In 2006, Talbots—then a well-established purveyor of classic American womenswear—announced its $517 million acquisition of J.Jill, a brand known for its relaxed, unstructured, and subtly bohemian style. J.Jill, while smaller, had cultivated a loyal base through direct marketing and catalog sales—a channel Talbots wanted to grow. Sales declined, customer overlap was overestimated, and by 2009, Talbots sold J.Jill at a steep loss. Talbots and J.Jill both catered to women aged 35+, sold clothing in the mid-price range, and operated in catalog and retail channels. When Talbots acquired J.Jill, the story told internally (about logistics and growth) didn’t match the story the customer needed (about continuity and care).