Ladies and gentlemen, thank you for standing by, and welcome to Redbubble Limited Annual General Meeting. At this time, all participants are in listen only mode. After the speaker presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, miss Ann Ward.
Thank you. Please go ahead.
Thank you, and welcome, everyone. My name is Anne Ward, and I'm honored to chair the board of Redbubble Limited. And I welcome you to Redbubble's annual general meeting for 2020. Due to the COVID nineteen pandemic, for the first time, this meeting will be conducted as a virtual meeting using the technology of our share registrar, Link Market Services. Voting on the resolution set out in the notice of meeting will be conducted by way of a poll, which is now open.
I remind you that all resolutions may only be voted on by shareholders, proxy holders, and shareholder company representatives. For those who have not yet voted, you will be able to cast your vote using the electronic voting card you received when Link Markets validated your online registration. Please refer to the virtual annual meeting online portal guide or use the helpline specified. You will be able to submit your vote online up until five minutes after the meeting closes. Now if we experience any technology issues during the meeting, we may need to take a short break.
If there is a significant technological issue and we need to adjourn the meeting to another time or date, please keep your eye on your email inbox and our AGM website for updates and further details. We'll lodge, details of any adjournment with the ASX. So the agenda for today's meeting will be as follows. First, I will deliver my chair's address. Then our CEO, Martin Hosking, will lead the management presentation.
Then we will move to the formal business of the meeting, including proposal of the resolutions to be voted on by shareholders. We will then address shareholders' questions in relation to the company's twenty twenty financial statements, the resolutions and other general business questions. Please note that we will only be taking questions from shareholders. We will conclude with the final opportunity to cast votes on the resolutions described in the notice of meeting, and the voting results for each resolution will be announced to the ASX later this evening. If you are a shareholder and would like to ask a question, please click on the ask question button you will see in the virtual meeting website.
Type your question and click submit. I encourage shareholders who have questions to send their questions through now or during the conduct of the meeting. Questions received prior to the meeting will be addressed during the question and answer session. We will not address questions that don't relate to the business of the meeting or the Redbubble Group. If we receive multiple questions on the same topic, we will address them as one where appropriate.
Now as I mentioned, voting on the resolutions will be conducted by way of poll at the end of the meeting following the question and answer session. The results of the poll will be announced to the ASX later today. Shareholders attending the meeting online will be able to cast their vote using the electronic voting card you received when your online registration was validated. Please refer to the virtual annual meeting online portal guide or use the helpline specified. Shareholders will be able to submit their vote online up until five minutes after the meeting closes.
And as I said, resolutions for consideration today may only be voted on by shareholders, proxy holders, and shareholder company representatives. Now I would like to introduce you to the other members of your board. First, Martin Hoskin, who is managing director and chief executive officer. Martin was one of the founders of Redbubble and served as CEO from 2010 until 2018. He remained on the board as a nonexecutive director before resuming as CEO on an interim basis from February.
Next, we have Jenny McDonald, also nonexecutive director. Jenny joined the board in February 2018 as a nonexecutive director and now chairs the Audit and Risk Committee. Jenny is also a member of the people and nomination committee. Then Greg Lockwood, nonexecutive director. Greg joined the board in June 2015 and was reelected to the board by shareholders at the twenty eighteen AGM.
Greg is a member of the Audit and Risk Committee. And finally, Ben Heap, nonexecutive director. Ben joined the board in April. He is chair of the people and nomination committee and a member of the audit risk committee. As Ben joined the board in April since the last AGM, he will stand for election today in accordance with the company constitution.
I will also be standing for reelection today. Now let me introduce the members of the Redbubble executive team also joining our meeting today. We have Emma Clark, the chief financial officer, Corinna Davis, our chief legal officer and executive vice president business development Daniel Vaidra, chief technology officer Gerald Frederick, senior vice president engineering Armo Deshai, chief supply chain officer and Rebecca Zorati, chief marketing officer. I would also like to welcome Carly Bodnam and Ash Butler from the company's auditors, Ernst and Young. Carly and Ash will be available to answer any questions relating to the conduct of the audit and the preparation and content of the auditors report.
Attending today, we also have Rob Pitt from the company's external legal advisers, Alan's, and Julie Stokes from Link Market Services. Now for the meeting formalities. Notice of meeting was duly given on 09/25/2020, and I take that notice as read. The meeting has been properly convened. The company secretary informs me there is a quorum present, and I now declare the meeting open.
I will now provide my address as your chairman. I was delighted to assume the role of board chair in March. I would like to thank my predecessor, Richard Corsey, for his leadership and contributions to Redbubble over the past decade. Thanks also to Redbubble's cofounder, Martin Hosking, for coming out of retirement to step in as interim CEO in February. Martin is continuing as interim CEO whilst the board conducts a global search for a permanent Redbubble chief executive.
That search is progressing well, and I look forward to making an announcement in that regard in coming months. Twenty twenty has been a tumultuous year, and I'm proud of Redbubble's strong business performance during this challenging period. Like most businesses worldwide, at Redbubble, we have had to adjust our ways of working to cater for remote working as the norm, and the company adapted quickly to these conditions and challenges. Our primary focus through this period has been on the safety and well-being of all our staff as we navigate these changes. The COVID nineteen pandemic has also accelerated the shift to online retail platforms.
Redbubble has benefited from this shift with strong growth evident across all geographies and product categories. Our supply chain has proven to be highly resilient and largely unaffected by the pandemic. We also rose to the challenge presented by COVID by swiftly designing and launching a new face mask product that has been an important sales contributor this year. I would like to thank our wonderful community of committed artists, our valued third party fulfillers, our content partners, and our customers for their continued support. And thanks to all of Redbubble's employees for their tremendous efforts and commitment this year.
Finally, I would like to thank you, our shareholders. We will continue to focus on building long term value for you as we realize our ambition of creating the world's largest marketplace for independent artists and the world's best place to go for those wanting unique custom made creative products. I will now call on Martin and Emma to provide you with the management update. Over to you,
Martin. Thank
you very much, Anne. Hi. I'm Martin Hosking, the interim CEO of Redbubble. I'm delighted to be with you to present the results for financial year 2020 for Redbubble. We have previously shared this information with investors, so excuse me if it is somewhat of a reprise.
Emmett Clyde, the CFO, will also summarize the financials. 2020 has been unbelievable. Most importantly, I want to say it has been an immensely difficult year for all the communities in which Redbubble operates and for all our employees and other stakeholders. Our greatest sympathy is for all those who have been ill. We are deeply thankful for all their carers and the essential service providers.
We are pleased that Redbubble has been able to play its role by keeping operating and providing our important service. As a consequence, Redbubble has emerged stronger and is well positioned for the future. Importantly, what we are seeing is bringing forward structural changes that were already underway. The trajectory of the company has not changed. It has just accelerated.
We have responded to the events and are well positioned to ride out as the structural factors endure. I would note that two weeks ago, we released our Q1 results for financial year 2021. These results confirm the trends which I'm talking about, namely the strong financial underpinnings of the company demonstrated during 2020. Over the next few minutes, I want to look at the immediate phenomena, but more importantly, the fundamentals as these point to the future of the company. The next slide, we talk about creating the world's largest marketplace for independent artists.
The outline of what I will be talking about comes down to three fundamental trends. These trends combine with the effect that the Redbubble Group is realizing our ambition of creating the world's largest marketplace for independent artists. I want to reflect here for a moment because the actual inherent value of the group resides in the marketplace model. The CEO of Etsy, a US15 billion dollars marketplace for handmade goods, said, Two sided marketplaces like Etsy are lightning in a bottle. You can probably count on two hands the number of two sided marketplaces that you can think of at scale.
In any given year, venture capitalists fund thousands of companies who aspire to become a two sided marketplace, and statistically speaking, roughly zero succeeds. But once they're vibrant, once you've got the flywheel going, they take on a life of their own, and they're very durable. They're wonderful businesses. As hard as they are to create, they're incredible valuable ones they're built. The reason why marketplaces are hard to create is that there is a wicked two sided problem, as without sellers, there are no buyers, and without buyers, there are no sellers.
In Australia, we understand how value mobile marketplaces can be once they get going. We seek an REA providing the best examples. The Dalwhold is one of a tiny number of truly global marketplaces to have come out of Australia, indeed, one of the few in the world. It is quite common with marketplaces for them to move through an acceleration point at some stage. It's become mainstream.
We have seen this with REA and SEEK. Etsy has also moved through this point over the last few years. I believe this is now the case with Redbubble, and it is so for the three reasons I will cover. We are an emerging winner in a rapidly shifting landscape. This is reinforcing the inherent flywheel effects, effects that have been in play for some years.
And finally, the on demand business model enables us to match the demand created efficiently and highly profitably. I will now take each point. Firstly, the Red Bull is an emerging winner. Next slide. It is easy to think about the last five months as a passing phenomenon.
Increasingly, this is not plausible. When the COVID-nineteen crisis ends, the landscape will be changed. More consumers have adopted online shopping and will continue to shop this way. The underlying trend has been accelerated. It has not changed.
Bricks and mortar were already struggling. That is not going to reverse. All the analysts are coming to the same conclusion, and we're seeing that post lockdown, while the offline retail does come back, online remains strong. Millions of new consumers have been exposed to online. Many of them will continue to shop in this way.
This is particularly true in the case of Redbubble and Tea Public as the experience and products we provide do not exist in the traditional retail. The advantages of the group's model over traditional retail has allowed both marketplaces to gain traction over many years. The current situation is playing to these advantages. Specifically, customers are seeking more differentiated and personalized offerings. Pre COVID, the drab statements in most malls and shopping experiences was already wearing thin on consumers.
In the current environment, customers want more even more to put their discretionary spending to more relevant and differentiated offerings. The millions of designs on Redbubble and Tea Public allow this desire to be met. Secondly, because the content is created by thousands of independent artists, it is ever moving and always relevant. The long lead times of bulk ordering of traditional retail suited the world of brick and mortar. But even pre COVID, a disconnect was formed for changing needs of customers.
At Redbubble, we do not need to concern ourselves with the next trend, theme or meme as the artists have got the per got there first and already created something that meets the immediacy of the button. Finally, this is all made possible by the on demand business model. Products are not traded until they are ordered. Redbubble's lead times for a new product is not months but minutes as orders are manufactured on demand one of the group's fulfillment partners. For the company, this has dramatically improved economics not only against bricks and mortar but against traditional retail online retailers.
We have minimal capital expenses that are borne by third party propellers. We carry no inventory. We have no wastage or overstock. We always have the most relevant content, whether it's a meme, a movement or an obscure interest. These advantages manifest themselves in the financial results with increasing profitability.
Pre COVID, Redbubble is already winning. The COVID crisis has accelerated these underlying trends. That we are winning and now just winning more is illustrated on this slide. Growth rates pre COVID were already enviable. In the second half of FY twenty twenty, they were forty eight percent year on year.
They have accelerated through the ongoing situation, increasing to 1007% in Q4 and in Q1 twenty twenty, '1 hundred and '16 percent year on year. Growth is strong across all our markets. Unlike other Australian online retailers, less than 6% of Red Bull Group sales are in Australia. We are targeting a global market of almost 1,000,000,000 consumers in North America and Europe. In the last quarter of twenty twenty, growth was from all geographies with a particularly impressive performance in The United States at 121%.
This is where the T Mobile public marketplace is strongest. I now want to talk about the flywheel dynamics. I talked earlier about the group's marketplace effects. But as we have seen, Redbubble is a three sided, not two sided marketplace. This creates a reinforcing growth cycle, which we refer to as the flywheel and is now operating at significant scale.
In the last year, we had 511,000 selling artists that attracted 6,800,000 customers to bought four seventy four million from these artists, with the products graded from 41 fulfillment locations all over the world. It is a flywheel because more artists in the marketplace, more relevant content, so more reason for customers to come. The more customers, the better fulfillment network becomes, and this, in turn, brings back more customers. And with more customers, more artists are attracted, and so on it goes. For over a decade, this flywheel has been moving at some speed.
It has accelerated in the last few months. Looking now at the artist. This slide shows the breakdown of sales by artists from when they joined. What we see is that each cohort of artists continues to sell at the same or an increasing rate in subsequent years. This illustrates the point that more artists equals more sales and that it is cumulative.
No other company in the Internet has so many artists making so many sales to so many customers. As we look to 2021, we are doubling down on artist sales, in particular, by utilizing the know how of key publicas to both market to artists and manage them to ensure that their sales increase in subsequent years. The acquisition of Tea Public in 2019 partly explains the increased sales by lower cohorts in 2020, and we want to build on this by creating a single artist sales and marketing top line across the group. The number of selling artists across the group goes up every year. Last year decreased by just over 50%, especially as the COVID crisis drove more people to find alternative sources of income.
As we have seen above, once on the site, they will continue to sell. It is worth noting that with ARTIS earnings of $67,000,000 last year, there is no other Australian organization, public or private, that has contributed as much to earnings of visual artists. Needless to say, the artists love what we do for them, and they are prepared to stay so. Artist sales and marketing costs have historically been negligible as word-of-mouth has driven acquisition. Excuse me.
Just one second. I'm just gonna get a drink. Sorry about that. It's needed to drink of water. As the artist had come, so too have customers.
With 6,800,000 customers last year growing at 33 per annum over the last five years. The customer growth has come with very low customer acquisition costs. Marketing spend is 11.7110.4% of marketplace revenue versus 11% to 26% for peers. The low spend reflects the dynamics of the marketplace with customers being attracted to their differentiated content through unpaid search or social channels. Our vast content library and diverse product types means we are not trying to sell same kind of products as everyone else.
This keeps customer acquisition costs low as an ongoing area of differentiated development, glad I'm not on TV. For example, we feed we feed Google shopping at over 200,000,000 SKUs. Few, if any other companies, would top this. In 2020, content management systems and SEO improvements were areas of focus. As we look towards 2021, we will be putting in place more fundamental tools for consumer product marketplace, in particular, a customer data platform, the Redbubble marketplace, to allow for full lifecycle tracking.
We'll be continuing to work on SEO, the Redbubble marketplace, leveraging learnings from t public, and we'll continue work at both marketplaces on low customer acquisition by expanding channels and optimizing data feeds. While repeating customer growth has been at or above the growth of first purchase, 36% versus 30% per annum growth over the last five years, we see a significant opportunity in improving loyalty and brand awareness. We particularly want to see as many of the millions of new of recent new customers coming back in the holiday season and beyond. In 2021, we'll be working to build and differentiate the two brands in the marketplace and improve customer experience and loyalty of both brands. Relation to loyalty, the apps on Redbubble are approving a winner.
Currently, 13% of sales on Redbubble marketplace are via the apps and are steadily increasing. Both marketplaces succeeded in the mobile game. As illustrated, mobile growth is very strong, and over 50% of sales come from mobile devices. The third arm of the marketplace is the fulfillment network. It is this network which enables an artist in Pretoria to sell a face mask to someone in Berlin.
Without the network, the group would be just another collection of images. And it is only when excuse me. And it's only when the final product arrives that the art of some customer objectives are realized. The network has taken thirteen years to build and is without parallel in any other company. At the current time, 96% of all products sold are fulfilled by a partner local to the same geographic region as the customer who bought them.
This gives robustness to the network and means customers generally enjoy quick delivery times and lower shipping costs. It is worth noting that Redbubble also utilizes 24 shipping partners globally, again providing for resilience and redundancy. Over the COVID crisis, this diversity in the network has meant we've been able to continue to serve all markets, continuing to build out and localize the network remains a focus area. And just this week, mass production three weeks ago, actually, mass production was localized in Australia, reducing delivery times two weeks from two weeks to a few days. The fulfillment network not only accelerates this flywheel by improving the customer experience but by creating a platform for product scope expansion.
As you can see on the left of this slide, each new product we add creates immediate value, but then this value then continues to grow over time. With our diversity and depth, no other company can add as many products as efficiently as possible on a global basis. Further, the existence of the image library means we can immediately compete in new product categories. When the group launched face masks in April, we did not do so with a few designs but with millions of designs. Some were created specifically for face masks, but many more images already boosted on the site.
This is shown on the right hand side of the chart. Last year, 4,100,000 unique images were sold on 9,400,000 product types. In effect, our image library creates a value in value increasing in value the more products that we add. Typically, when the group enters a new category, whether this be face masks, jigsaw puzzles, or aprons, we immediately become the largest provider of products on the Internet with those images. That's how scale begets ever greater scale, the wonder of the flywheel.
And as I've noted from at the start, this fulfillment network comes at no capital costs. With on demand model, we hold no inventory and have no wastage. The Red Rubble Group is fundamentally disrupting traditional retail with economics and product types that they cannot match. This existed pre COVID and will endure post COVID. And how far can it go?
But out of 117 products, we're just beginning to scrape the surface. 16 new products were added last year. The group currently utilizes 11 different printing technologies to print on the current range of products. When we started, only a few technologies existed as print on demand was in its infancy. New technology, new application for existing technologies are being created every year.
They've enabled very large products such as doona covers and small complex products such as socks and satchels. The tech has moved from just printing on blanks such T shirts to print cut sew techniques that allow for more fashion and patterning products such as dresses. There's areas of expansion for the group, extending all our category areas, apparel, accessories, home and wall art, and electronics, as well as new categories such as home, office, nursery, and baby and even pets. This is a virtual cycle because we have the demand and the content, which means all the fulfillers want to work with us to create the best, newest and most interesting products. As the new products are added, reliance on any given product line or categories diminish, thus the marketplace gets ever more resilient.
In particular, pleasing to me to see very strong recent growth in some of our older categories, homewares and artwork, as more customers are realizing Redbubble provides a compelling home decoration solution. And clearly, the standout win in recent times have been face masks. Redbubbles are able to rapidly enter this new market because of the content we have and our relationship with the pillars and blank providers. The masks have provided material sales to the group during the historically weaker fourth quarter. Many of the customers who come for masks will be our targets for our pool products as we enter the holiday season and beyond.
I will now thankfully pass over to Emma Clark to take you through the FY 2020 results in more detail.
Thank you very much, Martin. We are proud of the financial year 2020 result that the Redbubble Group has delivered, including the group's first EBITDA profit and first positive free cash flow since our IPO. Even during a long running global pandemic, with our teams continuing to work from home, the business has shown both its resilience and longer term potential. Full year marketplace revenue was $349,000,000 up 36%. Revenue growth accelerated during the last quarter and has continued to date.
Strong growth rates have been experienced at both Redbubble and tea public marketplaces and also across core geographies and all product categories. As Martin has already mentioned, the strength of the financial year's top line results is also reflected in growth across the flywheel as we recorded approximately 511,000 selling artists, up 51% year on year, who sold to 6,800,000 unique customers, which was up 30%. Repeat sales accounted for 40% of the total sales. In fact, the group has demonstrated a strong track record of growth since our IPO. This has been reflected across all lines of the P and L, with marketplace revenue growing at a compound annual growth rate of 32% over the last five years.
This has been generated whilst increasing productivity within the group, which is reflected in our increasing revenue generation per employee. Consistently over the past five years, growth of the top line has flowed through to the rest of the profit and loss, with both gross profit and gross profit after paid acquisition growing in line with the top line CAGR. In the last financial year and in particularly in the fourth quarter, gross profit and gross profit after paid acquisition margins have improved further from prior years, and this has pleasingly continued into quarter one of the current year. The group's profitability has increased along with top line momentum as during the year, we expanded margins whilst controlling OpEx growth. Operating expenses were $79,300,000 for the full year, including a one off $2,200,000 provision as a result of the organizational restructure announced in late June.
The reorganization has structurally reset our cost base to a lower level, which sets us up well to continue to generate profitable growth. Speaking of profitable growth, the group has demonstrated its overall profitability with a full year operating EBITDA of $15,300,000 Compared to the 2019 result of $6,300,000 this represented a 141% improvement. It is also pleasing to note that we delivered our first positive EBITDA profit of $5,100,000 The cash generative power of the group's capital light business model is also quite apparent. Our strong earnings, combined with high levels of working capital advantage, meant that the full year generated a positive cash flow result of $38,000,000 and we ended the year with $58,000,000 of cash, providing a very solid balance sheet position. Our take rate continues to be higher than many other global marketplaces.
It is an exciting time for the group, and we are making the most of it. Thank you, and I will now pass back to Martin.
Thank you, Emma. So just in conclusion, as we look towards 2021, we see a year of promise. The flywheel for the group is turning faster to become more mainstream. Other market places have shown that when this occurs, you need to step on the gas to seize the opportunity. We will do so in four areas.
Artist activation or retention at a group level. This is to ensure we have a natural home for all artists in the Internet. We need to attract, retain, and develop them as they are the foundation for the differentiated consumer experience. User acquisition and transaction optimization. We have unique assets in a lot in the vast content library and diverse product types.
This allows us to attract customers in a low cost way, but it requires ongoing development activity as we're doing something that is genuinely unique. Customer understanding, loyalty and brand building. This is the biggest single opportunity for the company. Improvements in loyalty we're seeing are encouraging. Both Redbubble and Tea Public have very loyal customers, and the brands are being built.
We'll be doubling down in this area in both marketplaces. The scale of the opportunity is vast as we're not talking about 25,000,000 Australians, but something like 1,000,000,000 in our core geographies. Finally, new physical products and network expansions. We can add hundreds of products and many more fulfillment partners. The technology is ever expanding, and what we've seen with Fantasy World only a few years ago is now every day.
Adding new products and partners will increase the scale and scope of the marketplaces, attracting and satisfying more customers. Thank you. And back to Anne.
Thank you, Martin and Emma. There is indeed much to look forward to. We will now proceed to the formal business of the meeting. The first agenda item is to receive and consider the financial report of the company being the audited financial report for the company and its consolidated entities for the financial year ended thirty June twenty twenty and the reports of the directors and the auditor Ernst and Young. The directors report, financial report and auditor's report were released to the market with the company's appendix 4E full year results on twenty first August.
They are also published on the Redbubble Investor Center website and in the 2020 Redbubble annual report. There is no requirement for shareholders to approve these reports, but shareholders may ask questions about them when we come to question time in a few minutes. The auditors have not received any questions prior to this meeting. But as I mentioned earlier, they are attending online and are available to answer any questions about the conduct of the 2020 orders. Now we have three voting resolutions for consideration at this meeting.
First, the adoption of the remuneration report. Second, for my reelection as a director, and finally, for the election of Ben Heap as a director. As I mentioned earlier, voting on the resolutions will be conducted by way of a poll at the end of the meeting following the question and answer session, and the result results of the poll will be announced to the ASX later this evening. I remind you that all resolutions may only be voted on by shareholders, proxy holders and shareholder company representatives. Shareholders attending the meeting online will be able to cast their vote using the electronic voting card received when online registration was validated.
Please refer again to the on virtual annual meeting online portal guide or use the helpline specified, and voting will continue until five minutes after the meeting closes. Each resolution set out in the notice of meeting is an ordinary resolution and as such must be approved by a simple majority of votes cast by shareholders entitled to vote and voting on the resolution. On each of the resolutions, I will cast the undirected proxies given to me in favor of the motion. I now set out each of the proposed resolutions before we address shareholders' questions. Resolution one is to adopt the company's remuneration report.
Under the Corporations Act, the company is required to include in the director's report a detailed remuneration report setting up prescribed information relating to directors and other key management personnel's remuneration and submit this for adoption by resolution of shareholders at the AGM. The director's report for the year ended thirty June twenty twenty contains Redbubble's remuneration report. It is set out in the annual report and also can be found on the company's investor center website. Shareholders are asked to adopt the remuneration report. The shareholder vote on this resolution is advisory only and does not bind the directors of the company.
However, under the Corporations Act, if the resolution to adopt the remuneration report receives a no vote of at least 25% of the votes cast at two consecutive AGMs, a resolution must then be put to shareholders at the second AGM as to whether another general meeting of the company should be held at which all directors, other than the managing director, in office at the time, the board approved the second remuneration report would need to stand for reelection. Noting that each director has a personal interest in their own remuneration from the company as set out in the remuneration report and that each director and close related parties of directors, are excluded from voting their shares in favor of the resolution as described in the voting exclusion section of the AGM notice. The directors unanimously recommend that shareholders vote in favor of the adoption of the remuneration report. Resolution two is for my reelection as a director of the company. As I obviously have an interest in this item of business, I will now hand over to the chair of the now hand over the chair of this meeting to Jenny McDonald to propose this resolution.
Thank you, Anne. Anne's credentials are detailed in the notice of meeting. As mentioned earlier, you can submit questions regarding this resolution, which will be addressed at the end of the meeting and before voting commences. I'd like to ask Anne to say a few words regarding her reelection.
Thank you, Jenny. I'm pleased to offer myself for reelection as an independent nonexecutive director of Redbubble. I joined the board of Redbubble in March 2018, and I served as chair of the people and nominations committee of the board up until April. In late March, I was elected chairman of the Redbubble board by my colleagues, and I became chair when Richard Cawsey retired from the board on thirty March twenty twenty. As you will have seen in the explanatory notes to the meeting, my background and early career was in the law and in financial services.
And ten years ago, I became a professional company director. You can read my bio in the explanatory memorandum. I won't go over those details, but I thought I would outline the four key areas of expertise I believe I bring to the board. First, I bring deep governance experience as a company director. I have served on 19 boards and chaired nine of those across a range of industries.
Second, I offer extensive experience in the governance of technology and platform businesses with a focus on growth strategies in rapidly changing consumer facing companies. Third, I bring a legal skill set. I practiced as a commercial and corporate lawyer for twenty eight years, including as a partner in two major Australian law firms and as general counsel for National Australia Bank in Australia and Asia. And fourth, I offer extensive experience in the financial sector, spanning banking, insurance, wealth, financial services and investments. I currently chair superannuation trustee companies responsible for over $140,000,000,000 of investment funds on behalf of over a million Australians.
I am proud to serve as a director and chairman of the board of Redbubble, and I thank you, shareholders, for the opportunity to contribute to Redbubble's ongoing success. I will now hand back to Jenny.
Thank you, Anne. I would now like to propose the resolution and note that the directors, with Anne abstaining, unanimously recommend that shareholders vote in favor of Anne's reelection as a director. I now hand back the chair of this meeting to Anne.
Thank you, Jenny. Resolution three is for the election of Ben Heap as a director of the company. As I mentioned earlier, Ben was appointed to the board in April, and he now stands for election subject to the con company's constitution. Ben's credentials are detailed in the notice of meeting. As I mentioned earlier, you can submit questions regarding this resolution, which will be addressed at the end of the meeting.
In the six months since he has been a director, Ben has already been a great contributor to the board and its committees, including as chair of the people and nomination committee. I now invite Ben to say a few words.
Thanks, Anne, and good afternoon, everyone. I'm seeking your support to be elected to the board of Redbubble Limited as an independent nonexecutive director. I joined the board in April of this year as a nonexecutive director, and I'm currently the chair of the people and nomination committee and a member of the audit and risk committee. As mentioned in the explanatory memorandum to the notice of meeting, my background and experience are in asset management, digital and technology transformation, financial technology, and data science innovation. I'm a founding partner of h two Ventures, which is a venture capital investment firm.
I'm a nonexecutive director of the Star Entertainment Group Limited, which is an ASX listed group. I'm an independent chairman of CBA New Digital Businesses, which is a subsidiary of the Commonwealth Bank of Australia. I'm also a member of the Australian Commonwealth Government's Fintech Advisory Group, which provides policy advice with respect to financial services technology. And I'm the president of gymnastics in Australia. I have a wide ranging set of leadership and management expertise gained in my previous executive roles domestically and internationally, most recently with as managing director of UBS Global Asset Management in Australia and in The United States.
This experience enables me to provide considered input with respect to the range of issues and matters that are put in front of the board. With your support, I look forward to continuing to serve on the board of your company. Thanks.
Thank you, Ben. The directors, with Ben abstaining, unanimously recommend that shareholders vote in favor of Ben's election as a director. It's now time, for questions, and we will now address any questions from shareholders before moving to voting on the resolutions.
Hello. This is Paul Gordon, company secretary for Redbubble. First questions released question and suggestion come from Mr. Michael Hearn. The question being, is Redbubble making face masks?
And the suggestion, as a public relations exercise, shareholders could receive one Or donated face masks could be given to elderly at shopping centers?
Thank you for that question, Michael. As Martin mentioned earlier, Redbubble and TeePublic both launched, face masks at the April. When we saw the opportunity, and the need, we saw the opportunity to support the artist community and also have a positive impact during the COVID nineteen pandemic. The launch of face masks was very successful. It was, I think, the fast fastest product launch in Redbubble's history, but it immediately also translated into high levels of sales.
And, building on this success, as Martin mentioned, a new fitted face mask product was launched last week. To your second, question or suggestion, we we did consider that opportunity to to support various various people other than our customers. And so since the launch of face masks, we have already donated over 500,000 face masks to charitable organizations operating in the health care center, namely Heart to Heart international and direct relief.
A further question comes from Mark Santo. How have you seen artist led marketing developing over time and since COVID? And further, is that an area where where you are trying to further develop?
Thank you, Mark. As Martin said earlier, great artists attract more customers, and great artists also attract more great artists. We do intend to sharpen our focus on artists over the coming period, And I might hand over to Martin, to specifically address your question.
Yes. Thank you very much. One of the core reasons why, we're doing elevating artists and and as a group activity, whereas artist activation and retention is to enable exactly what you're talking about. We want to be able to differentiate those artists who have the most ability to promote, and we also want to encourage them to do so. In addition, we want to attract such artists who may be off-site.
So the machine which TeePublic has developed is both a attraction machine. It allows for direct sales and marketing, and then it also allows for promotion and retention of the artist for the reasons which you've identified. To give one example, going out to find artists who've got many following followers on on Instagram but may not have a presence on the site is one of the one of the core things which we're trying to do. So it is, as you identify, an area of focus for us.
Thank you, Martin. Next question?
Next question comes, I can't see who this is from, but two new questions. On Page 26 of the annual report under the heading 4.2, Performance Against Company Health Metrics, the table states each metric has been achieved, but I cannot find what the company is measuring that against. What is the yardstick for these metrics? Secondly, can you please explain the people and culture metric and how that is measured?
Thank you for that question. So the there were four health metrics. The first was around a minimum cash balance. The second was around growth in artists. The third was around growth in members and use of apps, and the fourth was around, staff stability.
It's we we measured, we we quantified that health metric around, turnover of staff, and there were some qualitative elements to, the culture measurement. So I think that I hope that answers the question.
Right. Next question comes from Angealis. Well done on a great result. Are you considering jewelry in upcoming new products, earrings and necklaces as I think this would be fantastic, a great way to showcase the art? What is the process for adding new products?
Well, thank you, Angie. I might pass this one, through to, to Martin, to expand on the selection process. I will say from from my perspective, there are from the board's perspective, there are many, many, many possible products that we could add, and, we are proceeding carefully and cautiously, to ensure that products added are actually going to add to commercial outcomes. But I'll pass over to Martin to talk about the selection process.
Yes. Thank you. I'll keep it reasonably brief. So as we indicated, we've got 17 products on the marketplace at the moment. We have a pretty clear visibility onto what 300 products would be.
So we clearly have a selection issue in making sure we're adding the right products at the right times. And, you know, something like face masks became a priority because it was clear that there was going to be a high demand existed for that product. In relation to jewelry, an area which we're not thinking of expanding at this point is into into three d printing. We do keep a good watchful eye on it. We are aware of what technology is is doing.
We're aware of the capabilities there, but it's not yet an area where we're focusing as a company, as it would require quite a different set of orientation, the uploader and so forth would change. In relation to the process to select the products, it is, as you can imagine, quite an elaborate process. It involves working with our customers, what their demands are, working with our artists where they want to work, and also working with our fulfillers to make sure that when we do launch a product, it is good and satisfies all of those parties. So the prioritization process goes on in an annualized basis, and we have a good forward visibility into the products which we'll be launching next year. I'm not going to anticipate the answer to that, what those actually are, because we do vary as things change during the course of the year.
Great. Thanks, Martin. Are there any more questions, Paul?
No. No. Hand confirming no more questions.
No more questions? Well, that, I think then we'll conclude the the question and answer session and conclude the meeting with the remaining items of formal business, which are the resolutions and voting. So proceeding to voting on each of the resolutions, you will now see on the slide each of the three resolutions and half proxy votes have been cast on those resolutions. Firstly, adoption of the f y twenty remuneration report. I I move that the remuneration report for the period ending thirty June twenty twenty be adopted by passing an ordinary advisory resolution as set out in the notice of meeting.
If shareholders have not yet voted on this item, please now select either for, against, or abstain for resolution one on the voting card. Onto resolution two for my reelection as director of the company. Back to Jenny to chair the meeting and put this resolution to the meeting for voting.
Thanks, Anne. I now move that resolution two, which is proposed as the ordinary resolution as set out in the notice of meeting, be put to the meeting. If shareholders have not voted and wish to do so, please now select either for, against, or abstain for resolution two
on the voting card.
I now hand back the chair of this meeting to Anne.
Thank you again, Jenny. And we conclude with resolution three for the election of Ben Heap as a director of the company. I now move that resolution three, which is proposed as an ordinary resolution as set out in the notice of meeting, be put to the meeting. If shareholders have not voted and wish to do so, please now select Ladies and gentlemen, that concludes the business of the meeting. As I mentioned earlier, shareholders can submit their votes on all resolutions online up until five minutes after the end of the meeting.
The results of the polls will be announced to the ASX later today. On behalf of the board, I would like to thank you all for your attendance today, for your continued support through Redbubble, and I now declare the meeting closed. Thank you, everyone.