Kristen Schwab

in these categories that this particular consumer finds interesting.

So if a type of cardigan is selling really well from a bunch of smaller brands, like Quince will note that and note the sort of interesting things about that cardigan and use that type of information to come up with like the most optimized version of a product to fit those existing requirements.

And then the company has a really enormous supply chain, mostly in Asia, that they then sort of work in order to get the price on those products as low as possible.

You know, in your story, people talk about

Quince as a, not just a retailer, as a data company, as a supply chain company?

How do you see it?

I think that Quince is perhaps best understood as an arbitrage company.

What the company has done really, really effectively is look at all of the steps in getting a desirable consumer product to an end consumer and say, okay, what can we cut out?

How can we consolidate processes and

How can all of these things be adjusted in order to keep prices as low as possible?

People don't really want polyester anymore, especially these higher income people want natural fibers.

They want organic materials.

So if you can figure out how to make stuff in those materials for prices that are closer to polyester, then you can really move a lot of customers away from other products at other price points and onto your product.

Do you think that this is a special retail category or do you think that this is what companies will move towards in the future?

I think that... Because it's pretty similar to what Shein does, right?

And, you know, I thought it was interesting that we recently saw Shein by Everlane, which is sort of a clothing brand that has a similar aesthetic to Quince.

But I think Shein wants to have an opportunity to...

be in play for these higher and higher income consumers who do a really disproportionate amount of U.S.

consumer spending.

It would be hard for U.S.