Can Abercrombie And Fitch Make A Comeback?
Abercrombie & Fitch was one of the most popular stores for teens in the early 2000s. But after a couple missteps and controversial remarks from the CEO at the time, the brand image plummeted. Now Abercrombie is trying to catch up with its competitors.
Abercrombie & Fitch and Hollister were the go-to teen retailer early 2000s, where shoppers would buy the trendiest flannels, tees and jeans.
But throughout the years, controversies surrounding the company have piled up. In 2013, comments resurfaced from a 2006 Salon article, in which former CEO Mike Jeffries' said the retailer would only sell clothes to attractive people. Abercrombie & Fitch fell to the fourth most popular brand among upper income teens in 2006, 6th in 2009, and fell off the charts after 2014, according to Piper Jaffray.
Now, the company is staging a turnaround, by transforming its image and ethos. Instead of excluding those who who didn't fit Abercrombie's style, the company has adopted a more inclusive attitude, as consumers continue to value socially conscious brands.
"We are a very different company than we used to be," said CEO Fran Horowitz, who joined the company in 2017. "We are a much more inclusive company, we are closer to the customer, we're responding to the customer wants and not what we want them to want."
In April 2018, Horowitz, laid out a four-prong vision for the company. Her plan includes redesigned stores that are open, a more responsive supply chain, a seamless shopping experience online and off, and boosted loyalty programs. If you haven't been paying attention, the company might be unrecognizable.
There are signs that consumers are responding well to the changes. In Piper Jaffray surveys, Hollister's popularity among teens has been steadily rising, and was ranked fourth among all clothing brands most recently.
But in the first quarter of 2019, Hollister reported same-store sales growth of 2%. That missed analyst expectations of a 3.3% growth, sparking a selloff of A&F shares and led investors to worry that momentum and the company's crown jewel was slowing.
The holiday season may prove to be a pivotal point. If sales at Hollister continue to slow, investors might double down on the belief that the brand is losing steam. If sales accelerate, however, that may indicate Horowitz's initiatives are winning over shoppers â who've decided to give the retailer another chance.
Abercrombie's stock has grown 36% since Horowitz took over in February 2017, but has also fallen around 22% since January. The company has a market cap of around $971.5 million.
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Can Abercrombie And Fitch Make A Comeback?
October 15, 2019
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How Square Makes Money
Square began in 2010 after the invention of a small credit card reader that plugged into iPhones. About 10 years later, the company has grown into a $26 billion fintech behemoth under Jack Dorsey's leadership. Square profits off a lot more than card swipes at your favorite trendy coffee shop.
The company provides a wide range of software products for sellers that helps simplify everything from payroll to making appointments with customers. Square offers small business loans as well, often in sums smaller than traditional banks are willing to lend to neighborhood stores, restaurants and coffee shops.
On the consumer side, Square launched Cash App, originally called Square Cash, in 2013. Since then, the app has seen enormous growth, jumping from 7 million to 15 million users in 2018 alone.
Square credits its success to a mission of economic empowerment for everyone from a small business owner to a major retailer. But critics say the company may have lost focus, be overvalued, and struggle to sustain growth if the U.S. faces an economic downturn.
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How Square Makes Money
October 12, 2019
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Is A Recession Inevitable?
A slew of weak economic data, increasing trade tensions and slowing GDP growth have flashed signs of an economic slowdown. No one can predict exactly when a recession will occur. If the U.S. economy is in a recession, how will we know? The National Bureau of Economic Research, a nonprofit research organization, defines a recession as the period between a peak and a trough of economic activity. The organization doesn't give a set definition of economic activity, but looks to indicators like domestic production, employment and retail sales.
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Is A Recession Inevitable?
October 11, 2019
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Why iPhone 11 Is Appleâs Least Innovative iPhone Yet
Apple, the company that created the modern-day smartphone, is relying on technology customers are already extremely familiar with, like cameras, and taking a backseat when it comes to smartphone innovation. But could the company's dedication to familiar technology be a benefit to the iPhone lineup?
The iPhone 11 Pro and 11 Pro Max are Apple's newest phones, and both tout a triple-camera setup. But this is not new. In fact, it's one of the last smartphone manufacturers to include a wide-angle lens on its phones. LG added a wide-angle lens to its G5 and V20 phones in 2016, and Samsung introduced it on the Galaxy S10 and S10+ early in 2019. And besides cameras, Samsung has experimented with folding screens, mobile desktop interfaces, gesture controls, and more in the past year.
Apple, the company that created the modern-day smartphone, is relying on technology customers are already extremely familiar with, like cameras, and taking a backseat when it comes to smartphone innovation. But the company's dedication to familiar technology could be a benefit to the iPhone lineup.
Android-based companies have a roster of smartphone firsts that later found their way to Apple products. Motorola built a fingerprint sensor into its Atrix 4G phone back in 2011, 2 years before the iPhone 5S brought TouchID to the iPhone. Also in 2011, Samsung brought big phones into the mainstream with its Note series, creating the "phablet," or phone-tablet hybrid, something Apple took note of for its Plus and Max versions of iPhones starting with the 6 Plus in 2014.
But at times these innovations come at the cost of quality. Take the Samsung Galaxy Fold for example. Though Samsung wasn't the first phone company to release a foldable smartphone, it was the largest company to do so, and created the most buzz around the technology in the US. But the phone has not been in good standing, reporting numerous problems with the screen and hinge mechanism.
Apple knows what its customers what. According to a recent study, the camera is one of the top 5 most important features in a smartphone. Apple ticked that box on the iPhone 11 Pro lineup. This same poll also suggests battery life, ease of use, memory and durability as important to phone buyers, most of which were addressed during the most recent iPhone announcement. This reliance on familiar technology also allows Apple to focus on new ventures, like Apple TV+ and other devices and services Apple has not made public yet.
Looking at Apple's history as the creator of the modern smartphone, it's disappointing to see a lack of innovation on the newest iPhones. It's also hard to argue with Apple's decisions when it holds a 41% market share of smartphones in the US. We'll just have to wait and see what Apple has in store in 2020.
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Why iPhone 11 Is Appleâs Least Innovative iPhone Yet
October 09, 2019
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Why Xbox Failed In Japan
Microsoft's Xbox consoles have become a global hit. But there's one market where they don't work â Japan. Of the 46.9 million Xbox Ones sold worldwide through the second quarter of 2019, just 0.3% of them have been in Japan, according to IDC. Meanwhile, Japanese companies Sony and Nintendo are popular with consumers.
When Microsoft announced it was developing a video game console, the industry was skeptical. In the â90s, Microsoft was known for its software, not its hardware business.
Almost two decades later, Microsoftâs Xbox has become a popular console, holding its own against Sony and Nintendo.
But thereâs one market where the Xbox hasnât been a hit with consumers â Japan.
When Microsoft released the Xbox in 2001 in the United States, Japan was the gaming juggernaut of the world. It was home to the three big console makers, Nintendo, Sega and Sony, and had the best developers.
Microsoft faced three big challenges launching the Xbox in Japan. It had to convince Japanese developers to make games for Xbox, overcome consumersâ skepticism about the first editionâs bulky design, and make up for lost sales from launching after the holiday period.
Today, Microsoft still struggles to sell consoles in Japan. Of the 46.9 million Xbox Ones sold worldwide through the second quarter of 2019, just 0.3% of them have been in Japan, according to the International Data Corporation.
While Japan is a big market for video games, Dean Takahashi, the lead writer for GamesBeat at VentureBeat, said Microsoft doesnât rely on Japanese consumers.
âJapan is still down, but they donât actually need it to make billions of dollars,â Takahashi said.
In a statement to CNBC, Microsoft said Japan is an important part of its global gaming community.
âWeâre committed to bringing innovative and homegrown content from Japanâs leading game creators to a global audience,â said Phil Spencer, Microsoftâs executive vice president of gaming, in a statement.
While Japanese consumers prefer Sonyâs PlayStation or Nintendoâs Switch, Microsoftâs relationship with its Japanese competitors is changing. Watch this video to learn more about how Microsoft is working with Sony on the future of video gaming.
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Why The Xbox Failed In Japan
October 08, 2019
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Andrew Yang On UBI And Human-Centered Capitalism
Andrew Yang has succeeded in raising the visibility of issues like universal basic income even as he trails front-running candidates like Joe Biden Elizabeth Warren, and Bernie Sanders in polls for the 2020 Democratic presidential nomination. According to Yang, technology has eroded fundamental American assumptions about capitalism and government needs to set a new direction.
As an attorney and successful entrepreneur, Yang doesn't have many of the traditional presidential credentials. Recently he's focused on boosting start-ups through his Venture for America nonprofit.
Yang has built his campaign around what he calls The Freedom Dividend â a $1,000 per month âuniversal basic incomeâ intended to cushion the impact of technological advances that have begun to supplant large swaths of the American workforce. Americans of every income level would receive it, with the enormous cost financed by a value-added tax under which the bottom 94% of earners would come out ahead.
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Andrew Yang On UBI And Human-Centered Capitalism
October 04, 2019
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Why Au Pairs Are Paid Only $4.35/hour
Every year, around 20,000 young women and men come to the United States as au pairs to care for children, learn about American culture and improve their English. The cultural exchange program is organized by the federal government and is especially popular among families who need flexible childcare at an affordable rate. But the program has sparked a lot of criticism, mainly because au pairs only make $4.35/hour.
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The Business Of Au Pairs
October 03, 2019
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How The MINI Cooper Lost Its Cool
MINI was a brand created in the midst of a fuel crisis. But the ultra-small cars designed to provide cheap and easy transportation for Britons in the 1950s and '60s became a cultural phenomenon and created the strong brand identity known around the world today. As more and more consumers opt for sport utility vehicles, the Mini looks to renew interest for a new generation.
The trouble is that bigger is better in America, and MINI's specialty is "small." Sales have fallen from a peak of around 66,000 units in 2013 to less than 44,000 in 2018.
Taking the if-you-can't-beat-them-join-them approach, MINI has beefed up its lineup, and now sells a sport utility known as the Countryman. MINI is also, like many other automakers, betting on electric. The company debuted the Cooper SE in July 2019.
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How The MINI Cooper Lost Its Cool
October 02, 2019
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Why NBA Players Out Earn Other US Athletes
The NFL is one of the biggest and most profitable sports leagues in the United States. But players in the NBA have the highest average salary per player and earn more money from endorsement deals than NFL and MLB players.
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Why NBA Players Out Earn Other US Athletes
October 01, 2019
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Why US Airports Are So Bad
U.S. airports, for the most part, are publicly owned and operated by either a city, a county, a state or in some cases, a public authority. But, in the face of decaying infrastructure, a handful of U.S. airports have started to abandon the public model and turned to private money to fund billion dollar projects. In 2016, New York State and the Port Authority partnered with Delta Airlines and LaGuardia Gateway Partners to completely rebuild the airport. LaGuardia airport is now getting an $8 billion overhaul.
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Why US Airports Are So Bad
September 30, 2019
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This Green Cement Company Says It Can Cut Carbon Dioxide Emissions
Every year, the production of cement accounts for 8 percent of global CO2 emissions. If the cement industry were a country, it would be the world's third-largest emitter of CO2. One company working to reduce the carbon footprint of cement is New-Jersey based start-up, Solidia Technologies. Its cement mixture and curing process can cut CO2 emissions by up to 70 percent.
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This Green Cement Company Says It Can Cut Carbon Dioxide Emissions
September 28, 2019
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How Hypersonic Weapons Created A New Arms Race
Hypersonic weapons travel more than five times the speed of sound and can evade traditional missile defense systems.
Itâs no wonder why Russia, China and the United States all want them as part of their military arsenals.
Itâs also an arms race among American defense contractors. Currently, the Pentagon has nearly a dozen programs tasked with developing and defending against the new breed of weapons. In 2019, the Pentagon awarded two multibillion dollar hypersonic weapons contracts to Lockheed Martin.
As the worldâs major powers fight to develop these new weapons, theyâll need new ways to defend against them as well. And thatâs not cheap.
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How Hypersonic Weapons Created A New Arms Race
September 27, 2019
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Can Facebook And Google Detect And Stop Deepfakes?
Deepfakes have started to appear everywhere. From viral celebrity face-swaps to impersonations of political leaders - it can be hard to spot the difference between real and fake. Digital impressions are starting to have real financial repercussions. In the U.S., an audio deepfake of a CEO reportedly scammed one company out of $10 million. And with the 2020 election not far off, there is huge potential for weaponizing deepfakes on social media. Now, tech giants like Google, Twitter, Facebook and Microsoft are fighting back. With Facebook spending more than $10 million to fight deepfakes, whatâs at stake for businesses, and whatâs being done to detect and regulate them?
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Can Facebook And Google Detect And Stop Deepfakes?
September 26, 2019
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Why The US Trails China In Electric Buses
China is leading the world in electric vehicle adoption, with almost all city buses run on electric batteries. The U.S. has been slow to catch on, with only 300 electric buses delivered last year compared to Chinaâs 78,000. Thatâs all starting to change, with some cities and companies leading the charge.
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Why The US Trails China In Electric Buses
September 24, 2019
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The Rise Of Solar Power
Solar power is on the rise. You can see the evidence on rooftops and in the desert, where utility-scale solar plants are popping up. The picture is not all rosy, but if the recent past is any indication, solar power is going to help lead the transition to a carbon-free future, and it might do it faster than we all expected.
Elon Musk and Tesla promised solar roof tiles in 2016, but the industry might not need an upgrade as its grown significantly with the solar panels currently available. You can see the evidence both on individual rooftops and in the utility-scale solar plants increasingly popping up in deserts across the country. In the United States, of all about 30% of the new power capacity added to the grid in 2018 was from solar.
But the picture is not all rosy. Solar power (and sunshine) is intermittent and the price of lithium ion batteries, one of the most popular current storage solutions, is still relatively high.
These are real problems that the industry needs to tackle if solar is going to reach its potential. However, if the recent past is any indication, solar power is going to help lead the transition to a carbon-free future, and it might do it faster than we all expected. Watch the video to learn more.
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The Rise Of Solar Power
September 21, 2019
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Why Volkswagen Is Betting On Electric Vehicles
Every year, Volkswagen Group is a top contender for the title of the world's largest automaker. The company sell cars, commercial vehicles and even motorcycles. It operates 133 manufacturing plants around the world and sells cars in 153 countries. The company is now trying to forge a new future for itself by going electric.
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Why Volkswagen Is Betting On Electric Vehicles
September 19, 2019
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The Fall Of The Minivan
The minivan once helped save Chrysler from total ruin in the 1980s, but now it's relegated to a small portion of the automotive market despite fitting most customers' desires in a car. Meanwhile, buyers scoop up sport utility vehicles and crossovers at an increasing rate. Automakers are now faced with the choice of whether they ought to keep selling these multi-purpose vehicles or manufacture more popular and profitable models.
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The Fall Of The Minivan
September 18, 2019
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Why Southwest Is Rethinking Its Boeing 737 Strategy
Part of Southwest Airlinesâ strategy was its focus on operating one plane across its fleet: the Boeing 737. After two fatal crashes of Boeing 737 Max planes Southwest has been forced to cancel thousands of flights and Southwestâs CEO has said heâs willing to explore ordering planes from other manufacturers like Airbus. The question for Southwest is whether switching from Boeing to Airbus is worth the trouble.
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Why Southwest Is Rethinking Its Boeing 737 Strategy
September 17, 2019
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How Beyond Meat's Stock Surged 500 Percent In 2019
On its first trading day, Beyond Meat's stock price surged 163 percent. The hype around the stock continued to push it higher in the following months. Year-to-date returns hit 850 percent at one point. Here's a look at what's behind an IPO valuation and what's next for investors looking to own some shares of the next big IPO.
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How Beyond Meat's Stock Surged 500 Percent In 2019
September 13, 2019
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Why Uber And Amazon Are Going After Truckers
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with shippers looking to move cargo from one place to another.
In 2018, about 3.5 million people in the United States were employed as truck drivers. With the explosion of Amazon and other e-commerce companies, the demand for truck drivers has been outpacing supply. In 2018, the United States trucking industry was short over 60,000 drivers. If the trend holds, experts predict there could be a 160,000 driver shortage by 2028.
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About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
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Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
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#Uber
Why Uber And Amazon Are Going After Truckers
September 12, 2019
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Millennials areât nearly as well-off as their parents were at the same age. đâ
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But thereâs one group of millennials in particular earning even less than their peers: those without a bachelorâs degree.â
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And the growing gap in wages between those with a higher education and those without one is even more apparent when looking at annual household income. In 2018, households headed by millennials with a bachelorâs degree earned about $105,000.â
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But households headed by millennials with a degree from some college? â
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They earned $62,000, a whopping $43,000 less than their counterparts. (Those with just a high school diploma earned even less.)â
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And this is specifically a millennial issue: The educational pay gap was way less significant for prior generations.â
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To find out why, visit the link in bio. (With @CNBCMakeIt)
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If you had almost $1,000,000,000 worth of Amazon stock, would you hold or sell?â
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Mark Cuban, a longtime Amazon investor, just revealed that the stock is his biggest holding. Heâs got almost $1 billion worth, he says. But Cuban also has âa whole lot of cash on the sidelines,â citing uncertainty in the broader market and U.S. debt levels.â
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For more on the billionaire's latest moves, visit the link in bio.
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Have you ever dumped someone for being bad with money?â
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If you have, youâre not alone. đŹâ
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People are 10 times more likely to break up with their significant other if theyâre financially irresponsible, according to a new survey.â
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But donât worry, even if your partner is a little too loose with their wallet, your relationship can be saved.â
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Just remember: communication is key. đâ
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For tips on how to avoid financial friction with your partner, visit the link in bio. (With @CNBCMakeIt)
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Elon Musk threw down the gauntlet to other automakers â and maybe even horses. đâ
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The Tesla CEO says that in three years if you buy a car that doesnât have the hardware to fully self-drive, itâll be like âowning a horse.ââ
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And, no, heâs not talking about a Ford Mustang.â
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âThe fundamental message that consumers should be taking today is that itâs financially insane to buy anything other than a Tesla,â Musk said. ââŠI mean, fine if you want to own a horse. But you should go into it with that expectation.ââ
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Do you agree?â
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For more details on Muskâs statements, visit the link in bio.
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In the wake of the Varsity Blues scandal, thereâs one question on many peopleâs minds: How do wealthy students benefit during the college application process?â
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And rich students do, in fact, have a leg-up on their low-income peers, according to research.â
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One reason? Rich students typically get much higher SAT scores.â
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A 2015 analysis found that the lowest average SAT scores were among students from families who make less than $20,000 per household, while the highest average scores were from students whose families make more than $200,000.â
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For more details on why that is, visit the link in bio. (With @CNBCMakeIt)
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Itâs a good thing Mark Zuckerberg is his own boss.â
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Otherwise, heâd probably have been out of a job at Facebook, he said. đłâ
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âSo one of the things that Iâve been lucky about in building this company is ... I kind of have voting control of the company, and thatâs something I focused on early on,â Zuckerberg said in a leaked audio recording. âAnd it was important because, without that, there were several points where I wouldâve been fired. For sure, for sure.ââ
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And though the Facebook CEO says his total control benefitted the company, Facebook co-founder Chris Hughes has called his power dangerous. What do you think?â
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For more details, visit the link in bio. (With @CNBCMakeIt)
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Which city do you want to visit the most? đ€â
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Asia has seen a BOOM in international travel over the past decade. Asia Pacific hosted 342.2 million business and leisure trips last year, up from 159.1 million in 2009.â
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And you bet those travelers are spending money. Travel spend in the region more than doubled from $117.6 billion to $281.1 billion during the same time period.â
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Details on why these destinations have become so popular for travelers, at the link in bio. (With @CNBCInternational)
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Jim Cramer seemed to enjoy his pumpkin-spice Spam⊠think youâd try it?â
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Even if you wouldnât eat this particular product (we donât blame you), all signs show that the pumpkin-spice craze is here to stay. Forbes values the entire pumpkin-spice industry at a whopping $608 million as the flavor continues to dominate the fall season.â
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But how did pumpkin-spice go from a simple Starbucks latte to⊠Spam?â
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Details, at the link in bio. (With @CNBCMakeIt)
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Deliberate power outages could become the new normal in California â a state with a powerhouse $2.7 trillion economy.â
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A million California residents lost power for what could be days on end as the stateâs largest utility cuts electricity to prevent wildfires caused by windblown power lines. Because PG&E is the only option for many people in the area, there is no other company for them to turn to for power.â
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The cutbacks follow a plan instituted after two deadly wildfires â some blamed on PG&E â killed dozens of people and destroyed thousands of homes, forcing the utility into bankruptcy.â
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But even though the company says its move is to prevent fires, many residents arenât pleased, to say the least.â
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For more on why PG&E cut the lights, visit the link in bio.
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The average American household spent almost $5,000 on health care last year â per person.â
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Thatâs twice as much as the roughly $2,500 per person that Americans spent in 1984, according to the Bureau of Labor Statistics.â
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But itâs not drug prices or medical services that caused the spike in costs.â
The main reason? Health insurance.â
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The cost of insurance has skyrocketed since the 1980s, increasing 740% since 1984. The average American paid $3,400 for insurance alone last year.â
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And it's not much better for people who even have employer-based insurance. They have to shell out an average of $1,242 in out-of-pocket costs.â
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For more details on why health care costs in the U.S. continue to rise, visit the link in bio. (With @CNBCMakeIt)
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Singapore is in the lead. đâ â
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The country is the most competitive nation in the world, pushing the U.S. down to second place, according to the World Economic Forum.â â
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How did Singapore climb its way to the top of the WEF 2019 Global Competitiveness Report?â â
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It scored highly for its:â â
1. Public sectorâ â
2. Labor forceâ â
3. Diversityâ â
4. Infrastructureâ â
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Plus, Singaporeâs life expectancy is ranked No. 1, with newborns expected to live until theyâre 74-years-old (newborns in the U.S. are only expected to live until 66!)â â
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Whereâd your country land on the list?â â
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For more details on the list â and how a potential economic slowdown could impact the countries on it â visit the link in bio. (With @CNBCMakeIt)
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Sick of getting dozens of spam calls a day? đĄâ
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Well, if youâre an iPhone user, thereâs a new fix for that.â
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The function wonât stop spammers from calling you in the first place, but sends unknown callers right to your voicemail so youâre never bothered by a ringing phone.â
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There is one downside, though: itâs not great if youâre expecting calls from a doctorâs office, colleague, or anyone else whose number might not be in your phone. You should add those numbers to your contact list to make sure they can still get through.â
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Otherwise, itâs super easy to set up. Visit the link in bio to find out how.
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