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Beyond Meat to Tentree: 9 brands striving for sustainability

Sustainable Fashion Brands

<ul class="summary-list"><li>Burberry's CEO Joshua Schulman says the brand is undergoing an urgent "course correct."</li><li>The strategy aim comes as the luxury brand reports revenue plummeted 22% in its interim results. </li></ul>Things have gone from bad to worse at <a target="_blank" class="" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">Burberry</a>, the beleaguered British <a target="_blank" class="" href="https://www.businessinsider.com/most-valuable-luxury-brands-2011-5">luxury brand</a>.On Thursday, the company's CEO said he is "acting with urgency" to stabilize the luxury brand as it reported a 22% revenue decline in the six months ending in September in interim results. CEO Joshua Schulman said the company is implementing a "course correct" strategy to address its long-standing woes and "position Burberry for a return to sustainable, profitable growth.'"Dubbing the strategic shift "Burberry Forward," the market has responded positively, with shares rising 14% in early trading on Thursday.Schulman said the company's underperformance stems from its "inconsistent brand execution" and a "lack of focus" on its outerwear category and core customers.The report also indicated the brand's attempt to modernize came at the expense of its heritage and identity and suggested that it has priced out many customers in its bid to pursue "brand elevation." "They pushed the pricing where the brand didn't feel legitimate," Jelena Sokolova, a senior equity analyst at Morningstar, previously told BI. "I've heard from some people, with a $2,500 bag, you might as well just go for Louis Vuitton, you wouldn't buy Burberry."<div type="image" title="Cara Delevingne at Burberry Flagship Store Reopening Cocktail Party - Inside on October 16, 2024 in New York." height="853" width="1280" msid="115296336" hostid="261" sizebytes="72366"></div>Part of Burberry's new strategy to right the ship includes the appointment of new leaders across its marketing and product teams and the launch of new campaigns that show the brand is going back to its roots.These include the "It's Always Burberry Weather" outerwear campaign starring British and Irish celebrities like <a target="_blank" class="" href="https://www.businessinsider.com/barry-keoghan-saltburn-shocking-scenes-freak-child-man-2024-1">Barry Keoghan</a> and longtime ambassador <a target="_blank" class="" href="https://www.businessinsider.com/cara-delevingne-most-daring-red-carpet-looks-photos">Cara Delevigne</a>.Many brands are hurting from an industry-wide slump in luxury, fueled partly by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">waning demand in China</a>, but Burberry has been one of the hardest hit. In July, after reports emerged that the brand planned to cut hundreds of jobs, it then reported a decline in sales and said it would suspend its dividend payments to shareholders. Shortly after, the company announced it was ousting its CEO, Jonathan Akeroyd.Earlier this month, rumors swirled that the brand was facing an acquisition from Moncler. However, this has since been denied.

Burberry launches urgent turnaround plan to save the brand

<keyword id="19934680" type="General" weightage="20" keywordseo="Amul" source="keywords" meta.keywordsubtype="org" meta.entityname="Amul" meta.hostid="261" meta.entityid="Amul">Amul</keyword>, has been recognized as the strongest food and <keyword id="20467955" type="General" weightage="20" keywordseo="dairy-brand" source="keywords">dairy brand</keyword> globally, according to the <keyword id="20220223" type="General" weightage="20" keywordseo="Brand-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Brand Finance" meta.hostid="261" meta.entityid="Brand Finance">Brand Finance</keyword> Food &amp; Drink 2024 report. In a post on X (formerly Twitter), Amul posted, "We are pleased to inform you that Amul is ranked as the strongest <keyword id="22460165" type="General" weightage="20" keywordseo="food-brand" source="keywords">food brand</keyword> and strongest dairy brand in the world as per Food &amp; Drink 2024, the annual report on the most valuable and strongest food, dairy &amp; non-alcoholic drinks brands by @BrandFinance , world's leading brand consultancy" The annual report by Brand Finance, a global brand valuation consultancy, highlights the growing influence of Amul in the international market. The company's <keyword id="22862818" type="General" weightage="20" keywordseo="brand-strength" source="keywords">brand strength</keyword> was evaluated with a Brand Strength Index (BSI) score of 91.0 out of 100, earning it the prestigious AAA+ rating. Amul's performance in familiarity, consideration, and recommendation metrics solidified its position as a global leader in the food and dairy sectors. While Amul shines in brand strength, the report identifies Nestle and Lay's as leaders in brand value. Nestle retained its title as the world's most valuable food brand, despite a 7 per cent decline in brand value to USD 20.8 billion. The company's ability to adapt to changing consumer preferences and maintain a diverse product portfolio has been key to its enduring success. Lay's, on the other hand, saw a 9 per cent increase in brand value, rising to USD 12 billion and securing the second spot globally. Lay's innovative product offerings, including its Flavour Swap and MAX lineups, have driven its brand value growth. The Brand Finance report also notes a 4 per cent decline in the overall brand value of the food and beverage sector, now totalling around USD 268 billion. This decline is attributed to consumers increasingly favoring smaller, private-label brands offering unique, personalized products over traditional big names. Convenience foods, however, are bucking the trend, with rising brand value due to growing demand from busy consumers. Brands like Healthy Choice and DiGiorno have seen a 17 per cent increase in brand value, driven by innovative product releases and strategic marketing. Amul's ascension as the world's strongest food and dairy brand is a testament to its consistent innovation, effective marketing strategies, and strong consumer trust. The cooperative's commitment to quality and its extensive product range has made it a household name not just in India but across the globe. With an 85 per cent share in the Indian butter market and a 66 per cent market share in cheese, Amul's brand equity continues to grow stronger each year. The dairy industry, however, faces its own set of challenges. The report notes a 6 per cent dip in the total brand value of the top 10 dairy brands, now at USD 43.8 billion. Despite this, Amul has retained its title as the strongest dairy brand for the fourth consecutive year, thanks to its unique cooperative structure and impactful branding efforts. Meanwhile, Valio, a Finnish dairy brand, has emerged as the fastest-growing dairy brand, with a 31 per cent increase in brand value, driven by its acquisition of Planti, a producer of plant-based dairy alternatives. Sustainability continues to be a critical factor for brands. Nestle leads the food sector with the highest Sustainability Perceptions Value at USD 1.4 billion, while Coca-Cola tops the non-alcoholic drinks sector with a value of USD 5.2 billion. The report suggests that brands like Lay's and Pepsi, with high positive gap values, could further enhance their market positions by better communicating their sustainability efforts. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Amul emerges as world's strongest food and dairy brand, topping global rankings in Brand Finance Food & Drink 2024 Report

<ul class="summary-list"><li>Ralph Lauren just reported strong sales in Asia, including in China. </li><li>The iconic American brand appears to be bucking the luxury slowdown in China. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/sc/menswear-polo-ralph-lauren-holiday-collection-2023">Ralph Lauren</a>, the quintessential American brand, is pulling off what many of its luxury peers are finding near impossible right now: getting <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">Chinese consumers</a> to spend.An integral part of Ralph Lauren's success is that it doesn't shy away from its all-American-ness.At a time when luxury conglomerates like <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH</a> and Kering are seeing sales in China drop, dampened by issues like <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-package-push-wont-reverse-property-market-crisis-2024-9">its real estate crisis</a> and the rise of <a target="_blank" class="" href="https://www.businessinsider.com/luxury-goods-sales-slow-clothes-shoes-china-bain-company-travel-2024-6">"luxury shaming,"</a> the New York City-headquartered company is seeing quite the opposite.In its second-quarter earnings for fiscal 2025, released Thursday, Ralph Lauren reported global same-store sales were up 10%. Asia led its growth, with same-store sales up 11% during the quarter. The company said revenue growth in Asia was up 10% in constant currency, with the China market alone up in the low teens.China remains a relatively small revenue source for Ralph Lauren, accounting for just 8% of the entire business. But it's onto something there — and it knows it."I've said it before but it bears repeating in a volatile environment, Ralph Lauren is firmly on offense," Patrice Louvet, the CEO of Ralph Lauren, said on a conference call with analysts on Thursday.<h2 id="7c39228c-869d-47de-af72-7c09876b7ef0">Logos are out, but 'Preppy' is still in</h2>One factor contributing <a target="_blank" class="" href="https://www.businessinsider.com/chinese-rich-go-for-quiet-luxury-stealth-wealth-2023-8">to the luxury slowdown in China</a> is a move away from ostentatious displays of wealth, fueled partly by government policy.Xi Jinping's government has spent over a decade discouraging ostentatious displays of affluence, fueling the rise of "luxury shame" among Chinese consumers.Neil Saunders, managing director of GlobalData Retail, told Business Insider via email that while this movement has hit brands that are "overt" and "flashy" hard, it's set up brands like Ralph Lauren, known for its "classic, quiet luxury" products, to thrive.He said Ralph Lauren's styling and brand position are very favorable to current trends, in which consumers are not looking to flaunt their wealth but want products that have some longevity.<div type="image" title="A woman wears a blue Ralph Lauren knit shirt." height="853" width="1280" msid="115143538" hostid="261" sizebytes="121204"></div>Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, also told BI over email that Ralph Lauren's embodiment of the "classic American lifestyle" is key.As the Chinese market shifts from conspicuous spending to "more refined and 'timeless luxury,'" Roll said, consumers want brands that "represent quality, authenticity, heritage, and status."Speaking to analysts in the conference call, Louvet said staple products like Ralph Lauren cable-knit sweaters, Polo shirts, and sports coats are what have driven sales, both in China and abroad."Our core is resonating in Tokyo, in Seoul, in Shanghai and Milan," he said. "At a time where consumers are worried about the future around the world, where they're more discerning on how they spend their money, they really turn the brands they know. They turn the product categories they trust."<h2 id="3b954ea4-0593-4823-b303-40372ef11c74">American, but China-forward in China</h2>While Ralph Lauren doesn't hide its Americanism in China, it does reinvent how it targets consumers there, which Roll said is key to its success."Ralph Lauren has established a strong online presence on major e-commerce sites such as Tmall and JD.com, as well as on social media platforms like WeChat," Roll said. "This omnichannel strategy allows the brand to reach a wider audience and engage consumers through multiple touchpoints aside from retail stores."He added that Ralph Lauren is connecting with Chinese Gen Zers, who are increasingly accounting for a larger portion of luxury purchases through those same digital platforms, pop-up stores, and exclusive collection drops.<div type="image" title="Pedestrians walk past the American fashion brand Ralph Lauren store in Hong Kong." height="3327" width="5000" msid="115143539" hostid="261" sizebytes="1769070"></div>With its brick-and-mortar stores, Ralph Lauren has prospered by doing more with less.It targets just six key cities in China — including Beijing, Shanghai, and Chengdu — a contrast to some luxury brand peers that went all in with opening newer, bigger stores throughout the country during the luxury boom post-COVID-19 — some of which now sit empty.Leaning into sustainability — which Olivia Plotnick, founder of Wai Social, an advertising and social media firm in Shanghai, previously told BI is another way younger generations in China are redefining luxury for themselves — is also playing to Ralph Lauren's favor."Sustainable practices are becoming more and more important to Ralph Lauren, which appeals to China's younger, greener clientele," Roll said, noting the company's "Color on Demand" cotton dyeing initiative, launched in 2021, as an example."This China for China approach shows respect for local culture and values," he added. "And it appeals to national pride and fosters brand loyalty for Ralph Lauren."Still, with <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's reelection</a>, looming tariffs against China raises questions on how long Ralph Lauren's winning in the region may last.Roll said <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-victory-spoils-chances-luxury-rebound-china-tariffs-consumers-2024-11">American brands may find it harder to appeal to Chinese consumers in the wake of tariffs</a> because of rising nationalist sentiment."It's not going to be easier to be an Apple. It's not going to be easier to be an LVMH. It's not going to be easier to be any type of retail brand in China, at least in the foreseeable future," he said.

Why Ralph Lauren, the all-American luxury brand, is a hit in China

<ul class="summary-list"><li>Gen Z could account for nearly a third of luxury purchases by 2030, Bain reports.</li><li>Yet, after COVID-19, many brands neglected younger consumers to focus on the uber-wealthy.</li></ul>The first people to shop at <a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> are long gone, as are those at Louis Vuitton and Prada. Yet, the brands still exist because their ultimate goal is to continuously train new generations to fall in love with luxury.But now it appears that some luxury brands have forgotten that aim.After the pandemic, luxury players took their eye off the ball <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-gospel-of-wealth-manifesting-tiktok-dating-2024-11">with Gen Z</a>, a generation Bain &amp; Company estimates could account for nearly a third of all luxury purchases by 2030. Industry experts say brands took advantage of inflation by hiking prices and heavily focused on their wealthiest clients with VIP experiences, essentially putting aspirational consumers on the back burner.Two years later, this strategy seems to have backfired, shrinking the luxury customer base by 50 million, Bain reports in its 2024 luxury study, published Wednesday."There's been a kind of a refocusing, probably an over-correction of the strategy, to focus on the top of the pyramid that was more resilient in a moment of turbulence," Claudia D'Arpizio, senior partner and global head of Fashion and Luxury at Bain told Business Insider."Luxury brands aim to stay forever," Blanca Zugaza Escribano, a fashion and luxury consultant at Metyis, said.But to do that, brands "need to keep an eye on both sides of the business," she added. And that includes winning back Gen Z through decisive strategy shifts, creative partnerships, and affordable luxury.<h2 id="7ff2a5fb-18da-4547-8857-cb52ac8b582a">Training the next generation</h2>D'Arpizio said that to get Gen Z back on board, luxury brands must adopt a "high-low" strategy, part of which entails releasing affordable products that appeal to younger, aspirational consumers and their core clientele.<a target="_blank" href="https://www.businessinsider.com/gen-z-luxury-perfume-obsession-tiktok-fragrance-teen-boys-branding-2024-10">Fragrance</a>, beauty, and eyewear — categories that have shown resilience through <a target="_blank" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">the industry-wide slowdown </a>— could be key to this strategy.In its most recent earnings results, LVMH reported that perfumes and cosmetics delivered the strongest growth across sectors in Q3, up 3%. This division was up 5% for the first nine months of 2024 compared to the previous year.Meanwhile, Kering's beauty and eyewear divisions were also one of the few highlights from its own latest earnings, delivering 7% same-store sales growth in Q3. <div type="image" title="Sabrina Carpenter performs during the 2024 Governors Ball at Flushing Meadows Corona Park in New York City." height="853" width="1280" msid="115360802" hostid="261" sizebytes="44798"></div>Jamie Ray, the CEO of Buttermilk, a marketing agency that works with luxury brands, said his company's work to help launch Prada's beauty range in the US this year through nano influencers on TikTok, coupled with <a target="_blank" class="" href="https://www.businessinsider.com/sabrina-carpenter-mom-advice-relieve-stress-touch-grass-shortnsweet-2024-8">Sabrina Carpenter</a> whipping out one of its lip balm's in a music video, is a prime example of how brands can and should try to resonate with Gen Z."The broader issue I think every luxury fashion house or conglomerate has is: 'We can't sell a $5,000 handbag to a 21-year-old," he said. "'But we can sell a lip oil, or we can sell foundation, and they still get some sort of emotional attachment.'"Not only do affordable products align with Gen Z's current spending power, but they can develop lasting brand loyalty, which Escribano said will pay off long-term."That little piece of luxury that you're carrying with you is already building you into a potential future customer if you ever have the means to actually purchase the products that are aimed at the higher net worth customers," she said.<h2 id="d0804aea-f5cd-41e4-8e67-9ba0ab368a1b">Getting Gen Z excited to spend</h2>But putting out affordable products is only half the work. The other half is getting Gen Z excited to spend on them.Escribano said one key way brands can do this is by embracing Gen Z's love of experiences and showcasing the brand in creative ways. Thomaï Serdari, a luxury marketing and branding professor from NYU's Stern School, previously told BI that <a target="_blank" class="" href="https://www.businessinsider.com/nfl-partnership-luxury-fashion-brand-pricey-women-team-jackets-2024-10">luxury brands</a> also increasingly see <a target="_blank" class="" href="https://www.businessinsider.com/luxury-brands-taking-over-paris-olympics-lvmh-dior-armani-glossier-2024-7">sports</a> as an opportunity to connect with younger consumers.But relying on partnerships has risks, as Gen Z is more discerning than previous generations, Escribano said. Those that come across as superfluous or not in alignment with a brand identity could be unsuccessful."It's not let's collaborate to push a collection with this random person who's now super hot on Instagram or who's super popular," Escribano said.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="115360801" hostid="261" sizebytes="149866"></div>Ray of Buttermilk said that some luxury brands have been hesitant to explore collaborations as a means of engaging Gen Z consumers because they fear losing their luxury allure."The brands that have struggled probably are the brands that are more heritage brands," he said. "They've got such a true sense of who they are, almost to their detriment. They're too scared to reinvent themselves."<h2 id="ee0d4082-fffa-4f1d-8e67-52b9ce670e21">The future is vintage</h2>Luxury players might be kicking themselves for alienating Gen Z consumers, but Gen Zers never forgot about luxury.The proof is in the meteoric growth of <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-secondhand-shopping-luxury-high-end-preloved-items-report-2023-4">the secondhand luxury</a> market, which Bain reports reached $47 billion in 2023.Not only do secondhand luxury marketplaces like The RealReal satisfy Gen Z's love of gamification and collecting, but they are "serving their "unmet demand," D'Arpizio said.But secondhand's success isn't bad news for primary luxury brands, Escribano said.<div type="image" title="Vintage clothes on rack" height="1412" width="2122" msid="115360800" hostid="261" sizebytes="140784"></div>"There's no cannibalization between secondhand and firsthand," Escribano said. "A customer that's actually a VIC — a very important customer — for The Row or for whatever luxury brand, they're not going to go into secondhand to save."Bar certain luxury products like Hermès Birkins handbags, secondhand luxury is by and large cheaper and retains a level of exclusivity, she said. "It also has this sustainability factor to it that is growingly important to younger generations," she added.By dedicating more initiatives to secondhand, collaborating with resell companies, or releasing slightly more accessible specific pre-loved lines, luxury brands can connect with Gen Z consumers while avoiding alienating their top 1% of consumers."It's another amazing entry point for younger customers," she said.

Luxury brands forgot about Gen Z. They can't afford to make that mistake again.

<ul class="summary-list"><li>Tesla's US market share has fallen below 50% for the first time.</li><li>While Tesla's dominance is waning, overall electric vehicle sales are growing.</li></ul>Tesla's dominance in the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market</a> is slipping, but it's not time for <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">CEO Elon Musk</a> to panic just yet.<a target="_blank" class="" href="https://www.businessinsider.com/tesla-price-range-cost">Tesla</a>'s share of US electric vehicle sales in the second quarter fell to 49.7%, marking the first time its share had fallen below 50% in a quarter, according to data from Cox Automotive. The slip followed disappointing sales results and tough first-quarter financial results.While <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-ai-event-delayed-october-report-stock-falls-2024-7">Tesla is certainly facing its share of challenges</a> right now, losing market share is a sign of something much less threatening to the company's future.It's proof that Tesla is growing into a somewhat normal car company — a status it has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-elon-musk-acted-normal-this-year-it-worked-out-2023-12">worked hard to achieve</a> — and that the segment it pioneered is finally maturing."Despite Tesla's declining sales, with its EV sales share now below 50% for the first time, the overall competitive landscape for electric vehicles is intensifying," Cox Automotive Industry Insights Director Stephanie Valdez-Streaty said in the company's EV sales report. "This increased competition is leading to continued price pressure, gradually boosting EV adoption."<a target="_blank" class="" href="https://www.businessinsider.com/tesla-ev-market-share-slipping-all-depends-on-cybertruck-2023-10">Tesla's chokehold</a> on the US electric vehicle market has been waning for a few years as more companies release their own electric models. Tesla commanded about 55% of the US EV market last year, down from 65.4% in 2022 and a much higher 79.4% share back in 2020, according to data from Experian.While this share drop looks staggering, it's important to remember that Tesla had previously enjoyed virtually zero competition in the US.<h2 id="d5fb91e5-8a68-40fd-bef0-4af4038882f7">Tesla finally has solid competition</h2>Tesla's success over the last two decades has sent legacy automakers — like GM, Ford, and Volkswagen — scrambling to catch up with Musk.For the past few years, the US market has seen the release of one <a target="_blank" href="https://www.businessinsider.com/ford-mustang-mach-e-price-cuts-tesla-price-war-electric-cars-evs-2023-1">"Tesla fighter"</a> after another. Meanwhile, Tesla has continued to grow its fleet of options, while enjoying the benefits of attracting <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">wealthy early EV adopters</a> who initially dominated the segment.The result today is that EV shoppers simply have more choices. Just in the second quarter, BMW, Cadillac, Honda, and Kia all offered new entries to the market, according to Cox. Many of these models are stealing market share from Tesla simply by existing.Take <a target="_blank" class="" href="https://www.businessinsider.com/chevy-silverado-equinox-ev-flood-the-zone-competitors-pull-back-2024-5">Chevrolet</a> for example. The bowtie brand is executing its plan to flood the EV market with new releases this year, and it appears to be paying off so far.Cox credits new releases like Chevy's electric Blazer, <a target="_blank" class="" href="https://www.businessinsider.com/chevy-equinox-ev-first-drive-much-needed-electric-crossover-suv-2024-5">Equinox</a>, and Silverado with adding 21,000 EVs to the market and chipping away at Tesla's dominance.<h2 id="34a05545-bab2-4354-a3d7-8a25f3557846">Musk made the right bet on EVs</h2>Even as its market share diminishes and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">sales slow</a>, Tesla remains the most dominant EV company in existence.So far in 2024, Tesla is still the top seller of EVs with 304,451 deliveries through June, according to Cox. There's a seismic gap between Tesla and second-place Ford, which has sold 44,180 EVs so far this year.Overall growth in the EV segment, regardless of Tesla's decline, also <a target="_blank" class="" href="https://www.businessinsider.com/tesla-can-make-cars-cheaper-than-competitors-2024-6">proves Musk right</a> in his bet on electric vehicles more than a decade ago.The EV market is still increasing in volume and share, <a target="_blank" class="" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">just at a slower rate</a> than when the segment first took off in 2020. And Tesla is still in a good position to benefit from that growth."The growth will, at times, be very slow, as all-time horizons in the automobile business are vast, but the long-term trajectory suggests that higher volumes of EVs will continue over time," Valdez-Streaty said.

Tesla's massive EV market share was never sustainable

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

Fabric of a nation: Sustaining India's handloom legacy in modern times

<ul class="summary-list"><li>General Motors CEO Mary Barra said on Tuesday that EV manufacturers face steep competition in China.</li><li>That competition comes with prices that are going "lower and lower," she said.</li></ul>General Motors CEO Mary Barra said there are so many companies trying to sell EVs in China right now that it's driving a price war that isn't sustainable.Barra made the comments at the TechCrunch Disrupt conference in San Francisco on Tuesday, responding to a question about the <a target="_blank" class="" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">explosion of EV sales in China</a>. More than 120 brands <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">sold EVs in China in 2023</a> compared to around 60 in the US — putting into perspective just how much competition there is for GM and other manufacturers.The <a target="_blank" class="" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">EV market in the country</a> is oversaturated, Barra said Tuesday, echoing comments she's made recently. She said the EV business in the country was "shifting dramatically" — and that "lower and lower" prices being driven by such competition will become untenable."From a China perspective, EV adoption has been heavily regulatory-driven," Barra said, referring to the <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">Chinese government's push for EV adoption</a>. "But what also has occurred is there are <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">over a hundred Chinese OEMs</a> right now, primarily focused on EVs," she said. OEMs are "original equipment manufacturers" that create parts for other businesses to use in their products.The flood of EV-focused startups pushing inexpensive vehicles in China has posed increasing challenges for <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">European and US automakers </a>in recent years."You have to look at what the sustainable business is because the situation that is there right now is not sustainable," Barra said. "Of the hundred or so companies, only less than a handful are profitable," she said. BI didn't independently verify Barra's calculations.European automakers have also struggled in the competitive China EV market. <a target="_blank" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">During its third-quarter earnings call earlier this month, Mercedes-Benz reported a 31% drop</a> in sales of battery-powered cars year over year.<a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">GM, meanwhile, outperformed</a> Wall Street's estimates and sent shares soaring more than 9% following its third-quarter earnings report. In China specifically, GM sold 14% more vehicles in the third quarter than in the second. And its "NEV" category — or new energy vehicles, which include EVs — for the first time sold more than its internal-combustion models in China, GM said.

GM CEO Mary Barra says there's so much EV competition in China that it's driving a price war that isn't sustainable

<ul class="summary-list"><li>Skims CEO Jens Grede compared the Kim Kardashian-fronted brand's successes to Nike in the 1990s.</li><li>Grede told the FT that, like Nike, Skims "exists at the intersection of culture and commerce."</li></ul>Companies are just like people, they have heroes.According to <a target="_blank" class="" href="https://www.businessinsider.com/emma-grede-jens-grede-ceos-behind-skims-good-american-2023-10">Jens Grede</a>, the CEO of <a target="_blank" class="" href="https://www.businessinsider.com/history-of-skims-who-owns-it-what-is-it-2023-7">Kim Kardashian's shapewear brand</a>, Skims' hero is Nike — though, to be clear, not the <a target="_blank" class="" href="https://www.businessinsider.com/new-nike-ceo-faces-challenges-nike-earnings-2024-10">Nike of today.</a>In a recent interview with <a target="_blank" class="" href="https://www.ft.com/content/5ca1c4e1-2083-4525-b85f-0ae7c28cb690?emailId=671e0a5a-e731-4240-b99a-67a0108156c2&amp;segmentId=22011ee7-896a-8c4c-22a0-7603348b7f22">the Financial Times</a>, Grede drew a parallel between the success of Skims — a shapewear brand he cofounded with his wife, Emma Grede, and Kardashian in 2019 — to Nike in the 1990s."High-performing product, delivering real value for money, and a brand and a company that always had a voice in what was happening in the world," Jens said of Skims and Nike to the FT."Skims exists at the intersection of culture and commerce," Jens added.The 1990s was a belle époque Nike — a decade that saw its sales swell from <a target="_blank" class="" href="https://www.washingtonpost.com/archive/business/1998/01/18/nikes-downward-swoosh/c2842d6c-7017-4f67-a673-daec369e0252/">$2.24 billion to $9.2 billion</a> between 1990 and 1997 and the brand become a cultural phenomenon.Besides Skims, the Gredes have launched multiple brands with the Kardashian-Jenner family, including <a target="_blank" class="" href="https://www.businessinsider.com/khloe-kardashian-bikini-photo-good-american-body-positivity-2021-4">Khloé Kardashian's Good American</a> denim brand and, most recently, <a target="_blank" class="" href="https://www.businessinsider.com/kylie-jenner-style-evolution-2017-8">Kylie Jenner's</a> clothing brand Khy. However, Skims, most recently valued at $4 billion, is the golden child of the Grede-Kardashian-Jenner brand empire.<div type="image" title="Kim Kardashian, Jens Grede, and Emma Grede pose with awards" height="5066" width="3378" msid="114171042" hostid="261" sizebytes="445832"></div><h2 id="2fe78b6c-76ff-4afc-89c2-a6cc14697ad6">Timely versus timeless</h2>On paper, Skims and Nike of the 1990s have commonalities."They both started as brands about innovation. They both have progressed and moved into a much more emotive lifestyle place that they are now," Isabelle Aleksander, a senior brand strategist at JDO Global, said.Both companies have also put athletes at the forefront of campaigns — Nike with Michael Jordan in the 1980s, then sporting heavyweights like Tiger Woods and Roger Federer in the 1990s.<div type="image" title="Tiger Woods in October 1996 at the TPC Summerlin Golf Course in Las Vegas." height="852" width="1280" msid="114171039" hostid="261" sizebytes="52628"></div>While Skims officially partnered with Team USA for the two most recent Olympics and is the official underwear partner of the NBA, WNBA and USA Basketball.But replicating Nike's blueprint doesn't necessarily guarantee the same result, Aleksander said."All of their campaigns feel on time; someone is in the news, the next day they're on a Skims campaign," she said. "But that timeless quality is what I think Nike has captured and sustained, which I don't feel from Skims."<h2 id="a67d8f38-a5d8-46e5-8b01-960c754fde2f">A wildly different retail landscape</h2>Another issue is that the retail landscape is very different from what it was in the 1990s, and consumers are more fickle."The consumers that they talk to are tired," Aleksander said. "We want newness in a way that we didn't at that point in time."Consumer fatigue may also be connected to having an overwhelming amount of choice — from companies founded by young entrepreneurs to celebrities with existing cachets, Matthew Quint, director of the Center on Global Brand Leadership at Columbia Business School, said.Even Nike has <a target="_blank" class="" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">struggled</a> in the new retail ecosystem as younger brands such as <a target="_blank" class="" href="https://www.businessinsider.com/nike-competition-sportswear-hoka-on-running-earnings-2023-7">Hoka and On take market share</a>.<h2 id="6ce91ea5-4d0c-459b-908f-6aab988b2359">The problem with Kim</h2>Another potential issue is that Skims has hedged its bets on Kardashian, Quint said.While Nike did have celebrity endorsements in the 1990s, it wasn't partially owned by a celebrity — especially one who has been in the public eye since the noughties."Skims is not likely to be a for everyone brand because there are going to be people who don't want the association with Kim Kardashian," Quint said. "It's a little narrowed relative to what Nike's potential was back as it was growing rapidly."<div type="image" title="Kim Kardashian attends the 2024 Met Gala." height="5000" width="3334" msid="114171041" hostid="261" sizebytes="965916"></div>Aleksander said Kardashian isn't able to be a "North Star for the wider masses" that Nike's buzzy star-powered campaigns and messages with Michael Jordan, Spike Lee, Andre Agassi, and Pete Sampras, delivered in the 1990s."I always think about Nike and irreverence," she added, "That golden thread that comes through of 'you are part of this, you are a collective, you're a community, you're a voice.'"Anyone from a teenager in a struggling community, to a CEO was a Nike consumer in the 1990s, which Aleksander said is a type of branding "magic" that she doesn't see Skims replicating."Ultimately, you're buying into Kim," she said.

Skims wants to be the new Nike. Brand experts say that's a pipe dream.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Almost Friday! Yesterday, I asked you if <a target="_blank" href="https://www.businessinsider.com/tiktok-ban-bytedance-lawsuit-us-government-free-speech-national-security-2024-5">TikTok should be banned in the US</a>. More than 60% of readers said they support the ban.In today's big story, we're looking at how Corporate America is rethinking its sustainability and diversity efforts amid a push <a target="_blank" href="https://www.businessinsider.com/woke-capitalism-reversal-google-unilever-bud-light-esg-dei-2024-5">to avoid being labeled "woke."</a>What's on deck:<ul><li>Markets: A Wall Street tragedy has led to a <a target="_blank" href="https://www.businessinsider.com/wall-street-transfixed-by-bofa-banker-leo-lukenas-untimely-death-2024-5">reexamination of junior employees' workloads</a>.</li><li>Tech: Apple's iPad ad is literally <a target="_blank" href="https://www.businessinsider.com/apple-ipad-pro-ad-crush-tim-cook-ratioed-2024-5">crushing everything we love</a>.</li><li>Business: No, seriously. Where are <a target="_blank" href="https://www.businessinsider.com/tiktok-bidders-where-are-they-2024-5/">the TikTok buyers</a>?</li></ul>But first, let's not talk politics.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="a1cd63c0-3a54-45a2-a2ec-6d103b0fd91c">The big story</h3><h2 id="f18963ef-52da-45b4-9377-ee4e0a6be7ac">The great un-wokening</h2><div type="image" title="man shushing" height="586" width="1190" msid="109986791" hostid="261" sizebytes="60674"></div>"Go woke, go broke!"The rallying cry against companies' progressive campaigns is starting to leave a mark on Corporate America.After years of big promises and grand plans around social issues like diversity and sustainability, <a target="_blank" href="https://www.businessinsider.com/woke-capitalism-reversal-google-unilever-bud-light-esg-dei-2024-5">companies have taken a noticeable step back</a>, Business Insider's Emily Stewart writes.DEI and ESG — the two acronyms at the center of these debates — are MIA, according to data Emily got from FactSet. Mentions of ESG on fourth-quarter earnings calls in 2023 compared to 2020's Q4 dropped more than 78%. DEI's decline was even larger during that time frame, falling 88%.The so-called "great un-wokening" in the business world could be a product of the current economy.When business was booming and stocks were only going up, companies were happy to talk about how they planned to improve the world.But it's not 2021 anymore. Interest rates are a long way from zero, and the threat of a recession still feels very real. Rather than stick their neck out for causes that could alienate customers, companies are just worried about keeping their heads above water.The shift from businesses touting progressive ideologies hasn't always led to a boon for conservative ones.An "anti-woke" bank backed by Peter Thiel <a target="_blank" href="https://www.businessinsider.com/anti-woke-bank-backed-peter-thiel-folds-after-three-months-2022-11">closed three months after it was founded</a>. And right-leaning companies that went public amid the SPAC frenzy <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4">haven't soared</a>.Trump Media, former President Donald Trump's social media company, has managed to maintain a lofty valuation that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-overvalued-per-user-social-media-tiktok-2024-5">seems to confound even bankers</a>. But it hasn't come <a target="_blank" href="https://www.businessinsider.com/trump-media-collapse-rally-meme-stock-djt-2024-5">without plenty of volatility</a>.Meanwhile, those caught up in the public fight against "woke capitalism" are trying to rebound.Take Bud Light. The backlash from the beer brand's partnership with transgender influencer Dylan Mulvaney cratered sales and AB InBev's stock. <a target="_blank" href="https://www.businessinsider.com/bud-light-transgender-controversy-backlash-boycotts-history">Layoffs ensued</a>.Things have settled down more than a year later, but scars remain. The stock is still shy of where it sat before the controversy. But Kid Rock, who filmed himself shooting cases of the beer, seems to have <a target="_blank" href="https://www.rollingstone.com/culture/culture-news/kid-rock-bud-light-conservatives-heartbroken-1234930200/">come around on the brand</a>, so there's that.Corporate America's approach going forward might be to avoid politics altogether, especially in an election year, in an attempt to stay above the fray.<h2 id="61c0993e-54a5-433d-b009-54337b74dc71">3 things in markets</h2><div type="image" title="BoA red background with man" height="830" width="1118" msid="109986792" hostid="261" sizebytes="41078"></div><ol><li>A banker's untimely death raises questions about Wall Street's working conditions. A 35-year-old Bank of America associate who was a Green Beret died after closing a deal. Now Wall Street is <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAYiFfLFJW1WJUTIEqy7Sf9K0nT581vq05lyW_Wh7vWwemQPvvi2e-uucwTcoqkx_BAv7_B1ksFlWQoXXDi8-YuLwDAgalImT3s5puZHVz1y-1Ik9uVG_A7BJGXcGpbogmqULDC2m733CCBn5DdVGUMU3wPROPlUuDOwM4x--2l31UOt6N0zkaB8NvGO0TGyUx4QOTQrUWREAj4SoYNxJ1SOG4qIrkjnSkBSRMgrao2W04gv3Td-axIg1GeVt081qUhURGBSu8bNDb5JqHgYxZ32xfSf7GwhhiYRgUGo-BRXCkykf95gFScoIp6Ys2U3XylNQOoxkSDqklKuFEsXjuXnO0C1Pei-LooZQyI9vwApVGco5BvDjFDrYQ6Q9zddjI5D5YOJ0hKEkgNgkIGbVEWYsVGDEB-q7RwsIKduu49eQ%3D%3D">questioning the onerous demands of the industry</a>, where 100-hour-plus weeks can be the norm. </li><li>The best of Warren Buffett. The legendary investor discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting. <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLB9uhaFx9DJ3KCGIIvB6i-O1cqJDTfkS0YZQ4s9ht2age1tXOlq0ioz1tInsiQ-d6bWTEqppghv6-g9l60IXusoGenAsfBsxodEqr9iCXPbMKnfpGJ4z2WFiJjBPQqSVKxo0yVEI995E8Z5xaBQR-9k4OO-e33t6D0RIaQZVv8T7cGbl3zbHARbuIaIpzuPhUEi98dtwprbns4D55NAvmXKTBYnOBUsPCEvTuy46YEBawXKlMoaLbb1845UxC__VCFIraCJ8eJ_QW2U7WNP4HRL1s1d7EB2yCdwcHsjbmFPcsTRrHk9dlRMXWYvXUQTNOEkPysQffCOk8mP31f4gTVC8XvnyqLevbat7ePs-3FgFI_Di5MtXlV6tV-TH8hmLXCk2N8Ek4KHLECSBR0Qy8_UbSUlLhG3nVQ8Cknpn-bgmg%3D%3D">Here are 15 of his top quotes from the event</a>. </li><li>China's central bank is on a gold-buying spree. According to official data released on Tuesday, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCiXVjB7buYzKUzg2vprAeeW3d8GTtSNglpiF6eJO4DOUJ-BLIEzRxqQRsoT6voA3cHvh8Umh4mdHrxwjTESZrDWsADOnMO_7cFx8WpLanOWseljYqt2yCrnBCaaTcpW0BK8NrgyXfG2MqzS1c8LNioQa70D0HKq6gEMCv64iKdTDRIKrhuV9NS9QYoGN2mejkVPcnQIf0gaKgOrOIAuqyI0GdRq6DIp7mrduclyeYzs-G4zvhRCWBO0CpfkjrUaAFtA8iHXO7bgeHTWrvU63VSrkHlR5MC4OeVEPmNwyLtVHLn0oBcmSO_gXDhCtgNmHmvAzbxUxuw_GvJKk3csHSmgZ72zvrYrp-BnQ8jgJp5KG_Rr1lJfq3-ibIEuS36lEfhjVPyXuREjviVQMvBZlTyKqek7mufJbdRUzPj6qIKYg%3D%3D">the People's Bank of China loaded up on the precious metal</a> for the 18th straight month in April. It's trying to push back against the soaring US dollar, which is making it too expensive for Beijing to import goods.</li></ol><h2 id="f1bd2617-918d-464a-bf8c-ee13c502933b">3 things in tech</h2><div type="image" title="bill gates" height="840" width="1128" msid="109986794" hostid="261" sizebytes="51558"></div><ol><li>Viewers are not pleased with Apple's iPad ad. The video shows a pile of creative tools — cans of paint, a piano, a trumpet, books — <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAqO9EvAcyC0jIP8INPAV0bBBv-hMaPKsAtR83qEXYOG_v3nh9hETFzz-AKt7hAwbsX606c-4xjWngbmG-N8GfezrnEMIE4mVrBLy2ryq93otvHclygCd2qrIJzV9F6i2myprA_60z-nHjtRKAzYm-QPHQOcp9fO-qEz7teFdMLrtHsegbx3J9VJcjJ9GcXYIjx4YXOZwKvEnOzuv67HY31E-spGui5k6OLzy6j41hKYfo37TU6LxB3FLQmJnJvQENp4h5hDCsiVJEioLJ4RhsSaw7aGR-y6QIqc28IPVrrLD0M5G-6a3OakXFQwKbTgohq1Y4WztoHQMXwEOH8nrPsBuwsPbaTqieAahdpDkJFx0bBZihyaMYTPCd7Z-fhQ6Q%3D">slowly crushed in a hydraulic press and replaced by an iPad</a>. In a rare misstep for Apple's advertising, the video hit a nerve for people concerned about tech replacing human creativity.</li><li>Merit raises are back at Microsoft. After freezing salaries last year, the company <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCGGzUL8r8A0dw2HtaLeb5ylt25aE4X5YhdEt0xj8dgYRs8PBA1KdUTfl8qaKB4CGL75BAvIdvE6M8G3i5v6YEUN3jQmIR2gO9-lYwWaQgFuYw3rMZPVWiPFiDOkmb2Io1PpR8Zc841THXeX3f74ZYAt2zsr4V3FTXoy7lxsGwYBsmvl3UyefjkSxt3sMYmhehL-DGMzJh87LC2K5sn6NWbF9u42AtMQPef90sw9BUQEHXJq-1xAm_F5zAm5V1C4V36qb115RC8QIrPifQ95DYjvLGjq_habdKDVqXzdvWqrIFLyxeMEACKSpnFa8Yxqe-UdHW9r5SXEV-kI2UwQ6IfRrmNcMMmhmxH--GIFc6viBb9DCTkaEIQjwVWmFtaNJubuKFJSB5eesVrrfIaraK9">plans to restart performance-based raises for some employees</a> during this year's review cycle. The past year has been marked by internal dissatisfaction over pay.</li><li>Tesla's hiring freeze. The electric car maker axed more than 3,400 job postings in North America <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLBuzSFB4yDqPRWmjEJplKEqNkyPzkAhxPQNB9IoGkP12oRzZ1cK1qsJ_zCuK8AitBjlZOe8rFSPu2zH9UIHWxd2A1_uZgR16JH0mucXO69E9jRRcQdEKZI8q_6UhNEvFeL9nyrgoLvPENiEDH1v_PSXGQkSvGVMHU95h5U5hOSw0idqH3YXbnFPg_uNb3VeTyYRfMSXBIzXxSUsBmJSweVdOI7s7Mq8ewgoJln5dbDjeQoJRaIJgM3vchG8PKV5Yap_5V95zI9gYNG2SCtrQ7SLljS-X8hgRdt_pK8wGL3yze1c0gxllg-DoiEuv4FWroxk36IeTdSLMX875hPjZa9tr4JggJQ7WtTFUzNgOC6zmBrPGtGy6cz-Gmfw3FaTJ7xxoc_KI2PpnzipMmq6JSDj">down to just three</a> on Wednesday. The move comes as Elon Musk's company presses ahead with layoffs in a bid to cut costs and reassure investors.</li></ol><h2 id="a3fdf644-82fd-454d-9556-d06fa445ac2d">3 things in business</h2><div type="image" title="man with blue background" height="546" width="1116" msid="109986795" hostid="261" sizebytes="7310"></div><ol><li>Where are all the TikTok buyers? Former Google CEO Eric Schmidt decided against buying the company, leaving a really tiny list of people who say they want to buy TikTok. It could (theoretically) be Steve Mnuchin or Kevin O'Leary, but that's about it. <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLA8pxSd8FI1p56lpAcnj2YJYnRINSRnNPRCFyAx5P60Jbi8FdQNFL2r44lT63oihgVdT8aFB7lMALAxz2x9ngHi67S0rVhX2BRKEPXRYljDrgieBPm0Zkjmsx2Kd4yiVVFLLNrN8ufZtwQRmeZ5ZIJy5CzhcIClDz6LLKxvKj4YTGkgMojA6RTDqrZPv56J_UxvVxpEJ_LSbybUD-chjj73k2OdJ7n-qyP78-nbTq1hm6xr_m1mGW3DjYrq6vv-_Swi6tT0qaq3u0ABuO8MAl2oYDSgOcJ5HW7Trip5-UuBQKNRiWbsgTOuDM8TCdQdh1EgE5k-Ov_snyEpsejY4BhdQOwsmkRwDnyOWAGegfuNcg%3D%3D">We have some theories</a>. </li><li>Google is capitalizing on the TikTok ban. According to an internal document, Google is telling salespeople to highlight the possibility that TikTok could be banned in the US. It's an attempt <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCYSXW2NoE_FIKmupiFFpQvTKJBIFE5JJ5DXxV2EwrD94BKLiSeBAkj8msxdzeKLYaPPX9jTqA3QxZ9hRk3IHJeNK3BBOAfSNdzTf9HkNw-Wc-aC1glIzQM_jy2BrTq2NXDZK_vuCaE9y6Mg_fcUY_V8wLEHpeRXAsP4oLr7-17LnKMwQV6KOHXHHrFkmBgoEzpPTHxA93dcokbPzdp7BLHwDvZn7LX2r73W-1FTBM5ZDjUQCr6MsJyQZ99V7e1GN0l0kgmmgB-A91dCX9lcoIs8ughLBQlYBa0Rrz5VIumWX1MrmvtFDQvon84v43ZtkVZxWS4xoD4VYpY93Uo9uSlzFyXAaPHUp-Vup-JOInic9KK26T7DAySZN1vdi5mnHo%3D">to nudge advertisers to spend more on YouTube</a>. It also comes as YouTube tries to capitalize on <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLDhYS6uvWcyUOlyaSpiMf4sQZV8zKNDn0taCqww3IzbSaR5SrEqKudexnx8q5ObPkuUBz58eMXvwoEj0XC92qCAo3KlY_lCFHGv68PB7CYxqI09S7WG8haAD8i4yOdjlWNMFuu5-PriqkbDmUq7VDSSYNWd1znEMCt_A4xe30LaIR_X2Kw8fHcwi4N8eYPpGAEJF8hk4TGSdlpcsCsibTKaL8gN7WuekuCZk2XcF2OJReOOR7O3M76JiHdljGMS9BrMSN7m9cNB0EarXcYFCXKRnfFtObatam99pWYycHVodzVU-s5bxomp5hRtvDnCuMfVVcFAMK-GDq8jise1sg095gWTcVvICNr7T_Ck8KMWPUxhlAsZx2Xkf3fBa3THiF8bo4FZzgs1GpSo0A8MaF9w">its status as the top streamer</a>. </li><li>The dark heart of modern chess. Thanks to the pandemic's forced isolation and the Netflix smash hit "The Queen's Gambit," the game has never been more popular. But chess's ugly side has also never been more exposed — it's a <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAeBHFMoYQrK6jTvQ5g5FJ8Oq96Q0dX5ogZQuOcvt2NCXfwrXKhdGlz9i-2K5ormW0WZJfZ4QH3D4iEG0sw-4TqOgDkDc8uLhhzAdt5EQTkmuAv4RakeijOEj_-kYdtvk0NQD3khdH6rzg4SoUvt47hprU2WsCcmAcu3HmmOM8t7Typz9cwjr1JW9xOlhVcqDKn4dXphWycvqPij1KXq8KxlQEbg7JSl1sOf06tinWta3aMOyp7YAy6CG7l9cNrl0q9xCR_yx2NcCcycxwPGrCipWNauNXVOwu8J_qc-Vp9vt-ctFRxF71hA0-DoYloa7GEaVcWyq5xEV-FkQcWDmr0nM1pWuCycCjPVob4ErEX81-8tOfbbVqcP9UqtsFrrj0-Ely-UVu7HP4geEqazFJZQCzrTPsIfUFVMO096fMcjA%3D%3D">cheater's paradise that's mired in rampant sexism</a>, BI's Rob Price writes. </li></ol><h2 id="28d53e4b-ee00-4d6e-b751-2b2ac31e7169">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/los-angeles-lawsuit-alleges-rampant-sexual-misconduct-by-teachers-2024-5">A California school district 'ignored and concealed' the sexual abuse of students</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/golden-visas-greece-portugal-spain-boosted-economy-housing-crisis-2024-5">Golden visas attracted wealthy Americans to Southern Europe. Then their housing crisis followed</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/citi-generative-ai-playbook-impact-jobs-tech-wealth-product-2024-5">A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/panera-charged-sips-death-lemonade-discontinuing-lawsuits-why-2024-5">Goodnight, sweet Panera charged lemonade prince</a>.</li></ul><h2 id="cf616bf5-972b-4347-85eb-62a538e187cc">What's happening today</h2><ul><li>Today's earnings: Dropbox, Groupon, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

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