⏳The Briefing (E65) - Moat Migration and what you can do about it.
the moats that stayed hidden Everlane is being sold to SHEIN for $100M. The brand had about $90M of debt going in. Common shareholders get zero. L Catterton, who once underwrote this thing at $250M, gets pennies back. The CEO keeps his title for a while. So yah…not a great acquisition. This is probably the most graceful exit they could find. It’s also the cleanest signal we’ve had in years that the original DTC playbook is officially broken. Most operators are going to read the Everlane news,...
No Competition
No Competition has a simple purpose - to help entrepreneurs become great CEOs. I write about my experience building & selling multiple 8 and 9-figure companies over the last 16 years. It's real-world experience from a real-world operator (me).