META x RAY-BAN: THE AMBIENT AI LAND GRAB

Meta just spent $3.5B to acquire ~3% of EssilorLuxottica, the maker of Ray-Ban and Oakley, and it’s not just about sunglasses.

This follows the quiet success of their Ray-Ban Meta smart glasses:

• 2M units sold since launch in late 2023

• Targeting 10M/year by 2026

• Oakley-branded Meta smart glasses coming later this year

This is Meta’s bet on the future of computing: voice-powered, AI-integrated wearables. It echoes OpenAI’s partnership with Jony Ive, both are racing to define the post-smartphone hardware interface.

Forget apps. Think Ambient AI, always-on, voice-first, and embedded in your environment.

LVMH ISN’T PLAYING THE SAME GAME

While other brands chase DTC CAC efficiency, LVMH is executing a different kind of flywheel: cultural empire-building.

Just a few of Bernard Arnault’s latest moves:

• 22 Montaigne Entertainment: A new film & TV studio to spotlight the stories of LVMH’s 75+ brands (the LVMH Cinematic Universe?)

• Media Power: Acquired Bey Médias, publisher of L’Opinion and L’Agefi, deepening its grip on French political and financial discourse

• Real Estate Trophy: Bought 150 Champs-Élysées in 2023 for $1.03B — 100m from the Arc de Triomphe

LVMH isn’t just luxury goods — it’s global cultural infrastructure.

ALLBIRDS RAISES CAPITAL TO STABILIZE THE BRAND

Allbirds stock jumped 15% this week to a ~$95M market cap after new financing announcements:

• Secured a $75M credit facility from Second Avenue (up from $50M with JPMorgan)

• Filed to sell $50M in equity into the market via TD Cowen

• Total potential capital access: $125M

This supports a refreshed fall campaign (“Allbirds by Nature”) and 15+ new styles.

But it’s a capital raise from a brand under pressure:

• Q1 2024 Revenue: $190M (down 25% YoY)

• Net Loss: $93M (vs $153M loss prior year)

• Cash on hand as of March 31: $39.1M

🚨 Deal Alert: A DTC Apparel Brand with EBITDA and Upside

A premium DTC fashion brand is exploring strategic options:

• 📉 Peaked at $14M revenue in 2023, slowed by cash constraints

• ✅ EBITDA-positive in 2024

• ⭐ 7,500+ 5-star reviews, strong NPS

• 💎 $401 LTV across $24M in customer value

• 🛍️ No wholesale push yet — whitespace opportunity

Strong retention, high affinity, and room to scale.
📩 DM or Connect for intros or details.

🎙 PODCAST: REBOOTING A PREMIUM BRAND WITH KOIO CEO CHRIS WICHERT

What happens when a premium DTC brand hits the capital markets reset?

Koio co-founder Chris Wichert joined the pod this week to talk about what it really takes to reboot a brand in 2025:

• Doubling down on Made-in-Italy quality — even when tempted to offshore

• Slashing SKUs and shuttering retail to regain margin discipline

• How collabs with Rose Anvil and La Marzocco drove brand love and profit

• Rebuilding the team and marketing strategy to run lean

• What’s next: a new line that balances storytelling with operational excellence

🎧 Watch on YouTube, listen on Spotify.

That’s it for this week.
If you liked this issue, forward to a friend who obsesses over brand strategy, capital flows, or exit timing.

In the Money – following the flow of capital in consumer