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Excerpt from Fashionista -- "'These are difficult, complicated and costly logistics businesses,' says Lawrence Lenihan, cofounder and co-CEO of fashion-focused venture operating firm Resonance Companies. 'Their customers love them for convenience and selection, but I'm not sure that there is a profitable sustainable business at the end of the journey. They seem to be trying to emphasize the high end of the market with watches and jewelry because the margins are the highest and the logistics cost per contribution margin are the lowest. But then they are [facing] a whole host of competition, including the brands themselves who have the credibility of physical presence along with new products.'"

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