The founder had everything: a Bergdorf window, two seasons of sold-out drops, a customer waiting list and a deck that opened with “the next generation of European luxury.” Six months later, the fund raising process was on hold and the 8th arrondissement bankers had stopped returning calls. Not because the brand was weak, but because every investor who passed on it said the same thing privately: we couldn’t get comfortable with what happens after the hype.
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