How direct-to-consumer brands and retail concepts are reshaping the industry, online and off.

Cautious investors are finding safer bets in tech-focused platforms that create products for digitally-native brands over traditional DTC start-ups.

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Warby Parker’s revenue jumped 14 percent to $170 million in the third quarter of the year, an increase propelled by 11 new store openings, product launches and higher sales of its contact lenses. But the company’s stock price still fell over 20 percent after the earnings release, as gross margins dropped to 55 percent from 57 percent a year earlier.

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