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CEO Daniel Mühlbach states that occasional wear and work wear categories recorded a marked y/y increase (from low levels) in Q3, suggesting pent-up support ahead from re-opening of societies. Its highly automated e-commerce platform supports eight different brands in 24 European markets and adds to operating leverage. While Q3 growth came in at 43% y/y (above our estimates), the global supply chain remains an issue in current trading.
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