Torrid is a direct-to-consumer apparel brand focused exclusively on plus- and mid-size women in North America, selling clothing in sizes 10 to 30 across tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Torrid's core differentiator is fit: every product is designed specifically for curvy women using dedicated fit models rather than scaling up from standard sizes. Torrid sells through two channels — e-commerce (~70% of demand) via its website and mobile app, and ~483 retail stores (~30% of demand) averaging ~3,200 sq ft across the U.S., Puerto Rico, and Canada. Torrid runs a loyalty program (Torrid Rewards) with 95%+ active customer participation, generating customer data used for personalized marketing and product development. Torrid also offers a co-branded credit card through a bank partner. Torrid introduces new merchandise ~16 times per year, combining a replenishable basics core with trend-driven items managed through a read-and-react buying process to limit inventory risk. A growing sub-brand portfolio (including Festi, Nightfall, and Retro Chic) targets distinct lifestyle aesthetics, carries higher margins through scarcity-driven full-price sell-through, and is projected to grow from ~$70M to ~$110M in net sales. Torrid is actively rightsizing its store fleet, having closed ~151 stores in FY25, and is managing tariff exposure by diversifying sourcing away from China and negotiating vendor cost sharing.