanted
• 8:37
  to
• 8:37
  extend
• 8:37
  den
• 8:37
  or
• 8:38
  who
• 8:38
  wanted
• 8:38
  to
• 8:39
  increase
• 8:39
  availability
• 8:40
  from
• 8:40
  what
• 8:40
  we're
• 8:40
  trying
• 8:40
  to
• 8:41
  do.
• 8:42
  The
• 8:42
  market
• 8:42
  has
• 8:43
  moved
• 8:43
  so
• 8:43
  fast
• 8:43
  now
• 8:44
  that
• 8:45
  the
• 8:45
  pure
• 8:45
  marketplaces
• 8:46
  are
• 8:46
  starting
• 8:47
  really
• 8:47
  to
• 8:47
  kind
• 8:47
  of
• 8:48
  get
• 8:48
  traction
• 8:48
  and
• 8:49
  take
• 8:50
  control
• 8:50
  almost.
• 8:52
  That
• 8:52
  includes
• 8:53
  a
• 8:53
  lot
• 8:53
  of
• 8:53
  work
• 8:53
  around
• 8:54
  pricing.
• 8:55
  So
• 8:55
  pricing
• 8:55
  becomes
• 8:56
  really,
• 8:56
  really
• 8:56
  important
• 8:56
  for
• 8:56
  the
• 8:57
  UK
• 8:59
  and
• 8:59
  storytelling.
• 9:00
  Because
• 9:00
  it
• 9:00
  can't
• 9:00
  just
• 9:01
  be
• 9:01
  a
• 9:02
  brand
• 9:03
  moment,
• 9:04
  it
• 9:04
  has
• 9:04
  to
• 9:04
  be
• 9:05
  consumer
• 9:05
  led
• 9:06
  brand
• 9:07
  moment.
• 9:07
  From
• 9:07
  a
• 9:07
  content
• 9:08
  point
• 9:08
  of
• 9:08
  view.
• 9:10
  I
• 9:10
  think
• 9:10
  that
• 9:11
  if
• 9:12
  we
• 9:12
  have
• 9:12
  like
• 9:12
  put
• 9:12
  it
• 9:12
  on
• 9:13
  the
• 9:13
  whole
• 9:13
  perspective,
• 9:13
  because
• 9:14
  we
• 9:14
  did
• 9:14
  the
• 9:14
  UK
• 9:17
  episode
• 9:17
  together,
• 9:18
  was
• 9:18
  that
• 9:19
  there
• 9:19
  is
• 9:19
  like
• 9:19
  a
• 9:20
  completely
• 9:20
  different
• 9:20
  view
• 9:21
  from
• 9:21
  internal
• 9:22
  UK
• 9:23
  to
• 9:23
  UK
• 9:23
  marketplace
• 9:24
  business
• 9:25
  compared
• 9:26
  to
• 9:26
  from
• 9:27
  Central
• 9:27
  European
• 9:29
  to
• 9:29
  the
• 9:29
  UK
• 9:30
  in
• 9:30
  terms
• 9:30
  of
• 9:30
  marketplaces.
• 9:31
  So
• 9:31
  what
• 9:31
  we
• 9:31
  realized
• 9:32
  or
• 9:32
  what
• 9:32
  I
• 9:33
  realized
• 9:33
  was
• 9:35
  we,
• 9:36
  we
• 9:36
  from
• 9:36
  Central
• 9:36
  Europe.
• 9:37
  Yeah,
• 9:37
  right.
• 9:38
  Like
• 9:38
  from
• 9:38
  Germany.
• 9:39
  We
• 9:39
  were
• 9:40
  like
• 9:40
  so
• 9:40
  many
• 9:40
  brands
• 9:41
  asking
• 9:41
  like,
• 9:42
  hey,
• 9:43
  can
• 9:43
  you
• 9:43
  bring
• 9:44
  us,
• 9:44
  can
• 9:44
  you
• 9:45
  connect
• 9:45
  us
• 9:45
  with
• 9:45
  asos?
• 9:47
  And
• 9:47
  I
• 9:48
  think
• 9:48
  Asus
• 9:48
  is
• 9:49
  such
• 9:49
  a
• 9:49
  good
• 9:49
  example
• 9:50
  exactly
• 9:51
  for
• 9:51
  this
• 9:52
  attitude.
• 9:54
  Because
• 9:55
  ASUS
• 9:56
  is
• 9:56
  as
• 9:56
  a
• 9:56
  marketplace
• 9:58
  really
• 9:58
  not
• 9:58
  that
• 9:59
  relevant
• 9:59
  in
• 10:00
  the
• 10:00
  UK
• 10:00
  and
• 10:00
  UK
• 10:01
  people.
• 10:02
  If
• 10:02
  I
• 10:02
  ask
• 10:02
  you
• 10:03
  or
• 10:03
  someone
• 10:04
  else
• 10:04
  from
• 10:04
  the
• 10:04
  community,
• 10:05
  also
• 10:05
  from
• 10:05
  England,
• 10:07
  hey,
• 10:07
  are
• 10:07
  you
• 10:07
  online
• 10:08
  at
• 10:08
  asus?
• 10:08
  And
• 10:08
  you
• 10:08
  were
• 10:09
  like,
• 10:09
  no,
• 10:10
  it's
• 10:10
  not
• 10:10
  on
• 10:10
  our
• 10:10
  roadmap.
• 10:11
  Why
• 10:11
  do
• 10:11
  you
• 10:11
  ask?
• 10:13
  Because
• 10:13
  it's
• 10:13
  just
• 10:14
  not
• 10:14
  relevant
• 10:14
  and
• 10:15
  not
• 10:15
  as
• 10:15
  big
• 10:15
  enough.
• 10:16
  And
• 10:17
  I
• 10:18
  think
• 10:18
  ASUS
• 10:18
  as
• 10:18
  a
• 10:19
  whole
• 10:19
  online
• 10:19
  shop
• 10:20
  and
• 10:20
  wholesaler
• 10:21
  is
• 10:21
  relevant,
• 10:22
  but
• 10:22
  as
• 10:22
  a
• 10:23
  marketplace
• 10:23
  business
• 10:23
  it's
• 10:24
  not.
• 10:24
  And
• 10:25
  then
• 10:25
  the
• 10:25
  other
• 10:25
  one
• 10:25
  is
• 10:26
  Zalando
• 10:28
  and
• 10:28
  we
• 10:28
  would
• 10:29
  say,
• 10:29
  oh
• 10:30
  yeah,
• 10:30
  it's
• 10:30
  easier
• 10:31
  to
• 10:32
  now
• 10:33
  sell
• 10:33
  on
• 10:33
  Zalando
• 10:34
  because
• 10:34
  if
• 10:34
  you're
• 10:34
  already
• 10:35
  online
• 10:35
  in
• 10:35
  Germany,
• 10:36
  Netherlands,
• 10:36
  etc.
• 10:37
  Then
• 10:37
  you
• 10:38
  can
• 10:38
  easily
• 10:38
  go
• 10:39
  and
• 10:39
  sell
• 10:40
  your
• 10:40
  products
• 10:40
  at
• 10:40
  Zalando
• 10:41
  in
• 10:41
  the
• 10:41
  uk.
• 10:42
  But
• 10:43
  also
• 10:43
  this
• 10:43
  one
• 10:43
  is
• 10:45
  not
• 10:45
  as
• 10:46
  relevant.
• 10:46
  It's
• 10:47
  for
• 10:47
  you,
• 10:47
  for
• 10:48
  UK
• 10:48
  people,
• 10:49
  it's
• 10:49
  super
• 10:50
  interesting
• 10:50
  to
• 10:51
  sell
• 10:51
  your
• 10:51
  products
• 10:52
  maybe
• 10:52
  from
• 10:52
  the
• 10:52
  UK
• 10:53
  into
• 10:53
  Zalando,
• 10:54
  Germany
• 10:54
  or
• 10:55
  Netherlands.
• 10:56
  But
• 10:56
  Zalando
• 10:57
  is
• 10:57
  also
• 10:57
  not
• 10:59
  really
• 10:59
  highly
• 11:00
  relevant.
• 11:00
  Right.
• 11:01
  In
• 11:01
  the
• 11:02
  UK
• 11:02
  marketplace
• 11:03
  business.
• 11:04
  No,
• 11:05
  we,
• 11:06
  we
• 11:06
  connected
• 11:06
  with
• 11:06
  Zalando
• 11:07
  quite
• 11:07
  early
• 11:08
  on,
• 11:09
  but
• 11:09
  we
• 11:09
  only
• 11:10
  opened
• 11:10
  in
• 11:11
  the
• 11:11
  eu.
• 11:11
  We
• 11:11
  didn't
• 11:12
  open
• 11:12
  the
• 11:12
  UK
• 11:12
  because
• 11:13
  for
• 11:13
  a
• 11:13
  UK
• 11:14
  consumer
• 11:14
  there
• 11:15
  are
• 11:15
  other
• 11:15
  competitors
• 11:16
  out
• 11:16
  there
• 11:16
  from
• 11:16
  a
• 11:17
  retail
• 11:17
  perspective.
• 11:17
  The
• 11:17
  likes
• 11:18
  of
• 11:18
  a
• 11:18
  next.
• 11:18
  The
• 11:18
  likes
• 11:18
  of
• 11:19
  a
• 11:19
  very.
• 11:19
  The
• 11:19
  likes
• 11:19
  of
• 11:19
  an
• 11:19
  asos.
• 11:20
  Right.
• 11:21
  That
• 11:21
  will
• 11:21
  always
• 11:21
  be
• 11:22
  a
• 11:22
  UK
• 11:22
  consumer's
• 11:23
  first
• 11:23
  choice
• 11:24
  because
• 11:24
  of
• 11:25
  the
• 11:26
  history,
• 11:26
  the
• 11:26
  trust
• 11:27
  that
• 11:27
  a
• 11:27
  consumer
• 11:28
  has
• 11:28
  within
• 11:28
  those
• 11:28
  retailers.
• 11:30
  So
• 11:31
  we
• 11:31
  didn't,
• 11:32
  we
• 11:32
  made
• 11:32
  the
• 11:32
  decision
• 11:32
  not
• 11:33
  to
• 11:33
  open
• 11:33
  Zalando
• 11:33
  and
• 11:34
  UK
• 11:34
  just
• 11:34
  because
• 11:34
  of
• 11:34
  relevance
• 11:35
  for,
• 11:35
  for
• 11:36
  the
• 11:36
  consumer.
• 11:38
  There's
• 11:38
  also
• 11:39
  the
• 11:39
  logistical
• 11:40
  element
• 11:40
  of
• 11:41
  it
• 11:41
  as
• 11:41
  well
• 11:41
  is
• 11:41
  like
• 11:41
  how
• 11:42
  do
• 11:42
  you
• 11:42
  fulfill
• 11:42
  to
• 11:43
  Zalando?
• 11:43
  Do
• 11:43
  you
• 11:44
  use
• 11:44
  zfs?
• 11:45
  Do
• 11:45
  you
• 11:45
  use
• 11:45
  Zios?
• 11:45
  Do
• 11:46
  you
• 11:46
  use
• 11:46
  your
• 11:46
  own
• 11:47
  fulfillment?
• 11:48
  Yeah.
• 11:49
  And
• 11:49
  then
• 11:49
  it
• 11:49
  starts
• 11:49
  becoming
• 11:50
  expensive.
• 11:51
  So
• 11:51
  we
• 11:51
  decided
• 11:52
  not
• 11:52
  to
• 11:52
  do
• 11:52
  it
• 11:53
  in
• 11:53
  terms
• 11:53
  of
• 11:54
  asos.
• 11:55
  We
• 11:55
  had
• 11:55
  a
• 11:56
  traditional
• 11:56
  wholesale
• 11:56
  relationship
• 11:57
  with
• 11:57
  asos
• 11:59
  and
• 12:00
  that
• 12:00
  is
• 12:01
  what
• 12:01
  it
• 12:01
  was.
• 12:01
  It
• 12:01
  was
• 12:01
  a
• 12:01
  certain
• 12:02
  size
• 12:02
  of
• 12:02
  business.
• 12:03
  And
• 12:04
  then
• 12:04
  ASOS
• 12:05
  made
• 12:05
  the
• 12:05
  strategic
• 12:06
  call
• 12:06
  to
• 12:06
  switch
• 12:07
  a
• 12:07
  lot
• 12:07
  of
• 12:07
  brands
• 12:07
  to
• 12:08
  full
• 12:08
  partner
• 12:08
  fulfilled
• 12:09
  marketplace.
• 12:11
  We
• 12:11
  were
• 12:11
  part
• 12:11
  of
• 12:12
  that
• 12:12
  and
• 12:13
  I
• 12:13
  saw
• 12:13
  that
• 12:14
  as
• 12:14
  a
• 12:14
  real
• 12:14
  positive
• 12:14
  for
• 12:15
  us
• 12:16
  from
• 12:16
  an
• 12:16
  ASOS
• 12:16
  perspective
• 12:17
  because
• 12:17
  it
• 12:18
  puts
• 12:18
  the
• 12:18
  brand
• 12:19
  back
• 12:19
  in
• 12:19
  control
• 12:20
  of
• 12:20
  the
• 12:20
  assortment,
• 12:21
  puts
• 12:21
  the
• 12:21
  brand
• 12:21
  back
• 12:22
  in
• 12:22
  control
• 12:22
  of
• 12:22
  pricing
• 12:23
  and
• 12:23
  therefore
• 12:24
  you
• 12:24
  can
• 12:24
  control
• 12:24
  the
• 12:24
  margin,
• 12:25
  the
• 12:25
  volumes
• 12:26
  going
• 12:26
  through
• 12:26
  and
• 12:27
  you
• 12:27
  can
• 12:27
  start
• 12:27
  to
• 12:27
  build
• 12:27
  a
• 12:28
  more
• 12:28
  profitable
• 12:28
  business
• 12:29
  than
• 12:30
  potentially
• 12:31
  what
• 12:31
  the
• 12:31
  wholesale
• 12:31
  element
• 12:32
  of
• 12:32
  that
• 12:32
  looked
• 12:32
  like.
• 12:33
  Now
• 12:34
  for
• 12:34
  some
• 12:34
  brands,
• 12:34
  that
• 12:34
  was
• 12:34
  a
• 12:35
  real
• 12:35
  challenge
• 12:36
  to
• 12:36
  make
• 12:36
  happen.
• 12:37
  For
• 12:37
  us
• 12:37
  we
• 12:37
  saw
• 12:37
  it
• 12:38
  as
• 12:38
  a
• 12:38
  real
• 12:38
  kind
• 12:38
  of
• 12:38
  game
• 12:38
  changer
• 12:39
  and
• 12:39
  opportunity.
• 12:40
  And
• 12:40
  for
• 12:41
  Pentland
• 12:41
  in
• 12:41
  particular,
• 12:41
  ASOS
• 12:42
  is
• 12:43
  currently
• 12:43
  our
• 12:43
  biggest
• 12:43
  or
• 12:44
  was
• 12:44
  currently
• 12:44
  our
• 12:44
  biggest
• 12:45
  marketplace.
• 12:47
  ASOS
• 12:47
  also
• 12:48
  gives
• 12:48
  you
• 12:48
  the
• 12:48
  opportunity
• 12:49
  to
• 12:50
  expand
• 12:50
  into
• 12:50
  Europe
• 12:51
  if
• 12:51
  you
• 12:52
  want
• 12:52
  to.
• 12:52
  But
• 12:53
  then
• 12:53
  there's
• 12:53
  all
• 12:53
  kinds
• 12:54
  of
• 12:54
  challenges.
• 12:56
  Yeah,
• 12:56
  it's
• 12:56
  kind
• 12:56
  of
• 12:56
  the
• 12:57
  opposite
• 12:57
  of
• 12:57
  Zalando
• 12:58
  for
• 12:58
  the
• 12:58
  uk,
• 12:58
  Right.
• 12:58
  It's,
• 12:59
  it's
• 12:59
  kind
• 12:59
  of,
• 12:59
  I
• 13:00
  think
• 13:00
  if
• 13:00
  you're
• 13:00
  UK
• 13:01
  based,
• 13:01
  ASOS
• 13:01
  is
• 13:02
  probably
• 13:02
  the
• 13:02
  one
• 13:02
  you,
• 13:02
  you
• 13:03
  go
• 13:03
  with
• 13:03
  because
• 13:03
  of
• 13:03
  the
• 13:04
  model.
• 13:04
  It's
• 13:04
  transitioning
• 13:05
  it
• 13:05
  transitioning
• 13:05
  itself
• 13:06
  into.
• 13:06
  Whereas
• 13:07
  things
• 13:07
  Orlando
• 13:08
  for
• 13:08
  a
• 13:08
  UK
• 13:08
  consumer
• 13:09
  just
• 13:09
  isn't.
• 13:10
  Isn't
• 13:10
  there.
• 13:10
  It's
• 13:11
  not
• 13:11
  front
• 13:11
  of
• 13:11
  mind.
• 13:12
  Yeah.
• 13:12
  So
• 13:13
  what
• 13:13
  was
• 13:13
  the
• 13:14
  marketplace
• 13:14
  business
• 13:15
  like
• 13:15
  then
• 13:15
  UK
• 13:16
  in
• 13:16
  fashion
• 13:18
  area
• 13:18
  in
• 13:19
  say
• 13:19
  two
• 13:19
  years
• 13:20
  ago?
• 13:20
  Because
• 13:20
  you
• 13:20
  said,
• 13:20
  okay,
• 13:21
  ASUS
• 13:21
  is,
• 13:22
  you
• 13:22
  have
• 13:22
  been
• 13:22
  with
• 13:22
  AS
• 13:23
  as
• 13:23
  a
• 13:23
  wholesale
• 13:24
  partner
• 13:25
  and
• 13:25
  they
• 13:25
  have
• 13:26
  just
• 13:26
  been
• 13:26
  starting
• 13:27
  to
• 13:27
  move
• 13:28
  some
• 13:28
  vendors
• 13:29
  to
• 13:29
  the
• 13:30
  marketplace.
• 13:30
  And
• 13:31
  then
• 13:31
  you
• 13:31
  mentioned
• 13:31
  Next
• 13:32
  and
• 13:32
  Vari
• 13:32
  and
• 13:33
  both
• 13:33
  of
• 13:33
  those
• 13:33
  opened
• 13:34
  their
• 13:34
  marketplace
• 13:35
  I
• 13:35
  think
• 13:35
  just
• 13:35
  in
• 13:35
  the
• 13:36
  last
• 13:37
  18
• 13:37
  months
• 13:37
  or
• 13:38
  something
• 13:38
  or
• 13:38
  two
• 13:38
  years
• 13:39
  max.
• 13:40
  And
• 13:40
  Zalando
• 13:41
  is
• 13:41
  not
• 13:41
  really
• 13:42
  important.
• 13:43
  So
• 13:43
  who
• 13:44
  are
• 13:44
  the
• 13:44
  main
• 13:44
  players
• 13:45
  when
• 13:45
  it
• 13:45
  comes
• 13:45
  to
• 13:45
  the
• 13:45
  marketplace
• 13:46
  side?
• 13:47
  Maybe
• 13:47
  let's
• 13:48
  skip
• 13:48
  like
• 13:49
  separate
• 13:49
  this
• 13:49
  question
• 13:49
  in
• 13:50
  terms
• 13:50
  of
• 13:50
  like
• 13:50
  fashion
• 13:51
  and
• 13:52
  sports.
• 13:52
  So.
• 13:52
  Yeah,
• 13:53
  okay.
• 13:53
  Because
• 13:54
  there
• 13:54
  are
• 13:54
  like
• 13:54
  two
• 13:54
  main
• 13:55
  differences
• 13:55
  I
• 13:55
  would
• 13:56
  say.
• 13:56
  Yeah.
• 13:57
  So
• 13:57
  I
• 13:58
  think
• 13:58
  in
• 13:58
  terms
• 13:58
  of
• 13:59
  sports
• 14:00
  for
• 14:00
  us,
• 14:03
  it's
• 14:03
  not
• 14:03
  really
• 14:04
  one
• 14:04
  sports
• 14:04
  retailer,
• 14:05
  sports
• 14:06
  only
• 14:06
  retailer
• 14:07
  that
• 14:07
  we
• 14:07
  would
• 14:07
  kind
• 14:07
  of
• 14:07
  go
• 14:08
  with
• 14:08
  with
• 14:08
  the
• 14:08
  brands
• 14:08
  that
• 14:08
  we,
• 14:09
  we
• 14:09
  would
• 14:09
  work
• 14:09
  with.
• 14:10
  It
• 14:10
  would
• 14:10
  tend
• 14:10
  to
• 14:10
  be
• 14:10
  a
• 14:11
  crossover
• 14:11
  between
• 14:11
  sports
• 14:12
  and
• 14:12
  fashion.
• 14:14
  So
• 14:14
  it
• 14:14
  really
• 14:15
  would
• 14:15
  be
• 14:15
  the
• 14:15
  likes
• 14:16
  of
• 14:16
  Next
• 14:16
  who
• 14:17
  have
• 14:17
  had,
• 14:17
  we've
• 14:18
  had
• 14:18
  a
• 14:18
  relationship
• 14:18
  or
• 14:18
  we
• 14:19
  had
• 14:19
  a
• 14:19
  relationship
• 14:19
  with
• 14:19
  Next
• 14:20
  for
• 14:21
  definitely
• 14:21
  the
• 14:21
  last
• 14:22
  five
• 14:22
  years
• 14:22
  from
• 14:22
  a,
• 14:22
  from
• 14:23
  a
• 14:23
  dropship
• 14:24
  point
• 14:24
  of
• 14:24
  view.
• 14:24
  So
• 14:24
  it
• 14:24
  was
• 14:24
  a
• 14:25
  dropship
• 14:25
  model.
• 14:26
  Very.
• 14:27
  Have
• 14:27
  gone
• 14:27
  through
• 14:27
  some
• 14:28
  challenges
• 14:28
  with
• 14:28
  their
• 14:29
  integration
• 14:30
  and
• 14:30
  we
• 14:30
  were
• 14:31
  part
• 14:31
  of
• 14:31
  it.
• 14:31
  And
• 14:31
  then
• 14:33
  that,
• 14:33
  that
• 14:33
  ended
• 14:34
  because
• 14:34
  there
• 14:34
  were
• 14:34
  some
• 14:34
  tech
• 14:35
  challenges
• 14:35
  needed
• 14:36
  to
• 14:36
  be
• 14:36
  resolved.
• 14:37
  But
• 14:37
  Very
• 14:37
  have
• 14:37
  a
• 14:37
  great
• 14:38
  opportunity
• 14:38
  there.
• 14:38
  Right.
• 14:39
  Very
• 14:39
  in
• 14:39
  the
• 14:39
  UK
• 14:40
  is
• 14:40
  more
• 14:40
  known
• 14:40
  for
• 14:41
  its
• 14:41
  brands
• 14:41
  than
• 14:41
  its
• 14:42
  own
• 14:42
  brand,
• 14:42
  whereas
• 14:43
  Next
• 14:43
  is
• 14:43
  probably
• 14:44
  more
• 14:44
  known
• 14:44
  for
• 14:44
  its
• 14:45
  own
• 14:45
  brand
• 14:45
  labels
• 14:45
  rather
• 14:46
  than
• 14:46
  its
• 14:46
  branded
• 14:46
  label.
• 14:47
  So
• 14:47
  there's
• 14:47
  a
• 14:47
  key
• 14:47
  difference
• 14:48
  between
• 14:48
  those
• 14:48
  two
• 14:48
  retailers.
• 14:49
  What
• 14:50
  that
• 14:50
  allows
• 14:50
  you
• 14:50
  to
• 14:50
  do
• 14:50
  as
• 14:51
  a
• 14:51
  brand
• 14:51
  is
• 14:51
  give
• 14:51
  you
• 14:52
  real
• 14:52
  point
• 14:53
  difference
• 14:53
  and
• 14:53
  create
• 14:53
  different
• 14:54
  destinations
• 14:55
  from
• 14:55
  an
• 14:55
  assortment
• 14:56
  point
• 14:56
  of
• 14:56
  view.
• 14:56
  So
• 14:57
  you're
• 14:57
  connecting
• 14:57
  with
• 14:57
  slightly
• 14:58
  different
• 14:58
  consumers.
• 15:00
  Next.
• 15:01
  The
• 15:01
  business
• 15:01
  with
• 15:02
  Next
• 15:02
  really
• 15:03
  is
• 15:03
  always
• 15:03
  there
• 15:03
  to
• 15:03
  support
• 15:04
  the
• 15:04
  wholesale
• 15:05
  model
• 15:05
  and
• 15:06
  really
• 15:06
  kind
• 15:06
  of
• 15:07
  showcase
• 15:08
  depth
• 15:08
  and
• 15:09
  range
• 15:09
  extension
• 15:11
  to
• 15:11
  try
• 15:11
  and
• 15:12
  grow
• 15:12
  a
• 15:12
  total
• 15:13
  business.
• 15:14
  Very's
• 15:15
  model
• 15:15
  was,
• 15:15
  was
• 15:15
  really
• 15:16
  similar,
• 15:17
  but
• 15:18
  what
• 15:18
  we
• 15:18
  found
• 15:18
  with
• 15:18
  Very
• 15:19
  was
• 15:19
  more
• 15:19
  around
• 15:21
  expanding
• 15:22
  our
• 15:22
  brand
• 15:22
  footprint,
• 15:23
  if
• 15:23
  you
• 15:24
  like.
• 15:24
  It's
• 15:24
  really
• 15:24
  about
• 15:25
  putting
• 15:25
  our
• 15:25
  brands
• 15:26
  where
• 15:26
  potentially
• 15:27
  they
• 15:27
  wouldn't
• 15:27
  have
• 15:27
  been.
• 15:27
  Because
• 15:28
  Very
• 15:28
  is
• 15:28
  probably
• 15:28
  more
• 15:29
  of
• 15:29
  a
• 15:29
  fashion
• 15:29
  led
• 15:30
  retailer
• 15:30
  than
• 15:31
  a
• 15:31
  sports
• 15:31
  led
• 15:31
  retailer.
• 15:32
  And
• 15:32
  some
• 15:32
  of
• 15:32
  our,
• 15:33
  some
• 15:33
  of
• 15:33
  our
• 15:33
  brands
• 15:33
  were
• 15:34
  more
• 15:34
  sports
• 15:34
  than
• 15:35
  fashion.
• 15:35
  So
• 15:36
  I
• 15:36
  think
• 15:36
  those
• 15:36
  are
• 15:37
  two
• 15:37
  really
• 15:37
  key
• 15:38
  retailers
• 15:38
  in
• 15:38
  the
• 15:39
  uk.
• 15:39
  Then
• 15:39
  I
• 15:39
  think
• 15:39
  you've
• 15:39
  also
• 15:40
  got
• 15:40
  to
• 15:40
  look
• 15:40
  at
• 15:40
  the
• 15:40
  likes
• 15:41
  of
• 15:41
  Debenhams,
• 15:42
  who
• 15:42
  are
• 15:42
  just
• 15:42
  completely
• 15:43
  changing
• 15:43
  their
• 15:44
  model
• 15:45
  and
• 15:45
  move
• 15:46
  to
• 15:46
  the
• 15:46
  Debenhams
• 15:47
  group,
• 15:47
  start
• 15:47
  looking
• 15:47
  at
• 15:48
  full
• 15:48
  marketplace
• 15:49
  program
• 15:49
  for
• 15:49
  brands.
• 15:49
  Now.
• 15:50
  I
• 15:50
  think
• 15:50
  that's,
• 15:51
  that's
• 15:52
  a
• 15:52
  great
• 15:52
  way
• 15:52
  of
• 15:53
  getting
• 15:54
  your
• 15:54
  brand
• 15:54
  in
• 15:55
  front
• 15:55
  of
• 15:55
  again,
• 15:55
  a
• 15:55
  slightly
• 15:56
  different
• 15:56
  consumer
• 15:57
  demographic.
• 16:00
  And
• 16:00
  Debenham's
• 16:01
  approach
• 16:01
  to
• 16:02
  it
• 16:02
  is
• 16:02
  that
• 16:02
  they
• 16:02
  make
• 16:02
  it
• 16:03
  really
• 16:03
  easy
• 16:03
  for
• 16:03
  you
• 16:03
  to
• 16:04
  integrate.
• 16:05
  Okay.
• 16:06
  It's
• 16:07
  really
• 16:07
  simple.
• 16:08
  You
• 16:08
  can
• 16:08
  be
• 16:08
  on
• 16:09
  boarded
• 16:09
  within
• 16:09
  two
• 16:09
  weeks,
• 16:10
  whereas
• 16:11
  some
• 16:11
  of
• 16:11
  the
• 16:11
  others
• 16:11
  you
• 16:12
  were
• 16:12
  talking
• 16:12
  months
• 16:13
  to
• 16:13
  get
• 16:13
  on
• 16:13
  boarded.
• 16:15
  So
• 16:16
  there's
• 16:16
  a,
• 16:16
  there's
• 16:16
  a
• 16:16
  slight
• 16:17
  kind
• 16:17
  of
• 16:17
  benefit
• 16:17
  of
• 16:18
  doing
• 16:18
  that.
• 16:19
  And
• 16:19
  as
• 16:20
  you
• 16:20
  look
• 16:20
  at
• 16:20
  kind
• 16:20
  of
• 16:20
  John
• 16:20
  Lewis,
• 16:21
  which
• 16:21
  would
• 16:21
  be
• 16:21
  more
• 16:21
  of
• 16:21
  a
• 16:21
  fashion
• 16:22
  retailer
• 16:22
  for
• 16:22
  us
• 16:22
  rather
• 16:23
  than
• 16:23
  a
• 16:23
  sports
• 16:23
  retailer,
• 16:26
  it's
• 16:26
  more
• 16:27
  around
• 16:27
  the
• 16:27
  model.
• 16:27
  There
• 16:27
  was
• 16:28
  some
• 16:28
  complexities
• 16:28
  around
• 16:29
  the
• 16:29
  model
• 16:29
  with
• 16:29
  John
• 16:30
  Lewis
• 16:31
  and
• 16:31
  it's
• 16:31
  not
• 16:31
  always
• 16:32
  easy
• 16:32
  to
• 16:32
  connect
• 16:32
  with
• 16:33
  because
• 16:33
  it's
• 16:33
  outside
• 16:33
  of
• 16:34
  the
• 16:34
  normal
• 16:34
  mainstream
• 16:35
  pathways
• 16:35
  that
• 16:35
  you
• 16:36
  would
• 16:36
  normally
• 16:37
  kind
• 16:38
  of
• 16:38
  connect
• 16:38
  through.
• 16:39
  But
• 16:39
  what
• 16:39
  it
• 16:39
  does
• 16:40
  is
• 16:40
  it
• 16:40
  puts
• 16:40
  you
• 16:40
  again
• 16:40
  in
• 16:41
  front
• 16:41
  of
• 16:41
  a
• 16:41
  different
• 16:41
  type
• 16:41
  of
• 16:42
  consumer,
• 16:42
  a
• 16:42
  more
• 16:43
  premium,
• 16:43
  more
• 16:43
  affluent
• 16:44
  consumer,
• 16:44
  and
• 16:45
  just
• 16:45
  gives
• 16:45
  you
• 16:46
  the
• 16:46
  opportunity
• 16:47
  as
• 16:47
  a
• 16:47
  brand
• 16:48
  to
• 16:48
  extend
• 16:48
  your
• 16:49
  reach
• 16:50
  within,
• 16:50
  within
• 16:50
  that
• 16:50
  area.
• 16:51
  Okay.
• 16:52
  And
• 16:52
  in
• 16:53
  terms
• 16:53
  of
• 16:53
  like
• 16:54
  more
• 16:54
  luxury,
• 16:56
  is
• 16:56
  Farfetch'd
• 16:56
  really
• 16:57
  a
• 16:57
  thing
• 16:57
  as
• 16:57
  a
• 16:58
  marketplace
• 16:58
  business?
• 16:58
  Because
• 16:58
  I
• 16:59
  would
• 16:59
  say
• 16:59
  Farfetch
• 17:00
  in
• 17:00
  the
• 17:00
  UK
• 17:01
  for
• 17:02
  marketplace
• 17:02
  is
• 17:02
  really
• 17:03
  relevant
• 17:03
  for
• 17:03
  more
• 17:04
  luxury
• 17:04
  brands.
• 17:05
  Yeah,
• 17:06
  yeah,
• 17:06
  absolutely.
• 17:06
  It
• 17:07
  would
• 17:07
  be
• 17:07
  seen
• 17:07
  as
• 17:07
  kind
• 17:07
  of
• 17:08
  more
• 17:08
  of
• 17:08
  a,
• 17:08
  more
• 17:08
  of
• 17:08
  a
• 17:08
  luxury
• 17:09
  brand.
• 17:09
  The
• 17:09
  brands
• 17:09
  I
• 17:09
  worked
• 17:10
  with
• 17:10
  and
• 17:10
  for
• 17:11
  are
• 17:11
  probably
• 17:11
  More
• 17:11
  of
• 17:11
  mainstream.
• 17:13
  So
• 17:13
  Farfetch
• 17:14
  wasn't
• 17:14
  on
• 17:14
  our
• 17:14
  roadmap
• 17:16
  but
• 17:16
  you
• 17:16
  can
• 17:16
  see
• 17:17
  the
• 17:17
  benefit
• 17:17
  of
• 17:17
  doing
• 17:17
  that
• 17:18
  because
• 17:18
  again
• 17:19
  it's
• 17:19
  that
• 17:20
  the
• 17:20
  whole
• 17:21
  purpose
• 17:21
  of
• 17:21
  a
• 17:21
  marketplace
• 17:22
  for
• 17:22
  me
• 17:22
  is
• 17:22
  how
• 17:22
  can
• 17:23
  it
• 17:23
  add
• 17:23
  value
• 17:23
  to
• 17:24
  your
• 17:24
  consumer
• 17:24
  base,
• 17:25
  how
• 17:25
  can
• 17:25
  it
• 17:25
  get
• 17:25
  you
• 17:25
  in
• 17:26
  front
• 17:26
  of
• 17:26
  new
• 17:26
  consumers?
• 17:27
  And
• 17:28
  you
• 17:28
  need
• 17:28
  to
• 17:28
  have
• 17:29
  the
• 17:29
  brand
• 17:29
  and
• 17:29
  the
• 17:29
  assortment
• 17:29
  to
• 17:30
  be
• 17:30
  able
• 17:30
  to
• 17:30
  do
• 17:30
  that.
• 17:30
  Of
• 17:30
  course.
• 17:31
  But
• 17:32
  yeah,
• 17:32
  Farfetch
• 17:32
  is
• 17:33
  absolutely
• 17:35
  a
• 17:35
  great
• 17:35
  model
• 17:36
  to
• 17:36
  work
• 17:36
  towards,
• 17:36
  I
• 17:36
  think.
• 17:37
  And
• 17:38
  speaking
• 17:38
  about
• 17:38
  fashion,
• 17:39
  so
• 17:39
  we
• 17:39
  also,
• 17:40
  we
• 17:40
  have
• 17:40
  this
• 17:41
  specialized
• 17:41
  marketplace
• 17:42
  quadrant
• 17:43
  in
• 17:43
  front
• 17:43
  of
• 17:43
  us.
• 17:43
  I
• 17:44
  know,
• 17:44
  not
• 17:44
  in
• 17:44
  front
• 17:45
  of
• 17:45
  you.
• 17:45
  But
• 17:46
  speaking
• 17:46
  about
• 17:47
  sports,
• 17:48
  we
• 17:48
  see
• 17:48
  on
• 17:48
  this
• 17:49
  quadrant
• 17:49
  also
• 17:50
  in
• 17:50
  terms
• 17:50
  of
• 17:50
  like
• 17:51
  sports
• 17:51
  decathlon,
• 17:52
  we
• 17:53
  see
• 17:53
  Alteryx
• 17:54
  JD
• 17:55
  Trade
• 17:55
  in
• 17:55
  as
• 17:56
  like
• 17:56
  I
• 17:57
  would
• 17:57
  say
• 17:57
  sports
• 17:58
  only.
• 17:58
  We
• 17:58
  also
• 17:58
  see
• 17:59
  sport
• 17:59
  deal
• 17:59
  here
• 18:00
  or
• 18:00
  private
• 18:01
  sports
• 18:01
  shop
• 18:02
  which
• 18:02
  is
• 18:02
  more
• 18:02
  on
• 18:02
  a
• 18:03
  discounted
• 18:04
  level
• 18:04
  I
• 18:04
  would
• 18:05
  say
• 18:05
  and
• 18:05
  off
• 18:05
  price.
• 18:06
  But
• 18:07
  what
• 18:07
  are
• 18:08
  like
• 18:08
  the
• 18:08
  really
• 18:08
  relevant
• 18:09
  marketplaces
• 18:10
  for
• 18:10
  sports
• 18:10
  fashion
• 18:11
  products?
• 18:12
  Yeah,
• 18:13
  it's
• 18:13
  really
• 18:13
  interesting.
• 18:14
  We
• 18:14
  always
• 18:14
  looked
• 18:15
  at
• 18:15
  it
• 18:15
  in
• 18:15
  terms
• 18:15
  of
• 18:15
  what
• 18:16
  is
• 18:16
  the
• 18:16
  role
• 18:16
  of
• 18:16
  the
• 18:17
  marketplace
• 18:17
  that
• 18:17
  we're
• 18:17
  actually
• 18:18
  trying
• 18:18
  to
• 18:18
  onboard
• 18:18
  with.
• 18:20
  So
• 18:20
  is
• 18:20
  it
• 18:20
  to
• 18:21
  gain
• 18:21
  a
• 18:21
  new
• 18:21
  consumer?
• 18:22
  Is
• 18:22
  it
• 18:22
  to
• 18:22
  put
• 18:22
  your
• 18:23
  brand
• 18:23
  in
• 18:23
  somewhere
• 18:24
  where
• 18:24
  it
• 18:24
  isn't
• 18:25
  test
• 18:25
  and
• 18:25
  learn
• 18:25
  to
• 18:25
  build
• 18:25
  a
• 18:26
  wholesale
• 18:26
  relationship?
• 18:27
  We
• 18:27
  also
• 18:28
  looked
• 18:28
  at
• 18:28
  this
• 18:29
  kind
• 18:29
  of
• 18:29
  top
• 18:29
  down
• 18:29
  to
• 18:30
  from
• 18:30
  premium
• 18:31
  to
• 18:31
  be
• 18:31
  as
• 18:31
  premium
• 18:31
  as
• 18:32
  we
• 18:32
  could
• 18:32
  be
• 18:32
  with
• 18:32
  the
• 18:32
  brands
• 18:33
  we
• 18:33
  have
• 18:33
  all
• 18:34
  the
• 18:34
  way
• 18:34
  through
• 18:34
  to
• 18:34
  how
• 18:34
  are
• 18:34
  we
• 18:35
  going
• 18:35
  to
• 18:35
  clear
• 18:35
  our
• 18:35
  stock
• 18:36
  at
• 18:36
  the
• 18:36
  end
• 18:37
  of
• 18:37
  the
• 18:37
  season.
• 18:37
  Right.
• 18:38
  So
• 18:38
  we
• 18:38
  had
• 18:39
  everything
• 18:39
  from
• 18:40
  ASOS
• 18:41
  next
• 18:42
  very
• 18:43
  and
• 18:43
  all
• 18:44
  the
• 18:44
  way
• 18:44
  through
• 18:44
  to
• 18:44
  ebay.
• 18:45
  Right.
• 18:45
  Which
• 18:45
  we
• 18:45
  use
• 18:45
  as
• 18:46
  a
• 18:46
  clearance
• 18:46
  channel.
• 18:47
  Amazon
• 18:48
  then
• 18:48
  just
• 18:48
  underpins
• 18:49
  all
• 18:49
  of
• 18:49
  that.
• 18:50
  Right.
• 18:50
  Amazon
• 18:51
  is,
• 18:51
  is
• 18:51
  kind
• 18:51
  of
• 18:52
  what
• 18:52
  it
• 18:52
  is
• 18:52
  and
• 18:52
  I
• 18:52
  think
• 18:52
  there's
• 18:53
  a,
• 18:53
  there's
• 18:53
  a
• 18:53
  fashion
• 18:54
  element
• 18:54
  to
• 18:54
  that.
• 18:54
  But
• 18:55
  it's
• 18:55
  certainly,
• 18:55
  it's
• 18:55
  a
• 18:55
  certain
• 18:56
  type
• 18:56
  of
• 18:56
  assortment,
• 18:57
  certain
• 18:57
  type
• 18:57
  of
• 18:57
  consumer
• 18:58
  that
• 18:58
  actually
• 18:58
  needs
• 18:59
  to
• 18:59
  be
• 18:59
  part
• 18:59
  of
• 18:59
  that.
• 19:00
  So
• 19:00
  I
• 19:00
  think
• 19:00
  when
• 19:00
  you're
• 19:00
  building
• 19:00
  your
• 19:01
  marketplace
• 19:01
  program
• 19:01
  you
• 19:02
  really
• 19:02
  have
• 19:02
  to
• 19:03
  look
• 19:03
  at
• 19:03
  like
• 19:04
  why
• 19:04
  am
• 19:04
  I,
• 19:04
  why
• 19:04
  am
• 19:05
  I
• 19:05
  joining
• 19:05
  this
• 19:06
  marketplace?
• 19:07
  Is
• 19:07
  it
• 19:07
  just
• 19:08
  commercial,
• 19:08
  is
• 19:08
  it
• 19:09
  just
• 19:09
  transactional?
• 19:10
  Or
• 19:10
  is
• 19:11
  it
• 19:11
  to
• 19:11
  my,
• 19:11
  my
• 19:12
  earlier
• 19:12
  point
• 19:13
  trying
• 19:13
  to
• 19:13
  build
• 19:13
  brand
• 19:14
  equity
• 19:14
  and
• 19:15
  trying
• 19:15
  to
• 19:15
  really
• 19:15
  elevate
• 19:16
  the
• 19:17
  proposition
• 19:17
  and
• 19:17
  the
• 19:18
  position
• 19:18
  of
• 19:18
  your
• 19:19
  brands.
• 19:20
  Yeah,
• 19:21
  I'd
• 19:22
  like
• 19:22
  to
• 19:22
  go
• 19:23
  a
• 19:23
  little
• 19:23
  bit
• 19:23
  into
• 19:24
  the
• 19:25
  newer
• 19:25
  competitors
• 19:26
  like
• 19:26
  TikTok
• 19:27
  Shop
• 19:27
  or
• 19:27
  Shane
• 19:28
  and
• 19:28
  get
• 19:28
  your
• 19:29
  opinions
• 19:29
  on
• 19:29
  that.
• 19:30
  But
• 19:30
  first
• 19:31
  let's
• 19:31
  have
• 19:32
  another
• 19:32
  quick
• 19:32
  break
• 19:38
  because
• 19:38
  I
• 19:38
  wanted
• 19:39
  to
• 19:39
  give
• 19:39
  you
• 19:39
  a
• 19:39
  little
• 19:39
  teaser
• 19:40
  on
• 19:40
  our
• 19:40
  episode
• 19:41
  131
• 19:42
  which
• 19:42
  is
• 19:43
  due
• 19:43
  in
• 19:43
  two
• 19:43
  weeks
• 19:44
  time.
• 19:45
  And
• 19:45
  that
• 19:45
  one
• 19:45
  features
• 19:46
  as
• 19:47
  a
• 19:47
  guest
• 19:47
  Jan
• 19:47
  Utterod,
• 19:48
  head
• 19:48
  of
• 19:48
  support
• 19:49
  of
• 19:49
  the
• 19:50
  tech
• 19:51
  company
• 19:51
  Textu
• 19:52
  and
• 19:52
  Text2
• 19:53
  helps
• 19:53
  retailers
• 19:53
  and
• 19:54
  brands
• 19:54
  with
• 19:54
  a
• 19:55
  comprehensive
• 19:55
  platform
• 19:56
  to
• 19:56
  perform
• 19:56
  VAT
• 19:57
  returns
• 19:57
  and
• 19:58
  accounting
• 19:58
  processes
• 19:59
  in
• 19:59
  a
• 19:59
  legally
• 19:59
  compliant
• 20:00
  and
• 20:00
  efficient
• 20:00
  manner.
• 20:02
  And
• 20:02
  this,
• 20:02
  this
• 20:02
  important
• 20:03
  part
• 20:03
  of
• 20:03
  your
• 20:03
  marketplace
• 20:04
  business
• 20:04
  is
• 20:04
  also
• 20:05
  being
• 20:05
  taken
• 20:05
  over
• 20:06
  as
• 20:06
  other
• 20:07
  areas
• 20:07
  as
• 20:07
  well
• 20:08
  by
• 20:08
  AI.
• 20:09
  And
• 20:09
  this
• 20:09
  is
• 20:10
  what
• 20:10
  we'll
• 20:10
  discuss
• 20:11
  the
• 20:11
  opportunities
• 20:12
  and
• 20:12
  challenges
• 20:13
  of
• 20:13
  AI
• 20:13
  in
• 20:14
  tax
• 20:14
  matters.
• 20:15
  Let's
• 20:15
  see
• 20:15
  what
• 20:15
  Jan
• 20:16
  is
• 20:16
  going
• 20:16
  to
• 20:16
  say
• 20:16
  about
• 20:16
  that.
• 20:17
  For
• 20:18
  example,
• 20:18
  we
• 20:18
  will
• 20:18
  discuss
• 20:19
  how
• 20:19
  AI
• 20:20
  can
• 20:20
  help
• 20:20
  speed
• 20:20
  up
• 20:21
  tax
• 20:21
  processes
• 20:22
  and
• 20:22
  reduce
• 20:23
  costs,
• 20:23
  and
• 20:24
  of
• 20:24
  course,
• 20:24
  how
• 20:24
  AI
• 20:25
  can
• 20:25
  support
• 20:25
  you,
• 20:26
  for
• 20:26
  example,
• 20:26
  in
• 20:26
  correctly
• 20:27
  declaring
• 20:28
  VAT
• 20:29
  depending
• 20:29
  on
• 20:30
  the
• 20:30
  country
• 20:30
  and
• 20:30
  product.
• 20:32
  And
• 20:32
  you
• 20:32
  will
• 20:32
  want
• 20:33
  to
• 20:33
  know
• 20:33
  that,
• 20:34
  because
• 20:34
  deficiencies
• 20:35
  in
• 20:35
  the
• 20:35
  processing
• 20:36
  of
• 20:36
  customs
• 20:37
  and
• 20:37
  VAT
• 20:37
  payments
• 20:38
  can
• 20:38
  quickly
• 20:38
  get
• 20:38
  you
• 20:38
  in
• 20:38
  serious
• 20:39
  trouble.
• 20:40
  And
• 20:40
  that's
• 20:40
  you
• 20:40
  in
• 20:40
  trouble,
• 20:41
  not
• 20:41
  the
• 20:41
  AI.
• 20:42
  So
• 20:42
  tune
• 20:42
  in
• 20:42
  in
• 20:43
  two
• 20:43
  weeks
• 20:43
  and
• 20:44
  you'll
• 20:44
  be
• 20:44
  sure
• 20:44
  to
• 20:45
  learn
• 20:45
  something
• 20:45
  new.
• 20:51
  Yeah,
• 20:52
  let's
• 20:52
  go
• 20:52
  back
• 20:53
  to
• 20:53
  what
• 20:53
  I
• 20:53
  said
• 20:54
  before
• 20:54
  about
• 20:55
  some
• 20:55
  new
• 20:56
  players
• 20:56
  in
• 20:56
  the
• 20:56
  market.
• 20:57
  We
• 20:57
  hear
• 20:57
  a
• 20:57
  lot
• 20:58
  about
• 20:58
  TikTok
• 20:58
  shop,
• 20:59
  for
• 20:59
  example,
• 20:59
  as
• 21:00
  the
• 21:00
  game
• 21:01
  changer
• 21:01
  in
• 21:02
  the
• 21:03
  UK
• 21:03
  marketplace
• 21:04
  business.
• 21:04
  Is
• 21:05
  that
• 21:05
  true
• 21:05
  for
• 21:06
  fashion
• 21:06
  as
• 21:06
  well?
• 21:07
  Yeah,
• 21:07
  I
• 21:07
  mean,
• 21:08
  we
• 21:08
  joined
• 21:08
  TikTok
• 21:09
  shop
• 21:09
  as
• 21:09
  probably
• 21:10
  one
• 21:10
  of
• 21:10
  the
• 21:10
  early
• 21:10
  movers
• 21:11
  within
• 21:11
  that
• 21:11
  earlier
• 21:11
  in
• 21:12
  2025.
• 21:14
  And
• 21:14
  we
• 21:14
  joined
• 21:14
  it
• 21:15
  because
• 21:15
  we
• 21:15
  saw
• 21:15
  it
• 21:15
  as
• 21:15
  an
• 21:15
  opportunity
• 21:16
  to
• 21:16
  really
• 21:18
  connect
• 21:18
  very,
• 21:18
  very
• 21:19
  quickly
• 21:19
  with
• 21:19
  consumers.
• 21:21
  And
• 21:21
  its
• 21:22
  power
• 21:22
  lies
• 21:22
  in
• 21:22
  really
• 21:23
  kind
• 21:23
  of
• 21:23
  minimizing
• 21:24
  the
• 21:24
  consumer
• 21:25
  journey
• 21:25
  from
• 21:25
  search
• 21:26
  all
• 21:26
  the
• 21:26
  way
• 21:26
  through
• 21:26
  to
• 21:27
  purchase.
• 21:29
  And
• 21:29
  it
• 21:29
  allows
• 21:30
  you
• 21:30
  to
• 21:30
  capitalize
• 21:30
  on
• 21:30
  trends
• 21:31
  really,
• 21:31
  really
• 21:32
  quickly
• 21:32
  and
• 21:32
  be
• 21:32
  really
• 21:32
  reactive
• 21:33
  to
• 21:33
  what
• 21:34
  a
• 21:34
  consumer
• 21:35
  wants
• 21:35
  and
• 21:35
  when
• 21:36
  they
• 21:36
  actually
• 21:36
  want
• 21:36
  it.
• 21:37
  And
• 21:38
  then
• 21:38
  it
• 21:38
  becomes
• 21:38
  less
• 21:39
  about
• 21:39
  having
• 21:40
  real
• 21:40
  structured
• 21:40
  catalogs,
• 21:41
  structured
• 21:42
  assortments,
• 21:43
  and
• 21:43
  becomes
• 21:43
  more
• 21:43
  around
• 21:44
  the
• 21:44
  experience
• 21:45
  of
• 21:45
  shopping
• 21:45
  with
• 21:45
  your
• 21:46
  brand.
• 21:46
  And
• 21:46
  what
• 21:47
  does
• 21:47
  that
• 21:47
  mean
• 21:48
  now?
• 21:48
  One
• 21:49
  of
• 21:49
  the
• 21:49
  biggest
• 21:49
  challenges
• 21:50
  we
• 21:50
  had
• 21:50
  with
• 21:50
  TikTok
• 21:51
  was
• 21:51
  around
• 21:51
  content
• 21:52
  and
• 21:52
  content
• 21:52
  creation.
• 21:55
  The
• 21:55
  volume
• 21:56
  of
• 21:56
  content
• 21:56
  needed
• 21:57
  just
• 21:57
  to
• 21:57
  keep
• 21:57
  a
• 21:58
  shop
• 21:58
  live
• 21:58
  and
• 21:58
  keep
• 21:59
  shop
• 21:59
  relevant
• 21:59
  is
• 22:00
  phenomenal.
• 22:01
  We
• 22:02
  use
• 22:02
  the
• 22:02
  expertise
• 22:02
  of
• 22:03
  an
• 22:03
  agency
• 22:04
  to
• 22:04
  be
• 22:04
  able
• 22:04
  to
• 22:05
  manage
• 22:05
  that.
• 22:07
  And
• 22:07
  that
• 22:07
  works,
• 22:08
  right?
• 22:08
  If
• 22:08
  you're
• 22:09
  getting
• 22:10
  users
• 22:10
  to
• 22:11
  generate
• 22:11
  their
• 22:11
  own
• 22:12
  content,
• 22:12
  refresh
• 22:13
  their
• 22:13
  own
• 22:13
  content,
• 22:14
  reuse
• 22:14
  content,
• 22:15
  which,
• 22:15
  you
• 22:15
  know,
• 22:15
  works
• 22:16
  at
• 22:16
  various
• 22:16
  different
• 22:17
  points
• 22:17
  in
• 22:17
  time,
• 22:18
  that
• 22:18
  then
• 22:18
  becomes
• 22:19
  a
• 22:19
  really,
• 22:19
  really
• 22:19
  commercial
• 22:20
  model.
• 22:21
  However,
• 22:21
  it's
• 22:21
  a
• 22:21
  little
• 22:22
  bit
• 22:22
  kind
• 22:22
  of
• 22:23
  like
• 22:23
  an
• 22:23
  Amazon
• 22:24
  model
• 22:24
  in
• 22:24
  getting
• 22:25
  the
• 22:25
  flywheel
• 22:25
  to
• 22:26
  start
• 22:26
  turning.
• 22:27
  There's
• 22:27
  a
• 22:27
  lot
• 22:27
  of
• 22:27
  investment
• 22:28
  needed
• 22:28
  up
• 22:28
  front
• 22:29
  to
• 22:29
  be
• 22:29
  able
• 22:29
  to
• 22:29
  make
• 22:30
  that
• 22:31
  wheel
• 22:31
  turn,
• 22:32
  to
• 22:32
  be
• 22:32
  able
• 22:32
  to
• 22:33
  drive
• 22:33
  the,
• 22:33
  the
• 22:34
  kind
• 22:34
  of
• 22:34
  the,
• 22:34
  the
• 22:35
  traffic
• 22:35
  and
• 22:35
  therefore
• 22:35
  the
• 22:36
  conversion
• 22:36
  off,
• 22:36
  off
• 22:37
  the
• 22:37
  back
• 22:37
  of
• 22:37
  that.
• 22:39
  There
• 22:39
  are
• 22:40
  some
• 22:40
  challenges
• 22:41
  in
• 22:41
  launching
• 22:41
  with
• 22:42
  TikTok.
• 22:42
  I
• 22:43
  think
• 22:44
  the
• 22:44
  speed
• 22:44
  at
• 22:44
  which
• 22:44
  TikTok
• 22:45
  are
• 22:45
  onboarding
• 22:45
  brands
• 22:46
  means
• 22:47
  that
• 22:47
  the,
• 22:48
  the
• 22:48
  stability
• 22:49
  of
• 22:49
  the
• 22:49
  connections
• 22:50
  aren't
• 22:50
  always
• 22:50
  there
• 22:51
  which
• 22:51
  in
• 22:52
  turn
• 22:52
  then
• 22:52
  impacts
• 22:53
  your
• 22:53
  shop
• 22:53
  health
• 22:54
  and
• 22:54
  therefore
• 22:55
  you
• 22:55
  have
• 22:55
  to
• 22:56
  reinvest
• 22:56
  again
• 22:57
  to
• 22:57
  kind
• 22:58
  of
• 22:58
  get
• 22:58
  the
• 22:58
  flywheel
• 22:59
  turning
• 22:59
  again.
• 23:00
  I
• 23:00
  think
• 23:00
  once
• 23:01
  those
• 23:02
  issues
• 23:02
  are
• 23:02
  resolved
• 23:04
  and
• 23:04
  I
• 23:04
  think
• 23:04
  once
• 23:05
  brands
• 23:05
  understand
• 23:06
  that
• 23:07
  they
• 23:07
  need
• 23:07
  to
• 23:08
  act
• 23:08
  more
• 23:08
  like
• 23:09
  content
• 23:09
  creators
• 23:10
  than
• 23:10
  brands,
• 23:13
  TikTok
• 23:13
  shop
• 23:13
  will
• 23:14
  be,
• 23:14
  will
• 23:14
  be
• 23:14
  massive
• 23:15
  and
• 23:15
  the
• 23:15
  social
• 23:16
  commerce
• 23:16
  area
• 23:16
  will,
• 23:17
  will
• 23:17
  just
• 23:17
  keep,
• 23:18
  keep
• 23:18
  going.
• 23:19
  The,
• 23:19
  the,
• 23:19
  the
• 23:20
  key
• 23:20
  to
• 23:20
  this
• 23:20
  though
• 23:21
  is
• 23:21
  the
• 23:21
  assortment,
• 23:22
  right?
• 23:23
  What
• 23:23
  we
• 23:23
  learned
• 23:23
  very,
• 23:24
  very
• 23:24
  quickly
• 23:24
  is
• 23:25
  that
• 23:25
  it's
• 23:25
  really
• 23:26
  promo
• 23:26
  led
• 23:27
  and
• 23:27
  it
• 23:27
  has
• 23:27
  to
• 23:28
  be
• 23:28
  a
• 23:28
  deal,
• 23:28
  it
• 23:28
  has
• 23:28
  to
• 23:29
  be
• 23:29
  an
• 23:29
  offer
• 23:30
  and
• 23:31
  it
• 23:31
  has
• 23:31
  to
• 23:31
  be
• 23:32
  kind
• 23:32
  of
• 23:32
  lower
• 23:32
  price
• 23:33
  point
• 23:33
  items
• 23:34
  which
• 23:34
  means
• 23:34
  you're
• 23:34
  driving
• 23:35
  volume
• 23:35
  rather
• 23:35
  than
• 23:36
  driving
• 23:36
  kind
• 23:36
  of
• 23:37
  margin
• 23:37
  and
• 23:37
  top
• 23:37
  line
• 23:38
  sales.
• 23:39
  So
• 23:39
  I
• 23:39
  think
• 23:39
  as
• 23:39
  long
• 23:39
  as
• 23:40
  you
• 23:40
  go
• 23:40
  into
• 23:40
  it
• 23:40
  with
• 23:40
  your
• 23:40
  eyes
• 23:41
  open
• 23:41
  that
• 23:42
  you
• 23:42
  may
• 23:42
  struggle
• 23:43
  to
• 23:43
  sell
• 23:44
  400
• 23:44
  pound
• 23:45
  500
• 23:45
  jackets
• 23:46
  but
• 23:47
  you
• 23:47
  may
• 23:47
  sell
• 23:47
  lots
• 23:48
  and
• 23:48
  lots
• 23:48
  and
• 23:48
  lots
• 23:48
  of
• 23:49
  25
• 23:49
  pound
• 23:49
  T
• 23:50
  shirts.
• 23:51
  I
• 23:51
  think
• 23:52
  as
• 23:52
  long
• 23:52
  as
• 23:52
  you
• 23:52
  go
• 23:52
  into
• 23:52
  with
• 23:53
  your
• 23:53
  eyes
• 23:53
  open,
• 23:53
  then
• 23:54
  it
• 23:54
  becomes
• 23:54
  a
• 23:54
  really
• 23:54
  relevant
• 23:55
  platform
• 23:56
  from
• 23:56
  which
• 23:57
  to
• 23:57
  connect
• 23:58
  with
• 23:58
  consumers,
• 23:59
  be
• 23:59
  relevant
• 23:59
  with
• 24:00
  consumers,
• 24:01
  but
• 24:01
  also
• 24:01
  start
• 24:01
  to
• 24:01
  commercialize
• 24:02
  that
• 24:02
  relationship
• 24:03
  a
• 24:03
  lot
• 24:03
  more.
• 24:04
  I
• 24:04
  also
• 24:05
  need
• 24:05
  a
• 24:05
  lot
• 24:05
  of
• 24:05
  like
• 24:05
  different
• 24:06
  kind
• 24:06
  of
• 24:06
  content
• 24:07
  compared
• 24:07
  to
• 24:08
  usual
• 24:08
  marketplace
• 24:09
  content.
• 24:09
  Right.
• 24:10
  I
• 24:10
  mean
• 24:10
  I
• 24:10
  think
• 24:10
  that's,
• 24:11
  that's
• 24:11
  one
• 24:12
  of
• 24:12
  the
• 24:12
  challenges.
• 24:13
  But
• 24:13
  speaking
• 24:13
  about
• 24:14
  other
• 24:15
  new
• 24:16
  marketplace
• 24:16
  channels
• 24:17
  and
• 24:18
  talking
• 24:18
  about
• 24:18
  TEMU
• 24:19
  and
• 24:19
  Shein,
• 24:20
  how
• 24:20
  relevant
• 24:21
  are
• 24:21
  these
• 24:21
  ones
• 24:22
  for
• 24:22
  the
• 24:22
  fashion
• 24:22
  and
• 24:23
  marketplace
• 24:23
  business
• 24:24
  in
• 24:24
  the
• 24:24
  uk?
• 24:25
  I
• 24:25
  think
• 24:26
  they're
• 24:26
  becoming
• 24:26
  more
• 24:26
  and
• 24:27
  more
• 24:27
  relevant.
• 24:27
  I
• 24:27
  think
• 24:27
  there's
• 24:28
  obviously
• 24:28
  a
• 24:28
  big
• 24:28
  push
• 24:28
  from
• 24:29
  both
• 24:29
  areas
• 24:29
  to
• 24:29
  try
• 24:30
  and
• 24:30
  onboard
• 24:30
  brands
• 24:31
  as
• 24:31
  quickly
• 24:31
  as
• 24:32
  possible.
• 24:33
  I
• 24:33
  think
• 24:33
  both
• 24:33
  of
• 24:34
  them
• 24:36
  are
• 24:36
  open
• 24:36
  marketplaces
• 24:37
  so
• 24:39
  you
• 24:39
  can
• 24:39
  see
• 24:39
  your
• 24:39
  brand
• 24:40
  on
• 24:40
  a
• 24:41
  marketplace
• 24:41
  like
• 24:41
  TEMU
• 24:42
  or
• 24:42
  Shein
• 24:43
  when
• 24:43
  you
• 24:43
  haven't
• 24:44
  necessarily
• 24:44
  sold
• 24:44
  that
• 24:44
  product
• 24:45
  or
• 24:45
  you
• 24:45
  don't
• 24:45
  control
• 24:45
  that
• 24:46
  product.
• 24:46
  That
• 24:47
  becomes
• 24:47
  a
• 24:47
  bit
• 24:47
  of
• 24:47
  a
• 24:48
  challenge
• 24:48
  when
• 24:48
  you're
• 24:49
  trying
• 24:49
  to
• 24:49
  manage
• 24:49
  brand
• 24:50
  equity
• 24:51
  and
• 24:51
  manage
• 24:52
  the
• 24:52
  perception
• 24:53
  of
• 24:53
  your
• 24:53
  brand.
• 24:54
  So
• 24:55
  I
• 24:55
  think
• 24:55
  they
• 24:55
  become
• 24:57
  relevant
• 24:57
  when
• 24:58
  that
• 24:59
  can
• 24:59
  be
• 24:59
  controlled
• 25:00
  a
• 25:00
  little
• 25:00
  bit
• 25:00
  more
• 25:00
  and
• 25:01
  can
• 25:01
  be
• 25:01
  focused
• 25:02
  a
• 25:02
  little
• 25:02
  bit
• 25:02
  more
• 25:03
  around
• 25:03
  the
• 25:03
  brand
• 25:04
  and
• 25:04
  the
• 25:04
  power
• 25:04
  of
• 25:04
  a
• 25:05
  brand
• 25:05
  rather
• 25:06
  than
• 25:06
  just
• 25:06
  having
• 25:07
  lots
• 25:07
  of,
• 25:07
  lots
• 25:07
  of
• 25:08
  choice
• 25:08
  on
• 25:08
  there.
• 25:09
  Because
• 25:09
  then
• 25:09
  it
• 25:09
  just
• 25:10
  becomes
• 25:10
  a
• 25:10
  race
• 25:11
  to
• 25:11
  the
• 25:11
  bottom
• 25:11
  on
• 25:11
  price.
• 25:12
  And
• 25:12
  from
• 25:12
  a
• 25:13
  brand
• 25:13
  point
• 25:13
  of
• 25:13
  view,
• 25:14
  that's
• 25:14
  not
• 25:14
  what
• 25:14
  anyone
• 25:15
  really
• 25:15
  wants
• 25:16
  to
• 25:16
  kind
• 25:17
  of
• 25:17
  manage
• 25:17
  with.
• 25:17
  You
• 25:18
  want
• 25:18
  your
• 25:18
  brands
• 25:18
  to
• 25:18
  be
• 25:18
  premium
• 25:19
  and
• 25:19
  profitable
• 25:20
  at
• 25:20
  the
• 25:20
  same
• 25:20
  time
• 25:21
  and
• 25:22
  the
• 25:22
  volume
• 25:23
  of
• 25:23
  consumers
• 25:23
  on
• 25:23
  there
• 25:24
  is
• 25:24
  the
• 25:24
  attraction.
• 25:26
  But
• 25:27
  the
• 25:27
  models
• 25:27
  at
• 25:27
  the
• 25:28
  moment
• 25:28
  are
• 25:28
  probably
• 25:28
  a
• 25:29
  little
• 25:29
  bit
• 25:29
  just
• 25:29
  too
• 25:29
  open
• 25:30
  for
• 25:30
  a
• 25:31
  lot
• 25:31
  of
• 25:31
  brands
• 25:31
  to
• 25:32
  connect
• 25:32
  with.
• 25:33
  And
• 25:34
  if
• 25:34
  we
• 25:35
  speaking
• 25:35
  about
• 25:35
  price
• 25:36
  and
• 25:36
  promotions.
• 25:37
  We
• 25:37
  should
• 25:37
  also
• 25:37
  talk
• 25:37
  about
• 25:37
  off
• 25:38
  price
• 25:38
  marketplaces
• 25:39
  in
• 25:40
  the
• 25:41
  uk.
• 25:41
  We
• 25:41
  have
• 25:41
  here
• 25:42
  our
• 25:42
  list,
• 25:43
  we
• 25:43
  have
• 25:44
  secret
• 25:45
  sales,
• 25:46
  sport
• 25:46
  deal,
• 25:47
  we
• 25:47
  have
• 25:48
  private
• 25:48
  sports
• 25:49
  shop
• 25:49
  brand,
• 25:50
  Le
• 25:50
  Club
• 25:50
  fashion.
• 25:52
  What
• 25:53
  would
• 25:53
  you
• 25:53
  say
• 25:53
  here
• 25:53
  are
• 25:54
  the
• 25:54
  really
• 25:54
  relevant
• 25:55
  ones
• 25:55
  in
• 25:55
  the
• 25:56
  UK
• 25:56
  in
• 25:56
  terms
• 25:57
  of
• 25:57
  like
• 25:57
  off
• 25:57
  price
• 25:58
  sales?
• 25:59
  The
• 26:00
  main
• 26:00
  one
• 26:01
  for
• 26:01
  us
• 26:01
  is
• 26:01
  ebay.
• 26:01
  We
• 26:02
  use
• 26:02
  ebay
• 26:02
  as
• 26:02
  an
• 26:02
  offer
• 26:03
  price
• 26:03
  model
• 26:05
  and
• 26:05
  we
• 26:06
  use
• 26:06
  that
• 26:06
  just
• 26:06
  as
• 26:06
  our
• 26:06
  clearance
• 26:07
  channel
• 26:07
  to
• 26:08
  be
• 26:08
  able
• 26:08
  to
• 26:08
  kind
• 26:08
  of
• 26:09
  push
• 26:09
  product
• 26:09
  through.
• 26:10
  Secret
• 26:10
  sales
• 26:11
  is
• 26:11
  the
• 26:11
  other
• 26:11
  big
• 26:11
  one
• 26:12
  from
• 26:13
  a
• 26:13
  sports
• 26:13
  and
• 26:13
  fashion
• 26:14
  point
• 26:14
  of
• 26:14
  view,
• 26:15
  high
• 26:15
  end,
• 26:16
  kind
• 26:16
  of
• 26:17
  high
• 26:17
  price
• 26:18
  point
• 26:18
  fashion
• 26:19
  and
• 26:19
  sports
• 26:20
  rather
• 26:20
  than
• 26:20
  low
• 26:21
  kind
• 26:21
  of
• 26:22
  entry
• 26:22
  level
• 26:23
  product
• 26:23
  assortments.
• 26:25
  So
• 26:25
  again,
• 26:26
  both
• 26:26
  of
• 26:26
  those
• 26:27
  platforms
• 26:28
  will
• 26:28
  give
• 26:28
  you
• 26:28
  access
• 26:29
  to
• 26:29
  a
• 26:29
  slightly
• 26:29
  different
• 26:29
  consumer
• 26:30
  as
• 26:30
  well.
• 26:30
  Right.
• 26:30
  If
• 26:30
  you're
• 26:31
  trying
• 26:31
  to
• 26:31
  liquidate
• 26:31
  and
• 26:31
  trying
• 26:32
  to
• 26:32
  move
• 26:32
  product
• 26:32
  through,
• 26:33
  through
• 26:33
  your
• 26:34
  pipeline.
• 26:35
  So
• 26:35
  yeah,
• 26:36
  from
• 26:36
  my
• 26:36
  point
• 26:36
  of
• 26:36
  view,
• 26:37
  secret
• 26:37
  sales
• 26:37
  and
• 26:37
  ebay
• 26:38
  would
• 26:38
  be
• 26:38
  the
• 26:38
  two
• 26:39
  to,
• 26:39
  to
• 26:39
  really
• 26:39
  kind
• 26:39
  of
• 26:40
  focus
• 26:40
  on.
• 26:41
  And
• 26:42
  speaking
• 26:42
  about
• 26:42
  sports.
• 26:43
  Again,
• 26:43
  how
• 26:43
  relevant
• 26:44
  is
• 26:44
  Decathlon
• 26:45
  in
• 26:45
  the
• 26:45
  uk?
• 26:46
  Decathlon
• 26:47
  is
• 26:47
  a,
• 26:47
  is
• 26:47
  a
• 26:47
  huge,
• 26:47
  huge
• 26:48
  opportunity.
• 26:48
  I
• 26:48
  think.
• 26:49
  Decathlon
• 26:50
  is
• 26:50
  a,
• 26:50
  as
• 26:50
  a
• 26:51
  sports
• 26:51
  retailer
• 26:52
  in
• 26:52
  the
• 26:52
  UK
• 26:52
  is
• 26:52
  growing,
• 26:53
  it's
• 26:54
  growing
• 26:54
  bricks
• 26:55
  and
• 26:55
  mortar
• 26:55
  wise,
• 26:56
  but
• 26:56
  it's
• 26:56
  also
• 26:56
  growing
• 26:56
  online.
• 26:57
  And
• 26:57
  it's
• 26:57
  growing
• 26:58
  online
• 26:58
  because
• 26:58
  of
• 26:58
  their
• 26:58
  marketplace.
• 26:59
  We
• 26:59
  joined
• 26:59
  the
• 27:00
  Decathlon
• 27:00
  marketplace
• 27:01
  probably
• 27:01
  two
• 27:01
  and
• 27:01
  a
• 27:01
  half
• 27:02
  years
• 27:02
  ago
• 27:02
  now
• 27:03
  and
• 27:04
  I've
• 27:04
  seen
• 27:04
  this
• 27:04
  grow
• 27:05
  significantly
• 27:06
  year
• 27:06
  on
• 27:06
  year
• 27:06
  on
• 27:06
  year.
• 27:07
  The
• 27:07
  biggest
• 27:07
  unlock
• 27:08
  for
• 27:08
  us
• 27:08
  is
• 27:08
  Europe
• 27:09
  for
• 27:09
  Decathlon.
• 27:10
  And
• 27:10
  the
• 27:10
  reason
• 27:10
  we
• 27:11
  joined
• 27:11
  Decathlon
• 27:11
  in
• 27:12
  the
• 27:12
  UK
• 27:12
  in
• 27:12
  the
• 27:12
  first
• 27:12
  place
• 27:13
  was
• 27:13
  to
• 27:13
  iron
• 27:13
  out
• 27:14
  any
• 27:14
  challenges
• 27:14
  or
• 27:15
  any
• 27:15
  issues
• 27:15
  in
• 27:16
  onboarding
• 27:16
  and
• 27:16
  integration
• 27:17
  and
• 27:17
  process.
• 27:18
  Basically,
• 27:18
  and
• 27:19
  then
• 27:19
  to
• 27:19
  expand,
• 27:20
  to
• 27:20
  further
• 27:20
  expand
• 27:21
  from
• 27:21
  there.
• 27:21
  Right.
• 27:22
  The
• 27:23
  expansion
• 27:23
  piece
• 27:23
  needs
• 27:24
  to
• 27:24
  take
• 27:24
  into
• 27:24
  account
• 27:25
  Brexit,
• 27:25
  of
• 27:25
  course,
• 27:26
  and,
• 27:26
  and
• 27:26
  how
• 27:26
  do
• 27:26
  you
• 27:26
  get
• 27:27
  product
• 27:27
  into
• 27:27
  Europe,
• 27:28
  which
• 27:28
  is
• 27:28
  a
• 27:28
  challenge
• 27:28
  for
• 27:29
  everybody.
• 27:29
  But
• 27:30
  from
• 27:30
  a
• 27:30
  UK
• 27:30
  point
• 27:30
  of
• 27:31
  view,
• 27:31
  the
• 27:31
  Decathlon
• 27:32
  marketplace
• 27:32
  for
• 27:32
  us
• 27:33
  continues
• 27:33
  to
• 27:33
  grow
• 27:35
  much
• 27:35
  like
• 27:35
  the,
• 27:36
  the,
• 27:36
  the
• 27:37
  Sheens
• 27:37
  and
• 27:37
  the
• 27:37
  Teemus
• 27:38
  of
• 27:38
  the
• 27:38
  world.
• 27:38
  They're,
• 27:38
  they're
• 27:39
  an
• 27:39
  open
• 27:39
  marketplace
• 27:40
  so
• 27:40
  they
• 27:40
  just
• 27:40
  allow
• 27:41
  any
• 27:41
  retailer
• 27:42
  or
• 27:42
  any
• 27:42
  person,
• 27:43
  any
• 27:43
  company,
• 27:43
  to,
• 27:44
  to
• 27:44
  retail
• 27:44
  your
• 27:45
  brand.
• 27:46
  So
• 27:46
  you
• 27:47
  just
• 27:47
  need
• 27:47
  to
• 27:47
  be
• 27:47
  aware
• 27:47
  of
• 27:48
  that.
• 27:48
  How
• 27:48
  we
• 27:49
  try
• 27:49
  and
• 27:49
  manage
• 27:49
  that
• 27:49
  is
• 27:50
  just
• 27:50
  through
• 27:50
  assortment.
• 27:51
  Right.
• 27:51
  We
• 27:51
  will
• 27:52
  put
• 27:52
  a
• 27:52
  specific
• 27:52
  type
• 27:52
  of
• 27:53
  assortment
• 27:53
  and
• 27:54
  try
• 27:54
  and
• 27:54
  keep
• 27:54
  it
• 27:55
  as
• 27:55
  differentiated
• 27:55
  as
• 27:55
  we
• 27:56
  possibly
• 27:56
  can
• 27:56
  from,
• 27:57
  from
• 27:57
  other
• 27:58
  areas
• 27:58
  of
• 27:58
  that
• 27:58
  business.
• 27:59
  By
• 27:59
  doing
• 27:59
  that,
• 28:00
  you
• 28:01
  can
• 28:01
  create
• 28:02
  destinations
• 28:02
  and
• 28:03
  kind
• 28:03
  of
• 28:03
  drive
• 28:04
  demand
• 28:05
  through
• 28:05
  the
• 28:06
  consumer.
• 28:06
  Right.
• 28:07
  But
• 28:07
  yeah,
• 28:08
  Decathlon
• 28:08
  is
• 28:08
  a
• 28:08
  real
• 28:09
  big
• 28:09
  sports
• 28:10
  focus
• 28:10
  for
• 28:10
  us
• 28:11
  and
• 28:11
  certainly
• 28:11
  one
• 28:12
  that
• 28:12
  would
• 28:13
  give
• 28:13
  you
• 28:13
  huge
• 28:13
  opportunity
• 28:14
  if
• 28:14
  you
• 28:14
  were
• 28:14
  to
• 28:14
  expand
• 28:15
  outside
• 28:15
  of
• 28:15
  the
• 28:15
  UK
• 28:16
  as
• 28:16
  well.
• 28:16
  Yeah.
• 28:17
  And
• 28:18
  if
• 28:18
  I
• 28:18
  think
• 28:18
  about
• 28:19
  all
• 28:19
  the
• 28:19
  talks
• 28:19
  we
• 28:19
  had
• 28:20
  Between
• 28:21
  Europe
• 28:21
  and
• 28:22
  Brexit
• 28:22
  reasons
• 28:23
  and
• 28:23
  UK
• 28:23
  and
• 28:24
  how
• 28:24
  to
• 28:24
  do
• 28:24
  marketplace
• 28:25
  business
• 28:25
  across.
• 28:26
  Etc.
• 28:27
  Two
• 28:28
  main
• 28:28
  topics
• 28:28
  always
• 28:29
  pop
• 28:29
  up
• 28:29
  is
• 28:30
  logistics,
• 28:30
  as
• 28:31
  you
• 28:31
  already
• 28:32
  mentioned.
• 28:32
  Mentioned
• 28:32
  it,
• 28:32
  and
• 28:33
  also
• 28:33
  the
• 28:33
  tax
• 28:34
  topic.
• 28:34
  Right.
• 28:35
  So
• 28:35
  we
• 28:35
  also
• 28:36
  had
• 28:36
  a
• 28:37
  talk
• 28:37
  this
• 28:37
  week
• 28:37
  with
• 28:37
  another
• 28:38
  marketplace
• 28:38
  other
• 28:38
  category,
• 28:39
  but
• 28:39
  they
• 28:39
  were
• 28:39
  like,
• 28:40
  yeah,
• 28:40
  we
• 28:40
  want
• 28:40
  to
• 28:41
  definitely
• 28:41
  have
• 28:42
  more
• 28:42
  German
• 28:42
  sellers
• 28:43
  on
• 28:43
  our
• 28:43
  UK
• 28:44
  platform.
• 28:45
  And.
• 28:46
  And
• 28:46
  we
• 28:46
  think
• 28:47
  like,
• 28:47
  yeah,
• 28:47
  that's
• 28:47
  quite
• 28:47
  interesting.
• 28:48
  And
• 28:48
  they
• 28:48
  were
• 28:48
  like,
• 28:48
  yeah,
• 28:49
  but
• 28:49
  they
• 28:49
  now
• 28:49
  need,
• 28:50
  they
• 28:51
  first
• 28:51
  of
• 28:51
  all
• 28:51
  need
• 28:52
  a
• 28:52
  UK
• 28:52
  entity.
• 28:53
  And
• 28:53
  then
• 28:53
  we
• 28:53
  were
• 28:53
  like
• 28:54
  the
• 28:54
  UK
• 28:55
  VAT
• 28:55
  number
• 28:56
  and
• 28:56
  VAT
• 28:57
  number
• 28:57
  and
• 28:57
  then.
• 28:58
  And
• 28:58
  then
• 28:59
  it's
• 28:59
  like,
• 28:59
  there's
• 29:00
  so
• 29:00
  often
• 29:01
  so
• 29:01
  big
• 29:01
  hurdles
• 29:02
  to
• 29:03
  really
• 29:04
  enter
• 29:04
  the
• 29:04
  market.
• 29:06
  So
• 29:06
  that
• 29:07
  was
• 29:08
  one
• 29:08
  main
• 29:08
  topic
• 29:08
  and
• 29:09
  I
• 29:09
  think
• 29:09
  you
• 29:09
  can
• 29:09
  solve
• 29:10
  this,
• 29:10
  but
• 29:10
  you
• 29:10
  really
• 29:10
  need
• 29:11
  to
• 29:12
  properly
• 29:12
  decide,
• 29:13
  okay,
• 29:13
  let's
• 29:14
  expand
• 29:14
  from
• 29:15
  Germany
• 29:16
  to
• 29:16
  UK
• 29:16
  and
• 29:17
  let's
• 29:17
  do
• 29:17
  this
• 29:17
  properly.
• 29:19
  Because
• 29:19
  sometimes
• 29:19
  I
• 29:20
  go
• 29:20
  for
• 29:20
  this,
• 29:20
  like,
• 29:21
  yeah,
• 29:21
  go
• 29:21
  for
• 29:21
  it,
• 29:22
  test
• 29:22
  it.
• 29:22
  Right.
• 29:23
  This
• 29:23
  is
• 29:23
  what
• 29:23
  I,
• 29:23
  for
• 29:24
  example,
• 29:24
  recommended
• 29:24
  in
• 29:25
  the
• 29:25
  past
• 29:25
  is
• 29:25
  like,
• 29:26
  hey,
• 29:26
  you're
• 29:26
  already
• 29:27
  online
• 29:27
  Zalando.
• 29:28
  You
• 29:28
  can
• 29:28
  also
• 29:28
  try
• 29:28
  Zalando
• 29:30
  UK
• 29:30
  and
• 29:30
  see
• 29:31
  how
• 29:31
  it
• 29:31
  works
• 29:31
  there.
• 29:32
  But
• 29:33
  what
• 29:33
  I
• 29:33
  learned
• 29:33
  from
• 29:34
  our
• 29:34
  session
• 29:34
  was
• 29:35
  like,
• 29:35
  Zalando
• 29:36
  UK
• 29:37
  is
• 29:37
  really
• 29:38
  not
• 29:38
  that
• 29:38
  relevant.
• 29:39
  And
• 29:39
  then
• 29:39
  the
• 29:39
  numbers
• 29:40
  you
• 29:40
  want
• 29:40
  to
• 29:41
  learn
• 29:41
  with
• 29:42
  or
• 29:42
  learn
• 29:42
  from,
• 29:44
  they
• 29:44
  are
• 29:45
  not
• 29:45
  big
• 29:45
  enough.
• 29:45
  And
• 29:46
  then
• 29:47
  you
• 29:47
  can
• 29:48
  easily
• 29:48
  come
• 29:49
  to
• 29:49
  the
• 29:49
  assumption,
• 29:49
  yeah,
• 29:50
  UK
• 29:50
  business
• 29:50
  is
• 29:51
  not
• 29:51
  worth
• 29:51
  it,
• 29:52
  but
• 29:53
  it
• 29:53
  might
• 29:53
  be.
• 29:54
  Right,
• 29:54
  so
• 29:58
  what
• 29:58
  my
• 29:59
  overall
• 30:00
  conclusion
• 30:00
  after
• 30:01
  our
• 30:01
  session
• 30:01
  was
• 30:02
  that
• 30:03
  we
• 30:04
  assume
• 30:04
  in
• 30:05
  Central
• 30:05
  Europe
• 30:06
  we
• 30:06
  know
• 30:07
  how
• 30:07
  the
• 30:07
  UK
• 30:07
  marketplace
• 30:08
  business
• 30:08
  is
• 30:09
  running
• 30:09
  and
• 30:09
  which
• 30:09
  are
• 30:09
  the
• 30:10
  ones
• 30:10
  who
• 30:10
  are
• 30:10
  really
• 30:10
  relevant.
• 30:11
  Then
• 30:12
  oops,
• 30:13
  oh,
• 30:14
  oh,
• 30:14
  I
• 30:15
  moved
• 30:15
  like
• 30:16
  my
• 30:16
  microphone
• 30:17
  was
• 30:17
  gone.
• 30:19
  And
• 30:20
  then
• 30:21
  we
• 30:21
  are
• 30:21
  talking
• 30:21
  to
• 30:22
  UK
• 30:22
  people
• 30:23
  and
• 30:23
  then
• 30:23
  we're
• 30:23
  like,
• 30:24
  maybe
• 30:24
  we
• 30:24
  should
• 30:26
  have
• 30:26
  a,
• 30:27
  like
• 30:27
  a
• 30:27
  more
• 30:28
  deep
• 30:28
  dive
• 30:28
  talk
• 30:29
  because
• 30:29
  we
• 30:30
  assumed
• 30:30
  wrong.
• 30:32
  That
• 30:32
  might
• 30:32
  also
• 30:32
  be
• 30:32
  the
• 30:33
  reason
• 30:33
  why.
• 30:33
  Because
• 30:34
  what
• 30:34
  we
• 30:34
  also
• 30:35
  heard
• 30:35
  several
• 30:36
  times
• 30:36
  is
• 30:36
  that
• 30:38
  European
• 30:39
  brands
• 30:39
  starting
• 30:39
  in
• 30:39
  the
• 30:39
  UK
• 30:40
  and
• 30:40
  then
• 30:41
  not
• 30:41
  being
• 30:41
  too
• 30:42
  happy
• 30:42
  with
• 30:42
  their
• 30:43
  experience
• 30:43
  because
• 30:44
  things
• 30:44
  are
• 30:44
  not
• 30:44
  working
• 30:45
  that
• 30:45
  easily
• 30:45
  or
• 30:46
  not
• 30:46
  working
• 30:46
  out
• 30:46
  well,
• 30:47
  and
• 30:47
  everyone
• 30:47
  goes
• 30:48
  like,
• 30:48
  yeah,
• 30:48
  but
• 30:48
  this
• 30:48
  is
• 30:49
  the
• 30:49
  biggest
• 30:49
  market,
• 30:50
  it's
• 30:50
  in
• 30:50
  Europe,
• 30:51
  so
• 30:51
  shouldn't
• 30:51
  we
• 30:51
  make
• 30:52
  lots
• 30:53
  of
• 30:53
  turnover
• 30:54
  and
• 30:54
  they
• 30:54
  don't
• 30:54
  because
• 30:55
  they
• 30:56
  go
• 30:56
  for
• 30:56
  the
• 30:56
  wrong
• 30:57
  platforms
• 30:57
  or
• 30:59
  don't
• 30:59
  really
• 30:59
  have
• 30:59
  their.
• 31:00
  I
• 31:00
  don't
• 31:00
  know,
• 31:00
  don't
• 31:01
  know
• 31:01
  how
• 31:01
  to
• 31:01
  address
• 31:01
  the,
• 31:02
  the
• 31:02
  UK
• 31:02
  consumer
• 31:03
  or
• 31:03
  whatever.
• 31:03
  So
• 31:04
  things
• 31:04
  are
• 31:04
  difficult.
• 31:05
  But
• 31:05
  I'd
• 31:06
  like
• 31:06
  to
• 31:06
  return
• 31:06
  to
• 31:07
  what
• 31:07
  you
• 31:07
  said,
• 31:07
  Valerie,
• 31:08
  about
• 31:08
  the
• 31:08
  idea
• 31:09
  of
• 31:09
  using
• 31:09
  Zalando
• 31:10
  as
• 31:10
  a
• 31:10
  tryout
• 31:11
  zone,
• 31:11
  which
• 31:11
  is
• 31:12
  not
• 31:12
  really
• 31:12
  working.
• 31:13
  What
• 31:13
  about
• 31:14
  Amazon
• 31:15
  then?
• 31:15
  Because
• 31:15
  I
• 31:16
  know
• 31:16
  Amazon
• 31:16
  for
• 31:16
  fashion
• 31:17
  is
• 31:17
  always
• 31:17
  one
• 31:17
  of
• 31:17
  those
• 31:17
  topics,
• 31:19
  but
• 31:19
  still,
• 31:19
  I
• 31:19
  mean,
• 31:20
  it's,
• 31:20
  it's
• 31:20
  A
• 31:20
  very
• 31:20
  big
• 31:21
  marketplace
• 31:21
  and
• 31:22
  they
• 31:22
  are
• 31:22
  one
• 31:22
  of
• 31:23
  the
• 31:23
  very
• 31:24
  little
• 31:25
  marketplaces
• 31:26
  who
• 31:26
  have
• 31:26
  this
• 31:26
  Brexit
• 31:27
  problem
• 31:27
  at
• 31:28
  least
• 31:28
  halfway
• 31:28
  sorted
• 31:29
  out.
• 31:29
  So
• 31:30
  is
• 31:30
  Amazon
• 31:30
  a
• 31:31
  good
• 31:31
  tryout
• 31:31
  zone?
• 31:34
  Yes
• 31:34
  and
• 31:35
  no.
• 31:35
  Right.
• 31:35
  I
• 31:35
  think
• 31:36
  in
• 31:36
  terms
• 31:36
  of
• 31:36
  logistics,
• 31:37
  absolutely.
• 31:38
  Because
• 31:38
  there
• 31:38
  will
• 31:39
  be
• 31:39
  a
• 31:39
  solution
• 31:39
  from
• 31:39
  Amazon
• 31:40
  that
• 31:40
  can
• 31:40
  help
• 31:41
  you
• 31:41
  fulfill
• 31:42
  quickly
• 31:42
  and
• 31:42
  relatively
• 31:43
  cheaply
• 31:44
  wherever
• 31:45
  you
• 31:45
  need
• 31:45
  to
• 31:47
  kind
• 31:47
  of
• 31:47
  launch.
• 31:49
  I
• 31:49
  think
• 31:49
  the
• 31:49
  challenge
• 31:50
  currently
• 31:50
  with
• 31:50
  Amazon
• 31:51
  as
• 31:51
  a
• 31:51
  fashion
• 31:52
  retailer
• 31:52
  is
• 31:53
  that
• 31:53
  it's
• 31:53
  not
• 31:54
  a
• 31:54
  real
• 31:54
  fashion
• 31:54
  destination
• 31:55
  for
• 31:55
  like
• 31:56
  an
• 31:56
  aspirational
• 31:57
  consumer,
• 31:58
  but
• 31:58
  it's,
• 31:58
  it's
• 31:59
  logistics
• 31:59
  that
• 31:59
  really
• 32:00
  allow
• 32:00
  it
• 32:01
  to
• 32:01
  be
• 32:02
  that.
• 32:02
  At
• 32:02
  the
• 32:02
  moment,
• 32:05
  if
• 32:05
  you
• 32:05
  look
• 32:06
  at
• 32:06
  assortments
• 32:07
  based
• 32:07
  on
• 32:08
  Amazon,
• 32:08
  they
• 32:08
  tend
• 32:09
  to
• 32:09
  be
• 32:09
  kind
• 32:09
  of
• 32:09
  entry
• 32:10
  level,
• 32:10
  value
• 32:10
  driven,
• 32:11
  really
• 32:11
  price
• 32:11
  led.
• 32:12
  That's
• 32:12
  why
• 32:12
  people
• 32:12
  go
• 32:13
  to
• 32:13
  Amazon.
• 32:13
  Right.
• 32:13
  Because
• 32:14
  they
• 32:14
  get
• 32:14
  the
• 32:14
  best
• 32:14
  deal.
• 32:14
  Right.
• 32:16
  And
• 32:17
  I
• 32:17
  think
• 32:17
  for
• 32:17
  brands
• 32:18
  it's
• 32:18
  a
• 32:18
  real
• 32:19
  challenge
• 32:20
  in
• 32:20
  maintaining
• 32:21
  identity
• 32:21
  and
• 32:22
  price
• 32:22
  perception
• 32:24
  in
• 32:24
  an
• 32:24
  area
• 32:25
  whereby
• 32:25
  it's
• 32:26
  driven
• 32:26
  by
• 32:26
  convenience
• 32:27
  and
• 32:27
  it's
• 32:27
  driven
• 32:27
  by
• 32:27
  algorithms
• 32:28
  and
• 32:28
  not
• 32:29
  really
• 32:29
  driven
• 32:29
  by
• 32:30
  brand
• 32:31
  equity
• 32:32
  is
• 32:32
  probably
• 32:32
  the
• 32:33
  biggest
• 32:33
  challenge
• 32:33
  with
• 32:33
  Amazon.
• 32:34
  I've
• 32:34
  worked
• 32:34
  with
• 32:34
  brands
• 32:35
  who
• 32:36
  decided
• 32:36
  was
• 32:37
  part
• 32:37
  of
• 32:37
  the
• 32:37
  strategy
• 32:37
  to
• 32:37
  work
• 32:37
  with
• 32:38
  Amazon
• 32:38
  and
• 32:38
  some
• 32:39
  brands
• 32:39
  who've
• 32:39
  decided
• 32:41
  to
• 32:41
  not
• 32:41
  work
• 32:41
  with
• 32:42
  Amazon.
• 32:42
  Right.
• 32:42
  I
• 32:42
  think
• 32:42
  either
• 32:43
  way
• 32:43
  though,
• 32:44
  anyone
• 32:44
  involved
• 32:45
  in
• 32:45
  a
• 32:45
  marketplace
• 32:46
  program
• 32:46
  needs
• 32:46
  to
• 32:47
  really
• 32:47
  understand
• 32:48
  Amazon
• 32:49
  needs
• 32:49
  to
• 32:49
  understand
• 32:50
  how
• 32:50
  it
• 32:50
  works,
• 32:51
  what
• 32:51
  it
• 32:51
  can
• 32:51
  do
• 32:52
  and,
• 32:52
  and
• 32:53
  how
• 32:53
  it'll
• 32:53
  benefit
• 32:53
  you
• 32:54
  and
• 32:54
  your
• 32:54
  brand.
• 32:56
  Because
• 32:56
  the
• 32:56
  right
• 32:56
  decision
• 32:57
  might
• 32:57
  be
• 32:57
  not
• 32:57
  to
• 32:58
  go
• 32:58
  on
• 32:58
  Amazon.
• 32:59
  Even
• 32:59
  though
• 32:59
  it
• 32:59
  offers
• 33:00
  logistical
• 33:02
  kind
• 33:02
  of
• 33:02
  supply
• 33:02
  chain
• 33:03
  ease,
• 33:05
  it
• 33:05
  doesn't
• 33:05
  always
• 33:06
  add
• 33:06
  to
• 33:06
  brand
• 33:06
  equity.
• 33:07
  Is
• 33:08
  the
• 33:08
  biggest
• 33:08
  challenge
• 33:08
  on
• 33:08
  me
• 33:10
  and.
• 33:10
  I
• 33:10
  think
• 33:10
  this
• 33:10
  is
• 33:11
  like
• 33:11
  an
• 33:11
  Amazon
• 33:11
  overall
• 33:12
  issue
• 33:12
  for
• 33:13
  years
• 33:13
  and
• 33:13
  years
• 33:13
  and
• 33:14
  years.
• 33:14
  I
• 33:14
  mean
• 33:14
  I
• 33:14
  worked
• 33:15
  for
• 33:15
  Amazon
• 33:15
  fashion
• 33:16
  like
• 33:16
  almost
• 33:17
  10
• 33:17
  years,
• 33:18
  12,
• 33:18
  eight
• 33:18
  years
• 33:19
  ago.
• 33:20
  And
• 33:20
  back
• 33:20
  then
• 33:21
  Amazon
• 33:21
  always
• 33:21
  wanted
• 33:22
  to
• 33:22
  be
• 33:22
  the
• 33:22
  fashion
• 33:23
  player
• 33:23
  and
• 33:23
  they
• 33:23
  always
• 33:24
  tried
• 33:24
  it
• 33:24
  and
• 33:25
  pushed
• 33:25
  and
• 33:25
  pushed
• 33:25
  and
• 33:26
  invested
• 33:27
  tons
• 33:27
  of
• 33:27
  money
• 33:27
  to
• 33:28
  be
• 33:28
  more
• 33:28
  relevant
• 33:28
  in
• 33:29
  the
• 33:29
  fashion
• 33:29
  business.
• 33:30
  But
• 33:30
  still
• 33:32
  big
• 33:33
  luxury
• 33:33
  brands
• 33:33
  are
• 33:34
  not
• 33:34
  there
• 33:34
  yet.
• 33:35
  I
• 33:35
  think
• 33:35
  they
• 33:35
  will
• 33:36
  never
• 33:36
  be
• 33:36
  there
• 33:36
  or
• 33:37
  just
• 33:38
  occasionally
• 33:38
  or
• 33:39
  with
• 33:40
  like
• 33:40
  a
• 33:40
  small
• 33:41
  assortment
• 33:43
  which
• 33:43
  is
• 33:43
  maybe
• 33:44
  the
• 33:44
  entry
• 33:44
  assortment
• 33:45
  etc.
• 33:47
  But
• 33:47
  I
• 33:48
  think
• 33:48
  still
• 33:48
  for
• 33:50
  fashion
• 33:51
  brands
• 33:51
  and
• 33:51
  sports
• 33:52
  brands
• 33:52
  who
• 33:53
  are
• 33:53
  more
• 33:53
  on
• 33:53
  this
• 33:53
  entry
• 33:54
  to
• 33:54
  mid
• 33:54
  price
• 33:55
  level,
• 33:55
  I
• 33:55
  think
• 33:56
  Amazon
• 33:56
  is
• 33:56
  really
• 33:57
  still
• 33:57
  a
• 33:57
  good
• 33:57
  option
• 33:58
  especially
• 33:58
  for
• 33:59
  the
• 33:59
  ones
• 33:59
  who
• 33:59
  have
• 33:59
  like
• 34:00
  a
• 34:00
  big
• 34:00
  nos.
• 34:01
  Assortment.
• 34:02
  So
• 34:02
  ones
• 34:03
  with
• 34:03
  basics,
• 34:04
  underwear,
• 34:05
  kids
• 34:05
  products,
• 34:07
  I
• 34:07
  think
• 34:07
  that's
• 34:08
  quite,
• 34:09
  quite
• 34:09
  relevant
• 34:09
  still.
• 34:11
  But
• 34:12
  the,
• 34:12
  the
• 34:13
  higher
• 34:13
  the,
• 34:14
  the,
• 34:15
  the
• 34:15
  brand
• 34:16
  is
• 34:16
  positioned,
• 34:16
  the
• 34:17
  less
• 34:17
  it's,
• 34:18
  they
• 34:18
  are
• 34:18
  eager
• 34:18
  to
• 34:19
  start
• 34:19
  on
• 34:19
  Amazon
• 34:19
  or
• 34:20
  to
• 34:20
  sell
• 34:20
  on
• 34:20
  Amazon.
• 34:20
  Yeah,
• 34:21
  yeah,
• 34:21
  completely
• 34:22
  agree,
• 34:22
  I
• 34:22
  think,
• 34:22
  yeah.
• 34:24
  When
• 34:24
  I
• 34:25
  worked
• 34:25
  at
• 34:25
  Nike
• 34:25
  it
• 34:25
  was
• 34:26
  always
• 34:26
  Amazon,
• 34:26
  we're
• 34:26
  not
• 34:26
  going
• 34:27
  on
• 34:27
  Amazon.
• 34:27
  It's
• 34:27
  not
• 34:28
  part
• 34:28
  of
• 34:28
  what,
• 34:28
  what
• 34:28
  the
• 34:29
  strategy
• 34:29
  is.
• 34:29
  It's
• 34:29
  not
• 34:29
  part
• 34:30
  of
• 34:30
  what
• 34:30
  we
• 34:30
  want
• 34:30
  to
• 34:30
  try
• 34:30
  and
• 34:30
  do.
• 34:31
  If
• 34:31
  you
• 34:31
  look
• 34:31
  at
• 34:31
  Nike
• 34:32
  recently,
• 34:33
  it's
• 34:33
  gone
• 34:33
  on
• 34:33
  Amazon
• 34:34
  because
• 34:35
  it
• 34:35
  has
• 34:35
  to
• 34:35
  start
• 34:35
  buying
• 34:36
  back
• 34:36
  some
• 34:36
  market
• 34:36
  share,
• 34:36
  right.
• 34:37
  And
• 34:37
  it's
• 34:37
  start,
• 34:37
  got
• 34:37
  to
• 34:37
  start
• 34:38
  getting
• 34:38
  its
• 34:38
  product
• 34:38
  out
• 34:38
  there
• 34:38
  now
• 34:39
  it's
• 34:39
  done.
• 34:39
  It
• 34:39
  was
• 34:39
  a
• 34:39
  really
• 34:40
  tight
• 34:41
  small
• 34:41
  assortment
• 34:42
  in
• 34:42
  certain
• 34:42
  territories
• 34:44
  but
• 34:45
  they're
• 34:45
  doing
• 34:45
  it
• 34:45
  for
• 34:45
  a
• 34:45
  reason.
• 34:46
  They're
• 34:46
  not
• 34:46
  doing
• 34:46
  it
• 34:46
  to
• 34:47
  build
• 34:47
  brand
• 34:47
  equity,
• 34:47
  they're
• 34:48
  doing
• 34:48
  it
• 34:48
  to
• 34:48
  gain
• 34:49
  some
• 34:49
  revenue
• 34:49
  back
• 34:50
  into
• 34:50
  their
• 34:50
  business.
• 34:50
  So
• 34:51
  and
• 34:52
  in
• 34:52
  the
• 34:52
  end
• 34:52
  every
• 34:53
  brand
• 34:53
  is,
• 34:53
  or
• 34:54
  almost
• 34:54
  every
• 34:54
  brand
• 34:55
  is
• 34:56
  already
• 34:56
  sold
• 34:57
  on
• 34:57
  Amazon
• 34:58
  due
• 34:58
  to
• 34:59
  gray
• 35:00
  market,
• 35:00
  other
• 35:01
  retailers,
• 35:01
  etc.
• 35:02
  So
• 35:03
  yeah,
• 35:04
  yeah,
• 35:04
  well
• 35:04
  the
• 35:05
  same
• 35:05
  thing.
• 35:05
  Might
• 35:05
  be
• 35:05
  true
• 35:05
  at
• 35:06
  the
• 35:06
  moment
• 35:06
  for
• 35:06
  Timo
• 35:06
  and
• 35:06
  Shane
• 35:07
  to
• 35:07
  turn
• 35:08
  the
• 35:08
  topic
• 35:08
  back
• 35:09
  there
• 35:09
  and
• 35:10
  brands
• 35:10
  will
• 35:10
  need
• 35:10
  to
• 35:11
  find
• 35:11
  a
• 35:11
  way
• 35:12
  to
• 35:12
  deal
• 35:12
  with
• 35:12
  those
• 35:12
  as
• 35:12
  well.
• 35:13
  Just
• 35:13
  as
• 35:13
  they
• 35:13
  did
• 35:13
  with
• 35:14
  Amazon.
• 35:14
  Yeah,
• 35:16
  yeah,
• 35:17
  yeah,
• 35:19
  maybe
• 35:19
  as
• 35:20
  the
• 35:20
  last
• 35:20
  question.
• 35:20
  Neil,
• 35:21
  let's
• 35:21
  have
• 35:21
  a
• 35:21
  look
• 35:21
  out
• 35:22
  into
• 35:22
  the
• 35:23
  future.
• 35:23
  At
• 35:23
  the
• 35:23
  moment
• 35:23
  what
• 35:23
  I
• 35:24
  find
• 35:24
  interesting
• 35:24
  in
• 35:24
  the
• 35:24
  UK
• 35:25
  market
• 35:25
  is
• 35:25
  this
• 35:26
  is
• 35:26
  the
• 35:26
  start
• 35:26
  of
• 35:27
  all
• 35:27
  these
• 35:27
  classical
• 35:29
  retailers
• 35:29
  like
• 35:30
  very
• 35:30
  like
• 35:30
  Next,
• 35:30
  like
• 35:31
  John
• 35:31
  Lewis,
• 35:31
  like
• 35:31
  Debenhams.
• 35:32
  Also
• 35:33
  Marks
• 35:33
  and
• 35:33
  Spencer's
• 35:34
  is
• 35:34
  also
• 35:34
  going
• 35:34
  for
• 35:34
  the
• 35:34
  marketplace
• 35:35
  direction.
• 35:36
  So
• 35:36
  there's
• 35:36
  a
• 35:36
  lot
• 35:36
  of
• 35:37
  movement
• 35:37
  at
• 35:37
  the
• 35:37
  moment
• 35:38
  in
• 35:38
  the
• 35:38
  marketplace
• 35:39
  landscape
• 35:40
  in
• 35:40
  the
• 35:40
  uk.
• 35:42
  What
• 35:42
  do
• 35:42
  you
• 35:42
  think
• 35:42
  of
• 35:43
  all
• 35:43
  these
• 35:44
  sort
• 35:44
  of,
• 35:44
  I
• 35:45
  don't
• 35:45
  know,
• 35:45
  copy
• 35:45
  and
• 35:45
  paste
• 35:46
  miracle
• 35:46
  marketplaces
• 35:47
  that
• 35:47
  are
• 35:47
  erupting
• 35:48
  everywhere
• 35:49
  in
• 35:49
  the
• 35:49
  UK
• 35:49
  at
• 35:49
  the
• 35:49
  moment?
• 35:50
  Is
• 35:50
  there
• 35:50
  one,
• 35:51
  one
• 35:51
  that
• 35:51
  you
• 35:52
  look
• 35:52
  to
• 35:52
  and
• 35:52
  say
• 35:53
  okay,
• 35:53
  this
• 35:53
  is
• 35:53
  going
• 35:53
  to
• 35:53
  be
• 35:54
  the
• 35:54
  leader
• 35:54
  in
• 35:54
  the
• 35:54
  future
• 35:55
  or
• 35:55
  is
• 35:55
  that
• 35:56
  that's
• 35:56
  still
• 35:56
  completely
• 35:57
  open?
• 35:58
  I
• 35:58
  still
• 35:58
  think
• 35:59
  it's
• 35:59
  open.
• 35:59
  I
• 35:59
  think
• 35:59
  it's
• 35:59
  all
• 36:00
  dependent
• 36:00
  on
• 36:00
  brand.
• 36:01
  I
• 36:01
  think
• 36:01
  it's
• 36:01
  all
• 36:01
  dependent
• 36:02
  on
• 36:02
  the
• 36:02
  consumer
• 36:02
  you
• 36:03
  want
• 36:03
  to
• 36:03
  try
• 36:03
  and
• 36:03
  hit.
• 36:04
  What
• 36:05
  I
• 36:05
  do
• 36:05
  think
• 36:06
  though
• 36:06
  is
• 36:06
  that
• 36:07
  the
• 36:07
  reason
• 36:08
  why
• 36:08
  more
• 36:08
  retailers
• 36:09
  are
• 36:09
  starting
• 36:09
  to
• 36:09
  turn
• 36:10
  to
• 36:10
  marketplace
• 36:10
  is
• 36:11
  because
• 36:12
  the
• 36:12
  stock
• 36:12
  risk
• 36:13
  is
• 36:13
  because
• 36:13
  it
• 36:13
  takes
• 36:14
  risk
• 36:14
  away
• 36:14
  from
• 36:15
  their
• 36:15
  business
• 36:16
  and
• 36:16
  a
• 36:16
  lot
• 36:16
  of
• 36:17
  retailers
• 36:17
  are
• 36:17
  trying
• 36:18
  to
• 36:18
  de
• 36:18
  risk
• 36:18
  in.
• 36:19
  In
• 36:19
  these
• 36:19
  pretty
• 36:20
  kind
• 36:20
  of
• 36:20
  uncertain
• 36:21
  economic
• 36:21
  times.
• 36:23
  However,
• 36:23
  brands
• 36:23
  need
• 36:23
  to
• 36:24
  continue
• 36:24
  to
• 36:24
  put
• 36:24
  their
• 36:25
  brand
• 36:25
  in
• 36:25
  front
• 36:25
  of
• 36:25
  people.
• 36:25
  Right.
• 36:26
  So
• 36:26
  I
• 36:26
  think
• 36:26
  that
• 36:27
  it's
• 36:27
  an
• 36:27
  ideal
• 36:28
  meeting
• 36:29
  of
• 36:29
  the
• 36:29
  waves
• 36:30
  whereby
• 36:30
  a
• 36:31
  retailer
• 36:31
  can
• 36:31
  still
• 36:31
  show
• 36:32
  choice
• 36:32
  and
• 36:33
  options
• 36:33
  and
• 36:33
  depth
• 36:34
  with
• 36:34
  a
• 36:34
  product
• 36:35
  and
• 36:35
  a
• 36:35
  brand
• 36:35
  can
• 36:36
  also
• 36:36
  drive
• 36:36
  some
• 36:36
  revenue
• 36:37
  through
• 36:37
  that
• 36:37
  as
• 36:37
  well.
• 36:38
  So
• 36:38
  I
• 36:39
  think
• 36:39
  it's
• 36:39
  all
• 36:39
  pretty,
• 36:40
  I
• 36:40
  don't
• 36:40
  think
• 36:40
  there's
• 36:41
  any
• 36:41
  one
• 36:41
  that
• 36:41
  really
• 36:42
  stands
• 36:42
  out
• 36:42
  at
• 36:42
  the
• 36:42
  moment.
• 36:43
  I
• 36:43
  think
• 36:43
  if
• 36:44
  we
• 36:44
  look
• 36:44
  further
• 36:44
  into
• 36:45
  the
• 36:45
  future,
• 36:45
  I
• 36:45
  think
• 36:46
  you
• 36:46
  know,
• 36:47
  around
• 36:47
  social
• 36:48
  commerce
• 36:48
  is
• 36:48
  going
• 36:48
  to
• 36:49
  be
• 36:49
  just
• 36:49
  continue
• 36:50
  to
• 36:50
  grow
• 36:50
  because
• 36:51
  that's
• 36:51
  Ultimately
• 36:52
  how
• 36:53
  the
• 36:53
  younger
• 36:53
  consumers
• 36:54
  of
• 36:54
  today
• 36:54
  are
• 36:54
  shopping
• 36:55
  and
• 36:55
  want
• 36:56
  to
• 36:56
  shop
• 36:56
  and
• 36:56
  want
• 36:56
  to
• 36:56
  engage
• 36:57
  with
• 36:57
  brands.
• 36:58
  I
• 36:59
  think
• 36:59
  AI
• 36:59
  obviously
• 37:00
  becomes
• 37:00
  a
• 37:00
  huge
• 37:00
  part
• 37:00
  of
• 37:01
  that
• 37:01
  in
• 37:01
  terms
• 37:01
  of
• 37:01
  personalization
• 37:02
  of
• 37:02
  offer,
• 37:02
  in
• 37:03
  terms
• 37:03
  of
• 37:03
  data
• 37:03
  and
• 37:04
  setup,
• 37:04
  in
• 37:04
  terms
• 37:04
  of
• 37:05
  product
• 37:05
  and
• 37:06
  just
• 37:06
  delivery.
• 37:07
  And
• 37:08
  then
• 37:08
  I
• 37:08
  think
• 37:08
  also
• 37:08
  retail
• 37:09
  media.
• 37:09
  Retail
• 37:10
  media
• 37:10
  is
• 37:10
  going
• 37:10
  to
• 37:10
  be
• 37:10
  a
• 37:10
  huge
• 37:11
  part
• 37:11
  of
• 37:11
  marketplaces
• 37:12
  now.
• 37:12
  It
• 37:12
  becomes
• 37:12
  less
• 37:13
  about
• 37:15
  brand
• 37:15
  led
• 37:17
  once
• 37:17
  a
• 37:17
  season
• 37:17
  stories
• 37:18
  and
• 37:18
  more
• 37:19
  around
• 37:19
  kind
• 37:19
  of
• 37:19
  always
• 37:20
  on
• 37:20
  365
• 37:21
  retail
• 37:22
  media
• 37:22
  that
• 37:23
  really
• 37:23
  kind
• 37:23
  of
• 37:23
  keeps
• 37:23
  a
• 37:24
  brand
• 37:24
  relevant
• 37:24
  on
• 37:25
  a
• 37:25
  marketplace.
• 37:27
  That's
• 37:27
  how
• 37:27
  I
• 37:27
  see
• 37:27
  this
• 37:27
  kind
• 37:28
  of
• 37:28
  moving
• 37:28
  forward.
• 37:30
  Absolutely
• 37:32
  right,
• 37:32
  Neil.
• 37:32
  I
• 37:33
  think
• 37:33
  we'll
• 37:33
  close
• 37:34
  it
• 37:34
  here
• 37:35
  for
• 37:35
  now.
• 37:36
  Might
• 37:36
  return
• 37:37
  to
• 37:37
  that
• 37:38
  at
• 37:38
  a
• 37:38
  later
• 37:38
  point.
• 37:38
  But
• 37:39
  for
• 37:39
  now,
• 37:39
  thank
• 37:39
  you
• 37:40
  very
• 37:40
  much
• 37:40
  for
• 37:40
  insight.
• 37:40
  That
• 37:41
  was
• 37:41
  really
• 37:41
  interesting.
• 37:42
  Great.
• 37:42
  Thank
• 37:43
  you.
• 37:43
  Yeah,
• 37:44
  thank
• 37:44
  you
• 37:44
  so
• 37:45
  much,
• 37:45
  Neil.
• 37:46
  It
• 37:46
  was
• 37:46
  really
• 37:46
  great
• 37:47
  to
• 37:47
  have
• 37:47
  you
• 37:47
  on
• 37:47
  the
• 37:47
  show.
• 37:48
  And
• 37:48
  as
• 37:49
  I
• 37:49
  always
• 37:49
  say,
• 37:49
  the
• 37:49
  best
• 37:50
  insights
• 37:50
  come
• 37:51
  from
• 37:51
  talking
• 37:51
  to
• 37:51
  your
• 37:51
  community,
• 37:52
  your
• 37:52
  peers
• 37:53
  or
• 37:53
  by
• 37:53
  listening
• 37:54
  to
• 37:54
  our
• 37:54
  podcast,
• 37:54
  of
• 37:55
  course.
• 37:56
  So
• 37:56
  make
• 37:56
  sure
• 37:57
  to
• 37:57
  follow
• 37:57
  us
• 37:57
  and
• 37:58
  write
• 37:58
  us
• 37:58
  on
• 37:58
  Spotify,
• 37:59
  Apple
• 37:59
  Podcasts,
• 38:00
  YouTube
• 38:00
  or
• 38:01
  wherever
• 38:01
  you
• 38:02
  are
• 38:02
  listening
• 38:02
  to
• 38:02
  us.
• 38:03
  And
• 38:03
  of
• 38:03
  course
• 38:03
  by
• 38:03
  tuning
• 38:04
  in
• 38:04
  again
• 38:04
  next
• 38:05
  time.
• 38:05
  Yep.
• 38:06
  So
• 38:06
  for
• 38:06
  now,
• 38:06
  thanks
• 38:07
  for
• 38:07
  listening.
• 38:07
  Bye.
• 38:08
  Bye.
• 38:08
  Bye.
• 38:13
  You
• 38:14
  listened
• 38:14
  to
• 38:14
  let's
• 38:15
  Talk
• 38:15
  Marketplace,
• 38:16
  the.
• 38:16
  Marketplace
• 38:17
  podcast
• 38:17
  with
• 38:18
  Ingrid
• 38:18
  Lommer
• 38:18
  and
• 38:19
  Valerie
• 38:19
  Dichtel.