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Here are 1-3 brief analogies for Lulus Fashion Lounge (LVLU):

• Like ASOS, but with a stronger emphasis on trendy, affordable dresses and special occasion wear.
• A more budget-friendly Revolve, offering aspirational styles for a younger demographic.

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• Dresses: A wide array of dresses for various occasions, including casual, formal, cocktail, and bridal wear.
• Apparel: A diverse selection of clothing items such as tops, bottoms, outerwear, jumpsuits, and rompers.
• Shoes: Various styles of footwear, including heels, flats, sandals, and boots.
• Accessories: A collection of complementary items like jewelry, handbags, belts, and hats.

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Major Customers of Lulus Fashion Lounge (LVLU)

Lulus Fashion Lounge (LVLU) primarily sells directly to individual consumers, operating under a direct-to-consumer (DTC) e-commerce model. The company's business model is centered on selling fashion apparel, shoes, and accessories directly to end-users rather than to other businesses or retailers as its primary function.

Lulus serves the following categories of individual customers:

• Event & Occasion Shoppers: This category comprises customers purchasing attire for significant life events and special occasions. This includes individuals looking for bridesmaid dresses, wedding guest outfits, prom dresses, graduation outfits, and other formal or semi-formal party wear. They seek stylish and appropriate apparel for memorable moments.
• Everyday & Lifestyle Fashion Consumers: These are individuals seeking trendy, affordable, and versatile clothing, shoes, and accessories for their daily lives. This category includes purchases for work, casual wear, vacations, and general wardrobe updates, catering to a desire for current fashion trends at accessible price points.
• Value-Conscious, Digitally Native Shoppers (Primarily Millennial & Gen Z Women): This demographic-focused category targets young, fashion-conscious women who are comfortable and proficient with online shopping. They value accessible pricing for on-trend items, are often influenced by social media and digital marketing, and appreciate the convenience and curated selection offered by Lulus' e-commerce platform.

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Crystal Landsem, Chief Executive Officer and Director

Crystal Landsem has served as Chief Executive Officer of Lulus Fashion Lounge Holdings, Inc. since March 2023 and as a Director since March 2023. She previously held the roles of Co-President since July 2020 and Chief Financial Officer since September 2015. Prior to joining Lulus, Ms. Landsem held broad leadership roles across the consumer and technology industries, including with start-ups and organizations such as 11 Main, an Alibaba Group Company, and Walmart.

Heidi Crane, Fractional Chief Financial Officer

Heidi Crane was appointed as Fractional Chief Financial Officer of Lulus Fashion Lounge Holdings, Inc. effective October 13, 2025. Ms. Crane brings over 17 years of CFO experience across private equity and venture-backed consumer brands. She has led finance teams at FightCamp, BH Cosmetics, and Techstyle Fashion Group, and previously held roles at Diageo PLC, Dole Food Company, and Ernst & Young.

Mark Vos, President and Chief Information Officer

Mark Vos serves as the President and Chief Information Officer of Lulus Fashion Lounge Holdings, Inc. He became President and Chief Information Officer in March 2023, having previously served as Co-President and Chief Information Officer.

Laura Deady, Chief Merchandising Officer

Laura Deady holds the position of Chief Merchandising Officer at Lulus Fashion Lounge Holdings, Inc.

Naomi Beckman-Straus, General Counsel and Corporate Secretary

Naomi Beckman-Straus is the General Counsel and Corporate Secretary for Lulus Fashion Lounge Holdings, Inc.

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The key risks to Lulus Fashion Lounge (LVLU) are:

1. Failure to anticipate and respond to fashion trends and effectively manage inventory: Lulus' success is heavily dependent on its ability to anticipate, identify, measure, and quickly respond to new and rapidly changing fashion trends, customer preferences, and demands. If the company is unable to successfully maintain its desired merchandise assortment or manage its inventory effectively, it may struggle to attract a sufficient number of customers or sell enough merchandise.
2. Impact of macroeconomic factors and volatile consumer demand: Lulus' financial outlook and performance are significantly affected by volatile consumer demand and broader macroeconomic factors. These include ongoing inflation, higher interest rates, and other global and domestic events that can impact overall consumer confidence and purchasing behavior. Recent results show declining revenue and active customers, partly attributed to these factors.
3. Financial health, liquidity, and debt: The company has experienced declining revenue, continued net losses, and constrained liquidity. Lulus reported net losses for fiscal year 2024 and Q3 2025, and cash has been relatively low. The balance sheet indicates significant liabilities and net debt, which could necessitate a major recapitalization if creditors were to demand repayment.

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• Ultra-fast fashion retailers (e.g., Shein, Temu): These companies have fundamentally reshaped the online fashion landscape by offering an unparalleled combination of speed to market for new trends, extremely low prices, and vast, frequently updated inventories. Their direct-from-manufacturer supply chains and aggressive pricing strategies directly compete with Lulus Fashion Lounge's value proposition of trendy, affordable fashion, potentially eroding market share and pricing power among their shared target demographic.
• The rise of social commerce as a direct retail channel: Platforms such as TikTok Shop and enhanced shopping features on Instagram are increasingly becoming significant points of sale. These platforms allow brands, influencers, and even individuals to sell products directly to consumers within the social media environment, leveraging viral trends and direct engagement. This shift in the discovery and purchasing funnel could disintermediate traditional e-commerce retailers like Lulus Fashion Lounge, requiring significant adaptation in marketing and sales strategies to remain competitive for customer attention and spending.

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Lulus Fashion Lounge (LVLU) operates as an online retailer primarily targeting Millennial and Gen Z women with a focus on dresses, shoes, and accessories, including casual, formal, and wedding attire. The addressable markets for their main products and services are considerable both globally and within the United States.

Global Women's Apparel Market (Online)

The global women's apparel market was valued at approximately USD 1,035.2 billion in 2024 and is projected to reach USD 1,372.7 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 3.2% from 2025 to 2033. Another estimate indicates the global women's apparel market is anticipated to cross USD 1,200 billion by 2029, increasing from USD 926.58 billion in 2023 with a 5.12% CAGR from 2024 to 2029. Online sales are a significant and growing component of this market, with projections suggesting they will account for 50% of the global women's apparel market by 2032. The global e-commerce apparel market, which includes women's apparel, was valued at USD 553.1 billion in 2021 and is projected to reach USD 1,160.56 billion by 2030, with a CAGR of 8.6% from 2022 to 2030. Women's apparel constituted the largest share of this e-commerce revenue, at 68.5% in 2021.

U.S. Women's Apparel Market (Online)

In the United States, the online women's clothing sales industry generated an estimated revenue of USD 60.3 billion over the past five years, up to 2023, and has been growing at a CAGR of 2.8% between 2020 and 2025. Fashion e-commerce in the U.S. accounts for an estimated USD 159.4 billion of the total apparel market revenue, with women's apparel representing 68.5% of all e-commerce clothing revenue. The overall U.S. women's apparel market is projected to grow from approximately USD 291.58 billion in 2023 to USD 390.49 billion by 2032, at a CAGR of 3.30%.

Global Women's Formal Wear Market

The global women's formal wear market was valued at approximately USD 201.09 billion in 2025 and is likely to surpass USD 324.45 billion by 2035, exhibiting a CAGR of over 4.9% from 2026 to 2035. Other estimates place the market size at USD 196.22 billion in 2024, expected to reach nearly USD 287.71 billion by 2032, with a CAGR of 4.9% from 2025 to 2032. North America is a significant region in this market, holding 28.34% of the global market revenue in 2025.

Global Bridal Wear Market

The global bridal gowns market size was valued at approximately USD 50.31 billion in 2024 and is predicted to grow to around USD 96.14 billion by 2034, at a CAGR of roughly 6.69% between 2025 and 2034. Another report valued the global bridal wear market at USD 61.1 billion in 2023, anticipated to reach USD 94.3 billion by 2033, growing at a CAGR of 4.4% from 2025 to 2033. The global wedding dress market, more specifically, was valued at USD 17.08 billion in 2025 and is expected to reach USD 25.43 billion by 2034, growing at a CAGR of 4.52%. North America held the largest share of the bridal wear market in 2024. E-commerce is playing an increasing role in this market, with an estimated 25% share of distribution channel sales in 2025.

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Share Repurchases

• Lulus Fashion Lounge authorized a stock repurchase program of up to $2.5 million of its common stock on May 8, 2024.
• The program is flexible, not obligating the company to acquire a specific amount of common stock, and can be modified or terminated by the Board of Directors at any time.
• As of the second quarter of 2025, common stock repurchases amounted to $742 thousand, an increase from $87 thousand in the same period of 2024.

Share Issuance

• On November 10, 2021, Lulus Fashion Lounge Holdings, Inc. priced its initial public offering (IPO) of 5,750,000 shares of common stock at $16.00 per share, generating gross proceeds of $92.0 million.
• The company granted underwriters a 30-day option to purchase an additional 862,500 shares at the IPO price.
• A 1-for-15 reverse stock split became effective on July 7, 2025, reducing the number of outstanding shares from approximately 41.5 million to about 2.77 million.

Inbound Investments

• Lulus Fashion Lounge was a portfolio company of H.I.G. Capital, LLC at the time of its IPO in November 2021.

Capital Expenditures

• Projected capital expenditures for fiscal year 2024 were approximately $3.5 million, reflecting an expected decrease of $1.5 million to $2.5 million.
• For the full year 2025, capital expenditures are anticipated to be around $2.5 million, which is the lower end of the previously estimated range of $2.5 million to $3.0 million.
• These expenditures are primarily focused on investments in technology, supply chain optimization, and general operations, including leasehold improvements and computer hardware.