This case aims to analyze the assumptions that drive business model development and how contextual factors can impact the robustness and resilience of a particular business model. In addition, the case looks at potential business model evolutions to adapt to a changing business context. The case focuses on Faume, a company created in 2020 in France that supplies “white label” second-hand market and logistic services to fashion brands. It depicts young Faume's plan to expand as well as solidify its strategic position as a circular business model solution in a fast-moving fashion industry under pressure from inflation, rivalry, and sustainability issues. Lacking resources and knowledge to provide a complete solution, Faume relies on partners. The reader of this case study will follow in the footsteps of Max, a young consultant at a strategy firm. Max’s mission with Faume requires her to understand the history of the company and how its business model works. She also needs to analyze the second-hand fashion market and the wider competitors in the fashion market. Finally, Max must reflect on and make sense of Faume's future strategic decisions by developing scenarios that pose many questions and outline challenges and feasible solutions.