It's an interesting brand experience question.
To my mind, this is how it works:
Wear Lulu: You are vicariously a wealthy californian doing yoga on the porch of her house overlooking LA
Ride a Peleton? You are a wealthy person in a large house with glass windows opened to the forest. Or in a glassed in skyscraper.
Wear Nike or Adidas: You are a 110 pound kenyan loping down the road, or Michael Jordan or something
Wear Hoka: You are a bearded ultra guy running through dry gulches for 24 hours at 7 min/mile
Wear Tracksmith: Are TS owners vicariously a Cornell distance runner from 1950? A 25 year old Quenton Cassidy type living in a cabin and running all day?
Seems to be a hole there for TS...people might like the clothes but dont' buy the brand image for themselves. Not sure how that will resolve.
Probably what's happening is that the giant sash will disappear because it just doesn't make much sense to most people.