As the clothing rental company prepares to go public, its S-1 filing reveals a brand that’s high on style but short on substance

WTF Is Depreciation?

Nothing gets my heart racing like the phrase “the most ridiculous thing I’ve seen since WeWork,” so my palms got sweaty when I saw this Tweet:

All assets have limited lifespans. Trucks can only drive for so many miles. Computers and IT hardware become obsolete. When’s the last time…


Paying in installments is just a Trojan horse for the payments company’s plans to become a shopping destination

If Sebastian Siemiatkowski made the boat, Klarna wouldn’t exist. Siemiatkowski, Klarna’s co-founder and CEO, was backpacking around the world without taking any airplanes. Missing a cargo ship in Australia delayed his schedule so that instead of enrolling in a masters program in Sweden, he spent a year working for an…


A look at the company’s P&L raises serious questions about its administrative costs

Jimmy McMillan had a point. Just one. The rent is too damn high.

McMillan founded the Rent Is Too Damn High party and ran for mayor of New York City in 2005 and 2009 and governor of New York state in 2010. …


TikTokers at the Gates

Mark Zuckerberg is an empire builder. Facebook gobbles up online advertising dollars like Joey Chestnut eats hotdogs. Every month, nearly 2.9 billion people use one of its apps. In some parts of the world, Facebook is synonymous with the internet. …


E-commerce seems inevitable in retrospect, but its initial prospects were fraught. According to the Pew Research Center, in 1995 only 8% of Americans were comfortable buying something online with a credit card. eBay is the great grandmother of US e-commerce, creating a market and blazing a trail for companies that…


E-commerce seems inevitable in retrospect, but its initial prospects were fraught. According to the Pew Research Center, in 1995 only 8% of Americans were comfortable buying something online with a credit card. eBay is the great grandmother of US e-commerce, creating a market and blazing a trail for companies that…


The early hype around Clubhouse caused competitors to pounce on its live-audio turf

Empty Subway Cars

There’s always a reason why a subway car is empty during rush hour. Always.

New York City has many rites of passage, like finding out the hard way the difference between an express and local train or falling asleep on the F and waking up in Coney Island. For the…


By slashing its North American retail base by 30%, Nike will boost margins, customer loyalty, and brand value

The day you stop changing is the day you die. Nike built its business off a strong wholesale distribution network. In 2016, this channel accounted for 74% of its sales. In 2017, Nike’s distribution network was over 30,000 strong, ranging from independent shoe stores and skate shops to scale players…


For online businesses, improving conversion is a superpower. Below, a look at conversion rates, what Bill Gurley, a general partner at Benchmark, calls the most important metric of all. Thanks for reading.

Conversion 101

Conversion is the holy grail of online business. Improving conversion is a force multiplier producing outsized financial results…


Bill Gurley is a general partner at Benchmark with deep expertise in online marketplaces. His blog, Above the Crowd, chronicles the rise and fall and rise again of tech over the past two decades. It’s a great resource for learning about online business models.

This week, a look at the…

Kevin LaBuz

Head of Investor Relations at 1stDibs. Previously finance at Etsy, Indeed, and internet equity research at Deutsche Bank. Find me on Twitter @kjlabuz.

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