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“There will never be another start-up fashion brand that will reach $1 billion in revenue.” I wrote those words ten years ago in an op-ed entitled “The End of the Billion Dollar Brand.” Looking back, it was a pretty good prediction: witness the financial graveyard of over-capitalised, venture-backed brands, from Allbirds to Outdoor Voices to NastyGal.
These brands wasted money trying to acquire customers that simply weren’t there; wasted cash building up wasted inventory that…
