SPEAKER_02: 0:14

Hello and welcome to Let's Talk Procurement. The only show you need to master the art of procurement. Let's go.

SPEAKER_01: 0:24

I went I went to a wedding on the weekend. Joke. No, no, I went to a wedding. You know I went to a wedding on the weekend.

SPEAKER_02: 0:31

And um keep up to date with your life. I need I need you to send me uh you send me your schedule.

SPEAKER_01: 0:38

I just randomly post pictures of men and called him grooms.

SPEAKER_02: 0:42

Um I thought you're just saying he's well groomed.

SPEAKER_03: 0:48

Hmm, yeah.

SPEAKER_01: 0:49

He was, but he he was a groom. Um so yeah, I I went to a wedding and uh obviously I think as most weddings go, you don't know too many people there unless you're like in the main family or whatever. And uh form part of the bride's friends sort of side. Started mingling around talking that all the ladies went off to do like a bride, bride and girls photo, and I get literally just pushed into two other blokes um who were the husbands of two of the other ladies on the bride's side, and uh get talking, and one of the women was good actually. She said, He supports Newcastle and he supports Arsenal and he supports Chelsea. Off you go. Yeah, so after literally basically slang it off Arsenal for about 40 minutes and then uh consoling with Newcastle fan about the lack of uh business that he's managed to do this season. Uh ended up asking the Arsenal fan what he did for a living. And uh he was a bit a bit hesitant at first, and when he said, Now work in sports, uh um like sports clothing. I said, Oh cool, who do you work for? He's like this company that's sort of like an online retailer, uh specifically around sports clothing, and he said, uh, yeah, I'm a buyer at this this company. To which I said yeah, yeah, I was like, Do you know who you're talking to? He's like, you know, maybe you recognise this voice already. Um maybe just maybe you were a fan of the pod. Um but anyway, it turns out he he procures sports sports memorabilia, no, not memorabilia, sports clothing from big brands, so things like Nike, Puma, Adidas, um, Kappa, they're still around. Londis, are they still around? I don't know.

SPEAKER_00: 2:47

Um isn't that a shop?

SPEAKER_01: 2:51

Yeah, speaking of Lonsdale, and uh effectively they they they buy bulk kind of excess stock from them or kind of redundant stock, and then they sell it at a discounted price in their online store. It's a good model.

SPEAKER_02: 3:04

And uh he was telling me about TK Maxx for sports clothing.

SPEAKER_01: 3:07

Yeah, exactly that. And I'm sure if you googled TK Maxx for sports clothing, you'd find the company. Um and uh yeah, he started telling me all about that, which I thought was really interesting.

SPEAKER_02: 3:17

And um and at this point the other guy that was in the conversation just fell asleep.

SPEAKER_01: 3:22

Yeah, he was proper bored. He was he started just scrolling through his phone looking at the scores. And uh yeah, I asked him if he did sips, I asked him kind of what what his what his thoughts on it were. He basically hadn't really heard of it, and he said that he's got an assistant who they're gonna make do sips, I think, or make do some he said they're gonna make them do some sort of qualification. So I I took a guess that that was sips because it's a supply chain sort of role. Um and he basically said that their industry's kind of stuck in the stuck in the old days. So he's he's kind of recently seen um Oasis in a box at Wembley. His uh yeah, he's been to a couple of quite high profile football matches and said he he plays golf every other week.

SPEAKER_03: 4:16

Wow.

SPEAKER_01: 4:17

It's all about it's all about building trust with your suppliers and your customers.

SPEAKER_02: 4:22

So is he starting a fan that we can join? We can just do like an hour a week and get free free uh Super Bowl tickets.

SPEAKER_01: 4:33

Well I did I did ask him, but he said you said it's all a bit uh competitive at the moment. There's quite there's quite low barriers to entry on um on sports clothing. So places like Timu and um set up Sheen have kind of come in and they're they're disrupting the marketplace with their low pricing. He said even though it might not even be direct competition, people are just going, oh well, if I can get an item for a pound, why am I buying one for seven pounds? Even if the quality's ten times better.

SPEAKER_02: 5:05

And um well, I don't really know because I'm I don't look into uh my my purchases, but my my um shirt that I bought from Timu, it had a little note in the pocket saying, I'm only I'm only two months old and I made this shirt, please help me.

SPEAKER_01: 5:23

Is that the net the net t-shirt that you wear? You know that t-shirt you wear that's just a net.

SPEAKER_02: 5:30

A net?

unknown: 5:31

Yeah.

SPEAKER_02: 5:32

Is that a uh is that our colleague?

SPEAKER_01: 5:39

Yeah, she's good. She's a great patch as well. Any of you are thinking that there.

SPEAKER_02: 5:44

I thought you were about to announce that we were gonna make a qualification for Let's Pop Procurement. It's like Well, let's talk procurement.

SPEAKER_01: 5:52

We have got fellowship. We have got some big things. Not just in our trousers, but also in the pipeline. Um which I was which I will share more of, maybe at the end, maybe maybe another day actually. Um obviously this is now season three, so you'd think by now we're kind of I don't really know to be honest. I think season two has episodes so and welcome to season three, and so yeah, that's just how we roll. Uh it's good to see that we've developed our skill set over time. Now, what what I was kind of hinting at there is is well, one I tried to get him on the podcast, but he he's not very sociable and doesn't like he doesn't like talking about work. Can't really blame him. And we don't know we don't know if he exists. Yeah. Um could just be a figment of your imagination. I yeah, I kind of think that he probably went home thinking, what the fuck? I just met someone who's passionate about procurement at a wedding. Um but it did get me thinking about one of the listeners' emails that we have. Do you wanna do you wanna cover it?

SPEAKER_02: 6:59

Do you wanna yes? Well, so we received an email.

SPEAKER_01: 7:04

Oh, sorry. Sorry. Question first. How how did we receive an email?

SPEAKER_02: 7:10

Well, if you'd if you'd give me five seconds. This guy's so impatient. We we have an email address. Um which which I don't get bothered. What is going on with me today? I it's like I say something and then I'll wait five seconds to think of the next thing I'm gonna say.

SPEAKER_00: 7:30

It's that one email you sent today. Really took your brain power.

SPEAKER_02: 7:33

Normally I'm just like normally just a flow. I just just you know, I start I start a thread, I keep talking, don't really know where I'm gonna end up. I'll start a thread of conversation and I'll just just weave my way through it. Anyway, cut back to the to the email that we received from Kareem on two Luke's onecip at gmail.com. That's the number two Luke's plural, the number one CIP at gmail.com. Um that email was from Kareem. He could have also slid into our DMs on Insta, although I probably wouldn't recommend that because we never checked those. Um, I do. What are you on about? Oh, you actually do you log in? I do, yeah, but I don't I'm not allowed to log in for it. Didn't allow me.

SPEAKER_01: 8:24

I didn't know because of your affiliation to a certain football club turning the feed the wrong way on X, so I had to retain control of Insta.

SPEAKER_02: 8:34

So Kareem says, and you may you may remember Kareem from previous previous episode, he says, um, what about doing Michael Porter's five forces in a simplified way using football clubs or your favourite sport as an example for sips exams, especially L4, M2 and Six.

SPEAKER_01: 8:59

Is that all he said? Well, he said thank you at the end. Okay, I'll let him off then. Where's the how you doing, boys? Or the thanks for the cracking content week in, week out.

SPEAKER_02: 9:12

I kind of feel like we shouldn't do it now. Maybe everyone but Kareem can listen to this.

SPEAKER_01: 9:16

Yeah, I feel a bit salty to be honest. Especially considering we've already done a kind of Kareem episode.

SPEAKER_02: 9:24

No, no, no, no. I'm gonna go back Kareem.

SPEAKER_01: 9:31

Just by saying that, you're not gonna add anything else to it. It might be difficult. So why do we like Portus Five Forces? Have you done an episode on Portus Five Forces before?

SPEAKER_02: 9:45

It seems like one of the things that we should have. It does seem like one of those things that we definitely should have uh gone along before.

SPEAKER_01: 9:57

Anyway, Portus Five Forces. The reason Port's Five Forces model is important is because it looks at external factors to a to a market environment, right? So it kind of you take your your company, your industry, your whatever, and you you evaluate the external factors and how that may influence you as a business, as an individual, as a decision maker, right? Now, we're gonna we're gonna uh put a link into that inevitable Porter's episode in if you do want to get clued up on it, because this one may just be a bunch of waffle as we try and relate to it in football terms, or it may be amazing and it may be really good explanations. So uh Do you know?

SPEAKER_02: 10:37

I I listened to uh a podcast recently. It's called something like 21 Minutes to Go. Um and it's these two guys who who ramble on, and then whatever wherever they get to after 21 minutes, that it just ends, music fades in, and then the podcast ends. We have we have been guilty in the past of rambling on for too much, so I think we should try that today. I think we should start the start the 21 minute timer in three two. Wait, are we signing now?

SPEAKER_01: 11:14

I've actually got a timer, like a visual one.

SPEAKER_02: 11:16

Oh yeah, yeah. It's actually a little alarm bell.

SPEAKER_01: 11:19

Yeah, but I haven't got any batteries, so.

SPEAKER_02: 11:21

Oh, I should use my phone then. Alright, I'm gonna press the timer. Three, two, one. Twenty-one minute starts now.

SPEAKER_01: 11:33

So you've got the model, right? The focal point in the middle is rivalry. So it's the rivalry amongst existing competition. And to really explain this to you listeners, especially you, Kareem, we're gonna we're gonna take a football analogy, but we are kit producers. So we are LTP kit guys, and we are making nuke kits that are gonna be spicy, they're gonna they're just gonna look so good, they're gonna have a real wow factor. They're gonna take your players from a six out of ten to a seven out of ten just by putting them on. Right? They're gonna have unseen aerodynamics, they're just gonna be beautiful.

SPEAKER_02: 12:16

I'll make them faster.

SPEAKER_01: 12:18

Yeah, you want to run faster, put an LTP shirt on. So, and the logo in the top top left, the emblem, is gonna be uh our podcast logo as well. Just an extra selling point for the for the clubs.

SPEAKER_02: 12:32

Is it is it your face, the fat guy in the uh or is it me is it me, the chisel guy?

SPEAKER_01: 12:39

I feel I feel like they're both me now. I feel like I feel like the right was uh the left was me, me pre-baby, and then the right is now after.

SPEAKER_02: 12:48

It's not grey enough though.

SPEAKER_01: 12:51

Yeah, true. I've still got some hair. So the the focal point in the middle is the rivalry. Now what rivalry would we have as LTP productions? What do you reckon?

SPEAKER_02: 13:05

Um we would have rivalry between with with like us, Puma, cost.

unknown: 13:15

Yeah.

SPEAKER_02: 13:16

Do they make sports kits? I don't know, Calvin Klein.

SPEAKER_01: 13:19

Yeah, and then there's things like uh CK sports kit.

SPEAKER_02: 13:25

Um good shorts though.

SPEAKER_01: 13:28

Yeah, I've not seen Cole Palmer donning some CK shorts.

SPEAKER_02: 13:32

Um just make them a bit bagger.

SPEAKER_01: 13:35

So some of the some of the things that create the rivalry or or make it kind of fierce, how easy is it to switch to a different provider? Not not very. If it's easy, then obviously you have to be a bit more competitive and you have to just to do what you can to keep people on board, you have to build your brand loyalty. Would you say in the football market that football clubs have brand loyalty? A little bit, but equally they also just go to the people who are gonna give them the best best deal. So what you find is you'll side a club will sign a deal with Nike to be the kit sponsor, the kit maker and sponsor for three to four years, and then LTP FC have got to be all over it for their kit manufacturer contract when it goes out to tender in four years' time.

SPEAKER_02: 14:32

Yeah, and I think what I would say is you do get lovety sometimes, don't it? Because it's like if if there's an iconic kit from I don't know, like two thousand the year 2000, your team did something special, yeah. People kind of get fond of that kit. So there is, I think, I don't know where that would come into the poor of us model. Um maybe a a makeup barrier, it'd be one of the barriers to to entry because you know if if you're trying to get the kit for I don't know, Liverpool, Liverpool always wear Adidas and Adidas is there is when they won the Champions League or something. Yeah, that's not they're not gonna be as likely to change to a completely unknown brand as maybe you know they would if if that didn't exist.

SPEAKER_01: 15:20

Well, I mean, as a rivalry, that kind of goes down to how how concentrated is the industry of producing football kits. I think if you were to do a pie chart of who sponsors the most teams, you'd probably find like an added ass of a top two of kit manufacturing, and then kind of don't know, maybe Puma or someone like that, and then uh I'm sure it would tail off quite quite quickly until you get to something random. So I I would say it's quite actually quite a hard hard and competitive rivalry going on in in the kit manufacturing industry, specifically for football, uh especially Premier League. I mean non-league, surely. Surely we've got a chance at a non-league. Um who knows? So you touched on their threat of new entrance new entrance. Sorry, yeah, I just I don't know why I didn't finish that sentence. Uh threat of new entrance. And that obviously varies massively between between it between industries, but if you're a kit manufacturer for the Premier League, I would say the threat of new entrance is actually relatively low. It's quite a high barrier to build a brand or have a brand that is reputable enough and producing good enough kits that are gonna sell versus the the current established you know suppliers or providers, whatever you want to call them.

SPEAKER_02: 16:48

One thing that you probably don't need to have as high a consideration of in comparison to if you were doing this, I don't know, on like hardware or something. Yeah, I don't know, it fundamentally different is that I don't think the price of the kit really makes a difference to how or the price of the materials anyway, because pretty much all Premier League clubs are gonna sell their kit for whatever they're gonna sell it for, and that that's gonna be a massive markup on what the actual materials that go into it cost. Because it's would you it sort of falls into a similar category, is similar to like luxury goods where it the the kind of end price to the end customer doesn't really have that much bearing from how much the materials cost, I don't think.

SPEAKER_01: 17:43

Yeah, no, no, it's got a ridiculous markup, like it's an absolute scam. Um, you know, you got a bunch of kids who just want to support their team and you you're paying 70 odd quid for a shirt that was probably three or four pounds in material to make. So yeah, I definitely agree with that. But I I think if so so if you came in quite cheap and tried to disrupt the market, it's not even gonna make that much of a difference because the people buying from you are they're still gonna be making 85 pound plus if they go with the the more established brands, and with you they're gonna make 87 pound plus, but they're probably not gonna sell as many because the people like the brands they know.

SPEAKER_02: 18:20

So so yeah, I kind of so you would say that they have strong brand identities, because that could be another barrier to entry, yeah.

SPEAKER_01: 18:34

Yeah, um definitely, definitely. I'd I don't know whether it's a good thing or not. I think Adidas are quite well known for making decent hits with the three stripes integrated in. I mean Nike's fairly I always think they're fairly bland. It's normally just like the colour of your club and then a tick, and that's it.£100 please. So uh it's Nike, so it does sell. Um I convinced that someone, if they were allowed to sell it like at a good price, could undercut. But equally, your markets are different. So if you're a kit manufacturer, you don't just want one club, you probably want to be selling for as many clubs as possible to try and increase your market.

SPEAKER_02: 19:20

Yeah, yeah.

SPEAKER_01: 19:22

So the threat of the threat of new entrance, I would say, is relatively low at the kind of upper echelons of football. Down in the lower tiers, you probably do have clubs that are going more locally and and go into the the kind of smaller and maybe SMEs and things like that. But if you're in it, if you're in it, if you're seriously in it, you want the big contracts and the big clubs, right?

SPEAKER_02: 19:46

Yeah, and for those for those big clubs, if you're expecting to sell a lot of kits, you're gonna make sure obviously that you have access to those distribution channels and access to enough materials, but it's gonna be obviously a bad look for your company if if you sign a massive deal with Chelsea, and then you can only you can only sell five kits and then you're out of stock for the rest of the year. And the players can't even the players haven't even got enough.

SPEAKER_01: 20:15

Yeah, yeah. So so I think so so threat of threat of new entrance is is kind of one at the top. So it's the north on the model, if you like the north star. Not that it actually particularly matters, I think they can go anywhere. But the polar opposite to that is the threat of substitutes. Now you have to get a little bit more specific on this, and that's it's not the case of saying, well, we're selling football shirts. A substitute is um I don't know, string stringy vests. That's not that's not the case with this. It's it's maybe we're selling polyester shirts. What are the chances that a new material comes out that we don't have access to? Will that undercut us? Will that put us out of business? You know, all of that stuff.

SPEAKER_02: 21:00

So body paint?

SPEAKER_01: 21:03

Body paint, yeah, yeah. I mean that would save money. I think realistically, if you look at like the taxi market, you would kind of go, well, if I can't get a taxi, I can get a bus. If I can't get a taxi, I can get an Uber. Or I can ring my mum up and tell her to come and get me at 3am, or I can get a train, or you know, there's there's ways of making it work, so that's quite quite congested. But is there any real alternatives? It's probably just knowing your materials and your supplier base.

SPEAKER_02: 21:33

Yeah, so the threat of substitutes, um, you normally have to consider, well, you have to consider uh other products that are potentially similar and the availability of those things, right? I think what where would this one come into it? What about fake shirts? Because it's a substitute for not buying from your company. Is that would that go in that in that right in that same part?

SPEAKER_01: 22:00

Absolutely, yeah. Absolutely. Um I'm not gonna get anything for something that's brought off DH gate. Um, by the way, check them out. They they uh spot it's a good one.

SPEAKER_02: 22:09

There's my discount code, yeah.

SPEAKER_01: 22:11

Yeah, they do uh they do crack and replicas for like£10, including postage. So you can save£100 and get like this year's kit. This is what we're wasting our 21 minutes on, by the way. Yeah, promote promoting a company that probably uses child labour is not great. Um, so yeah, threat of substitutes. I I would agree with that. I think I think that's a a good substitute. Um you're left with the other two, which is the bargaining power of your suppliers and the bargaining power of your buyers. So I would suggest that the bargaining power of your buyers is fairly high.

SPEAKER_02: 22:52

Yeah.

SPEAKER_01: 22:53

The buyers are gonna be the Premier League clubs, yeah. And you want to be you want your brand seen on you know the likes of well, the likes of uh Chelsea, definitely, um, maybe Man City, maybe Newcastle, maybe Liverpool, definitely not Arsenal. So you know you want you kind of want your brand on those shirts. So actually, it's quite appealing for you as a supplier as well. You get quite a lot back from these contracts.

SPEAKER_02: 23:20

And I think as a as a Premier League club, you're gonna have multiple offers. Like there's never gonna be a situation where you've only got a possible company or no possible companies that are gonna make a kit for you. I'm pretty sure each year there'll be loads of loads of people that would be able to do it.

SPEAKER_01: 23:41

I mean you can think about Man United, uh one of the biggest clubs in the world in terms of their global presence. If if your brand is is selected to be the kit manufacturer of Man United, you're selling hundreds of millions of of your your shirts a year, right? So it's it's quality.

SPEAKER_02: 24:00

Um under their thumb. Sorry. No, I think my connection cut out when I buttoned.

SPEAKER_01: 24:14

No god, I was just saying, yeah. We'll probably be we'll probably be under the thumb of the of the bar of the buyers of the Premier League clubs to an extent.

SPEAKER_02: 24:21

Yeah, yeah. There's uh the number of potential buyers in the Premier League, well, there's only 20. Uh I mean there are three new ones each year, I suppose you could say. Um but relatively small. Like there's only 20 potential customers if you're just looking at Premier League. Um they are, to be fair, they are one something that also contributes to their power is they're gonna be like deals are worth a lot of money, right?

SPEAKER_01: 24:53

Yeah, yeah. And and the other thing is that a lot of them have well, not a lot of them, but you're starting to see like consortium buying as well. So you get, for example, Chelsea, don't it there's a company called Blue Co which owns Chelsea, but also owns Strasbourg and another I can't remember the name of it, but another club somewhere in Europe, and uh, you know, they don't just you're not just getting a deal with if you're Nike, you're not just getting a deal with Chelsea, you're getting a deal with all three of them. So you're getting do you see what I mean? So you've then even got more of more bargaining power in your negotiations as as the buyer in that situation. Um so you know, you do a good job while chucking our other sister clubs, um, and you reduce the price to us or whatever it is. So so yeah, I'd say that's relatively high.

SPEAKER_02: 25:39

Um what about switching costs? Because each team has a new well, three new kits every year, right? So I don't think I don't really know, but is there much cost to switch?

SPEAKER_01: 25:54

To switch to switch, so as in if Nike were gonna drop us or no no. Or is it sorry if Chelsea were gonna drop LTP and go into Nike? I mean they signed they s that's all in the contract negotiation.

SPEAKER_02: 26:09

So I meant more like at the end of the deal. Is it quite, you know, is it maybe those moments about what Chelsea want, but yeah, there's no auto-renewal clause, you know.

SPEAKER_01: 26:20

There's no there's no uh if you don't save termination within 90 days, it auto-renews for another 10 years. It's um yeah, it's fairly competitive actually.

SPEAKER_02: 26:31

So and and the customer power is also increased because they're probably quite well informed about what they want to buy and what the other deals in the marketplace would be.

SPEAKER_01: 26:42

Yeah. And I also think that they're probably willing to switch because three or four or five years of one brand, the designs are all similar for three, four, or five years, they then relaunch and it brings in more money for the club. Because it's just a different stuff, different look. Yeah. Um, so the flip side of that is not the buyer's bargaining power, but the suppliers bargaining power. So that's your you know who who's helping you make the kit. Have you got a a sewing factory or some shit like that that's helping you helping you pump out?

SPEAKER_02: 27:16

Yeah, the number of suppliers would also factor as well. So in in this case, there's probably, as we say, there's loads of potential suppliers out there, so that's gonna reduce us as LCP kit making limited. It's gonna reduce our power.

SPEAKER_01: 27:33

Yeah.

SPEAKER_02: 27:35

What about uh uniqueness? Like we always um we always do ours with like uh a scratch, a tiger scratch with three claws along the front. So it's like it's a chance the players like wearing it because it's a chance for them to show off their their athletic athleticism.

SPEAKER_01: 27:54

We also have the catflap design, you know the uh the bit that overhangs at the back, and you can lift it up and then you can put it down. It's like a catflap.

SPEAKER_02: 28:03

Are they all are they all onesies?

SPEAKER_01: 28:05

They're not all onesies, uh only the goalkeeper and the number 10 onesies.

SPEAKER_02: 28:11

What about the ref? Should we make a ref shirt?

SPEAKER_01: 28:14

See if we did if we went into refereeing kit, I think we could we could really stand out there, you know. The refs wear black all the time. Fuck it, let's get them in rainbow. Relaunch as LGBT ref in. Yeah, I like that. And then uh the whistle can make a different noise instead of a whistle sound.

SPEAKER_02: 28:35

A whistle can make like a roar or something.

SPEAKER_01: 28:38

Like a really, yeah, like a really just loud, obnoxious roar that comes out of all the speakers from a stadium.

SPEAKER_02: 28:45

You know, like um um obviously when you're driving a car, you're everyone's got a normal horn sound, but then some cars have like changed their horn sound. It's like a little clown car, maybe it should be one like that.

SPEAKER_01: 29:02

Yeah, I like that. That's what I mean. You need to, you know, you need to generate ideas and think differently if you want to stand out amongst your competition, don't you? So that's how we do it. We've got a cat flap, we've got onesies, and we've got LGBT PGMOL ref kits. Rainbow ref kits, nice. Do you think the Premier League would buy those?

SPEAKER_02: 29:23

Uh-huh.

SPEAKER_01: 29:23

From your knowledge of refing?

SPEAKER_02: 29:26

I think they would. I I can't see any reason why they wouldn't, to be fair. It's promoting it's promoting uh LGBT rights. So no. If that means that the ref blends in with the players and gets the ball passed to them all the time, then what's more important?

SPEAKER_01: 29:42

Also, we could I reckon we could at half time we could have a leprechaun stand behind one of the referees. You've got like 10 refs in a line, and uh there's a leprechaun hiding behind one of them, and you have to guess where the end of the rainbow is. It's not always where you think it is.

SPEAKER_02: 30:01

Wait, so the refs are in rainbow kit. Hold on, run with run through this one with me. This is gonna run out in 21 minutes, but yeah.

SPEAKER_01: 30:09

It's worth sticking with, right? So yeah, you've got a bunch of refs head to toe in rainbow attire, and when they when they stand next to each other, it just extends the length of the rainbow. So sideways stripes. Yeah, yeah. So half time you get an entourage like a tunnel of referees. So you're talking, you know, like a guard of honour. Yes, yeah. Like almost like back-to-back guard of honour referees, talking 50 each side, one big glowy rainbow, maybe glitter cannons just firing out into the stadium, and then somewhere in between them is a leprechaun, and then a couple of couple of players in a couple of fans from the audience are just chosen to find a pot of gold. So if they go, oh, I think ref number seven's got the pot of gold, and he's got it, they get to keep it, which might be like a free LTP shirt. Yeah, if they're wrong, then it goes over to the next next fan.

SPEAKER_02: 31:03

Well, it definitely beats cold play as uh as a halftime show.

SPEAKER_01: 31:08

Agreed, yeah. Yeah, yeah. We're not depressing over here, we're you know what what do 50,000 bald men want to see? A half time Rainbow Rest, glitter cannons and leprechauns.

SPEAKER_02: 31:22

That's actually what I go into the football for. That's my only reason.

SPEAKER_01: 31:26

Oh yeah.

SPEAKER_02: 31:28

So how would you uh is there anything else we need to cover off on the model? How do we close it off?

SPEAKER_01: 31:36

No, I think that's fair. I think what you what you do is you know, we've used this to kind of discuss the the kit making industry, we've fantasized about our own company and what that might look like. The reality of it is you've kind of taken a picture of what the what the current market looks like. Would you enter that market? As well that's when it's used. That's one of the ways to use it, yeah. And and it it's it's also helpful for a make versus buy assessment, right? So let's just say we're Gymshark. Uh sorry, um we are Fitness Tiger, and um at Fitness Tiger we're deciding whether we want to go into the football kit market. So we've already got the capability to make kits, it's just do we want to go into the Premier League kit world? You then look at the current you look at the current factors and then decide if that's somewhere you want to go into. So it could be that you you want to start a new company and go and compete, or is it that you've got a company that could could dip into this area? So when when you and I and our fitness tiger company look at the football kit industry, we might we're probably gonna go, hmm, it does feel a bit like you know, under Arma Puma, and that's a nike are kind of running the show a little bit. It's gonna cost us a lot of money to make dents in this, and a lot of advertising is gonna be tough to win contracts. Is the is the juice worth the squeeze? Probably not, you know, and and uh just like your trim, we are now faded.

SPEAKER_02: 33:12

Nice, skin faded. I thought you were gonna say like just like your hairline receding the volume down. Didn't like that one.

SPEAKER_01: 33:24

Did that work? Oh, I feel like this yeah. Can't even say anything, just burns.

SPEAKER_02: 33:34

Yeah, yeah.

SPEAKER_01: 33:37

See ya later. See you later.