The D.Louise founder on why online-only brands hit a wall

21 Sept 2026 · 1 min

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In this interview excerpt, the D.Louise founder argues that a direct‑to‑consumer (D2C) model alone cannot support the growth needed to reach a £500 million jewelry business. He predicts that within ten years offline sales will match online sales for the category, making in‑person retail essential. He illustrates the economics of a physical store with a Cardiff shopping‑centre example, where a £100 k annual lease can generate roughly £700 k in top‑line revenue, provided the brand can attract customers through desirability rather than heavy marketing spend. The founder stresses that distribution—presence in airports, cruise ships, and shopping centres—is the key lever, citing Swarovski’s 5,000‑7,000 points of sale as a benchmark for scale.

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I think to build like a maybe a £500 million jewelry business, I think D2C isn't actually the right channel. In 10 years' time, I reckon we'll be doing as much sales offline as we will online. Category suits in-person. We could open up a shop in Cardiff shopping center, pay £100 grand a year on your lease, but it can probably do £700K in top line. You don't have the same level of marketing spend like you do online. So as long as you can brand build in that way and have desirability for people to come through the door and buy, You can build a great business. It's just a game of distribution. So every single airport you can find Swarovski, every cruise ship you can find it, every shopping center. I think Swarovski are like 5,000 to 7,000 points of sale. So, you know, distribution is a huge play.