Afterwards, there will be a question and answer session. Speakers, please begin. Thank you, and good morning, and welcome to our Q4 2020 presentation. If you go to the first slide on the key highlights, I will just run quickly through as we are going in details on all these items. Main, of course, we had strong growth throughout Q4, both from new as well as existing customers, and in local currency, a growth of around 40%, which was very good. We had a record number of new customers in 2020, more than one million new customers, which bodes quite well for the future. Our cash flow was strong, and both by a low net working capital as well as CapEx on the low side of basically too low in 2020. Our home category was launched during Q4 and is performing at the moment ahead of expectations. It's been very well received by our customers. Even though assortment is still quite low compared to what it will be within shortly, it's been very well received. You might almost say that it's about time that we did that. We did this dual listing in November in Nasdaq Copenhagen, raising around SEK 800 million. At the same time, on total, we have welcomed a lot of new shareholders. We have now more than 15,000 shareholders, which is very good because a lot of them are also customers in our shops. We did the insourcing of our fulfillment staff operations. It's important to highlight that the key focus is to grow the business at a very high pace, which is why we have updated our medium-term outlook. If we go to the next slides on the KPI highlights, if we look at the KPIs for Boozt.com, the very important highlights on customer satisfaction, we can see that our Trustpilot score is stable at four point six, five star, and our NPS is 70, more or less the same as last year. Our customers are still very happy, which is good because we know that if they give us a high NPS score, there's a high likelihood that they will come back and buy at a later stage. If we go to the next slides on the average order value, we can see that the order value in Q4 was slightly down. The main reason for that was currency effects. The Norwegian kroner depreciated a lot towards the SEK during 2020. That, of course, affected quite considerably. There was a big change in, quite a dramatic change in product mix. It was helped by the lower returns, which makes sure that the net average order value is still high. You can see that also on the full year average order value, which is more or less on par with 2019. If we adjust for the currency effects, it would have gone up to SEK 827. That's very good because the key for us is maintaining a high average basket size. If we go to the next slides on the cohort development, we had a 27% increase in active customers during 2020. We had a bit more than two million customers in 2020. These customers, they bought on average less than in 2019, which actually makes a good sense, partly because we had a lot of new customers at the end of the period, as well as the old cohorts bought less due to Corona. We expect that we have seen that the buying behavior has been that you are buying less occasionally, more basics, and sweats, stuff like that. Our ability to attract new cohorts, new customers has more than compensated for the decrease in frequency. As we've said before, when we go back to a more normal life, we expect the old cohorts to go back to the normal buying behavior. We can also see from our true frequency that it's down compared to Q4 2019. The only reason for the true frequency to be down is because of our fair use. They had an enormous amount of orders gross but didn't really keep anything. If we adjust for that or correct for that, exclude them, we can see that the true frequency is on the same level in Q4 as in Q4 2019, which is very good. If we go to the next slides on the fulfillment operations, we are now ready. We have taken over the fulfillment staff at the warehouse. This is actually something we've been waiting for almost for nine years, since we started the business and started by outsourcing the fulfillment operations. We took over as of January first, that means that now we are in full control, more than 400 employees. Even though we made a lot of improvements last year with regards to efficiencies, we still believe that we will have some benefits, of course, especially due to the fact that we will no longer be paying a margin to the staff provider. We have also Taking over the new warehouse, which is next to the current one. It's a warehouse space of 23,000 sq m. When we signed the agreement, we expected to be in very good time, because you want to make sure that you have ample space and that you invest well ahead of the need. Having seen the growth in 2020 and the expectations for 2021, you can almost say that it's just in time, because we can see that we have a strong need for that warehouse. We will do some reshuffling. We'll use that new location to do the processes surrounding the automated pick and pack. We will make space for even more automation in the current warehouse. This is something that we didn't expect initially, but we can see that we can fit even more automation in the old one, meaning that we can do some of the other processes in the new system and as well as we can also start to automize stuff that is outside the current warehouse, especially the hanging goods. We expect to do some CapEx in the new building that makes it even easier for the items that traditionally have been outside the automation. That means that we can be even more efficient. With regards to the automation, our AutoStore, we are now in the middle of what we call phase four, meaning that we have built it, and we have put around half the bins and robots in place, and we will probably put the rest during Q1, meaning that then we will have 500,000 bins and 500 robots, and we expect to initiate phase five immediately thereafter. As we have mentioned before, we are probably slightly under-invested in warehouse automation, warehouse investments during 2020, which means that we expect to slightly increase our CapEx and expect that it will be around 45% in 2021 to allow for both efficiency gains and making sure that we are invested ahead of the growth. If we go to the next slide on the financial update, I would like to hand over to Sandra Gadd. Thank you. If we look at the group results, it concludes the net revenue growth of 35.8% for the group in the fourth quarter. In local currency, net revenue growth was around 40%. Lower return rates relating to the product mix, as well as a general lower level of returns, affected growth positively in the fourth quarter to an even higher extent than previous quarters. We continued to invest in new customer growth throughout the fourth quarter, and despite a declining demand for fashion and apparel in the general market, we managed to capture more than our fair share of the new customers shifting from offline to online shopping within our categories. For the full year, net revenue growth was 27.3% and 30% in local currencies. In addition to negative effects from currencies, the change to a consignment-like agreement with a large brand partner in 2019 and the introduction of a fair use policy in November 2019 had a further negative effect on the net revenue growth of around two percentage points. The gross margin was 43% in the fourth quarter, zero point two percentage points lower than last year. The positive impact from inventory risk-sharing agreements was lower compared to last year, due to a change in the agreement structure when the credit is to be invoked. During 2020, this has been in the end-of-season sales, meaning it impacts the fourth quarter negatively compared to last year, but it will then impact the first quarter in 2021 positively compared to last year. This has been partly offset by a higher share of campaign goods positively affecting the gross margin. For the full year, the gross margin was 40.6% compared to last year's 39.7%. We believe that this increase that is driven by the inventory composition where a higher share of the inventory was campaign buys, demonstrates an outlier effect driven by the pandemic. The adjusted EBIT margin was nine point nine percent in the fourth quarter, an improvement of zero point three percentage points. The adjusted EBIT includes the one-time bonus to all employees, as well as a precautionary write-down of a receivable towards the Norwegian customs. These non-recurring costs affected the adjusted EBIT negatively with one point five percentage points in the fourth quarter. For the full year, the adjusted EBIT margin was six point seven percent, an increase of three point five percentage points. The adjusted EBIT margin increase was driven by the higher gross margin as well as the improvement in the operating cost ratios. 2020 was an eventful year for us. The pandemic has been a driver both for growth and profitability. We also went into 2020 expecting profitability improvements from the changes that we made in the fulfillment setup in late 2019. Our estimate is that out of the adjusted EBIT increase of a total three point five percentage points, approximately one point five percentage points are COVID related. Out of the one point five percentage points, approximately one percentage point is related to the gross margin, while the rest is related to lower fulfillment costs, as I will come back to. If we move to the next page, we can see that the revenue growth for Boozt.com was 28.7% and approximately 32.7% in local currencies. Lower return rates and stronger growth in men, kids, sports, and the beauty category were the main growth drivers in the quarter. The average order value decreased with three point one percent to 819 SEK during the quarter, and that was driven by currency effects. Adjusted for these negative currency effects, the average order value was on par with last year. Change in sales mix towards kids, sports, and beauty, which had lower average price compared to occasion wear categories, affected the gross average order value negatively, but this effect was offset by the lower return rates. The home category, which we soft launched during the quarter, had a positive impact, which was above our expectation. The adjusted EBIT margin of nine point six percent corresponds to a decrease of zero point four percentage points. The decrease was driven by a higher adjusted admin and other cost ratio, partly offset by an improved fulfillment cost ratio. The gross margin on Boozt.com was positively impacted by high share of campaign stock offsetting negative impact on phasing of stock write-down agreements changed into Q1. If we move to the next page, we can see that Booztlet grew 128% in the fourth quarter and 127% for the full year. For the full year, the net revenue was more than SEK half a billion, which was our internal target and something that we are very proud of. As we continue our growth path, we are expanding our Nordic focus for Booztlet.com, driving growth also in Germany and the Netherlands. Our Booztlet business model has strong profitability potential, which is given by the average order value of SEK 666. The average order value enables a high profitability in absolute numbers, especially as customers pay for distribution and returns. The adjusted EBIT margin increased from nine point nine to 12.8% in the fourth quarter, and that was driven by a higher gross margin. For the full year, the adjusted EBIT margin decreased from 10.8% to nine point two percent, driven by the one-time write-down of stock performed in Q1, which was only partly recouped within the Booztlet segment during the year. Higher marketing costs also contributed to the lower profitability, but more importantly, it also enabled the high growth that we've seen in 2020. As we keep on repeating, we have very high ambitions for Booztlet. Growth is our main focus, and we will continue to invest as much as it makes sense to onboard many new customers in the coming years, and we continue to see high availability of stock. If we move to the next page, we see that the other segment had a net revenue of SEK 8.9 million in the quarter, corresponding to a net revenue growth of 19.9%. For the full year, net revenue decreased to SEK 25.2 million, driven by the Danish stores being closed during the spring as well as at the end of the year due to pandemic restrictions. The adjusted EBIT amounted to -SEK 0.2 million in the quarter and -SEK 8.1 million for the full year. The restriction due to the pandemic affected adjusted EBIT negatively in the quarter, that however, was improved significantly compared to last year due to the closing of the Beauty by Boozt store in Copenhagen. Please note that this is the last quarter where we will report the physical stores in a separate segment. As from 2021, our Booztlet stores will be included in the Booztlet.com segment, while the Beauty by Boozt store will be included in the Boozt.com segment. Going forward, we expect our physical stores to deliver a break-even result. We move on to the next page, we see the development of the cost ratios in the fourth quarter. The fulfillment cost ratio decreased with one point four percentage points to 11% and with two point one percentage points to 11.6% for the full year. As mentioned before, at this time last year, we communicated that we expect to see savings in the fulfillment cost ratio of around one to two percentage points during 2020 and 2021 in comparison to the 2019 ratio of 13.7%. At this point, we can conclude that we are ahead of the plan we set out, since we've seen a 2.1 percentage point improvement already after 12 months. In the two percentage points target we set out, benefits from insourcing the fulfillment operations that is happening now in 2021 was included. Looking at our fulfillment operations in 2020, we estimate that approximately zero point five percentage points of the improvements are related to the low returns triggered by the pandemic. For 2021, we estimate that the cost improvement potential for the insourcing is around zero point five percentage points. However, as we expect return rates to increase at the point where pandemic restrictions are released, we expect the underlying cost ratio to stay around the same level in 2021 compared to 2020. The marketing cost ratio was 10.1% in the fourth quarter, slightly higher than last year. For the full year, the marketing cost ratio was nine point nine percent compared to 10% in 2019. With the current growth rates and the opportunities we see, we believe that this level of marketing investments are efficient and serves our purpose to grow our business as fast as it makes sense. The adjusted admin and other cost ratio increased with one percentage point in the quarter to nine point seven percent, driven by the one-time bonus employees and precautionary reservation for a receivable. Excluding these costs, the adjusted admin and other costs was eight point one percent in the quarter. For the full year, the adjusted admin and other cost ratio was nine point six percent, corresponding to a decrease of zero point three percentage points. The decrease in adjusted admin and other cost ratio was driven by general scale effects as well as the lower operating loss in the physical stores following the relocation of the Beauty by Boozt store. This was partly offset by the discretionary bonus, currency effects, and a write-down of a receivable. The adjusted depreciation decreased with zero point three percentage points to two point three percent in the quarter, while it decreased with zero point one percentage points to two point nine percent for the full year. If we move on to the next page, we see the significant improvement in the net working capital that decreased from 12.7% to one point seven percent of last 12 months net revenue. The decrease was primarily driven by a higher increase of accounts payable compared to inventory, which is a consequence of the higher sell-through of the autumn/winter 2020 items and a higher share of campaign stock to keep up the stock levels. Compared to the third quarter, net working capital increased slightly as we've been building up our inventory level so that we are in a position to capture the full growth potential we see in our markets for 2021. We expect net working capital to continue to increase in 2021 as we build up our inventory levels. Contrary to the situation we've been throughout the main part of 2020, we want to make sure that the inventory availability doesn't limit our growth. We expect net working capital to be in the mid-single-digit percentages of the revenues on a rolling basis. The operational cash flow for the fourth quarter was a positive SEK 100.3 million. That is to be compared to SEK 55.8 million last year. Improvement was driven by the improved operating profit on working capital. Cash flow from investing activities amounted to SEK 74.4 million, driven by the phase four expansion of the AutoStore that is to be finalized during Q1. Cash flow from financing activities amounted to SEK 630.6 million, driven by proceeds from the new share issue in connection with the dual listing on Nasdaq Copenhagen, whereby we obtained SEK 825.6 million before deduction of cost of the new share issue. Other cash flow from financing activities was mainly related to new loans related to AutoStore expansion, as well as a loan repayment as the revolving credit facility of SEK 200 million was fully repaid during the quarter. At the end of December, our net cash position was SEK 1.7 billion. That is to be compared with SEK 340 million last year. The strengthening of the cash position is, of course, related to the strong operational cash flow from the year but also from the new share issue. This concludes the financial update, I would now like to hand back to Anders. Okay, thank you. Updated medium-term financial ambitions. I just would like to spend a couple of minutes on going through the ambitions through 2023. On the changing market dynamics, a lot of things changed in 2020. Of course, the pandemic caused a big change in consumer behavior, and some of the consultants talked about that you saw a step change in e-commerce penetration, that you got seven years of penetration in seven months. We can see that in our numbers, where our growth trajectory has been SEK 600 million to SEK 700 million per year on Boozt.com and Booztlet combined, and we made a step change to SEK 900 million. Of course, this is a big change. At the same time, we have also been on a very steady path with regards to our profitability, and for the two shops combined, six point nine. If we exclude the COVID-19 impact of around one point five percentage points, it's down to five point four. We believe that over the last many years, we've been on a steady growth and on a path of growth. If we go to the next slide. This means that we have actually exceeded our previous medium-term target of more than six percent adjusted EBIT margin. Most of you were on the call exactly one year ago, and you know that our ambitions back then were to go and reach this six percent, and we tried to demonstrate how we would get there through the gross margin, fulfillment ratio, admin and other, marketing, et cetera. If we look at the gross margin, we said we expected it to stay at 39% to 40%, and we can see in 2020 that it was four point six, and this is due to our strong mid- to premium market position. We've increased the in-season campaign buying, and obviously, as we grow, we've improved the contracts. On the fulfillment side, we expect it within two years to get one to two percentage points in 2020 and another one in 2021, as we would take over the staff operations. I think we can say tick of that because we said we would eliminate redundancy and slack, we did that, improve productivity, and then, of course, improve the contracts. That's a check on all parts of factors, and of course, we've been helped by lower returns, meaning that our costs came down more than expected. Admin and other costs, we also expect to get up around one percentage points from scale effects, post effect from reducing DOS in the physical Beauty by Boozt store in Copenhagen. Also we expect to have reduction in customs duties paid in Norway from the new law. That has not checked because that takes time, and there are some bureaucratic things, you might say, in Norway that is making it a bit difficult to get that through. Marketing costs, we also said that we expect that to go down. We want to keep offline marketing stable in absolute terms growing the online as we grew the revenue. Having said that, we also said that we had under-invested in marketing in 2019, we would like to have a higher marketing cost ratio in 2020. We did not manage to do that as it was zero point one percentage points lower than in 2019. That was partly due to lower marketing costs in Q2. It's more or less we also delivered on that part. If we go to the next slide, I think that it's quite important for us to say that as we have realized our medium-term targets basically two years ahead of time, we think now is the right time to set some new medium-term targets. We still want to grow. We've seen throughout 2020 that growth is extremely important. Growth puts you in an extremely strong position towards both your scalability as well as delivering on the customer experience side. We want to continue to invest in growth at the same time as we maintain a solid, actually a market-leading EBIT margin, which is driven by the basket size and the local scale leadership in the Nordics. On the net revenue growth, we've said that mid-term, we want to continue to outgrow the Nordic online market significantly because we want to expand the market share. We expect that the Nordic online market will grow around 10%, and our ambition, of course, is to grow considerably more than that in the coming three years. We want to continue to invest in customer satisfaction. We want to build leadership in the categories, in the beauty, in the sports, in the men's, and also in the home category as well as the kids. We're still young in some of the categories and see a high growth potential. We want to still maintain aggressive new customer positions. We stick to our customer lifetime value and how much we want to pay for the customers, and that's kind of almost a Bible for us. As long as the unit economics are favorable, we will continue to invest in the growth. Finally, Boozt has only started the growth journey, and we want to continue the hypergrowth. On the adjusted EBIT margin, we want to guide a five to seven percent EBIT margin during the period. This is still considerably higher than all our peers. The key drivers will be for us to maintain the order value. We still expect gross margin to be around 39% to 40%. Fulfillment costs still around 11% to 12%. If we have operational gains or the gains that we expect to get, we will reinvest them in higher quality. There's no rush to put that onto the EBIT because we want to improve our customer position even further. The same goes with the admin and other cost ratio. If we get savings, again, we want to improve the customer experience in making kind of one-of-a-kind experience and build an even higher moat towards our peers and want to maintain a marketing cost ratio of around 10%. If you go to the next slide and do an EBIT margin bridge, we can see that for us, the key thing is to keep the basket size, the absolute order value, and the local scale leadership, and we think that's the key to growth and to the profitability. As said before, we expect the gross margin to be around 39% going forward. We said that when we did the IPO back in 2017, and that seems to be the case. The fulfillment ratio around 11% to 12%, and if we exclude the COVID-19 impact in 2020, the number would have been around 12% or one percent. Admin and other costs around eight to 10%, and the marketing cost around 10%. You have seen the bar to the right where we kind of go through the unit economics of our baskets, and I think the main thing for us to see is that we have SEK 81 per order to invest in marketing and still make five to seven percent in EBIT. Theoretically, that we could even go higher, we could even go to SEK 100 and still be minimum as profitable as our peers. If you go to the next slide, you can see what we mean by that we are spending SEK 81 per basket, and we've tried to make a translation to what would that mean to our peers if they were to spend the same amount? What would that mean to the cost ratio? You can see that that would actually mean a huge increase in our peers' cost ratio. We believe that now that we have this local scale leadership, it's actually quite difficult for someone bigger than us to out-invest us in huge basket economics if they look like that. Even though some of our peers would invest more in marketing or even would drive the marketing cost down, our basket economics are still much more favorable than our peers. It will still secure our growth and profitability. We are quite confident and quite bullish on going forward and maintaining a profitable growth and maintaining an ability to fund our growth. If you go to the next slide on the outlook, this is just to reconfirm that we expect for 2021 our net revenue growth to be in the range of 20% to 25%, and we expect the adjusted EBIT margin for 2021 to be above five percent. You should compare that with what we would call a non-COVID-19 EBIT margin of around five point two percent. We are very much focusing on continuing very high profitable growth. With this being the last slide, I would like to hand over to the operator for questions. Our first question comes from the line of Daniel Schmidt of Danske Bank. Please go ahead. Your line is now open. Yes. Good morning, Hermann and Sandra. Can you hear me? Yes. Good morning, Daniel.[crosstalk] Morning. Just a couple of questions then, starting with what you just finished off with in terms of the medium-term outlook and also for 2021, high ambitions, of course, on the growth rate, also maybe reflected on what you say in terms of the EBIT margin being above five percent. When you read the tables that you laid out, the SEK 49 looks like a six percent margin on that order value that I put out. Why do you want to open the downside down to five percent? Could you give us some deeper explanation on that? You say that you have a starting point of five point two excluding the COVID effects. At the same time, you have the insourcing synergies that are going to come through this year of zero point five and zero point six. It looks like the starting point should be around five point eight. Am I right or am I missing something? Of course, you are always right. The thing is that we are actually going out of this pandemic, and we don't know when the society is open again. Of course, we've made an aggressive upfront buy, expecting this pent-up demand to materialize. In 2020, we were probably chronically understocked, and we don't want to come into that situation. I think that if demand for some reason would be lower than expected, we would probably have to make some write-downs on inventory, that would of course drive gross margin down, and also if marketing costs for some reasons would be higher. I think this is being cautious, making sure that, yes, we expect a pent-up demand. Yes, we are buying heavily into the stock, but we don't want to be overambitious. I think that it's better to, if things pan out as we hope, of course, surprise you positively, which probably will not be a surprise after all. Yeah. Okay. I hear you. I don't know if that was an answer, Daniel? Yeah. Absolutely. Makes sense. Then second question, you say that you have very high ambitions for Booztlet, of course, Booztlet has been a tremendous success story in the past couple of years with continued very high growth also in Q4. You also highlight that you see an expansion maybe a bit more when it comes to Booztlet versus Boozt when you look at Continental Europe, you mentioned high growth in Germany and the Netherlands. Why do you think that Booztlet, if I'm right, could have a brighter future in Continental Europe than Boozt? What's the reception? Apparently quite good. Is there any sort of characteristics for these markets that are more or less favorable versus the Nordics? If you see what I'm saying. Yeah. I think, if you start with Boozt is rapidly becoming a very strong brand in Nordics and want to be this Nordic retailer focused on Nordic brands. For Booztlet, I think the unique thing is that most of the stuff you have in Booztlet is difficult to find elsewhere. These are previous season items. These are Nordic brands, Nordic designer brands that we're selling at a high discount, meaning that, kind of, the competition for the same items in south of the border is not the same. We have something that is more unique, and the people living in continental Europe, they like having a good bargain as a Nordic. I think its uniqueness you don't find it on these comparison sites. The reason why we're also more bullish on moving south with Booztlet is that we are profitable on the first order due to the basket size. We are paying for the shipping, so that's why we think it's good for us to continue to expand in Europe. All right. Do you think that that will be sort of a meaningful part of the growth rate in Booztlet in the coming year, or is it still going to be very much the Nordics? When you read what you write, it sounds like you have a little bit of a breakthrough in Germany and the Netherlands. Focus is still on the Nordics. That's kind of the main focus because we can see that, by introducing Booztlet, we more or less believe that we doubled the addressable market for us in the Nordics. It's an upside for us to grow in continental Europe. Of course, in general, we've always been quite opportunistic. If we can grow even faster by doing profitable growth in Germany, in the Netherlands and other countries, we'll do that. Our main focus is still in the Nordics. It's nice to see that it can travel, and we believe that if this continues and we see the opportunities, of course, we would basically fuel Booztlet. The good thing is that the risk that we take on a Booztlet come with regards to the upfront buy in 2021, if things don't pan out, that might be an opportunity for Booztlet at a later stage. I think that Booztlet is a very good hedge for us. Also it's an added benefit that it turns out that we even have opportunities south of Scandinavia. Yeah. Good. Just a final question. You write that you had a less of a positive impact when it comes to risk-sharing agreements in Q4, affecting you net negatively versus last year, but it's going to be a net positive in Q1. Could you give us any sort of indication of the size of the impact in Q4 and reversal of impact in Q1? It's approximately one percent on the gross margin that it impacted negatively in Q4. Is that going to be entirely reversed in Q1, or is the impact going to be less in Q1? It should be around the same level that we expect. That's all from me. Thank you, guys. Thank you. Thank you. Thank you. Our next question comes from the line of Niklas Ekman of Carnegie. Please go ahead. Thank you. A couple of questions, if I may. Firstly, curious about if you could say anything about current trading, given the very strong momentum you had here in Q4 and facing very easy comparisons in Q1. Is it safe to assume that your growth in the start of 2021 is closer to the 40% local currency growth you did in Q4? That's a very good assumption, Niklas. Of course, it's been a very good start to the year, and we of course are significantly above the full year guidance. Thank you. Secondly, I'm curious, you're talking about significantly increased inventory buying, yes, you are still guiding for 20% to 25% sales growth for the full year. Shouldn't this increased inventory buying enable accelerated sales growth rather than a slowdown? Is this a reflection of your anticipation that campaign buys will be much less pronounced this year? How should we read this? Yeah. Campaign buys obviously will be much less than last year as we basically spent most of the second half of the year just trying to get hold of campaign buys. The upfront buy for 2021 is much higher than it was last year. Just to make sure that the cohorts that we received in 2020, that we can fulfill their apparel needs. Obviously, we also have put budget aside to campaign buys, and if things turn out as we expect, then of course, we will have a high amount of campaign buying. Of course, you might probably see an explanation, but I think it's a bit too early to conclude on that because we haven't really gotten out of the pandemic yet. We are preparing for the customers to come back and buy more, and we are ready with a budget and a set-up to do strong campaign buys again. Very good. Thank you. Curious, the new categories where you're seeing good growth now, beauty, sports, home, would it make sense to maybe quantify the share of sales? Maybe not for these individually, but as a group to kind of separate the apparel business to these new verticals? That's a question. Yeah. I don't really want to do that yet. I think the closest thing I can tell is that women's share of our revenue is now below 50%, and I think that's a big milestone. Then there's some meaning that it's men, then kids, sports, beauty, and home. Of course, women buy beauty and sports, but the typical women category, so women's dresses below 50%. They have been driving the return rates, I think that it's moving towards a more or less return-prone behavior. I think that's kind of the closest I can tell you about how the mix is. Has this very much happened this year due to the pandemic, or has that been a change you've seen over a number of years? This has very much been driven this year. If I don't remember wrong, I think that in 2019, women's part of the revenue was around 65%. That's actually quite a dramatic change. Of course, men are buying much more, which we like because we return less. Of course, not only sports and beauty and home, but especially also kids has been growing a lot. It's a very good mix and towards this online department store experience. Very good. Thanks. Also curious about the CapEx. Your guidance, four to five percent of sales. You're talking about roughly SEK 250 million in CapEx. That's a fairly significant increase from previous years. Yep. Can you talk about the different components here? Why such a big increase? We will continue our expansion with the AutoStore, but then as we have a new building, we also need something in that building, and we're looking into other automation solutions for other parts of the stock. This is the reason why we have a new building and we will continue the AutoStore. As we see the growth rates to continue to be high, and we have maybe been on the slow side this year in terms of CapEx, we need to make sure that we're constantly before our growth so we have room to grow and have as much stock as we need. This is the reason that we're investing quite a lot. If I may add, when we entered 2020, we expected a growth of 15% to 20%. Kind of the expansion in the warehouse and also et cetera. Basically, the growth went ahead, and you should also look at it into the currency-adjusted growth, number of items, et cetera, going through the warehouse has increased dramatically. Also, as we're expecting growth of 2020 to 2021, which was higher than we expected back in 2019. We're just slightly late with regards to our CapEx or warehouse investments. We need to catch up and get ahead of the curve again. Which means that 2020 to 2021 probably will be a slightly higher warehouse CapEx than you will see in a normal year. Is it safe to assume around half of that CapEx is AutoStore-related and the rest is more the other issues you talked about with the warehouse expansion? Yeah, that's a fair assumption. Very good. Thank you for taking my questions. Thank you. Our next question comes from the line of Daniel Ovin of Nordea. Please go ahead. Yes. Good morning, Hermann and Sandra. Can you hear me? Yes. Good morning.[crosstalk] Perfect. Okay. I was thinking a little bit about all the new customers that joined during 2020. If I remember correctly, you previously talked about that there is some increase over time the longer they have been customers with you. Can you give any indication of how much that has historically has improved during first year, for example, and is that something we also can expect for 2021, you think? Yeah, I think we talked about it earlier that in the first year after the purchase, we had kind of 65% of the cohort's revenue, and then it's increased from that. We haven't quantified how much it has increased over the years. Also we've seen that kind of the 2019, the older cohorts have obviously ended up buying less in 2020 due to the need for clothing has been less, kind of the repurchase rate or after 30 days, 60 days, 90 days is very similar to the old cohort. We expect the cohort that we received, that we gained in 2020 to have a very similar behavior in 2021, at the same time as we expect the old cohorts to resume their buying behavior, of course, assuming that society will go back to normal somewhat during Q2. Okay. Also, when we discussed previously, I think there is an assumption here that the overall apparel market would come back after, I don't know, 15% fall or something in 2020. Of that growth guidance you have for 2021, how much is based on assumption that the underlying market is coming back? In that case, how much have you put into that bucket? We are assuming that the underlying market is coming back to 2019 levels during Q2 2020. Then, of course, you don't know what will happen now because I think that people are just longing to get out and no longer wearing sweatpants and sweatshirts, et cetera, and looking good again. If we're lucky, then you will see an increase versus 2019. Then, of course, the big question is. The penetration that you've seen from online, will that stay or will we go back to more physical retailing? Of course, if the penetration will be maintained at the level that we saw during 2020, then obviously the online market will grow considerably more than 10%. Okay. Just another question here on the home category. Maybe if you can compare it to the kind of initial response when you launched the beauty segment and also maybe some comment on this segment, if you think that the longer-term potential is similar to what you see in the beauty segment. I think it's safe to say that it's been a completely different response than from beauty, a much better response. We probably also executed better on our home launch than we did on the beauty launch. Probably also a less fierce competition on home, you're not competing against duty free, et cetera, even though there was not much duty free in 2020. We've seen both with the reception from our customers, also we've asked our customers, "Would you buy on Boozt if we were to launch home?" I think that more than 60% said that they would buy on Boozt. We've seen that even though it's actually quite a limited assortment we have on Boozt, but it looks like whenever we introduce new brands or new items, they just get sold. The home reception has been, I think it's fair to say that it's actually slightly exceeded our expectations. Also, if I may add, we had a target to sign around 200 brands in Q4, and we reached that goal now. We have a good plan for the coming quarters as well. It sounds optimistic. Just wanted to check on the fulfillment side, so I got all the bits and pieces here. It sounds like from efficiency, you expect a margin gain of about 100 basis points in 2021, but then you also expect to give back some of the, again, return levels going back to normal. You expect that 50 basis points. Overall, it sounds like fulfillment cost perhaps down 50% in 2021. Is that correctly understood? No, we actually expect that fulfillment cost will remain on the same level as in 2020, this year. We had a lot of decrease in returns. We expect some of it to come back. We expect some of it that will remain due to fair use and shift in categories and such. The improvements we see, but we have taken so much in 2020, so we expect it to stay in the same level in 2021. Okay, perfect. All right. That's all my questions. Thank you very much. Thanks. Thank you. There are no further questions at this point. I will now hand back to the speakers for any final remarks. Okay. Yeah, nothing more from our side. Thank you very much, and I guess we will talk to each other over the coming weeks, or at the latest in around three months' time. Thank you very much.