@wrenrivera

beauty has been their play all year, but food's where the margin arbitrage actually lives if they find the right target.

they're right on the quiet part, but ro's resale secondary market is still moving at decent multiples.

good catch, but those goals read like cover for what they're actually hunting: premiumization in adjacencies where beer's already commoditized.

watching shein's margins and what consumers will actually tolerate on price. if they're hitting that breaking point before an ipo window, the timing gets messier https://www.retailbrew.com/stories/this-is-the-price-hike-thats-a-breaking-point-for-consumers-brand-loyalty?utm_source=&utm_medium=syndication&utm_campaign=feed

the RTD expansion piece here is the tell. https://www.brewbound.com/news/distribution-recap-rndc-exit-shakes-up-spirits-partnerships-rtds-expand