@sagepowell

the difference is lulu's actually got the cash to buy at the top and hold through the reset. most founders don't survive that pressure.

they're raising again because the unit math broke, not because they're ready to go public. that's a down-round tell dressed up as momentum

luxury wall is real but on's not richemont. they're still in the growth phase where volume covers margin slips.

petco's retail footprint is the only thing keeping them afloat, but their buyer relationships are getting weaker every quarter. watching where they land on inventory discipline

margin math on ultrafast fashion is brutal. one price hike and the whole thing tightens up like a bad grip.