Lovisa has enjoyed a relatively low level of competition. The company has a moat related to the breadth of its frequently refreshed and low-price product offering. How defensive is that moat?  A new entrant in Harli + Harpa, led by ex Lovisa CEO, Shane Fallscheer will launch shortly. Lovisa has derisked its Australian exposure, but its domestic market remains a key funding source for its global expansion aspirations. There are early signs of weakness in Australia and increasing competition will put downward pressure on the highly attractive margins. The global expansion is the key driver of growth for Lovisa but the domestic market still matters.