DTC brands are re-bundling into marketplaces

The direct-to-consumer thesis assumed owning the customer relationship was worth the acquisition cost. As paid acquisition got more expensive and less reliable, the math inverted for all but the strongest brands.

The pragmatic move in 2026 is hybrid: keep the brand and first-party data, but ride marketplace distribution for volume.

Signal: "own the customer" lost to "reach the customer." Distribution is a feature again.