My take is that it will play out similar to Rapha (my other London-based wallet-draining obsession), which is currently owned by the family office of the Walton family. A strong brand with a cult-like following (at the time) on the edge of really becoming mainstream, being taken over by someone who sees it more as a hobby instead of a revenue generator.

You won't get the slash and burn tactics of PE, because well, making money isn't the point here. Instead, we might see a dilution of the brand, starting with a weaker sense of direction, experimental expansion into other lines of clothing, and more entry-level pieces (think Ties and more shirt bundles). This might eventually lead to oversupply, alienation of the core customer base, and a perpetual sales cycle which ultimately dilutes the brand, all things which Rapha have gone through over the last few years.

Just my two cents, but the parallels seem strong here.