1. The U.K. Proposes New Internet Laws
With countless data breach and internet privacy issue stories erupting like Pandora’s box, the U.K. government has decided enough is enough. They have proposed some of the toughest regulations for tech companies the world has ever seen. Essentially they want companies like Facebook and Google to be legally responsible for unlawful content and damaging material, even those “senior” to the company may be personally liable as well. “Companies will have to take “reasonable and proportionate action” to tackle “online harms” — ranging from terrorist content and child sexual exploitation to problems that “may not be illegal but are nonetheless highly damaging” such as disinformation, extremist content and cyberbullying,” the Financial Times reports. What will happen next? A 12-week consultation period on the proposals on issues such as if the regulator should be a new or existing body.
(Source: AdAge, Financial Times)
2. Barneys Sells Cannabis Products
Barneys New York, an American luxury department store, is straddling the line between staying on their home turf and being able to afford the rent. After struggling with a $16M yearly rent, this past January, rent rose to around $30M, nearly wiping out the company’s earnings before interest, tax, depreciation, and amortization. Barneys, in turn, extended the term of its credit line by $50M, which according to a Barneys’ spokesperson, they have a “long-standing business relationship with Wells Fargo.” Do they have a plan to combat this? The spokesperson also said, “the additional capital will support our business growth plans with new store openings and renovations, innovative in-store and digital experiences, and international growth initiatives.” To get onboard with the way people shop nowadays in this online and D2C commerce world, Barneys is launching new initiatives to grow in-stores and online sales by offering a new luxury head shop (AKA a paraphernalia shop for use of cannabis) on the fifth floor of its Beverly Hills store. Barneys has already sparked a partnership with pot brand Beboe to sell marijuana accessories and information about Beboe’s vape pens and edibles, which can be ordered online for delivery. As the cannabis market is expected to grow 21% per year between now and 2021 and pull in about $23B per year in revenue, Barneys is lighting up innovative ideas to stay relevant during these changing times.
(Source: The Hustle, Bloomberg)
3. Adidas Recruits The Queen B
Last week, Adidas posted an Instagram post with the caption “A new beginning. More on 4.4” with a picture of a yellow square with three horizontal black lines.
Fans were quick to pick up on the Queen B reference to Beyoncé. Adidas’ partnership with Beyoncé entails a “partnership of a lifetime” according to the singer. She will become a creative partner, developing new footwear and clothing, as well as relaunch Ivy Park, an athleisure line previously sold at Topshop. Adidas has added that the partnership “respects Beyoncé’s ownership of her company which continues her journey as one of the first black woman to be the sole owner of an athleisure brand.” This collaboration brings forth an important issue regarding diversity and inclusion when it comes to a lack of diversity in the workplace, and Beyoncé hopes to create a “purpose-driven program focused on empowering and enabling the next generation of athletes, creators, and leaders.”
