THE CEO’s BLOG
I have been a member at the Sports Club (local fitness club) for more than 25 years. Last year Equinox opened in Bloomfield and it was an immediate hit with their focus on clean, bright and best-in-class instructors and equipment. But their yoga program was weak and I stayed at SC because I loved their yoga. Two months ago SC cancelled one of their yoga classes which only left Monday morning yoga. And then Equinox added more yoga classes this year. Today was my last day at SC and my reason for blogging about this is how change comes in life at interesting times. SC continues to lose members because they are still fixated on how they did business in the 1980’s. Equinox is successful because they learned to reinvent themselves and offer a superior product. Yes, it was sad to say good-bye to my workout buddies, but life goes on.
Actually the above story is a great metaphor for what is going on in the world today in most industries. If you own Tesla stock, you know the stock has more than doubled this year and is approaching $1000. It is already the second most valuable auto company (worth more than GM, Ford, Fiat Chrysler combined) and when it hits $1250 it will be worth more than Toyota. Mind you, the industry sells more than 17 million vehicles a year and Tesla doesn’t even have 2% of that number. It’s all about change and the future of customer purchasing habits.
Next story. Who didn’t love to go into Pier 1 stores and smell the candles, plop on the pillows and look at the knick-knacks? Victoria Secret was a private label brand for Wexler’s Limited stores until he made it an overnight sensation. How about Forever 21, the success story of a South Korean family that made a fast-fashion business into a worldwide empire? Sadly, Pier 1 filed bankruptcy, Victoria Secret sold to private equity at a fraction of its previous value and mall operators took over Forever 21 at pennies on the dollar. Again, change is constant and in 2020, companies have to change faster than ever to stay relevant.
Trump for four more years? Mike is toast and he proved last night that even if you are a billionaire, if you can’t speak in public, you are never going to be President. Bernie Sanders? What a joke. In the best times in the USA’s history with the lowest unemployment rate, lowest interest rate, highest stock market, Sanders wants us to reverse course and move to socialism. Trump for four more years because Democrats are like Pier 1 and Victoria Secret. And if Trump does win, what does that say about our current state of politics?
Are you watching the new season of Curb Your Enthusiasm? It really is the only funny show on TV. Larry David is his best yet. So great to be unfiltered and say and do anything you want. I’m also enjoying The Outsiders and McMillion$, although the latter could have been made much shorter.
Got to talk a little beauty, right? Not much going on. Coty’s professional brands and Revlon still looking for a buyer. Sally & BSG can’t find any growth and their stock gets slammed 30%. Beauty trends continue on course with Sephora and Ulta the ultimate winners. But hey, I’m having fun with our brands and still launching new and innovative products. Loving the new Hand Serum from EMMA Beauty and Premium Hair Color & Stain Remover from ForPro (and comes in gallon size too!)
As you know, TNG Worldwide is celebrating 35 years in business in 2020. Tomorrow we will celebrate with our talent who have been with the company 20 or more years. One such individual is very close to his 30 year mark, very amazing. Almost 20% of the talent have been with TNG at least 20 years. Fun times ahead!
I’m a diehard MSU Spartan but sorry folks, I had to buy new shirts and caps, MSU Academics. Athletics has become such a sore spot, it actually hurts. We are the first team to be ranked #1 pre-season in basketball and not even be ranked in the top 25. And Dantonio? Who knows what is going to become of the Blackwell case. Don’t get me started about Tucker either.
Last but not least, I have to mention the Coronavirus. I mean, can you imagine that 750 million Chinese citizens are quarantined? Can you imagine that Chinese New Year was to end February 3 is still going on for most citizens because they cannot go back to work? Each and every factory has to receive a certification from the government to reopen. Everyone is asking after SARS, how could this happen again? Yes this too will pass (experts say this happened because of raw meat and dead animals being sold on the streets in Wuhan and the bugs infected people). The bigger question medical experts are claiming is that viruses like these will be more common as our current antibiotics become less and less effective. You know what I say to all this? Saturday is National Margarita Day. Life is short, enjoy margaritas!
©2019 Larry Gaynor. All rights reserved.