We look to partner with digitally-intensive, direct-to-consumer brands that have high customer lifetime value, the potential to expand in multiple channels and opportunities to enter adjacent product categories. We need to see that there is a clear merchandise offering and value proposition to the consumer, and that the early innings of brand resonance with its target consumer community is strong. While we believe the best brands are not “one size fits all” and are highly targeted, we need to see a broad enough potential core customer universe to provide sufficient runway for growth.
Our capital is extremely flexible, both in terms of structure and duration. Our goal is to be a capital partner with a company through a significant portion of its maturation. We are not passive investors, but that does not mean we are “activists.” We look to have meaningful voices on the board, and constantly seek to drive consensus and alignment in the best interests of stakeholders. We believe the best path to alignment for all parties is by maximizing customer lifetime value, both individually and in the aggregate, and have as long term partners the thought leaders in doing this in the most statistically rigorous but computationally efficient way.