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The Millennial D.T.C. Brands’ Midlife Crisis

A decade ago, the direct-to-consumer revolt was in full bloom, with sky-high valuations and the promise that every brand could be the Warby Parker of something. So… how’s that going?

warby parker Neil Blumenthal and David Gilboa
Ten years later, those early D.T.C. darlings have taken radically different paths. Warby Parker’s business grew and grew before inevitably flattening out: The company’s market cap has declined from nearly $7 billion at its I.P.O. four years ago to $2.5 billion now.
Sarah Shapiro
June 3, 2025

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The early 2010s were an epic, perhaps unreasonably optimistic time for the direct-to-consumer business. Everlane, once seen as the next Gap, launched in 2011 with the promise of “radical” pricing transparency. By 2015, Warby Parker was in the process of turning a $2,500 seed investment from a Wharton venture initiative into a $1.2 billion valuation. Soon enough, everyone was pitching themselves as the Warby Parker of… well, something. It looked as if we’d never step inside a store or buy anything indirectly again. That same year, Away was founded to upend the luggage business.