From what I've heard from the company, the merchandizing for the fashion business has been under pressure for quite some time. Their early growth was mostly lim

From what I've heard from the company, the merchandizing for the fashion business has been under pressure for quite some time. Their early growth was mostly limited by having goods on hand. Now the lack of product distinction and lower margins are making it a tricky business to run. Personally, it was a great concept that's been successful many times, but I do find this valuation a bit too close to something like "round up to the nearest billion" to make sense. Further, they've wasted a lot of time lining up their technology to make the new product sites work well and internationally (i.e. serving up in Japan was a mess organizationally). It's quite silly to see them posture like this but I guess it comes with their ridiculous attitude over there.