Ningi Research alleged Oddity has a brick-and-mortar retail business in Israel, which contributes significantly to profit.
Il Makiage owner Oddity’s share price closed down more than 7 percent Tuesday after a short seller published a 50-page note about the
“It is our opinion, that Oddity concealed its brick-and-mortar operations to inflate its earnings and boost its IPO valuation,” the report said. “Oddity owns and operates 43 stores, and sixThe report also questioned Oddity’s AI capabilities and repeat customers, claiming that “the secret to Oddity’s digital growth is its non-cancelable subscriptions, which customers are lured into via bogus AI quizzes.
“The main allegation in the report that the Israeli brick-and-mortar business is a significant portion of Oddity’s revenue and EBITDA is a complete falsehood,” it said.
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