Lulus is a digitally-native women's clothing brand focused on affordable occasion and event wear, primarily targeting Gen Z and Millennial women. The core of the business is dresses — bridesmaid, formal, and cocktail — priced under $200, where Lulus has built a clear identity as a destination for event dressing. Casualwear and footwear round out the assortment but have been underperforming; Lulus is actively resetting these categories toward dressier, event-adjacent styles. Lulus operates almost entirely direct-to-consumer through its website and mobile app, selling exclusively its own branded products, and ships to around 150 countries with roughly 2.3 million active customers. A growing wholesale channel expands Lulus' reach through partners including Nordstrom, Amazon, and Dillard's. A defining feature of Lulus' model is a "test, learn, and reorder" approach: rather than making large upfront seasonal bets, Lulus launches products in small batches nearly every weekday, analyzes sell-through, and reorders winning styles. This limits markdown risk and ties inventory investment to demonstrated demand. Gross margin is driven primarily by product mix, with event dresses carrying higher margins than casualwear and footwear. Lulus sources products through roughly 250 suppliers, primarily in Asia, and does not manufacture its own products. Key growth initiatives include expanding the wholesale channel, improving casualwear and footwear assortments, growing internationally, and investing in AI-driven personalization and demand forecasting.