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On Friday, I had lunch in L.A. with Paula Sutter, best known for turning around Diane von Furstenberg in the early 2000s. These days, Paula mostly works behind the scenes, sometimes advising, sometimes investing, other times as a board member. She sees a lot. We got to talking generally about the M&A scene, and why so many of the fashion businesses that went public a few years ago are now penny stocks, and what it takes to meet investor (and consumer) expectations in this era.
