More questions than answers at Kogan.com
For the many Kogan.com bears, itâs almost at the point where itâs hard to see the bull case.
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Online retailer Kogan.com, was one of the sharemarketâs big winners from the first round of major COVID-19 lockdowns. In founder Ruslan Koganâs words, it made the most of a âonce-in-a-centuryâ opportunity.
Just over 12 months on, the $1 billion company is now the marketâs fourth most-shorted stock. In May, it issued a profit downgrade, admitting it miscalculated demand, added unnecessary costs to help its expansion, was slugged with fees related to overstocking, and is now being forced to discount heavily.