That certainly isn't a good trend for C&C (as a M jewel seller).  

 

An investment in C&C was an investment in C&C capturing the full potential of M.  That mission has become tougher and tougher. And now C&C is leaning into being a (M and lab D) jewelRY manufacturer and retailer and brand. But management (each team) has to be held responsible for producing the financial results originally available to be captured (billions in sales, at high margins, generating orders of magnitude PPS increase). If they think it is justified to make C&C into a jewelRY retailer, then they need to quickly produce the results required to adequately reward the investors.