In an effort to transition from niche brand to broad brand, The Athletic has encountered enough resistance to reduce its price by nearly 90%. There is an argument to be made that there is no “ownership” of a market as fragmented as today’s.

I think this drives at a more fundamental failing by Brandless in particular, that is likely true broadly: the company’s cost structure was completely unsuited for DTC. My strong suspicion — admittedly biased, given Stratechery’s business model — is that the biggest opportunities in DTC are in niches, and the best way to exploit those niches is by ... See more

Direct to Consumer (DTC) Brands are Replacing Specialty Brands