“A Reckoning.” The Direct To Consumer Craze Is Slamming Into Reality.

An industry built on cheap Facebook ad space and low cost shipping is crashing with no bottom in sight.

They were the hottest names in tech. Brands like Warby Parker, Stitch Fix, FIGS, and Allbirds pioneered a new form of retail, one that went “direct to consumer” — via the internet — instead of selling through established outlets. Riding the promise of low overhead, no middlemen, and a seemingly infinite pool of customers, these companies’ valuations soa…