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The fall of Gucci was inevitable
  + stars: | 2024-05-03 | by ( Madeline Berg | ) www.businessinsider.com   time to read: +13 min
"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider. "I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter. "We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.
Persons: Alessandro Michele's, loafers, Gigi Hadid, Sienna Miller, Steve Madden, ASOS, Sally Singer, Michele, Fflur Roberts, Alessandro Michele, Harry Styles, Billie Eilish, Jared Leto, Kevin Mazur, Bauer, Griffin, Jeff Kravitz, Gucci, Sabato De Sarno, Lindsey Solomon, De Sarno, François, Henri Pinault, China —, Jelena Sokolova, Solomon, Daniele Venturelli, Michele —, Sokolova, It's, Thomas Chauvet, Morningstar's Sokolova, Michele's Gucci, wasn't, Jeremy Moeller, Chauvet, Roberts, Chanel, Gucci's, Gucci hadn't, Hermès, Birkin, Louis Vuitton's Neverfull, Pinault, Louis, Euromonitor's Roberts Organizations: Creative, Gucci, The Recording Academy, Axelle, Morningstar, BI, Citi, Disney, Getty, Revenue, China News Service, Bain, Louis Vuitton Locations: Euromonitor, China, The Asia, Pacific, China's Hainan Province, Asia
My Investment Banking Job Nearly Destroyed Me
  + stars: | 2024-04-29 | by ( Christine Ji | ) www.businessinsider.com   time to read: +9 min
I hadn't expected to be lying on the office floor thinking that I needed to quit my investment banking job — yet there I was. The allure of an investment banking job is seductive. Being an investment banking analyst was much sexier in theory than practiceI knew banking would be intense from the internship, but nothing could've prepared me for just how intense the full-time role was. There's very little advice out there on how to quit your investment banking job. I can't say I loved investment banking to that degree, so I walked away.
Persons: could've, nauseous, there'd, Ji Organizations: Business, Ivy League, Wall
At law school, we learned about "proximate cause," one of the few valuable concepts you can take from three years of drudgery. But was that the proximate cause? No, the real proximate cause, the one that's really at fault, was the February unemployment report, which came out on March 8. At the time, many thought the proximate cause of Nvidia's pirouette was the performance of two chipmaker peers. Surely those two updates couldn't be the proximate cause of the peak of Nvidia, right?
Persons: It's, Let's, pirouette, Matt Murphy, Jay Powell, Powell, Zeus, Biden, Jim Umpleby, ferociously, Jeff Marks, Morgan Stanley, haven't, Mills, Jim Cramer's, Jim Cramer, Jim, Ann Wang Organizations: Nvidia, hasn't, Marvell Technology, Club, Broadcom, Marvell, Federal, Caterpillar, Microsoft, Nasdaq, Apple, Procter, Gamble, Jim Cramer's Charitable, CNBC, Micro Locations: It's, what's, Wells Fargo, Taipei, Taiwan
In Georgia, an old-fashioned custom keeps one of the country’s most beloved golf tournaments connected to its past. They call to offer up weather reports, food reviews, golf commentaries, celebrity sightings, souvenir spending confessions, legal advice and trips down memory lane. Augusta National Golf Club in Georgia has long forbidden cellphones for almost anyone inside its gates for the Masters Tournament, which is scheduled to conclude Sunday. “Dad, it’s Ali,” Ali Daschbach began this past week. She paused, a shared moment of anticipation stretching from a phone near the 17th green in east Georgia to Washington State.
Persons: , Dad, it’s Ali, ” Ali Daschbach Organizations: Augusta, Golf Club, Washington State Locations: Georgia, Augusta, Washington
Four years after a racial reckoning roiled Condé Nast's Bon Appétit, insiders worry that planned cuts could undo a fragile rebuilding effort. Included in that figure are 94 members, or 17%, of Condé Nast Union, which covers around 550 people across a dozen titles, including Vanity Fair, Vogue, and GQ. The Test Kitchen also benefited from a home cooking boom in the pandemic. But by August 2020, 10 of 13 members of the Test Kitchen had left. Members of the BA Test Kitchen in February 2020.
Persons: Bon Appétit, Condé, Roger Lynch, Adam Rapoport, that'll, Claire Saffitz, Brad Leone, Roy Rochlin, Rachel Gurjar, Kendra Vaculin, Dawn Davis, Sonia Chopra, Davis, Monica Schipper, they'd, Jamila Robinson, James Beard, Jeff Schear, Condé Nast, Lynch, Robinson, Slack, Delia Cai, Ina Garten Organizations: Condé, Condé Nast Union, Vogue, Business, YouTube, Labs, James, The New York Times, Philadelphia Inquirer, Union, New York, Employees Locations: Condé Nast, New York City, Caribbean, Seoul, Hollywood
During a 30-minute call with Prime Minister Benjamin Netanyahu of Israel, President Biden went further than ever in pressing for change in the military operation. “President Biden emphasized that the strikes on humanitarian workers and the overall humanitarian situation are unacceptable,” according to a White House summary of the call. But Mr. Kirby would not outline specific metrics for judging Israel’s response or what Mr. Biden would do if not satisfied. Mr. Biden called himself “outraged and heartbroken” over the incident and made a point of calling Mr. Andrés to express his condolences. Bibi obviously doesn’t care what the U.S. says, its about what the U.S. does.”Jon Favreau, a former chief speechwriter for Mr. Obama, was even more derisive of Mr. Biden.
Persons: Benjamin Netanyahu, Israel, President Biden, Biden, , Netanyahu, , Fatima Shbair, Antony J, Blinken, ” Mr, Biden’s, Chris Coons, Mr, Coons, Kamala Harris, Jake Sullivan, Biden “, Mohammed Saber, John F, Kirby, emboldening, John Hannah, José Andrés, Andrés, Zomi Frankcom, Damian Soból, Barack Obama, Bibi, ” Ben Rhodes, Obama, ” Jon Favreau, doesn’t, , , aggravation, Jill Biden, Joe, Katie Rogers, David E, Sanger, Lara Jakes Organizations: Israel, Hamas, Credit, Associated, NATO, Democratic, CNN, Republican, American Israel Public Affairs Committee, Iran, Central Kitchen, Shutterstock, Jewish Institute for National Security of America, Biden, Mr, Israel Defense Forces, White Locations: Gaza, Israel, Rafah, Brussels, Michigan, Washington, Delaware, Jerusalem, Iran, Syria, United States, “ Hamas, Haiti, Cyprus, U.S,
During a 30-minute call with Prime Minister Benjamin Netanyahu of Israel, President Biden went further than ever in pressing for change in the military operation. Credit... Fatima Shbair/Associated PressBy the middle of the night in Jerusalem, Israel made its first gestures to Mr. Biden. The reported agreement came as American officials held out the prospect of consequences if Mr. Netanyahu resisted. But Mr. Kirby would not outline specific metrics for judging Israel’s response or what Mr. Biden would do if not satisfied. Mr. Biden called himself “outraged and heartbroken” over the incident and made a point of calling Mr. Andrés to express his condolences.
Persons: Benjamin Netanyahu, Israel, President Biden, Biden, Biden’s, , Netanyahu, , Fatima Shbair, Mr, Antony J, Blinken, ” Mr, Chris Coons, Coons, Kamala Harris, Jake Sullivan, Biden “, William J, Burns, Mohammed Saber, John F, Kirby, emboldening, John Hannah, José Andrés, Andrés, Zomi Frankcom, Damian Soból, Barack Obama, Bibi, ” Ben Rhodes, Obama, ” Jon Favreau, doesn’t, , , aggravation, Jill Biden, Joe, ” Julian E, Barnes, Katie Rogers, David E, Sanger, Lara Jakes Organizations: Israel, Hamas, Credit, Associated, U.S . National Security Council, NATO, Democratic, CNN, Republican, American Israel Public Affairs Committee, Iran, Central Kitchen, Shutterstock, Jewish Institute for National Security of America, Biden, Mr, Israel Defense Forces, White Locations: Gaza, Israel, Rafah, Jerusalem, Ashdod, Jordan, Brussels, Michigan, Washington, Delaware, Iran, Syria, United States, Cairo, “ Hamas, Haiti, Cyprus, U.S,
Rick Bowmer | Getty Images"Quiet luxury" is back under a new name: Old money style. But experts say quiet luxury is still alive and well, although the emphasis is now on "old money," which is still expensive but grounded in a timeless, classic look and lifestyle — with or without the generational wealth. What is 'old money style'? Quiet luxury, classic prep and even "mob wife" all fall under the old money aesthetic, which is reflective of the current economic climate, according to Glyn. Why quiet luxury won't go away
Persons: Gwyneth Paltrow, Rick Bowmer, Gwyneth Paltrow's, Sonya Glyn, Glyn Organizations: Gentleman Locations: Park City , Utah
LONDON (AP) — A top-of-the table English Women's Soccer League game with a crowd of nearly 33,000 suffered a delayed kickoff on Friday because the teams had matching socks. Arsenal turned up at Chelsea with the same-colored white socks, forcing referee Rebecca Welch to delay the start. ”This is a massive crowd, a massive game. People make mistakes but the game does not need this and it's frustrating. Photos You Should See View All 60 ImagesWSL leader Chelsea won 3-1.
Persons: Rebecca Welch, Chelsea megastore, , Karen Carney, , Chelsea, ___ Organizations: Soccer League, Arsenal, Chelsea, Arsenal Women, Stamford Bridge, Nike, adidas, England, Sky Sports Locations: Stamford
Tusk told BI that Last Brand has "continuously expanded their product line smack dab into our backyard." According to Gupta, the founders renamed the brand Quince in 2020 upon its official launch to play on the word quintessential, a reference to the brand selling premium essentials. "Off the record, we were eating at a sister restaurant to a three-Michelin-starred restaurant named Quince in SF, and we really loved the name," Gupta said. For now, the restaurant Quince will continue to deal with confused customers. "I know that we're outmatched and all that, but it kind of left us no choice," Tusk told BI.
Persons: Lindsay Tusk, She'd, Michael, Everett Noel, Tusk, Quince, , Sid Gupta, Zachary Briers, " Briers, David —, Gupta, Leslie Williamson, Daniel Page, Last, Page Organizations: MICHELIN, Michelin, Better, Inc, Last Brand Inc, The New York Times Style Magazine, TV, FedEx, YouTube, Last, Brand Locations: San Francisco, Italy, San Francisco's, The, Bolinas , California
Justin Tallis | AFP via Getty ImagesAn EU law that seeks to rein in large digital companies has officially kicked in, spelling big changes for primarily U.S. tech giants. CNBC runs through how the law impacts large U.S. tech companies — as well as consumers in the EU. The EU Digital Markets Act primarily impacts U.S. tech giants — the likes of Alphabet , Amazon , Apple , and Meta . The rules have already sparked big changes for tech giants in how they serve customers in the EU. It's likely more adjustments will come, as competitors to Big Tech firms aren't happy with the proposals put in place so far.
Persons: Justin Tallis, Bill Echikson, Echikson, ByteDance, Apple Organizations: Apple, Facebook, Microsoft, Getty, Digital Markets, European Commission, Center for, CNBC, Big Tech, EU Digital Markets, Meta, Google, Companies, EU, Spotify Locations: EU, U.S, iPhones
Abercrombie & Fitch said Wednesday that its holiday-quarter sales jumped 21% and its profits grew thanks to higher prices and lower raw material costs. For the current quarter, Abercrombie expects sales to rise by a low double digit percentage, compared to estimates of up 7.2%, according to LSEG. During the quarter, comparable sales grew 16% and gross margin came in at 62.9%, 7.2 percentage points higher than the year ago period. "Our strong fourth quarter was fueled by sales growth across regions and brands. In early January, Abercrombie raised its fourth quarter and full-year outlook after holiday sales came in better than expected.
Persons: Fitch, Abercrombie, Fran Horowitz, Horowitz, influencers, Hollister, they'll Organizations: Abercrombie, Fitch, Fitch Co, LSEG, Fitch's Locations: New York, Hollister
But in January, he started "Tony Delivers" and brings people their food using his own system. Working as "Tony Delivers" has allowed him to interact with more people than on gig apps, he said. Customers order their food from a restaurant for takeout, then text Tony their order for delivery. I was talking with one of my buddies about working for the delivery apps, and he was like "What if you just cut out the middleman?" Often, gig delivery work has no growth.
Persons: Tony Illes, Tony, , Illes, didn't, I'm, I've, It's, we'll Organizations: Service, Google Locations: Seattle
Formula 1 held its first race 74 years ago in 1950. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThis year's Formula 1 season kicks off on March 2 with the Bahrain Grand Prix in Sakhir. A lot has changed since the first F1 race was held almost 75 years ago. Ahead of the new season, here's a look back at the early years of F1 races.
Persons: didn't, Organizations: Racers, Service, Bahrain Locations: Sakhir
He’s Probably in Your House, Lurking on Your Bookshelf
  + stars: | 2024-02-29 | by ( Molly Young | ) www.nytimes.com   time to read: +1 min
It appears on book covers by everyone from Jane Austen to William Faulkner to Martin Amis, but naming specific examples is a silly exercise. Walk into any bookshop and you’ll find that a good number of book covers feature Bodoni, a typeface created by Giambattista Bodoni in the late 18th century. If you read books, a piece of Bodoni is probably lurking on your shelf in gorgeous silence right now. Brand logos that either are Bodoni or owe a serious debt to it include Valentino, La Mer, Calvin Klein and Brookstone. A graphic designer seeking shorthand for “sophisticated” might reach for Bodoni or one of its relatives.
Persons: Jane Austen, William Faulkner, Martin Amis, Giambattista Bodoni, Valentino, La Mer, Calvin Klein, Brookstone, Bruce Springsteen’s “, Gaga’s “, Bodoni Locations: U.S.A
The Coinbase and bitcoin logos are displayed on a phone screen in San Anselmo, California, on Feb. 15, 2024. Coinbase 's app suffered from glitches on Wednesday that led many users to see a balance of zero when opening their accounts. "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," Coinbase said in a statement to CNBC. Coinbase advised users to check on the system outage at its status page: https://status.coinbase.com/incidents/qlpwww1zsm2yOne user sent a screengrab to CNBC showing a balance of $0.00 in his account. He soon received a notice titled "Site Degraded Performance," informing him that the company was investigating the matter.
Persons: Coinbase, Bitcoin Organizations: CNBC Locations: San Anselmo , California
Read previewI can almost guarantee that you own a white tank top. First debuting in 2022, Prada's signature white top is a lot like every other tank on the market. All Prada tank tops are also made entirely of cotton, according to the brand's website. Prada's tank top: the ultimate status symbolYou can't get more casual than a white tank top, so the style might not scream luxury when you first look at it. But even with a Prada logo stamped on the front, isn't a white tank top still just that?
Persons: , Prada, that's, Miuccia Prada, Raf Simons, Victor Virgile, Kaia Gerber, Hunter Schafer, Tiziana Fabi, It's, There's, Prada Milano, Raimonda Kulikauskiene, Loewe, Miu Miu, what's, it's, Charli D'Amelio, Kendall Jenner, Ncuti, influencers, @dadouchic, it's Prada Organizations: Service, Target, Business, Prada, Vogue, Milan, prada, Harper's, MTV, Variety Locations: Italian, Milan
New York CNN —Major League Baseball players will be wearing new jerseys this season. Some players have complained that there are fewer tailored options available for pants, and the players’ union has reportedly raised criticism of the jerseys to Nike and MLB. (The Major League Baseball Players’ Association did not respond to CNN’s request for comment.) Teams retire their most important players’ jersey numbers. “This is joining that narrative.”Some NHL fans, like baseball fans, are worried about Fanatics’ deal with the NHL to produce authentic jerseys players wear in games because of concerns about quality, limited selection and prices.
Persons: Sam Navarro, , cringe, Stephen Andon, ” Andon, , Nike, ” Jason Heyward, Rob Manfred, They’re, what’s, Paul Lukas, Billie Weiss, ” Lukas, , Andon Organizations: New, New York CNN — Major League Baseball, Nike, MLB, Louis Cardinals, Philadelphia Phillies, Mariners, USA, Reuters, Baltimore Orioles, Major League Baseball Players ’, Montclair State University, Los Angeles Dodgers, NFL, NBA, NHL, Topps, Mitchell, Sports, Uni Watch, Boston Red Sox, Adidas, Reebok, CNN Locations: New York, New St
The hedge fund that owns True Religion is exploring a sale of the Y2K-era jeans brand as it returns to growth and profitability after emerging from its second bankruptcy, CNBC has learned. It's unclear what valuation True Religion is seeking, but it could sell for a mid single digit multiple of its EBITDA, the people said. Farmstead Capital Management, True Religion's owner, has hired Baird to run the sale process. True Religion went public in 2003 and made headlines for its growth and profits. Buckley, who helmed the company during its 2000s heyday and returned in 2019, has transformed True Religion into a leaner machine.
Persons: Baird, Baird didn't, Juicy Couture, Jessica Simpson, Britney Spears, Neiman Marcus, Bloomingdales, Michael Buckley, athleisure, Buckley, Levi Strauss, Levi, Michael Kors, Ralph Lauren Organizations: CNBC, Farmstead Capital Management, Saks Fifth, Religion, Nike Locations: Angeles
Damron’s design rocketing to internet fame is just one story of how women’s fan apparel has found itself in the spotlight. Within a month, that jacket's designer, Kristin Juszczyk, would score a NFL licensing deal. These meteoric success stories have illustrated the potency of a market for women’s sports apparel that merges fashion and fan culture. “I’m glad more of this stuff can start being made,” Robinson, a Black designer who runs Boujee Basics, says. The upfront costs were too steep for another Black designer, De'fron Fobb, 45, who wanted to craft items when the New Orleans Saints made the Super Bowl in 2010.
Persons: Jake Browning’s, Taylor Damron, Browning’s, Stephanie Niles, ” Damron, Taylor Swift, Travis Kelce’s, Kristin Juszczyk, Swift, Kyle Juszczyk, Simone Biles, Taylor Lautner, Brittany Mahomes, Juszczyk, , Tayler Adigun, Adigun, Mariah Carey, Larena Hoeber, ” Hoeber, “ What’s, , Niles, Frankie, Sara Gourlay, Zak Miller, they've, Kristin, she’s, ” Miller, Armour, Kiya Tomlin, Mike Tomlin, Alexis Robinson, “ I’m, ” Robinson, , it’s, De'fron Fobb, He’s, ‘ We’re Organizations: Cincinnati Bengals, Cleveland Browns, Kansas City Chiefs, Miami Dolphins, San Francisco 49ers, NFL, National Breast Cancer Foundation, NBA, Baltimore Sun, Sports, University, Regina, Adidas, Nike, National Hockey League, Pittsburgh Steelers, New Orleans Saints Locations: Carolina, Baltimore, Louisiana
Nine hours at the most unhinged hole in golf
  + stars: | 2024-02-13 | by ( Zak Jason | ) www.businessinsider.com   time to read: +12 min
But this was Saturday at the 16th hole of Phoenix’s Waste Management Open, also known as the loudest day at the Loudest Hole in Golf, also known as the Greatest Show on Grass. “We’re so back.”In theory, this was a professional golf tournament, one of the oldest on the PGA Tour. Iwas there as an inevitable result of being in all-male group chat, its own black hole of feral manhood. Few were watching golf; most were huddled in circles many yards from the 16th hole, drinking and people-watching. That’s worth the wait.”Inside our box, golf continued to happen, but if the golfers weren’t teeing off, no one was watching the course.
Persons: seltzer, “ He’s, , , Vuori, Oxford —, there’d, Creed’s, Scott Stapp sauntering, Christian Petersen, Getty “ Scott Stapp, , Miller, George Bush, Orlando Ramirez, Getty, ” He’d, ctT5HMvIyg, Happy, Thomas Jefferson, MAGA, Him Cook, Ross D, Jesus Christ, Johnny, weren’t teeing, Hey, Potter, hal, Ben Jared, shitshow ” Organizations: Waste, Oxford, PGA, NBC, Alabama, pats, BlackRock, Bulls, WM, SEC, Happy Gilmore Bruins, Mardi Gras, Franklin, Waste Management Locations: Patagonia, Phoenix
Tesla and SpaceX CEO Elon Musk has to testify in a probe by the U.S. Securities and Exchange Commission concerning his 2022 acquisition of Twitter, a U.S. judge ordered in a court filing out Saturday. Musk closed his acquisition of Twitter in October 2022 in a deal worth roughly $44 billion, and has since rebranded it X. Musk, his attorney Alex Spiro and the SEC did not immediately respond to requests for comment. The settlement required Musk to have a "Twitter sitter" approve his tweets about his electric vehicle business before posting them. Attorneys for SpaceX argued in their suit that the very structure of the federal labor board violates the U.S. Constitution.
Persons: Elon Musk, Musk, Laurel Beeler, Alex Spiro, Tesla Organizations: SpaceX, U.S . Securities, Exchange Commission, Twitter, CNBC, SEC, U.S, Supreme, National Labor Relations Board, NLRB, Southern, Southern District of, Attorneys, . Constitution, Starbucks Locations: Warsaw, Poland, U.S, Southern District, Southern District of Texas, Brownsville, .
Quiet luxury was everywhere at Badgley Mischka's runway show during New York Fashion Week. A model walks the Badgley Mischka runway during New York Fashion Week. Advertisement"I'm always quiet luxury," she said while pointing to her Cartier glasses, which were a gift from her daughter Jordyn. Elizabeth Woods attends the Badgley Mischka runway show during New York Fashion Week. "I'm from Connecticut, where quiet luxury is the thing, so I just see so much that I'm over it."
Persons: , Badgley Mischka, Kelly Rutherford, Jonathan Cheban, Adrienne Bailon, Houghton, Rian, Mark Badgley, James Mischka —, it's, Amanda Krause, Daisy Marquez, Elizabeth Woods, Jordyn Woods, doesn't, Cartier, Jordyn, Hailey Bieber's, Thomaï, You've, Gen, Sofia Richie, Jeremy Moeller, Molly Farrell, Savage, Eva Marcille, Marcille Organizations: New York, Service, Starrett, Lehigh, York, NYU's Stern School of Business, Housewives, Atlanta Locations: New, New York City, Rhode, I'm, Connecticut
Read previewI've lived in London for nearly two years and have been visiting the capital city for even longer. The food scene is pretty diverse, and London has a reputation for having chain restaurants and upscale dining experiences, like the Ritz and after-the-theater restaurants around Covent Garden. But recently, I dined at quite the hidden gem: The Clink Restaurant inside Brixton Prison. Entering the prison reminded me of going through airport securityWe had to go through security before entering the restaurant. The restaurant is located in the center of the prison courtyardThe Clink is housed in a converted governor's house that dates back to 1819.
Persons: , Eibhlis Gale, Coleman, I've, JUSTIN TALLIS, Granny Smith, I'd, frazzled Organizations: Service, Ritz, Business, Getty Locations: London, Covent, Brixton, It's, Yorkshire
We chatted to two corporate stylists to find out how the younger gens can elevate their work style:1. You should be covered 'from nips to knees'Maree Ellard styled in a corporate outfit. Invest in some great work shoesIt's time to put aside those casual Nike Air Force 1 sneakers and invest in more stylish work shoes, Teich says. Play around with accessories, details, and colorMaree Ellard styled in a corporate outfit. Keep the designer logos to a minimumMaree Ellard styled in a corporate outfit.
Persons: , Zers, Ryan Vogel, they're, Maree Ellard, Maree, Ellard, Liz Teich, Teich, It's, Kate Hart Finnigan, Adidas Stan Smiths, it's Organizations: Service, Business, Fox School of Business, Temple University, eBay, Invest, Nike Air Force, Adidas Locations: Australia, New York, Zara
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