The power of a huge TAM.

The hardest category in DTC is apparel. The most competitive product in apparel is tee shirts.

Yet there are four $100m revenue brands started in recent years, all bootstrapped 🤯

True Classic
Cuts Clothing
BYLT
Fresh Clean Threads

Any guesses on which line item monetizes the best?

We've had three lenders in the past week reach out pitching a switch, and then this 🤯.

It's a cold, cold world out there. 🥶

Great scoop by Business of Fashion.

One of these happened last week with Knot Standard being merged into Billy Reid, I wonder how the other two are going:

In the ultimate sign of the consumer markets, SKKY Partners (Kim K and Carlyle vet Jay Sammons) have raised only $121m of their $1-2B target after 18 months fundraising.

Sidenote: Kardashian's stake in the firm is held in a vehicle called Favorite Daughter Inc.

h/t matt

Congrats to Knot Standard merging into Billy Reid.

Having spent 10 years in the men's tailored business, always respected Knot Standard. They were backed with $30M+ by Provenance (Marine Layer, Dagne Dover) and Decathlon.

More merger activity to come!

Still shocked Foxtrot, the much beloved retailer, is filing Ch 7 and closing down.

Transformational merger announced in December.
Whole Foods EVP named as new CEO in February.
Closure announced in April.

🤞everyone lands on their feet.

1-800-D2C, CPG Wire, Express Checkout, Thingtesting, DTC Times, DTC Newsletter.

Are there any other independent media properties on DTC/CPG?

Luxury British retailer, Selfridges, has four locations and does ~$1B in revenue sold to a group controlled by Signa (Austrian real estate) for $4.5B in 2022.

Signa has now filed for bankruptcy and the court will take bidders for Selfridges.

Excited to see multi-brand DTC platforms getting built, Full Glass Wine raises $14m, has bought:

Winc (raised $55m and went public and then BK),
Bright Cellars (raised $20m),
Wine Insiders.

The brilliance of Fan Bi (buying $5-30M DTC brands) is coming to Daily Mentor today. Stoked for our members to get the opportunity to learn how he thinks about brand building and acquisition.

He's a must-follow here if you aren't already.

So fascinated by ABG playbook.

ABG buying Champion for ~$1B, outbidding Delta Galil, Sycamore Partners, G-III Apparel, WHP Global.

Champion does ~$2B in revenue, but down 20% from LY.

Alright, I'm up to speed in my new role and I have product I want to get into more hands! Other operators or community folks... can we chat or can Prima plug into anything cool you're planning?

M&A markets remain active for creative deals, great for the ecosystem.

Fullbeauty Brands, hold co for plus size women’s apparel, buys Dia & Co, online size-inclusive marketplace, which had raised $90m including from Sequoia and Union Square.

There's multiple $100m+ revenue DTC brands that started with a shared services/agency/incubation approach:

True Classic tees
Vessi shoes
Ridge wallets

At the original founding/inflection, CEOs today were running multiple brands, then went all in once things ripped.

Any others?