But according to Kogan, the only lesson for the group from its recent struggles is that it needs to remain lean and agile.

“The learning is that what we’ve been doing as a business, pre-COVID, is the right thing to be doing. Make sure that you’ve got a strong balance sheet, make sure that you’ve got a very lean and agile operation that is able to react quickly to changing environments,” he said.

And Kogan is confident the group can continue to attract customers despite the economic clouds.

“It’s definitely a challenging environment out there,” he said.

“And as a company, you prefer everything to be firing on all cylinders ... but for us as a business, we also know that when people start to tighten their belts and start watching their expenses, and being more frugal, it does mean that Kogan.com is going to be top of mind.”

Retail spending hit a record high of $34.2 billion last month, but retail turnover is slowing, up by 0.2 per cent in June.

Kogan was more circumspect about the line from Kogan’s announcement that it would “discontinue parts of the business that are not delivering value to customers or shareholders”.

“Generally speaking, there are projects and initiatives that make sense when you’re growing at over 100 per cent year-on-year, and that stop making sense when you’re not growing at over 100 per cent year-on-year,” he said.

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