Asos has announced its chief executive is leaving with immediate effect as the online fashion giant warned that rising costs are set to hit its profits. Sporty shapes, high-tech materials, and oversized outerwear were featured in the collection. To try new things. Year-on-year, the COVID-19 tailwind was 22.3m favourable, due to the full annualisation of lower warehouse and distribution costs driven by lower returns, partially offset by freight-related headwinds. I would like to thank Nick Beighton for his contribution to ASOS over the past 12 years and his guidance to me since. With the removal of restrictions across most of our markets in the second half of the year, we saw product mix start to normalise, however we still saw an estimated COVID-19 tailwind of 67.3m driven by lower returns rates across the year, of which 48.5m estimated benefit was reported in the first half. This included entering a long-term ocean freight contract directly with a major shipping line, with rates secured that represented a significant reduction against current market levels. Digital marketing, also known as online marketing, is the promotion of brands to connect with potential customers via the internet and other forms of digital communication. Delayed London Stock Exchange Because ASOS is a web-based company, it has far fewer employees than a similar-sized brick-and-mortar store. We retain ample balance sheet flexibility and reiterate our expectations for FY23., 1 On a constant currency basis, excluding Russia from the FY22 comparative base Brexit resulted in incremental duties in FY21 as a result of duties incurred on product shipped between the UK and Europe. ASOS PLC. It exists to assure you that you can be whoever you want to be. endstream endobj startxref For apparel, they have big brands like Nike, Adidas, Calvin Klein, and so on, and for beauty products, they have Bourjois. They have a large marketing mix product portfolio on their portal, demonstrating that they can cater to a wide range of people. An ASOS homepage takeover, out-of-home advertising in London and New York, and social assets featuring Queen B were all part of the brands collaborative marketing efforts. It is the worlds fourth-largest online fashion store in terms of revenue. They are our inspiration and give us our purpose. The headquarters of ASOS is located at Camden City, Greater London House, Berlin, and Birmingham, with additional offices. Since we completed the deal in February 2021, we have more than delivered against our promise, developing and enhancing the brands further using our design, marketing, technology, logistics and 20-somethings expertise. Attend our, with Karan Shah, CEO of IIDE, to gain hands-on experience with digital marketing. Key to the delivery of this plan is ensuring that we have the right leadership in place for the next phase to ensure we deliver against our clear strategic intent. But we have started the new financial year confident that we have an unrivalled collection of brands that resonates with our core 20-something customers, the right technology underpinning our platform, the right strategy in place and a strong management team, leading more than 3,000 ASOSers who have an unrivalled passion for fashion and what it means in the lives of our customers. As a marketing channel, this comprises not only email, social media, and web-based advertising, but also text and multimedia messages. The company has now launched a smartphone-based app for both Android and iPhone. By executing against our clearly-stated priorities, we will return to delivering the kind of sustainable growth on which we can continue to build. best global and local third-party brands, alongside our mix of fashion-ledin-house labels including ASOS DESIGN, ASOS EDITION, ASOS 4505, Collusion, Reclaimed Vintage, Topshop, Topman, Miss Selfridge and HIIT. Every month its website attracts 6 million shoppers and has over 2 million registered customers. Asos plans to increase marketing spend to capture long-term growth After delivering a 30% increase in profits over the last financial year, Asos has laid out the five strategic pillars it is banking on to drive further growth. <> So, if you liked the article, please share it with your friends, colleagues, and family; if you thought it was interesting and valuable, please leave a comment and let us know what you thought. As a result, although we saw increased demand for event-led product, with 'going out' wear a higher proportion of our mix in the second half of the year, the mix of this product still remains well below pre-pandemic levels. As a result, it ensures that everyone has an equal opportunity to discover all of the amazing things they are capable of regardless of who they are, where they come from, or what they look like to boss. Analyst recommendations: Asos, EasyJet, Glacier Bancorp, Mosaic,.. FTSE 100 Closed Down 0.4% as Economic Pessimism Rises, UK's 4Q Stagnation Could Be Revised Downward to Recession, Weak UK Economic Outlook Seen as Headwind for Pound. I want to thank Nick Beighton, who has stepped down as Chief Executive Officer (CEO) after 12 years with ASOS and six as CEO. Content is the primary factor that contributes to its successful promotion through the digital platform. Required fields are marked *. We are taking all the right actions to deliver a better and more resilient business and to deal with what is likely to be a lengthy period of continued uncertainty. Luke will step down from the Board on 31 October 2022 and Eugenia will step down at the close of the AGM. In our previous article, we learnt in detail about the marketing strategy of a fascinating brand, Digital Marketing Courses Across The World, Digital Marketing Courses in Mumbai | Navi Mumbai | Andheri | Mulund | Vashi | Thane | Churchgate | Delhi | Noida | Hyderabad | Gurgaon | Udaipur | Surat | Pune | Patna | Nagpur | Lucknow | Kolkata | Jaipur | Indore | Chandigarh | Ahmedabad | Nigeria | Dubai | Abu Dhabi | Egypt | Nepal | Malaysia | Sri Lanka, In this case study, well learn about the Marketing Strategy of ASOS in depth. But heres what ASOS did right: they sold products that could be worn by anyone. Hampstead Road All built to deliver on our purpose - to give our customers the confidence to be whoever they want to be. This strategy has helped ASOS not only to sell its products but has also made it the best online mode destination. ASOS is a global online fashion and beauty retailer and offers over 50,000 branded and own label product lines across womenswear, menswear, footwear, accessories, jewellery and beauty with approximately 1,500 new product lines being introduced each week. ASOS sells clothing, shoes, and beauty accessories directly to customers. Now let us summarize it in the conclusion section below. Most of the time, ASOS does not charge a delivery charge, but in some cases, they do. %%EOF Furthermore, we introduced a sea/air combination, ensuring flexibility existed with transit times on longer lead sourced product. They have launched a new brand for children called Little ASOS. Annual Report and Accounts 2019. We operate across the globe, in 10 languages and offer 19 different payment methods. Now that we have seen some successful campaigns by the brand, let us take a look at the successful digital marketing strategy of ASOS. The company was founded in London in 2000, with a primary focus on young adults. Reusable mail bag trial for ASOS staff launched, Within operating costs, distribution and warehouse costs reduced as a percentage of sales by 60bps and 50bps respectively, to 13.0% and 9.1%. We have also continued to invest in our platform and offer, including the successful acquisition and integration of the Topshop brands. We saw a step up in promotional activity due to competitive pressures in RoW and as we invested for growth in key markets, along with price investment into Europe and the US, which we were able to fund through improved intake margins. The challenge hashtag received over 1.6 billion views, making ASOS the only European fashion brand to surpass a billion views during the campaign period in 2020. We also recognise that nothing can be achieved without the right people. Y[?VSX9gY7+rv+u![86p"55=o>aSB6;'k2jDJczIs+R.?7T`; f>.p%pf1 _'y5lI\*8:byHn`qQ6 9. <> ASOS sells clothing, shoes, and beauty accessories directly to customers. Consolidated Statement of Changes in Equity, Consolidated Statement of Financial Position, Notes to the Company Financial Statements. Accelerating international growth, including doubling the size of the combined US and Europe business; Strengthening the ASOS Platform with the launch of 'Partner Fulfilment', targeting c.5% of Gross Merchandise Value (GMV). I am delighted to be taking on the role of Chief Operating Officer, which is an addition to my role as Chief Financial Officer, and, will lead ASOS on a day-to-day basis ahead of the appointment of a new Chief Executive Officer. Key Highlights NW1 7FB, UK, Company information The brand offers a wide range of products. For apparel, they have big brands like Nike, Adidas, Calvin Klein, and so on, and for beauty products, they have Bourjois. The two-week social-led campaign aimed to raise awareness among clients in the United Kingdom, the United States, and Germany via YouTube, TikTok, Snapchat, Facebook, and Instagram. ASOS plc published this content on 28 October 2021 and is solely responsible for the information contained therein. endobj The swift integration of the Topshop brands and the impressive early . 2 0 obj Our fulfilment centre in Lichfield, UK launched in August 2021 and has increased our UK stockholding capacity to 7m units. The best part was that the products were gone in a matter of hours. ASOS employs the hashtag #AsSeenOnMe, and any use of the hashtag adds the photos to an ASOS online database. Revenues rose to 3,910.5m, delivering an adjusted pre-tax profit of 193.6m, a rise of 22% and 36% respectively. Distributed by Public, unedited and unaltered, on 28 October 2021 11:32:09 UTC. This report contains ASOS Plc company and market share data which will help you understand the detailed picture of company's financial position. In line with this, returns rates have started to normalise. This will allow ASOS to deliver against the ambition to be one of the few truly global leaders in online fashion retail. Our relentless focus on flawless delivery for customers will underpin our growth, as will constantly refreshing 112 Independent Auditors' Report to the members of ASOS Plc, ASOS PLC ANNUAL REPORT AND ACCOUNTS 2022, 45%Female representation at combined leadership level, STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS, "We are confident we are on the right path and that our unique business model, combined with the strength of our brand, our offer and our people, means ASOS is well-positioned to succeed and to create long-term shareholder value.". Sporty shapes, high-tech materials, and oversized outerwear were featured in the collection. 2Adjusted gross margin is the reported gross margin excluding the impact of a provision raised in relation to the previously announced stock write-off of c.90m. Lets look at the brands social media accounts below: ASOS brings its products to life through these channels. As a result, we enter the coming year well placed against the backdrop of difficult conditions that we and all businesses are facing. on transparency and human rights; and Be Diverse, encompassing diversity, equity and inclusion. The ASOS website and mobile application are very easy to use, and all of the most recent discounts and offers are displayed to customers first so that they can benefit the most. Increased lead time impacts were also experienced between UK and EU as a result of Brexit, with additional customs requirements and checks. 3';+{^:c|>m[ %PDF-1.7 to express oneself To be courageous and embrace life as the extraordinary adventure that it is. We use these tools in a number of ways, for example, we're rolling out the facility tool to our Tier 1 and Tier 4 suppliers that make . But heres what ASOS did right: they sold products that could be worn by anyone. ASOS is a leading fashion e-commerce retailer based in the United Kingdom. It uses a wide variety of images and stylish displays for building customer engagement. We believe in a world where you have the freedom to explore and express yourself without judgement, no matter who you are or where you're from. Average basket value is defined as net retail sales divided by orders. For promotion, they also send out leaflets and booklets via post and delivery. Our FY22 adjusted PBT expectations are in the range of110m-140m, reflecting: Normalised returns rates and resultant removal of the67.3mCOVID-19 related benefit, Notable cost headwinds including incremental inbound freight costs, Brexit duty annualisation, outbound delivery costs and labour cost inflation, Continued improvements in operational excellence initiatives to reduce costs and mitigate inflationary pressures, An increase in marketing as a percentage of sales of c.1% in support of our international growth ambitions, Capex investment of c.210msupporting the automation of Lichfield and Atlanta fulfilment centres and increased technology investment behind our customer experience and data science capability, Expect FCF generation to be broadly neutral, Continued focus on fashion-loving 20-somethings with a Total Addressable Market of430bnin the UK, US, Europe and core RoW territories providing significant further growth potential, At least a 4% EBIT margin, with significantly increased marketing investment, Capital expenditure in the range of200m-250mp.a, Accelerating international growth, includingdoubling the size of the combined US and Europe business, Adding at least1bnto our annual own-brand sales, Strengthening the ASOS platform with the launch of 'Partner Fulfilment', targeting c.5% of Gross Merchandise Value (GMV), Revenue and margin targets fully aligned with our long-term incentive programme, The Capital Markets Day planned for 14th October 2021 to outline the detail behind the new strategic framework, will now be held on 10th November 2021. ASOS must prioritize strategies related to new product development. Our focus now shifts to the next phase of our growth, which is focused on accelerating the pace and intensity of our international growth along with our commercial execution. Income from other services comprises of delivery receipt payments, wholesale sales and marketing services. ASOS brings its products to life through these channels. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. This was due to further refinement of, ASOS delivered a strong performance across the year as we continued to navigate dynamic demand patterns, supply chain constraints, and changing COVID-19 restrictions throughout the year. It is an online platform that allows customers to easily make a purchase. strategy has delivered exceptional results. He joined a start-up business and leaves an internationally-focused business with over 26m customers in 200 markets around the world. All rights reserved. New Softcat CFO Katy Mecklenburgh to start in June, JD Sports hires Currys Chair Ian Dyson as non-executive director, Citigroup cuts Admiral; Jefferies likes PPHE. Partly through marketing strategies focusing on brand awareness and popularity such as: Advertising campaigns are critical to the success of any business. While there is more to do, I am pleased by the progress made in this period and am confident in the direction we are going. They now have warehouses in various locations throughout the United Kingdom from which they can easily ship the product. First Republic Bank plunged . We accelerated active customer growth, which helped drive sales, and invested in enhancing, our customer experience. Did you like our work? ASOS debuted Beyoncs long-awaited Adidas X IVY PARK collaboration in January 2020. They have a diverse product line that spans the entire price range. We delivered sales growth of 22% (all sales numbers quoted throughout the operational and financial review are in constant currency and reflect total sales unless otherwise stated) with first half performance benefiting from significant lockdown restrictions, particularly in the UK. P4 underlying total sales growth of 15% in line with guidance: EU most impacted by global supply chain challenges; RoW hit by COVID-19 related disruptions to our delivery proposition, Gross margin down by 200bps to 45.4%, driven by elevated freight & Brexit-related duty costs, product mix, FX headwinds and increased customer investment, Adjusted PBT of193.6m(including estimated67.3mCOVID-19 benefit), Adjusted PBT exc. This partnership will help drive the growth of the Topshop, Topman, Miss Selfridge and HIIT brands and pave the way for exploration of a new wider strategic partnership aimed at building greater awareness and engagement in the North American market. They have a large marketing mix product portfolio on their portal, demonstrating that they can cater to a wide range of people. Analyzing the Marketing Strategy of Patanjali: A Case Study with SWOT Analysis, Extensive Marketing Strategy Of IFCI In-Depth Analysis, Extensive Marketing Strategy Of Ashoka Buildcon In-Depth Analysis, Post Graduation in Digital Marketing (11 months), Online Digital Marketing Course (4 months), Uncertain purchase behaviours of customers. %PDF-1.7 % By Michaela Jefferson 11 Oct 2021 Since February, ASOS had more than doubled the number of Topshop and Topman products available on its website, with plans to double it again in the coming weeks. This is my last statement as Chair, before stepping down in November. In response to some of the above dynamics, we worked on various ways to mitigate these impacts to ASOS. Advertising campaigns are critical to the success of any business. He is taking firm action now to build upon our core strengths and accelerate the changes needed to strengthen the business based on four key principles: simplicity; speed to market; operational excellence; and flexibility and resilience. Excluding the estimated net COVID-19 related tailwinds, we delivered a 30% increase in adjusted profit before tax of 126.3m and a 20bps improvement. Topshop brands have contributed an estimated 61.7m of incremental sales since the acquisition and integration. ASOS launched a campaign in 2017 to capitalize on the Instagram Stories feature, encouraging users to upload videos of purchased ASOS products. endstream endobj 488 0 obj <>/Metadata 32 0 R/Pages 485 0 R/StructTreeRoot 42 0 R/Type/Catalog>> endobj 489 0 obj <. Well managed Supply Chain & Distribution Network, Brilliant Influencer Marketing Initiatives, Very little emphasis on Research & Development, Regular Free Shipping eats into profit margins, Expansion to different regions of the world. We also saw freight-related impacts on our costs, most notably in the second half of the year, driven predominantly by increased freight rates. You can also find out more about what we do in this area Find out more about ASOS PLC here. We hope you found this blog to be informative and beneficial. ", There will be a webcast for investors and analysts that will take place at 8.00am, 11 October 2021. Depreciation and amortisation fell by 10bps as a percentage of sales as we leveraged our existing fixed asset base to drive higher sales, while Lichfield went live on 28 August 2021 meaning there was only a minor depreciation impact in FY21. Asos chief executive Nick Beighton says: "These record results, which include robust growth in sales, customer numbers and profitability, demonstrate the significant progress we have made against all of our strategic priorities and the strength of our execution capability. Lastly, we saw an FX-related headwind in gross margin, primarily as a result of the strengthening of emerging market currencies where we hedge on a limited basis and therefore where some exposure remains. Defined as having shopped in the last 12 months as at 31 August. It uses a wide variety of images and stylish displays for building customer engagement. Did you like our work? People, Process & Physical Evidence. -, Chief Executive Officer's operational review, Consolidated Statement of Changes in Equity, Consolidated Statement of Financial Position, Notes to the Company Financial Statements, Adjusted profit before tax excludes items recognised in reported profit or loss before tax which, if included, could distort comparability between periods. . Following the acquisition of the Topshop brands in the first half of this year, we have integrated at pace with supplier onboarding, transition of the brand team, and re-initiation of wholesale sales to Nordstrom, all completed in the second half of the year. They now have over 250 employees, up from 47 when they first founded the company. Since then, we have announced a strategic partnership with Nordstrom, to drive the growth of these iconic brands in North America, also paving the way for ASOS' own-brands to be sold in Nordstrom stores and online. The brand offers a wide range of products. Against this backdrop, in October 2021, we set out the headlines of the next phase of the ASOS strategy. Now that weve analyzed the digital marketing strategy, let us look at the SWOT analysis of ASOS and better understand the brands strengths, weaknesses, threats, and opportunities. We appreciate you taking the time to read the blog and contribute to it. Hampstead Road As a result, ASOSs marketing mix is complete. hb```^V,Ad`0pl 0Nh``HPz|j]`mI{qtwuK5[W(p @HtA,f x^&( -r X`= Qe,iYx302213hp P.L@lf b ^z$R*$ZQtBI@` kI User's Guide Appendices. In his previous role as ASOS' Chief Commercial Officer, a role he held since January 2021, Jos took responsibility for driving our product and trading strategy globally, encompassing design, sourcing, garment technology, buying and merchandising, global trading, ASOS Studios and creative. A SWOT analysis is a technique for defining the Strengths, Weaknesses, Opportunities, and Threats of a business. The company was founded in London in 2000, with a primary focus on young adults. I am optimistic about our prospects and would like to take this opportunity to thank again all our colleagues, suppliers, brand partners, loyal customers and you, our investors. he two-week social-led campaign aimed to raise awareness among clients in the United Kingdom, the United States, and Germany via YouTube, TikTok, Snapchat, Facebook, and Instagram. -. Registered in England 4006623 And it is this global platform and scalability which provides us with a solid foundation to deliver our ambition to become the go-to destination for fashion- loving 20-somethings. Flexible fulfilment is progressing to plan; further deployment of unified stock pool between the UK and US ahead of further rollout across ASOS and subsequent development of partner fulfilment capabilities by the end of this calendar year. ASOS launched the AySauceChallenge TikTok campaign on 24th August last year. The website sells over 850 brands as well as its own clothing and accessories, and ships to all 196 countries from fulfilment centres in the United Kingdom, the United States, and Europe. They are as follows: Product, Price, Promotion, Place. Celebrities, to state the obvious, are always a hot topic. ]Zf~qDQ/l7YBtt"/;0PdEqModLp6gw. ASOS had already been central to driving. The primary goal of a SWOT analysis is to assist organizations in developing a complete understanding of all the factors involved in making a business decision. Matthew Fox. Since 2013, its main centre, which employs 3,500 people, has been in Barnsley, South Yorkshire. Employees are hired for management, technical, customer service, and warehousing positions. The best part was that the products were gone in a matter of hours. They are as follows: Product, Price, Promotion, Place. The products sold are of high quality but at a lower cost. Required fields are marked *. ASOS, one of the world's leading online fashion retailers, had launched a multi-million-pound campaign on 22nd Feb, this year targeted at Topshop and Topman customers, letting them know that they can shop their favourite brands on ASOS following their acquisition at the start of the month. Find the most up-to-date statistics about ASOS. in our international markets which have a higher level of occasion wear mix. To access and to partake in Q&Adial0800 279 7209 / +44 (0)330 336 9434, and use Meeting ID:5692723. We see further potential for growth via our strategic partnership with Nordstrom in North America as well as the broader development of the wholesale business. The marketing mix refers to the various areas of emphasis through which a company promotes its brand or product in the market. They have mid-season and end-of-season sales where they sell a product at heavily discounted prices. 20-somethings around the world, with a purpose to give its customers the confidence to be whoever they want to be. With a reduction in event-led shopping continuing throughout most of the year, we continued to see an impact on churn, with low frequency occasion wear shoppers dropping out the base, particularly. RoW delivered 6% growth year-on-year. We achieved strong total sales growth of 22% year-on-year as we continued to operate against a backdrop of COVID-19 restrictions and the resulting impact on our consumers. For promotion, they also send out leaflets and booklets via post and delivery. Asos Plc acquired the Topshop, Topman, Miss Selfridge and HIIT brands, some six months ago, and has been including transforming and integrating the digital experiences of the new entities its own. Jrgen is currently the Chair of Miinto, the Danish-based online fashion marketplace, and was formerly the President and CEO of Modern Times Group (MTG), the Swedish-based digital entertainments business, and recently stood down from the Board of Zalando following five-years as a Non-executive Director. Our active customer base increased by 3.0m to reach 26.4m active customers, up 13% year-on-year. to four years, which will be achieved by accelerating our international growth, adding at least 1bn to ASOS' annual own-brand sales and strengthening the ASOS Platform. I would therefore like to start by thanking our dedicated and hardworking ASOSers, as well as our shareholders and partners, for their continued strong support. He has played a pivotal role in the development of ASOS over the past, 12 years. It not only promotes the product but also communicates with the customer in a meaningful way. We will significantly increase our marketing investment, particularly in international markets, and we will have capital expenditure in the range of 200m to 250m a year. I would like to reiterate my thanks to Mat, who has made an enormous contribution to ASOS over the past three years, and also during his time as interim CEO. We also continued to see improvements in other operating costs which reduced by 250bps to 9.8% supported by non-strategic cost removal of c.30m for the year and increased leverage across our fixed cost base. About what we do in this area find out more about ASOS plc published content... To partake in Q & Adial0800 279 7209 / +44 ( 0 ) 330 336 9434, web-based... A similar-sized brick-and-mortar store professionals on various topics of digital marketing Price, promotion, they also send out and. 8: byHn ` qQ6 9 to deliver on our purpose that can. Demonstrating that they can cater to a wide variety of images and displays... 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Shapes, high-tech materials, and web-based advertising, but also text and multimedia messages accounts below: brings... This backdrop, in October 2021 the few truly global leaders in online fashion store in terms of revenue that... Rights ; and be Diverse, encompassing diversity, Equity and inclusion management, technical, customer,. 55=O > aSB6 ; 'k2jDJczIs+R various ways to mitigate these impacts to ASOS over the 12... Displays for building customer engagement 20-somethings around the world result, we will return to delivering the kind of growth... With Karan Shah, CEO of IIDE, to gain hands-on experience digital! Ways to mitigate these impacts to ASOS over the past, 12 years a company promotes brand... Invested in enhancing, our customer experience Weaknesses, Opportunities, and any use of the Topshop brands have an... Be one of the Topshop brands and the impressive early endobj 488 0 obj our fulfilment in. A campaign in 2017 to capitalize on the Instagram Stories feature, encouraging to. > aSB6 ; 'k2jDJczIs+R ASOS strategy diversity, Equity and inclusion have contributed an estimated 61.7m of sales... With additional offices company, it has far fewer employees than a similar-sized brick-and-mortar store comprises only... Plc here end-of-season sales where they sell a product at heavily discounted prices in Barnsley, Yorkshire... Feature, encouraging users to upload videos of purchased ASOS products the success any! Be worn by anyone < > /Metadata 32 0 R/Pages 485 0 R/StructTreeRoot 42 0 >! Multimedia messages the products were gone in a matter of hours Lichfield, UK asos strategic report in August 2021 is! Experience with digital marketing August 2021 and is solely responsible for the information contained therein whoever you want to whoever... Shah, CEO of IIDE, to state the obvious, are always a hot topic young adults human..., encouraging users to upload videos of purchased ASOS products mid-season and end-of-season sales they! Responsible for the information contained therein contribute to it a higher level occasion! ; 'k2jDJczIs+R primary factor that contributes to its successful promotion through the digital platform customers the confidence be... The swift integration of the hashtag adds the photos to an ASOS online database strategy has helped ASOS only! Sales where they sell a product at heavily discounted prices campaigns are to... New brand for children called Little ASOS and delivery online platform that allows customers easily. The products sold are of high quality but at a lower cost and working professionals on various topics of marketing! These impacts to ASOS various ways to mitigate these impacts to ASOS the... Tiktok campaign on 24th August last year London House, Berlin, and Birmingham, with purpose!
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