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The Fashion Bus: Next Stop, Woodbury Common Premium OutletsBoasting the "world's largest collection of designer outlets," Woodbury Common Premium Outlets wants you to steer clear of the city.
[Collection]Woodbury Common Premium Outlets is located an hour north from New York City’s famed Fifth Avenue shopping district. So why would thousands of fashion-forward shoppers and tourists trudge through Midtown to the Port Authority to take a bus there?
Time to find out.
It’s a Friday morning and a throng of colored ponchos dot 40th Street approaching the Eighth Avenue Port Authority bus terminal in Midtown Manhattan, indicating two things: it’s raining and tourists are unfazed by the weather. The Port Authority internalizes a brittle energy of travel while externalizing a foreboding warning from locals, “Don’t go there.”
But people do go there, and that includes consumers looking to escape “city prices” without losing access to designer luxury brands. Or, they’re coming from abroad to experience what’s considered the “world’s largest collection of designer outlets” at Woodbury Common.
When it first opened, Woodbury Common covered just 300,000 square feet compared to today’s 910,000 square feet. With recent renovations, it continues to represent “a beacon for customers of the foremost names in fashion wear, tabletop, and an infinite variety of products” as noted in an advertisement in WWD from 1985, the outlet’s inaugural year.
Today, there are over 250 premium brands at the outlet including
Read More...https://wwd.com/business-news/business-features/woodbury-common-fashion-bus-1202942736/
The Stock Market’s Wild RideDon't expect volatility to ease up in 2019.
[Collection]The stock market seasickness isn’t going away anytime soon.
The Dow Jones Industrial Average shot up more than 700 points on Friday, fueled by a strong job reports and reassuring words from Federal Reserve chairman Jerome Powell. Just two days earlier, the market started the year with a 200-point drop only to close up for the day.
Clearly, the Age of Volatility is just getting started.
Whether it was President Trump and his early-morning tweets, his unusually open complaints about the Fed’s interest rate policies, the end of a very long bull market or something else, Blue Chip stocks experienced an incredible range of movement last year.
Even on Christmas Eve, a normally sleepy time on Wall Street, the Dow fell 653 points, only to make that ground back and more the day after the holiday.
All told, the index lost 7.7 percent last year after jumping 24.4 percent in 2017.
Technology is only adding to the rapid movements. Back when the New York Stock Exchange was formed more than 200 years ago, floor clerks ran stock prices across actual trading floors. Today, clerks have been replaced by machines that trade in nanoseconds.
“We used to talk about people waiting to get reports from their financial advisers Read More...https://wwd.com/business-news/financial/stock-market-volatility-1202944671/
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Warning Bells for Luxury In ChinaApple’s sales warning might be signaling trouble for high-end fashion sales this year.
[Collection]If Chinese consumers want fewer expensive cell phones, what else are they ready to pull back on?
The warning last week by Tim Cook, Apple’s chief executive officer, over slower sales of the brand’s products in China rocked global stock markets — and could be the proverbial canary in the coal mine for the luxury crowd.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook said, attributing a surprising shortfall in the company’s revenues to iPhone, Mac and iPad sales in the country. “China’s economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years.”
The warning was felt acutely across the high-end universe as Apple has many of the aspects of a luxury brand, with its higher price point, focus on aesthetic and presentation and prominent logo.
And many luxury stocks felt the sting, starting 2019 with decreases as the market seesawed and posted big gains on Friday. During the first week of the New Year, the decliners included Kering, down 3.7 percent to 397.40 euros; LVMH Moët Hennessy Louis Vuitton, 2.9 percent Read More...https://wwd.com/business-news/financial/warning-bells-for-luxury-in-china-tiffany-lmvh-apple-tim-cook-1202944737/
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Elon Musk To Break Ground On Tesla Shanghai FactoryTesla CEO Elon Musk tweeted Sunday night that he'll break ground on a Tesla Shanghai factory. That will bypass China tariffs and boost Tesla production. Tesla stock fell last week on weak deliveries and demand concerns.
The post Elon Musk To Break Ground On Tesla Shanghai Factory appeared first on Investor's Business Daily.
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Tesla CEO Elon Musk tweeted Sunday night that he'll break ground on a Tesla Shanghai factory, pushing ahead with efforts to bypass China tariffs on U.S. autos and to expand production. That comes after Tesla stock tumbled after Model 3 delivery figures fell short of estimates and the company cut prices on all of its models.
Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!
— Elon Musk (@elonmusk) January 7, 2019
Tesla (TSLA), unlike General Motors and many other global automakers, does not have its own production in China, the world's largest market for automobiles and especially electric vehicles. China recently cut tariffs on U.S. autos from 40% to 15%, spurring Tesla to cut China prices for its vehicles, but Musk would prefer to bypass tariffs entirely.
XAlso, Tesla is running into production limits at its Fremont, Calif., plant. A Tesla factory in Shanghai could help the company ramp up production.
Tesla stock sold off last week after Tesla Model 3 deliveries hit 63,150 in the fourth quarter, missing estimates for 65,000. Tesla also cut prices on the Model 3, Model S and Model X by $2,000, partially offsetting the drop in tax credits that Tesla buyers will now get. But the reports raised concerns about Tesla demand.
Tesla Model 3 deliveries to China and Europe will begin in March and February, respectively.
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China Trade Talks Heat Up: Why Trump No Longer Wants A China Trade WarU.S. China trade talks come after a made-in-China Apple warning tanked the Dow Jones Thursday. President Donald Trump no longer wants a China trade war.
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Face-to-face U.S.-China trade talks, the first since President Trump and President Xi Jinping started to patch up their differences and pause the escalation of tariffs on Dec. 1, come at a good time for Beijing. The huge Apple (AAPL) sales warning, which tanked Apple stock and sent the Dow Jones diving 660 points on Thursday, was made in China.
XEarlier that day, Trump had blamed the woeful December for the Dow Jones and broader stock market on a "glitch." He said the damage would be recouped "once we settle trade issues and a couple of other things happen."
China Trade Talks In Beijing
Negotiators meeting in Beijing on Monday and Tuesday are working to beat a March 2 deadline to avert an escalation of tariffs from 10% to 25% on $200 billion worth of Chinese imports.
China sorely needs a trade deal to combat the deepening economic slowdown that partly explains Apple's gaping revenue hole. Beijing also fears losing access to key American technologies in a setback to its own global technological leadership ambitions. Yet Trump now seems to understand that continuing or escalating his China trade war could dismantle the economic achievements he hopes to run on in 2020.
While the Dow Jones and stock market rally regained momentum Friday, according to IBD's The Big Picture, the U.S. economy already appears headed for a major slowdown this year. The boost from tax cuts and spending stimulus will fade by the middle of the year, and monetary policy is no longer a tailwind. Ongoing uncertainty due to trade could roil financial markets and turn a slowdown into something more pronounced.
Top White House economist Kevin Hassett said last week that Apple will hardly be the only victim of China's economic slowdown. "There are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded."
Trump No Longer So Eager For China Trade War
Trump is no longer feeling as emboldened as he was back in August. Back then he tweeted, "Tariffs are working far better than anyone ever anticipated." At the time, Trump boasted that while China's stock market had been sinking, "Our market is stronger than ever."
JPMorgan analysts wrote in September that the strong U.S. economy and stock market might "embolden the president on all geopolitical fronts" and create risk of "a major miscalculation."
Trump Touts China Trade Talks 'Big Progress'
But now Trump is sounding much more conciliatory. In a Dec. 29 tweet after a phone call with Xi, Trump overflowed with optimism: "Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"
Trump almost settled for a modest China trade war win in May that would have had Beijing buy an extra $70 billion in U.S. goods over several years. Xi may be willing to stretch a little further to make Trump tariffs disappear.
Yet Robert Lighthizer, Trump's top trade negotiator, is reportedly underwhelmed by Beijing's commitments to seal a China trade deal. He reportedly thinks that more Trump tariffs are needed to get China to do more than buy more soybeans and make empty promises to stop requiring U.S. companies to hand over intellectual property to access the Chinese market.
Lighthizer is focused on extracting the best China trade deal. Trump has to worry about the impact for the Dow Jones, broader economy and his 2020 re-election bid.
China Trade War: Hot Now, Cold Long Term
Since neither Xi nor Trump can afford to escalate the China trade war, the biggest question going forward seems to be what U.S.-China trade relations will look like after a China trade deal. Will Trump really be able to give China a clean slate when it comes to trade? Or will investment restrictions and export controls keep tensions bubbling?
Even with a China trade deal, the global economy — especially high-tech sectors — could split in two from a technological U.S.-China cold war. The U.S. wants to keep China's Huawei out of 5G next-generation mobile networks, citing security risks. U.S. allies are imposing bans or severely restricting the use of Huawei gear. China, through funding Belt and Road infrastructure projects in Asia, the Middle East and Africa, is working to expand its sphere of influence.
Given the ever-growing geopolitical rivalry, a China trade deal would amount to a cease-fire, but probably not a lasting truce. That would avert a near-term blow to a shaky global economy. But it would leave a cloud hanging over Apple and other U.S. companies that depend on China as a manufacturing base and key global market.
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China Trade Talks Heat Up: Why Trump No Longer Wants A China Trade WarU.S. China trade talks come after a made-in-China Apple warning tanked the Dow Jones Thursday. President Donald Trump no longer wants a China trade war.
The post China Trade Talks Heat Up: Why Trump No Longer Wants A China Trade War appeared first on Investor's Business Daily.
[Collection]
http://feedproxy.google.com/~r/BusinessRss/~3/qlPTj_l_-xg/
Face-to-face U.S.-China trade talks, the first since President Trump and President Xi Jinping started to patch up their differences and pause the escalation of tariffs on Dec. 1, come at a good time for Beijing. The huge Apple (AAPL) sales warning, which tanked Apple stock and sent the Dow Jones diving 660 points on Thursday, was made in China.
XEarlier that day, Trump had blamed the woeful December for the Dow Jones and broader stock market on a "glitch." He said the damage would be recouped "once we settle trade issues and a couple of other things happen."
China Trade Talks In Beijing
Negotiators meeting in Beijing on Monday and Tuesday are working to beat a March 2 deadline to avert an escalation of tariffs from 10% to 25% on $200 billion worth of Chinese imports.
China sorely needs a trade deal to combat the deepening economic slowdown that partly explains Apple's gaping revenue hole. Beijing also fears losing access to key American technologies in a setback to its own global technological leadership ambitions. Yet Trump now seems to understand that continuing or escalating his China trade war could dismantle the economic achievements he hopes to run on in 2020.
While the Dow Jones and stock market rally regained momentum Friday, according to IBD's The Big Picture, the U.S. economy already appears headed for a major slowdown this year. The boost from tax cuts and spending stimulus will fade by the middle of the year, and monetary policy is no longer a tailwind. Ongoing uncertainty due to trade could roil financial markets and turn a slowdown into something more pronounced.
Top White House economist Kevin Hassett said last week that Apple will hardly be the only victim of China's economic slowdown. "There are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded."
Trump No Longer So Eager For China Trade War
Trump is no longer feeling as emboldened as he was back in August. Back then he tweeted, "Tariffs are working far better than anyone ever anticipated." At the time, Trump boasted that while China's stock market had been sinking, "Our market is stronger than ever."
JPMorgan analysts wrote in September that the strong U.S. economy and stock market might "embolden the president on all geopolitical fronts" and create risk of "a major miscalculation."
Trump Touts China Trade Talks 'Big Progress'
But now Trump is sounding much more conciliatory. In a Dec. 29 tweet after a phone call with Xi, Trump overflowed with optimism: "Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"
Trump almost settled for a modest China trade war win in May that would have had Beijing buy an extra $70 billion in U.S. goods over several years. Xi may be willing to stretch a little further to make Trump tariffs disappear.
Yet Robert Lighthizer, Trump's top trade negotiator, is reportedly underwhelmed by Beijing's commitments to seal a China trade deal. He reportedly thinks that more Trump tariffs are needed to get China to do more than buy more soybeans and make empty promises to stop requiring U.S. companies to hand over intellectual property to access the Chinese market.
Lighthizer is focused on extracting the best China trade deal. Trump has to worry about the impact for the Dow Jones, broader economy and his 2020 re-election bid.
China Trade War: Hot Now, Cold Long Term
Since neither Xi nor Trump can afford to escalate the China trade war, the biggest question going forward seems to be what U.S.-China trade relations will look like after a China trade deal. Will Trump really be able to give China a clean slate when it comes to trade? Or will investment restrictions and export controls keep tensions bubbling?
Even with a China trade deal, the global economy — especially high-tech sectors — could split in two from a technological U.S.-China cold war. The U.S. wants to keep China's Huawei out of 5G next-generation mobile networks, citing security risks. U.S. allies are imposing bans or severely restricting the use of Huawei gear. China, through funding Belt and Road infrastructure projects in Asia, the Middle East and Africa, is working to expand its sphere of influence.
Given the ever-growing geopolitical rivalry, a China trade deal would amount to a cease-fire, but probably not a lasting truce. That would avert a near-term blow to a shaky global economy. But it would leave a cloud hanging over Apple and other U.S. companies that depend on China as a manufacturing base and key global market.
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Trump Trade 2019: Race To Resolve China Trade War, Global Auto Tariffs, Nafta
Forget Trump: Why We're Headed For A Long, Cold U.S. And China Trade War
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What Is A Tariff, And Who Ultimately Pays?
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Procter & Gamble Amps Up Beauty Tech at CESP&G proves that beauty tech isn't just skin deep, with CES announcements featuring AI, IOT and more.
[Collection]For Procter & Gamble’s first foray at the Consumer Electronics Show, the company let loose new connected products across its beauty, health and skincare portfolio on Sunday.
“We are at CES because we want others to see how we are leading in applying technology to consumer packaged goods, and how we are sharing our experience and resources in partnerships that bring new products to life,” said Javier Polit, P&G’s chief information officer.
For instance, its SK-II Japanese cosmetics brand is getting a new, tech-driven retail environment called the Future X Smart Store. The goal is to deliver a hybrid “phygital” experience — which is clearly a portmanteau of physical and digital. The store will offer high-tech features like facial recognition and physical gesture interactions, as well as SK-II’s proprietary skin science and diagnostics.
SK-II’s Future X Smart Store
Olay also welcomed a new artificial intelligence-based Skin Advisor platform that uses selfies and questionnaires to analyze skincare and pump out recommendations. And P&G made Opté, one of the first brands to come out of P&G Ventures, official with the new Precision Skincare System.
The tech blends camera optics, algorithms, printing technology and skincare science in one scanning device. The unit can detect hyper-pigmentation, and offers corrective serum Read More...https://wwd.com/business-news/technology/procter-gamble-amps-up-beauty-tech-at-ces-1202947630/
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Decision on Sears Holdings Likely This WeekThe concern is that the current bid could likely leave Sears administratively insolvent, unless Eddie Lampert sweetens the offer.
[Collection]Edward S. Lampert needs to up his offer if he wants to stay in the game and keep Sears Holdings Corp. as a going concern comprised of 425 stores.
According to the bankruptcy court’s docket sheet, a status hearing is set for Tuesday at 10 a.m., which means that a decision on the future of Sears could come later that day. Currently, it is believed that the $4.4 billion offer by Lampert — Sears’ chairman, as well as the chairman of hedge fund ESL Investments and chief executive officer of ESL affiliate Transform Holdco LLC, which is making the bid for Sears — didn’t provide enough funds to take care of administrative claims and costs in the bankruptcy.
The issue of having enough cash to fund the bankruptcy isn’t a new one for the retailer. Late last year when the company sought approval for additional incremental debtor-in-possession financing, the committee of unsecured creditors in court filings had argued against the new financing.Their position was centered on the cash burn rate at Sears and how letting the company operate while it tried to find a buyer could mean that it might run out of cash around February, and then be administratively insolvent.
In the meantime, Read More...https://wwd.com/business-news/retail/decision-on-sears-holdings-corp-likely-this-week-edward-s-lampert-bankruptcy-retail-1202946204/
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French Protests RebootThe number of demonstrators and acts of violence picked up again this weekend, right before the official sales period.
[Collection]PARIS – The Yellow Vest antigovernment movement gained momentum again during the post-holiday season, with the number of demonstrators rebounding and violent incidents on the uptick Saturday, including an attack on a government ministry building and the assault of a police officer in Paris.
In what’s been called “Act VIII” of the movement, more than 3,000 people demonstrated in the French capital on Saturday. Overall in France, the turnout was 50,000, versus 29,000 on Dec. 29 and more than 250,000 on Nov. 17.
The demonstrations that began two months ago as a protest over gas taxes snarled holiday shopping, denting retailers’ revenues in the run-up to Christmas. If ongoing, they will continue to dampen consumer sentiment during the official sales period, which kicks off in most of the nation on Wednesday.
On Saturday, the tony Avenue des Champs-Élysées, lined with stores such as Louis Vuitton, Cartier and Sephora, was closed for hours, as was the bridge leading to the National Assembly, among other locations. Protesters and casseurs (or breakers) broke into a Left Bank government building on the Rue de Grenelle, causing Benjamin-Blaise Griveaux, the French government’s chief spokesperson, to be evacuated.
Clashes also took place in areas of the French capital, including near Read More...https://wwd.com/business-news/retail/french-protests-reboot-1202946409/
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Quotes Of The Week: From Mindy Grossman, Albert Camus And OthersQuotes Of The Week presents words of wisdom on risk-taking, negotiation, communication, the usefulness of failure and the power of charm.
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Quotes Of The Week presents words of wisdom on risk-taking, negotiation, communication, the usefulness of failure and the power of charm.
Grossman On Risk
Not taking a risk is riskier than taking a risk.
Mindy Grossman, CEO of WW International
Camus On Charm
You know what charm is: A way of getting the answer yes without having asked any clear question.
Albert Camus, philosopher
Bosworth On Failure
A failure can be a form of success. It's not the form you want, but it can be a useful thing to how you learn.
Andrew Bosworth, Facebook executive
Woolf On Negotiation
Not only do you need a good self-image to be an effective negotiator, you have to keep in mind that everybody has their own image of themselves.
Bob Woolf, sports agent
Love On Communication
Nothing haunts us like the things we don't say.
Kevin Love, basketball star
MORE WISDOM TO LIVE BY FROM:
Lorena Ochoa Reyes, Ray Kroc, David M. Burns, Hyman Rickover and Reid Hoffman
Ron Howard, Jackie Joyner-Kersee, Robert Lutz, Michael Dell And Jimmy Johnson
Paul Allen, Tina Fey, Ntozake Shange, Alexander Graham Bell and Paul Brown
John F. Kennedy, Sandra Day O'Connor, Tim Cook, Lorne Michaels and Suze Orman
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