My reading is the new direction is going to take time, B&O have not installed "Luxury"/"First Class"/VHNWI product support. So top dollar for the same product. Wealthy people inclined to buy B&O will lose patience very quickly. I think in general, B&O are making some of the best products ever - BL90, 50, Theatre etc...but I think they have seriously underestimated the design and subsequent complexity of the Mozart software infrastructure. They also seemed not to have invested early enough in software engineering when adopting Mozart and have to scramble to get the bugs out ASAP. When people spend $15k on a soundbar, $20-135k on loudspeakers, any hint of being a problem and people irrespective of affordability will temper their buying impulses. I think I seem to have been fortunate in the Software front with the Theatre and BL90s. But many here have not. Many of us are de facto beta testers and have to dial-in for support for problems that should not have ever come to market.    

Completely agree that the VHNWI's will not stand for the current software quality.  Heck, my wife (not a VHNWI) gives me crap every time the system hiccups - "when are you going to buy something that just works?".  B&O support?  Ha! Now, my "defense" is that nothing works now days.  Every company has crappy software  (even Apple has been disappointing lately), but part of me knows I'm stuck with B&O because I have too much invested, and it will be far too expensive for my non-VHNWI household to replace everything with Sonos (for example).  If I was VHNWI, I'd probably pitch it, tell my all my friends and buy something else (and if my theory of everybody is bad is true), repeat. In defense of B&O... As bad as we think their software is... I'm talking about NL beosounds, not the Theater and BL50/90... their competitors seem to be mostly worse.  Reading reviews about Kipsch and other competing wireless speakers sound like these are worse.  I think B&O has been at this longer so they are a bit more mature, but let's see if they can keep their head start.

52week low 8.88DKK. Their decision to stop making gear for the middle classes is severely misguided IMHO. It is a decision that they will severely regret. Prophecy of it becoming a headphone and sound dock company is coming to reality. The middle income earners kept them alive when things got tough in decades gone by. There’s a global credit crunch on the way in Q4-2023 to Q1-2024.

I think their long term strategy will be something they regret. However, the current share price is probably a reflection of the current market sentiment in general. I would expect, B&O is probably taking a lot of orders on their Ferrari range and Beolab8 so cashflow is probably ok in the short term but does not translate to immediate share price.

B&O may not break even on their strategy, but a global credit crunch won't slow VHNWI's from buying some little bit of kit.  The LVMH'ing of B&O follows a well-trod path.  Here in the USA even Disney, the epitome of mass-affluent marketing, is now selling upscale multi-thousand-dollar concierge theme park services.  You in the UK are used to a similar USA-HNWI-ism, "concierge M.D.s" just to avoid the National Health waits.  It's a sound strategy per se, but whether it will work for audio gear and whether B&O executes it well, are the questions.

If say 10% of B&Os  customers (hypothetically) provide 30% of their revenue, it makes sense to try and pump that segment in profitable or break-even times. That should grow the company. The problem is when there is a decrease in discretionary spending by the other 90% who contribute the other 70% of B&Os revenue who feel financially pinched, perceive job risk, higher mortgage repayments etc….that segment can collapse very quickly, whereas building-up that 10% takes time even though the cost of purchase is effectively meaningless to them