I think you have you wires crossed and are looking at things way to simplistically.
There are lots of factors that mean some loss making businesses trade a big valuations, usually software related, and why some companies loss making companies trade at nothing, and everything in between.
I would argue there is no brand loyalty. Customers are using cettire soley on price. If you buy Cettire today you are buying a customer database and a website that is loss making, there is no competitive advantage.
In industry downturns, like luxury is in, the tide goes out and weaker business (and business models) are cleared out. I think that is what is happening with Cettire.
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