The Anti-Unicorn Playbook That Beat Fashion's DTC Boom

In 2016, the global retail landscape was dominated by successful direct-to-consumer (DTC) disruptors like Everlane, Glossier, Allbirds and Outdoor Voices. Backed by hundreds of millions of dollars in venture capital, they prioritised rapid sales growth and hyper-aggressive social media customer acquisition over immediate profitability. In this episode, senior news and features editor Diana Pearl joins senior correspondent Sheena Butler-Young to explore why the once-dominant DTC formula ultimately unravelled — and how a quieter, lesser-scrutinised class of brands, such as Doên, Hill House and Staud, built more durable businesses by taking a different path. Key Insigh...