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First Quarter 2017 - "Flying High"

It was 2013 and Marc Lore, co-founder of parent Quidsi, was anxious for a new venture. He had recently left Amazon, which had purchased his company for $545 million in 2010 after an escalating price war that Lore ultimately concluded he couldn鈥檛 win. He was in New York, having lunch with an investor from the well-known venture firm Accel Partners, when he pitched his new idea 鈥 an online shopping club where the company would utilize membership fees as its primary source of revenue. A pricing algorithm would squeeze costs from every possible source 鈥 shipping, transaction fees, order size 鈥 and pass along these savings to the consumer. Lore鈥檚 theory was that online companies like Amazon and were catering to the wealthier-than-average middle-class shopper, and that nobody was catering to the just average middle-class shopper, the one that could wait a few extra days for a product in order to save a few extra bucks...

Client Letter 2017Q1 Duplex.pdf525.13 KB