// STARTUP COMPARISON
Merama (2023 crisis) vs Thomas Cook
Merama (2023 crisis) failed in 2023 due to Bad Timing. Thomas Cook failed in 2019 due to Competition. Different causes, different sectors, different eras — but the same simulation outcome.
| METRIC | 🔥 Merama (2023 crisis) | 🔥 Thomas Cook |
|---|---|---|
| Sector | Ecommerce | Ecommerce |
| Country | Mexico | UK |
| Founded | 2020 | 1841 |
| Died | 2023 | 2019 |
| Raised | $760M | Public company |
| Peak | $760M raised | £1.6B revenue · 19M customers |
| Primary Cause | Bad Timing | Competition |
// WHY EACH FAILED
🔥 Merama (2023 crisis)
Bad Timing
Merama raised $760M to acquire and scale Latin American e-commerce brands — the same model as Thrasio in the US. When interest rates rose in 2022-2023, the leveraged acquisition model became unprofitable globally. Thrasio filed for bankruptcy. Merama laid off significant portions of its workforce and pivoted from acquisition to software services for existing brands in 2023.
// LESSON
Copying a US venture model in Latin America carries an additional risk: when the US model breaks due to macro conditions, the LatAm version breaks simultaneously with less capital to absorb the shock.
Copying a US venture model in Latin America carries an additional risk: when the US model breaks due to macro conditions, the LatAm version breaks simultaneously with less capital to absorb the shock.
🔥 Thomas Cook
Competition
Thomas Cook, founded in 1841, failed to adapt its package holiday model to online distribution. Booking.com, Airbnb, and direct airline booking eroded margins for a decade. The company carried £1.7B in debt. A £200M rescue package fell through in September 2019. It ceased operations leaving 600,000 customers stranded abroad — the UK's largest peacetime repatriation.
// LESSON
Longevity is not a moat. 178 years of brand equity does not survive a decade of ignoring digital distribution. The internet does not make exceptions for heritage brands.
Longevity is not a moat. 178 years of brand equity does not survive a decade of ignoring digital distribution. The internet does not make exceptions for heritage brands.
// EXPLORE FURTHER