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EP 108: Luxury DTC Founder Chris Wichert: Raising $20M, Surviving DTC Collapse & Turnaround Exit
Description
Chris Wichert raised roughly $20M to build a modern luxury sneaker brand, pitching Koio as the “Louis Vuitton for millennials.” After business school, he moved to New York and secured investors, including the Winklevoss twins, Founders Fund, and the founder of Aldo, scaling through press, retail experiments, and premium positioning.
Then COVID hit. Retail revenue disappeared. Demand for dress sneakers collapsed. By early 2023, Koio faced roughly -$3M EBITDA in a market where DTC multiples had compressed and fundraising slowed dramatically.
In this episode, Chris shares how they reset the business: cutting 40% of SKUs, reducing headcount by 70%, going remote-first, closing most stores, and removing $3M in costs without sacrificing revenue, returning the company to profitability.
He also breaks down their exit process: running 200+ buyer conversations, navigating last-minute tariff-related deal risk, and ultimately selling to a Miami family office.
If you’re a founder navigating scale, crisis, or exit timing, this episode offers a candid look at capital strategy, cost discipline, and realistic decision-making.
What you’ll learn:
Why early fundraising is about vision, not just numbers
How retail experiments validated a luxury DTC brand
What happens when DTC multiples collapse
How to cut millions in costs without shrinking revenue
Why founders delay tough restructuring decisions
How to run a disciplined, proactive M&A process
Raising capital?
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Get the latest fundraising insights, news, and tips: https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=EP+108&utm_campaign=%24100M+Exits
Here's what you're in for:
00:00 Meet Koio Founder
00:59 Why Raise Early Capital
04:43 Retail Growth Playbook
08:55 COVID Shock and DTC Reset
15:51 Turnaround and Investor Realignment
29:19 Choosing a Full Sale
30:24 Building the Buyer Universe
33:26 Tariffs Shake the Deal
39:43 Founder Realism Shift
52:43 Capital Traps and Exit Advice
ABOUT CHRIS WICHERT
Chris Wichert is an entrepreneur and operator best known as the founder of Koio, a digitally native luxury sneaker brand built on craftsmanship and modern positioning. After raising ~$20M in venture capital, he scaled the business through retail expansion and premium brand building before navigating COVID and the broader DTC market collapse.
Facing compressed multiples and a shifting capital environment, Chris led a full operational reset — cutting costs, restructuring the team, and restoring profitability — before successfully exiting to a family office. He now speaks and advises on capital strategy, turnaround execution, and proactive exit planning.
You can reach out to Chris through:
LinkedIn: https://www.linkedin.com/in/chris-wichert1/
Website: https://ccatalyst.co/
ABOUT JASON KIRBY
Jason Kirby is co-founder of Thunder, a tech-enabled investment bank helping founders reach ideal outcomes through capital strategy and M&A. He is