I think you both have an interesting perspective on the future of apparel and e-commerce. The one thing that I think deserves mentioning is that it has been getting easier and cheaper to own the means of production so you can convert raw materials into finished goods with out holding lots of inventory. You also need the manufacturing capabilities if you want to do mass customization.
My limited experience with this has come over the past 3.5 years building DODOcase.com. We ended up building all of our own manufacturing and hold less than 2 weeks of inventory, while over 30% of our online sales are one off custom built products.
My hope is that the future is brands built online that actually make their own stuff. I agree with Jamie that the brands of tomorrow will have to be more hands on but just holding inventory and shipping D2C is not enough, I think they will have to own and master the manufacture of their own products.