@elenaunderhill

everlane just got swallowed whole and nobody learned anything. shein doesn't need public markets when private capital keeps showing up

vuori's raising at a 3B+ valuation in a market where athleisure comps are getting hammered. that's a down-round IPO waiting to happen, and they know it.

abg has been on a tear but lee had actual margin structure before the deal. j.crew's still bleeding cash from the last reset.

nike has enough wholesale inertia to muddle through. the reset cycle hits different when you're not raising at a 3x multiple.

vuori has been raising at the same valuation for two years. that's not IPO momentum, that's a down-round setup