CTT -14.38%: the luxury ecommerce business fell to 4-week lows today on the back of an Australian Financial Review report claiming the company doesn’t pass on import duties charged to customers. The article states an order for ~$1.3k was placed, including ~$170 of duties in the invoice, however, the package that arrived states duties & taxes remain unpaid. The company responded in a release to the market at midday today refuting the article’s claim, instead saying the label refers to whether duties were paid by the shipper, in this case DHL, whereas Cettire pay this through their own system. Not helping the reaction was a recent sale of a $127m stake in the company from Founder Dean Mintz – more shares out there to sell.
- Early signs point to a ‘storm in a teacup’ for CTT, the pullback is likely an opportunity.
MM remains bullish CTT
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