• Record-high repeat rates and AOV growth: The Q&A revealed that Q4 is starting strong with repeat business driving record order sizes (9% AOV increase) and higher mix from premium products, highlighting robust consumer demand and underlying revenue potential. "
• Leveraging generative AI for personalization: Management underscored that advances in generative AI models are being deployed to enhance targeting and personalization, promising improved customer experiences and conversion rates, particularly as new brands like Brand 3 develop. "
• Expanding international market opportunities: The team confirmed that their international launches in Canada, U.K., Germany, and Australia have been highly profitable and hint at a future where international markets could represent over 50% of total business, offering a substantial long-term growth opportunity. "

• Margin Pressure from New Investments: The company is heavily investing in new brands (Brand 3 and Brand 4) and technology, yet does not expect these initiatives to deliver material revenue contribution in 2025, which could lead to margin compression and increased cost pressures. " "
• Reliance on Existing Brands: Growth largely depends on the established brands IL MAKIAGE and SpoiledChild. If consumer preferences shift or competition intensifies in these core segments, the company’s reliance on existing brands could hamper overall revenue growth. " "
• Cautious International Expansion: While international markets represent a huge opportunity, the strategy remains U.S.-centric with a slow approach to new market entries. This delayed expansion may result in missed growth opportunities or execution risks in translating international success. "

1. **Q4 Outlook**  
   **Q:** What signals and update for Q4 and new brands?  
   **A:** Management emphasized a **strong Q4 start** with exceptional repeat rates and rising **AOV**. They confirmed that **Brands 3 and 4** are developing on schedule for a second-half launch next year, though they won’t materially contribute to 2025 revenue.  **[1907085_ODD_3407193_5]** **[1907085_ODD_3407193_6]** 

2. **Revenue & AOV**  
   **Q:** What drove revenue growth and the **9% AOV** increase?  
   **A:** They explained that revenue is primarily order-driven, supported by increased order sizes and a favorable mix towards higher-priced products, with advancements in generative AI enhancing personalization and targeting.  **[1907085_ODD_3407193_7]** 

3. **Intl & GLP**  
   **Q:** What are the plans for international expansion and GLP?  
   **A:** Management noted that international markets, where they are already highly profitable, present a huge opportunity—potentially over **50%** of business long-term—and clarified there are no plans to offer GLP, focusing solely on skin and body issues.  **[1907085_ODD_3407193_8]**