Theory founder Andrew Rosen and Reformation CEO Yael Aflalo talk with Recode’s Jason Del Rey about the future of direct-to-consumer fashion. Rosen says one of his roles at Theory is actively working to make sure that consumers’ needs come before its brand’s vision, even if that means outsourcing some roles to partners like Amazon and Stitch Fix. They also discuss the value of opening physical stores for digital-first retailers like Reformation; Aflalo says that new customers who come through retail seem to be more valuable than those the company finds online.

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