$LULU

Apparel is so hard. $LULU is less than 2 years removed from being a Wall Street darling. This was the company seemingly most capable of sustainably winning in the space. There's so little room & patience for not flawlessly evolving with unpredictable tastes. You have to be perfect. And when you're not? Consumers will go buy from one of the other 50 options they have. Without hesitation. Brand loyalty in a sector where switching costs are non-existent vanishes in a heartbeat if you don't keep giving people exactly what they want. Channel checks have a hard time seeing this in real-time; things like fading conversion rates or subtle traffic declines are hard to quickly measure. A store 98% as full as it normally is will still feel packed. And furthermore? Structural growth doesn't tend