The business model is intrinsically sound: there are people in the US and the world who aspire owning a piece of luxury fashion at a discount price (i.e. $0.8 billion annual sale; luxury brand houses want a low cost channel (other than themselves) to get rid of surplus out-of-fashion products; once-off system development cost already invested for the business with scale up and scale down flexibility etc. Of course, CTT needs to achieve operational management efficiency and high-return advertising investments to improve profit. This is mandatory especially in challenging market conditions like now but in the medium to long term, the luxury goods markets are here to stay and grow. There was a reason shorters of $20 million decided to get out at 41 cents: there is a good chance CTT can bounce back with some market recovery and good management.
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