Direct-to-consumer (D2C) ecommerce was one of the hottest trends of 2020 and 2021. A pandemic-fuelled boom in online shopping triggered an influx of funding for D2C startups, particularly at early-stage. A year on, as people are back in physical stores, and a cost of living crisis is sweeping many of the world’s richest countries, and the market looks quite different. Since 2021, combined enterprise value for public D2C startups has…