It's very hard to make m&a work at high valuations. Very few companies have done m&a well -- maybe just facebook & google & apple to a lesser extent.

It's very hard to make e-commerce work. E-commerce is checkered with failure.

Not sure why they'd acquire a hybrid high-end retailer along with a bunch of other strange e-commerce firms. They seem to be focused on apparel -- may be some plan for apparel?!