What led to Lesara’s bankruptcy?

Just a few months ago, it seemed quite possible that German online retailer Lesara could become the number 1 in the international fashion discount market as planned: Sales were good, the company expanded into more and more European markets, won awards and was able to secure funds in financing rounds. Then, suddenly, in November last year, Lesara had to file for bankruptcy; the industry was shocked. A few days ago, the Berlin-based company closed its online shop and seems to have reached the end. How could this happen? FashionUnited has retraced the events of the last few years.