The answer, in 220 words.
Three direct competitors are closing on Acme’s pricing tier from below, while two are pulling away on distribution. The pressure on margin is real but solvable in 90 days without a price cut.
1 · NORDA (€4.1M ARR, Stockholm) just shipped a €19/mo subscription that undercuts your Plus tier by 32%. Their unit economics work because of a 4-product bundle. Two paths to neutralise: bundle pricing on your top-3 SKUs, or a loyalty hook tied to refill cadence.
2 · HALOWORK (€2.7M ARR, Lisbon) is winning on TikTok creator distribution at one-third of your CAC. They’re soft on retention (38% Y1 churn). A 60-day creator deal in your top-2 categories closes the gap.
3 · SOLVE (€8.9M ARR, Berlin) launches a derm-led B2B line in Q3. Their roadmap leaked via a German derm trade show — three SKUs, all retinol-derivative. You have a six-month head start on indication-led positioning (Chapter VI).
NAMED NEXT MOVEReprice the annual plan to €1,997 by Friday. Bundle the top 3 SKUs to neutralise NORDA’s entry tier. Implementing before Q2 push protects an estimated €420K of ARR. Full justification: pp. 14–17.