<SEC-DOCUMENT>0001104659-23-081749.txt : 20230815
<SEC-HEADER>0001104659-23-081749.hdr.sgml : 20230815
<ACCEPTANCE-DATETIME>20230717212046
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-081749
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oddity Tech Ltd
		CENTRAL INDEX KEY:			0001907085
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8 HAHARASH
		CITY:			TEL AVIV-JAFFA
		STATE:			L3
		ZIP:			6761304
		BUSINESS PHONE:		(551) 751-7495

	MAIL ADDRESS:	
		STREET 1:		8 HAHARASH
		CITY:			TEL AVIV-JAFFA
		STATE:			L3
		ZIP:			6761304
</SEC-HEADER>
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<TYPE>CORRESP
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                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">1271 Avenue of the Americas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap">New York, New York&nbsp;&nbsp;10020-1401</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap">Tel: +1.212.906.1200&nbsp;&nbsp;Fax: +1.212.751.4864</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 10pt">www.lw.com</TD></TR>
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    <TD COLSPAN="2" STYLE="white-space: nowrap">FIRM / AFFILIATE OFFICES</TD></TR>
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    <TD STYLE="padding-right: 15pt; white-space: nowrap">Austin</TD>
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    <TD STYLE="white-space: nowrap">Washington, D.C.</TD></TR>
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    <TD STYLE="white-space: nowrap; width: 90%">&nbsp;</TD>
    <TD STYLE="padding-right: 15pt; white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July&nbsp;17, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>VIA EDGAR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Industrial Applications and Services<BR>
100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-6010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Alan Campbell</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Joshua Gorsky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Mary Mast</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Sasha Parikh</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>ODDITY Tech Ltd.<BR>
Amendment No.&nbsp;2 to Registration Statement on Form&nbsp;F-1</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Filed July&nbsp;17, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>File No.&nbsp;333-272890</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of our client, ODDITY
Tech Ltd. (the &ldquo;<B><I>Company</I></B>&rdquo;), we are submitting this letter in response to the oral comment received from the staff
of the Securities and Exchange Commission (the &ldquo;<B><I>Staff</I></B>&rdquo;) on July&nbsp;17, 2023 regarding the Company&rsquo;s
Amendment No.&nbsp;2 to Registration Statement on Form&nbsp;F-1, as filed with the Staff on July&nbsp;17, 2023, and the revised preliminary
price range reflected therein (the &ldquo;<B><I>Preliminary Price Range</I></B>&rdquo;). This letter supplements the Company&rsquo;s prior
letter, dated June&nbsp;28, 2023, setting forth information regarding the estimated price range for the Company&rsquo;s Class&nbsp;A ordinary
shares to be sold in its proposed initial public offering (the &ldquo;<B><I>IPO</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company continues to believe
that the fair value determined by its Board of Directors for the ordinary shares underlying the Company&rsquo;s equity awards granted
in June&nbsp;2023 is appropriate and demonstrates the diligent efforts of the Board of Directors to consider all relevant factors in determining
fair value of the Company&rsquo;s ordinary shares at such grant date. The estimated fair value of the Company&rsquo;s ordinary shares
at such date was based on a contemporaneous third-party valuation and arms-length secondary transactions in the Company&rsquo;s ordinary
shares and remains within a 20% range of the midpoint of the Preliminary Price Range.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>July 17, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm223332d39_correspimg002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company respectfully submits
that the following primary factors account for the increase of the Preliminary Price Range over the June&nbsp;22, 2023 estimated fair
value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Market Performance</U>. An overall improvement in the capital markets as reflected by the performance
of the S&amp;P 500, which is up 3.3% since June&nbsp;22, 2023, with small cap companies outperforming the broader market over that same
period (up 5.3%, based on S&amp;P SmallCap 600). In addition, publicly traded peers in the beauty industry have traded up approximately
4% and select high growth consumer and direct-to-consumer peers have traded up approximately 6%, resulting in an increase greater than
the S&amp;P for the same time period. Further, the June&nbsp;CPI was reported on July&nbsp;12, 2023, which was generally viewed favorably
by the market, indicating softening inflation and sparking optimism from investors. Lastly, while the first half of 2023 continued to
lag in terms of IPO activity, a number of operating companies have recently entered the public markets with relatively positive market
reception.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Investor Engagement and Demand</U>. The Company commenced its IPO roadshow on July&nbsp;10, 2023 and
has seen very strong investor demand with significant engagement, particularly with limited other issuances in the market.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Feedback on Valuation</U>. The Company has received additional feedback on valuation from investors
throughout its IPO roadshow, reflecting the increase in risk appetite and lowering of the expected valuation discount to beauty peers
given market dynamics. Further, the Company reported strong preliminary results for the six months ended June&nbsp;30, 2023, which investors
have viewed positively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Valuation will always be a
function of the performance of the Company and secular trends in valuation. The combination of favorable trends in macroeconomic measures,
such as the CPI, the favorable trading dynamics of very recent listings, and the Company&rsquo;s own recent performance (as illustrated
by the Company&rsquo;s second quarter results) is resulting in increased demand and interest in investment. Each of the above factors
are difficult to project at any point in time given they are largely market-dependent and require real-time feedback, which has been reflected
in the Company&rsquo;s Preliminary Price Range (the midpoint of which represents less than a 20% increase from the fair value of the last
equity grant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>July 17, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hope the foregoing answers
are responsive to your comments. Please do not hesitate to contact me by telephone at (212) 906-1320 with any questions or comments regarding
this correspondence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marc Jaffe</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marc Jaffe</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of LATHAM&nbsp;&amp; WATKINS LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">(via email)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Oran Holtzman, Chief Executive
Officer, ODDITY Tech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Lindsay Drucker Mann, Chief Financial
Officer, ODDITY Tech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jonathan Truppman,&nbsp;Esq.,
Chief Legal Officer, ODDITY Tech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ian Schuman,&nbsp;Esq., Latham&nbsp;&amp;
Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alison Haggerty,&nbsp;Esq.,
Latham&nbsp;&amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Michael Kaplan,&nbsp;Esq.,
Davis Polk&nbsp;&amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Roshni Banker Cariello,&nbsp;Esq.,
Davis Polk&nbsp;&amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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