I think that a less extreme, but possible, outcome could be that brands move to a partial wholesale/retail model. Its possible that brands could take some of the risk and wholesalers take a smaller margin hit but still guarantee a partial buy.
My opinion is that it is more likely that the types of successful brands that exist change all-together in the long run. There are small-ish new brands that seem to be able to sustain only direct-to-consumer retail (e.g. Everlane, Warby Parker, Frank & Oak) that are taking on 100% of the risk. Maybe we see more brands like that. The differences there seem to be more agile production on a more frequent basis, with smaller production runs and more willingness to stock out.
My opinion is that it is more likely that the types of successful brands that exist change all-together in the long run. There are small-ish new brands that seem to be able to sustain only direct-to-consumer retail (e.g. Everlane, Warby Parker, Frank & Oak) that are taking on 100% of the risk. Maybe we see more brands like that. The differences there seem to be more agile production on a more frequent basis, with smaller production runs and more willingness to stock out.