The article is from Bain Capital. Of course they're going to ignore the obvious reason and blame something else. They raised prices more than people are willing to pay. Unlimited profit growth can't exist.
Bain Capital and Bain & Co. are separate, but what's interesting is that the former was spun off from the latter in 1984 as a way to apply and profit from the learned business juice (i.e., wisdom?) of the Harvard & Wharton MBAs that they hire.