A senior vice president of retail at Glossier has been added—a position that comes amid a rapid growth period and more than a year after retail workers spoke out about racism in the company’s stores.
Last month, Lululemon veteran Kristy Maynes joined the $1.8 billion brand, which is run by founder and CEO Emily Weiss, Glossier announced this morning. Following the opening of a Seattle location earlier this year, Maynes will be in charge of Glossier’s retail strategy as the firm opens stores in Los Angeles and London.
“We’re moving into the next stage of Glossier,” Weiss added in a blog post. “We’ve reinvented the Glossier retail experience, closed a Series E round, launched new goods… and we’re back for our second cohort of the Glossier grant for black-owned businesses.”
Glossier had a New York City flagship and temporary retail locations in several big cities before the epidemic. The company closed its stores in March 2020, but it has yet to reopen in New York.
Kristy Maynes has the retail know-how to take this development forward; she was the general manager of Lululemon’s first 40 stores in Canada and Europe’s first stores for the athleisure brand. “Kristy will lead our retail growth with a focus on customer experience, encouraging connection, community, and discovery,”
Beyond rapid development, Glossier has prioritized retail due to employee demand for change. Ex–retail employees spoke out in August 2020 and formed the “Outta the Gloss” coalition to voice their complaints about retail management, which included customer racism. In response, Glossier stated that it would restructure the management structure for retail employees so that they may communicate directly with headquarters about issues rather than depending on store managers. Glossier also committed to hiring new store management and adopting a customer code of conduct in stores.
Glossier announced the appointment of a new head of people for retail, Hector Camacho, in June 2021. Camacho will report to Glossier’s chief people officer, not the retail business. “After learning more about the conversations with former retail employees that took place last summer and fall, as well as all of the hard work done by the team over the past year to keep our promises, I knew I wanted to play a part in bringing forth a reimagined employee experience. One that is equitable, inclusive, and fostered in tandem with our excellent customer service.”
Camacho wrote a blog post outlining the plan, which includes Weiss’ prior promises as well as more explicit promises to hire more experienced store management and provide employee support in stores.
“I think this is a great time to be joining Glossier. I’d love for our retail team to have all the support they need, having more experienced managers that are trained properly, mentorship programs for entry-level employees, and an inclusive company culture that’s committed to listening to feedback on how things can improve. That doesn’t always happen, but I think it should. We do not all millennials; we’re proud of our work ethic and willing to go the extra mile for our teams,”
Glossier confirmed the retirement of Vanessa Wittman as CFO and the appointment of Stripe’s Seun Sodipo as her replacement, as well as the hiring of Cole Haan veteran Kyle Leahy as CEO.
Bitcoin Drops to $40,000 and Ether Plummets. Russia Is on the verge of passing a cryptocurrency ban.
A daily briefing on what you need to know in the day ahead, including commentary from Barron’s and MarketWatch writers.
I’d also want to hear about news and special offers from the Dow Jones Network, as well as other third-party sources. I have the option of unsubscribing at any time.
Russia’s central bank has proposed a ban on cryptocurrencies such as Bitcoin that would go into effect next year. As of Friday, the cryptocurrency dropped below the psychologically important $40,000 mark, according to reports.
The Bitcoin price fell 8% to nearly $39,000 in the last 24 hours, according to CoinDesk data. Over the same period, Ether dropped 10%, now valued at $2800.
Following the South Korean government’s decision to ban local cryptocurrency trading, Bitcoin and Ethereum tumbled by about 14 percent each. Bitcoin Cash dropped more than 5%, and Ripple suffered a drop of over 6%. The value of numerous other cryptocurrencies fell in tandem, including “meme” coins Dogecoin and Shiba Inu.
Russia, which is home to one of the world’s largest cryptocurrency mining communities, may soon outlaw the creation of digital assets. While a prohibition on trading and engaging in transactions with cryptocurrencies in Russia is also being considered, only owning or keeping Bitcoin and other cryptocurrencies would be permitted.
According to the Bank of Russia, cryptocurrencies’ increasing popularity poses risks to Russian retail investors, financial stability, and threats linked with cryptocurrency use for unlawful purposes.
In Russia, Bitcoin and other digital currencies are quite popular. According to the central bank, the amount of crypto transactions made by citizens every year is worth around $5 billion.
“The Russian ruble has been declining in value for the past two decades, making Bitcoin an appealing investment for many Russians throughout that time span,” according to Oanda’s Edward Moya.
The Russian Central Bank on Friday targeted digital assets, sending Bitcoin, Ether, and other cryptocurrencies tumbling.
The Bank of Russia has recommended prohibiting the use of cryptocurrencies in trade and transactions, including the closure of cryptocurrency exchanges on Russian soil.
Central banks in various countries are also attempting to bring cryptocurrency regulation into place. The country’s central bank said that “mining, which consumes unneeded electricity,” should be banned as well.
Some experts think a statutory ban may be ineffective now that the Bank of Russia’s proposal is on its way to parliament.
“I don’t think they’ll be able to completely stop crypto trading in Russia,” according to GlobalBlock’s Marcus Sotiriou.
“We’ve seen China attempt to ban cryptocurrency trading on multiple occasions in recent years, but China is still one of the most active nations when it comes to cryptocurrency. Decentralized finance, which is made possible by cryptocurrencies, is difficult to track and stop.”
While the news from Russia has dampened enthusiasm, crypto prices as a whole have been on a slide recently. Since the start of the year, Bitcoin and Ether have missed out on record highs by 30%, trading at around 30% below their all-time highs.
To a large extent, risk assets’ market sentiment is to blame.
In practice, because Bitcoin and other digital assets are theoretically supposed to be divorced from traditional financial markets, they have shown themselves to be associated with other high-growth, risk-sensitive bets such as many technology stocks.
The Nasdaq Composite, which is heavily weighted with technology firms, dropped more than 10% below its all-time high in mid-November this week, according to the technical indicators.
The Federal Reserve’s increased interest rate increases and the passage of tax legislation that lowers corporate rates have pushed investors to sell high-growth companies.
How Twitter may help take NFTs mainstream
Twitter began allowing select users to use non-fungible tokens as profile images today, just four months after hinting at the possibility. Subscribers to Twitter Blue, which costs $2.99 per month, may now link their crypto wallet and display any NFTs they possess in their profile. These people are easily distinguished from those who
In September, when Twitter first brought up the subject, I suggested that utilizing NFTs might help the technology go mainstream. Users have already created the hashtag, @ mention, and retweet; by displaying their (unauthenticated) NFTs via profile pictures on platforms such as CryptoPunks, Bored Apes, and other popular collectives
Twitter’s introduction of NFT profiles was met with harsh criticism, owing to the polarizing nature of blockchain-based projects in general. The technology does not live up to its own promises: verifying ownership or decentralizing power. (For the most part, NFTs today do not encode the owned media on the blockchain; instead, they provide proof of ownership. ) When considered in this light, Twitter might be accused of legitimizing a technology that exposes users to theft, fraud, and other risks.
Meanwhile, millions of prospective buyers are about to see those hexagons on a daily basis and inquire why the fuss is happening. The question is whether Twitter — and all of the other platforms racing to integrate NFTs — can brute-force digital collectibles into popularity, despite furious objections from naysayers.
We’ve already had an early test of that question in the gaming business. Several prominent developers have revealed plans to include NFTs into their games, in the form of digital items, throughout the last several months. The headlines usually include words like “explosive reaction.”
Gamers’ gripes are easy to understand. The gaming business has moved from a model of charging you a one-time fee to own a game to one in which you may be charged for it several times (to download new expansions, or buy cosmetic items); or continually (by subscriptions). Loot boxes, which give players things at random, have
Some have also claimed that if you aren’t ready to get into the nitty-gritty of technical details, then why even bother? Playing a game in the future might require connecting a crypto wallet, paying hefty fees just to trade on the market, buying rare digital goods, and then protecting them from robbers — so it’s not clear how this would make
And so, after Ubisoft revealed a plan to include NFTs in its action game Ghost Recon Breakpoint, it was roasted. Square Enix, the creator of the Final Fantasy series and others, came under fire for implying that it might possibly provide crypto tokens in the future. Zynga, a mobile gaming firm known for building games around making frequent
For would-be NFT platform operators, the backlash represents more than a string of bad public relations cycles. The metaverse, as we have taken to calling the next version of the internet in Silicon Valley, is based on video games as the device that will entice people to buy augmented and virtual reality headsets. The concept, as Mark Zuckerberg explained it to me last summer, is that you’ll buy virtual clothes or other digital goods as NFTs and use them from VR experience to VR experience, starting with games.
If players despise NFTs for all time, the metaverse will change dramatically. Developer teams that have raised billions of dollars based on the promise that games would bring trillions of people onto web3, such as the team behind Axie Infinity, will suffer.
It’s not just players who are skeptical. In a survey published today by the Game Developers Conference, 70 percent of studios said they have “no interest” in NFTs. -Here’s Jay Peters’ column at The Verge:
“When asked how they felt about the possibility of cryptocurrency or NFTs in games, a few called it ‘the future of gaming,’” the survey said. “However, a vast majority of respondents spoke out against both practices — noting their potential for scams, overall monetization concerns, and the environmental impact.”
Many quotes directly from developers were scathing. “How this hasn’t been identified as a pyramid scheme is beyond me,” one wrote. “I’d rather not endorse burning a rainforest down to confirm someone ‘owns’ a jpeg,” said another. “Burn ‘em to the ground. Ban everyone involved in them. I work at an NFT company currently and am quitting to get away from it,” said another.
Of course, another way to interpret this information is that almost one-third of today’s game developers are at least interested in NFT integration. However, for the time being, they are in the minority.
We’ve already seen how the NFT market will change, but now we’re going to look at what that might mean for Twitter. There are some crucial distinctions between games and tweets: gamers despise NFTs because they believe they may be compelled to buy them; on Twitter, purchasing and displaying any digital art you acquire would be optional. And while
Today I saw reactions of two kinds: from crypto skeptics, dunking on hexagons; and, from crypto enthusiasts, dunking on people who are mad at hexagons.
Who will win?
Technology may be so reviled from the outset that it is forced outside of polite society. Inquire with anyone who wore Google Glass into a bar in 2013 about how that turned out.
But, sometimes — and this is especially evident on Twitter -— things are ridiculed into legitimacy. (People who study extremism have a name for the technique by which jokes are frequently used to smuggle ideas into the mainstream: irony poisoning.) And crypto enthusiasts have been excellent at co-opting insults hurled at them into badges of pride. When critics
It’s possible that Twitter will be the last to try and take NFTs mainstream. On Thursday, The Financial Times stated that Meta is planning to allow customers to generate and sell NFTs on its platforms. Google now has a blockchain department, and it’s likely YouTube will be included in its strategy.
It’s far too soon to tell how effective any of these initiatives will be, which are still in the early stages. However, we may regard Twitter’s hexagonal release as the day when NFTs became accessible to a broad, mainstream audience.
We’ll have to wait now to see whether the general public actually desires them.
The selloff has quickened, and risk aversion is hammering bitcoin and other cryptocurrencies.
Bitcoin (BTC-USD) fell over 9% to below $40,000 on Friday, with the rest of the cryptocurrency market following suit as risk aversion drove a downdraft for assets before the Federal Reserve’s widely anticipated rate hikes.
The latest plunge in Bitcoin’s price has been aided by the Federal Reserve’s decision to halt interest rate hikes, which have brought China and other emerging markets’ stock market crashes closer. On Friday, the Nasdaq fell into a deeper nadir, after Netflix (NFLX) disappointed investors with stronger-than-expected subscriber growth.
The price of bitcoin has fallen below a crucial technical barrier, dropping below $40,000, where bulls and bears have been battling for days. It’s the first time that bitcoin has broken through this psychological barrier.
In another report, newswire and cryptocurrency site CoinDesk stated that bitcoin’s price was currently trading at around $6,900.
Ether (ETH-USD), one of the most popular digital coin transactions since the non-fungible token (NFT) craze began, fell more than 12% and is now valued at $2,814.
“More rate hikes is generally going to cause more agony for risk-on assets, and especially Bitcoin,” said Chris Matta, president of 3iQ Digital Assets US. The leading digital currency has historically benefited from expansionary monetary policy, but expectations for a more hawkish Fed are now punishing it.
According to Matta, even if some investors still view Bitcoin as an inflationary hedge, the Fed’s decision to curb inflation “isn’t going to make it the top of their list” for many crypto traders.
Other factors include the uncertain environment for crypto regulation and the top-heavy derivative market fueled by speculation. On the derivatives side, roughly 200,000 holdings were liquidated in the last 24 hours, totaling $745 million in losses, according to Coinglass.
Brad Matta, director of state and local research at Phoenix Capital Research, said the sales reduced volatility by boosting overall supply. He told CNBC that derivatives did not cause this decline.
According to data from The Block Research, for the previous two weeks, most of the financing rates in crypto futures have been on the short-seller side.
“Given the uncertainty surrounding aggressive rate hikes at this time, I think we could very well see additional selling, bringing Bitcoin down to $35,000 or even lower. It’s not yet finished.” Matta concluded.
The sale of reserve assets by Decentralized Autonomous Organizations (DAOs) and cryptocurrency miners might lead to additional sell-offs in the sector, according to Naclari, since they may have to sell off more of their funds to meet operational expenses.
According to Coingecko, OlympusDAO’s cryptocurrency (OHM-USD) has dropped more than 30% since December 1, from a market capitalization of $4.3 billion to just over $827 million.