KALOTOYS — Margin breakdown

Researched profile. The figures here are modelled by us from public information, published with the sources they were drawn from. How we research.

Margin breakdown

Read Sep 2026. Figures here are a reading taken then, not a live feed.

Every cent of a $25.07 average sale, down to a little under a third of it — a contribution ceiling built on the founders’ own cost shares, not a net margin.

Only one line here is measured for this brand: Amazon’s 15% referral fee. The other three are the founders’ own shares for the whole company in 2023, stated on Shark Tank Vietnam and applied here to one brand on one marketplace three years later. The one cross-check available agrees with the fulfilment line: Amazon charges $5.52–6.13 to pick and pack a $29–33 busy board, 17–19% of its price.

The cost shares — what the founders said, and what is used here

Line	Stated by the founders (2023, company-wide)	Used here	Basis
Amazon referral fee	—	15%	Measured: Amazon’s published Toys & Games and Handmade rate; 15.01% per listing in Keepa
Cost of goods	~16%	16%	Self-reported, VTV, 6 Aug 2024
Shipping and fulfilment	20–22%	21%	Self-reported midpoint. FBA pick-and-pack on the busy boards is 17–19%; the made-to-order listings carry their own freight
Advertising	30–33% “marketing, including platform commissions”	16.5%	Self-reported midpoint less the 15% referral fee it included. The weakest line
Operating costs	3–4% of revenue a month	Not deducted	Self-reported; left out, which is one reason the remainder is a ceiling

Unaudited figures given on television for the whole company — Etsy, their websites and every brand they run. Nothing here is a supplier quote or a figure from this brand’s books.

• Cost of goods: -16% of revenue — About $4.01 of a $25.07 sale. Derived from the founders’ self-reported ~16% for the whole company in 2023, not quoted for any product. Plywood imported from Russia and cut in their own Hanoi workshops, by their own account.
• Amazon referral fee: -15% of revenue — Amazon’s published rate for Toys & Games and for Handmade — 15% either way, and 15.01% per listing in Keepa. The one measured line.
• Shipping and fulfilment: -21% of revenue — Freight from Vietnam and delivery to the customer, at the founders’ self-reported 20–22% midpoint. Derived. Consistent with the $5.52–6.13 FBA fee on the busy boards; the made-to-order listings ship themselves.
• Advertising: -16.5% of revenue — Derived, on a self-reported basis: the founders’ 30–33% marketing share, which they said included platform commissions, less the 15% referral fee. The weakest line — the sponsored footprint on Amazon neither confirms nor contradicts it.
• Margin: 31.5% — Derived, self-reported basis: three of the four lines are the founders’ own 2023 company-wide shares. Returns, payroll, overhead and the US entities’ own costs are all at zero here, so this is a ceiling on profit rather than profit.

The same founders reported 2023 profit of 9.6 billion VND on 95 billion of revenue: a 10.1% net margin. Their cost shares leave 31.5%, or about 28% after the operating costs they named, so roughly 18 points of cost go unnamed — payroll, R&D, depreciation, interest, or the costs of Etsy and the websites that sit outside “marketing”. The profit on this page is what one Amazon brand contributes before those, and the company-level margin may be nearer 10%.

The margin block and the profit series on the chart are one model, so they cannot disagree. What neither can say is which side of that 18-point gap this brand sits on — the first thing to put to the owner.

KALOTOYS overview · All ideas