Why the stock market has left behind companies like Warby Parker, AllBirds and Rent the Runway
CNN
US markets have had a great 15 months. The S&P 500 rallied 24% in 2023 and hit 22 new all-time highs in the first quarter of 2023.
US markets have had a great 15 months. The S&P 500 rallied 24% in 2023 and hit 22 new all-time highs in the first quarter of 2023. But a rising tide does not necessarily lift all boats. Direct-to-consumer brands – household names like HelloFresh, Peloton, Allbirds, Stitch Fix, Warby Parker and Rent the Runway, which cut out traditional retailers, wholesalers and other middlemen – have been falling. Shares of these companies’ stocks have all dropped by at least 75% from their peak market prices, and many of them are 90% to 95% lower. Some insiders don’t think they’ll be able to make a comeback. What’s happening: Economic downturns, real or perceived, tend to shift investor mentality away from greed and toward fear. Investors seek safety. In 2022, near-constant predictions of recession, rising interest rates and sky-high inflation prompted that change of perspective. Investors shied away from high-growth stocks and retreated into companies with solid fundamentals and, most importantly, lots of profit.
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