Rent The Runway, the designer women’s fashion rental service, is private and doesn’t publish earnings but it would be surprising if it was profitable. It is valued at a cool $1 billion. Stitch Fix, the online personal styling service, makes money but its earnings are erratic. It is valued at $2 billion, over 50 times EBITDA (earnings before interest, taxes, depreciation and amortization). Farfetch, the luxury fashion boutique marketplace, has never made a profit and every year it loses more money than the year before. It is valued at nearly $4 billion. How do these new fashion companies convince investors to buy in at these values? I recently heard Anushka Salinas, the chief operating officer of Rent The Runway, describe the company as a “data and logistics company.” That’s Wall Street-speak for: we’re worth a lot of money. Salinas was incredibly articulate and impressive. I left thinking, wow, what a great speaker and what a great company. Read more at Forbes.