The AIAIAI TMA-2 are unique hi-fi headphones based on a fully modular design. You get to pick the speaker drivers, headband, ear pads, and cable (unless you opt for the wireless version), and when they're delivered, you have to assemble them. Assembly is fast, fun, and disaster-free. There are many different ways to configure the TMA-2: with on-ear or over-ear ear pads of various materials (microfiber, pleather or Alcantara) and speaker drivers that are tuned in various ways for more emphasis on the bass, to be as neutral and detailed as possible, and so on. I had a chance to review one of the highest-specced versions with S05 speaker units marketed as balanced and detailed and E08 ear pads (memory foam covered with Alcantara) for €295.
The headphones, once assembled, look very unassuming, and their plastic exterior doesn't suggest that they cost nearly as much as they do. The build quality is good, and wearing comfort is great, but you can't be blamed for expecting more luxurious materials at this price point. Luckily, there's no squeaking or creaking of any sort—AIAIAI went with plastic, but at least they opted for good quality plastic.
The sound performance of the AIAIAI TMA-2 as configured with the S05 speaker units and E08 earpads is excellent. In comparison, my $199 Meze Noir 99 sounds artificial and completely unrefined. However, one of my favorite inexpensive closed-back headphones, the Shure SRH840, offer performance similar to the TMA-2, with a slightly leaner bass, but equal naturality and detail retrieval, and the Shure SRH840 can be bought for less than $200.
With that in mind, there's no escaping the fact that you're paying a hefty sum for the modularity of the AIAIAI TMA-2. I can't be the one who tells you if it's a gimmick or not. Personally, I don't see myself ever wanting to change the configuration of my headphones after buying them. To me it feels like a solution to a problem that doesn't exist. AIAIAI sees it differently, and I'm definitely not going to claim that they're wrong and I'm right. They see the modular design as a step towards sustainability, upgradability, and longevity of use. Want a new headband, a fresh pair of ear pads, or a differently tailored sound altogether? No need to buy a whole new pair of headphones—just replace the parts you want. No other headphone manufacturer offers you this option, which is why AIAIAI has the right to charge what they're charging for the TMA-2.
If this is something you find interesting, it should be said that the AIAIAI's implementation of the modular design is very good. Even if you don't buy any upgrades after all, you're still getting a comfortable, lovely sounding pair of hi-fi headphones.