In light of Allbirds recent acquisition for a sad $39M, a reminder that Allbirds didn’t collapse because demand disappeared.

It collapsed because:

• Demand was too concentrated (a few SKUs carried the business)

• And the core claim (“world’s most comfortable”) wasn’t defensible

Specialists took “comfort” in every real use case (Ugg, Hoka, Cloud Nine). And without assortment depth, there was nothing to fall back on.

The $4B → $39M outcome is what happens when both break at once.