Jens Grede

Never.

I don't.

Sometimes I think, oh my God, I haven't seen something for so long.

Did they stop posting?

Of course they didn't.

It just moved past me, just didn't favor it.

So as we went from a social media to really an interest-based algorithm, that was pretty devastating for young brands.

It was very, very hard all of a sudden to build a community on social the way that eight, nine years ago was very possible.

Skims were one of the few larger brands that was able to build a community through social and get to a critical scale where we could pay our way.

But today you have to pay to play if you want to be seen.

The other part is distribution.

I've seen post-COVID, in-shopping has really returned to 2019 levels.

In the end of the day, it's 80% a physical store business and 20% an e-commerce business today, generally in America.

So people ask me, why do you want to open so many stores?

And I said, I don't want to be the 20% business.

I want to be in the 80% business.

Of course.

But opening stores is incredibly expensive.

It consumes a lot of capital to build stores.

If you and I was trying to start a retailer, we would really struggle to find the financing and being able to open a nice store in a good location.