Adore Beauty (ASX:ABY), the online beauty retailer, suffered a sharp sell-off as it shifts strategy toward physical stores. In February 2026, Spheria Asset Management reported Adore Beauty fell 56% during the month, with most of the decline after its first-half FY26 result, noting the company had recently undergone a strategy change. Ryder Capital used the weakness to add further to its holding in March 2026, describing Adore Beauty as an omnichannel beauty retailer. Adore Beauty operates in the Consumer Discretionary sector within the Specialty Retail industry, and Thesis Tracker has captured 5 comments from 2 fund managers, Spheria Asset Management and Ryder Capital. Adore Beauty Group is a leading online retailer of beauty and personal care products in Australia and New Zealand, selling a wide range of third-party and private label brands direct to consumers and expanding into physical retail stores as part of its omnichannel strategy.