The Differences Between China and the US Market

The market's not like the US market, which is very consistent growth. You have these very lumpy cash flows because we're dictated by these big shopping festivals where 30 or 40% of your revenue can happen. The Chinese consumer is also one that is looking for a brand that has a status. We see that there's been a big trend away from lifestyle brands to premiumization. More expensive brands are receiving a lot more airtime than small indie brands. And it's becoming a lot more expensive to market.