Allbirds’ revenue dropped 28 percent year over year to $39 million in the first quarter of the year as demand for its sneakers remains weak, the company reported on Wednesday.

As in-person retail continues to recover, store owners and marketers are working hard to press the main advantage analogue shopping has over digital: its appeal to all the senses.

What had once been a nimble, innovative company, became slow-moving and cautious causing it to miss out on what is now a strong beauty market because it retreated precisely when rivals went all in.

After rallying more than 120 percent last year, Shopify shares have struggled this year after the company had projected higher operating costs than expected for this quarter.

The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.

The online fashion specialist said it had built up net debts of £95m in the year to the end of February – down from almost £6m of net cash a year before – after losses widened 76 percent to £160 million.