The jury is definitely still out on it. They were slightly unfortunate with the timing of closing it, and had to pull back from pushing gifting as hard as they planned to. They had to shore up the margins and ensure their FY 22 performance was in line by focusing more on cards and less on gifting. Had those gifting conversations started to take place by mid-2020?

Moonpig are strong when it matters; your close family and friends. The average active Moonpig customer buys five or six cards per year when they are actively transacting. You could argue why it took until 2018 to find out that was the case, therefore gifts had to match that, because having casual gifting like a box of chocolate doesn't work when you want to please and greet somebody close to your heart and important in your life. Nickyl invested more into traditional category management, purchasing people who knew the gifting segments better rather than we were doing before, which was simply considering gifting as a supply chain function. I selfishly wanted a set of gifts with a long shelf life which was easy to manage. Nickyl brought more flesh and soul into that to target meaningful gifting which is both well-managed and well-thought. Before I left, there were some meaningful, significant, attractive partnerships starting with the likes of Star Wars, rather than simply casual gifting.