Morning Brew Daily - Luxury Brands Are Losing Their Luster & No Online Dating for Olympians?

Episode Date: July 25, 2024

Episode 373: Neal and Toby chat about LVMH’s struggling sales, signaling a turbulent time for luxury brands. Then, Grindr users apparently are blocked from finding any matches within Olympic Village. Next, CrowdStrike offers a $10 apology gift card for the mass IT outage that cost its partners millions of dollars. Plus, Neal’s favorite numbers from the hottest day on Earth, Cuba, and coked out sharks. Also, Toby looks at Apple’s overspending on its content. Lastly, oxygen found at the bottom of the ocean. Is this Atlantis!? Checkout https://beehiiv.link/morning-brew-daily and get a 30 day free trial and also 20% off 3 months with code BREW Get your Morning Brew Daily T-Shirt HERE: https://shop.morningbrew.com/products/morning-brew-radio-t-shirt?_pos=1&_sid=6b0bc409d&_ss=r&variant=45353879044316  Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow 00:00 - Intro  03:00 - LVMH struggle  08:00 - Olympic Dating  10:40 - CrowdStrike gift cards  17:30 - Neal’s Numbers  23:30 - Toby’s Tally 26:00 - Dark Oxygen Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning Brew Daily show. I'm Neil Fryman. And I'm Toby Howell. Today, what do LVMH and Taylor Swift have in common? They both have champagne problems. Then scientists have discovered rocks that can produce oxygen with no light deep on the ocean floor. Uh, what? It's Thursday, July 25th. Let's ride.

On yesterday's show, you heard about a couple of business battles, and here is your update. First, in the bidding war between TNT and Amazon for the NBA's media rights, the $2 trillion tech company won out. The league said it accepted Amazon's offer over TNTs to stream its games, leaving TNT fuming and with plans to sue the NBA. The other business battle is the one between me and Toby over who could sell more Morningbrew Daily T-shirts with their discount code. Maybe we just stop this intro here.

No, no, no. Let's keep going. So as of now, I have built a commanding lead, with many of you using code Neal 20, that's N-E-A-L-20, to get 20% off our new retro t-shirts. But we're only in the first inning because this contest goes through next Wednesday, so head to shop.morningbrew.com, and please, please use code Toby20. Personally, I think Neil is up to a little funny business.

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The vibes are not good for rich shoppers right now, which means the vibes are especially bad for the world's largest luxury group, LVMH. The owner of Louis Vuitton and Dior reported a measly 1% sales increase in the second fiscal quarter, which outside of the pandemic is its lowest level of growth since 2009. Sales growth for fashion and leather goods, which is typically the MVP of LVVR, LVMH's expansive portfolio came in at just half what analysts had been expecting. The main culprit for the slowdown, Asia. LVMH's CFO cited a violent swing among Chinese consumers who have turned to shopping in Japan rather than buying luxury goods locally.

A historically weak yen has made the overseas trip worth it. As such, sales in Asia, excluding Japan, fell 14% in the second quarter from the same period a year earlier, while sales in Japan jumped 57% year over year. Neil, the weekend and some slowing demand worldwide is giving the luxury conglomerate a serious hangover. Yeah, it's not just Asia. The company also cited middle class consumers in the United States for maybe avoiding those aspirational purchases that they made over the course of the pandemic.

Remember, LVMH and other luxury goods companies saw a huge spike in demand in sales in 2021 and 2022, when people had all of those pandemic savings, they were splurging on luxury goods. And now it seems to have backed off as the Fed has raised interest rates and inflation is biting. It seems like the companies that are focused on the very high end of the spectrum, you know, the ones selling private jets or the $10,000 or MES bags, those are doing perfectly fine. It's just the companies trying to target the middle class consumer hoping for that aspirational purchase are not doing well.

Right. And comparisons will get easier because, yeah, the period a year ago is when people were conducting revenge spending as it was labeled where you're coming out and you just want to spend a lot of the money that you built up over the pandemic. So maybe it's just that they're comparing it to a really great quarter. And then also, you're totally right. It's the brands like Burberry has really been struggling recently because it's kind of in that messy middle that we talk about. It's not on the upper end of the spectrum. It's targeting more middle class people that have been feeling pressure for. from inflation, from lots of different areas of the economy. So they're kind of just stuck not spending on those discretionary items anymore. Also, there's just a brand refresh going on at Burberry. There's a brand refresh going on in Gucci as well that is kind of missing consumers a little bit. So a lot of issues in the middle of their portfolio. But again, LVMH is just so widespread. And so it's usually a good bellwether for the entire industry.

so usually they can offset it through multiple ends of the spectrum. Yeah, they have more than 75 companies. They're the largest company in France. At one point, they were the largest company in Europe. I do want to focus on one particular segment that they said is doing really poorly, and that is champagne. So they own Don Perignon and a bunch of other champagne brands. The CFOs said that they sold 15% fewer champagne bottles in the first half of the year.

And you're probably wondering why are people buying less champagne? is it because they're sad? And the reason is, yes, that's exactly what he said. He said champagne is linked with celebration, happiness, et cetera, and maybe the current global situation, the geopolitics, the macroeconomic atmosphere is just not leading people to cheer up in open bottles of champagne. So yes, it does seem like, you know, people's vibes do directly link with sales of champagne.

It's going in the wrong direction. Spirit sales is directly linked to how people's spirits are. Who would have thought? One thing that could turn the ship around is that the LVMH is investing very heavily in some sponsorships. They are spending over $160 million to become a major sponsor for the Paris Olympics. The Olympic torch has been being passed around in the Louis Vuitton trunk. And then athletes will be awarded medals designed by a drooler within their portfolio as well. So it's another big bold sports push.

Their biggest and boldest sports push, though, is that they want to take over from Rolex to become a sponsor of Formula One. So they still are spending, they're still investing in the top, and they want to get in front of luxury spenders. So maybe with the Olympics rolling around, people will be popping bottles soon here shortly. For anyone looking for love at all the right places, you could be in for a rude awakening this summer. Grindr, the gay dating app,

has blocked people from changing their location settings to swipe on athletes staying in the Olympic Village at this year's Paris Games. First discovered by users on X, then verified by the publication Futurism. You can search for French hunks and the surrounding neighborhoods to the Olympic Village, but get Stonewalled when you try to target the Olympians themselves.

It's almost a tradition at this point for endeavoring Casanovas to try and swipe their way into an athletic hookup when the Olympics roll into town. At the 2021 Tokyo Games, various TikToks went viral of people putting their Tinder gold subscriptions to work to look for some gold medalists. But after a reporter outed a bunch of athletes at the 2016 games in Rio, It looks like Grinders taking more precautions to protect their users' privacy this time around. Neil, trying to swipe on Olympians takes gold digging to another level. Is that the first time French hunks has been used in Morning Bird Daily?

Probably, yes. So the representative from the organizing committee behind the Olympics said in a statement that dating apps, most of them are accessible to athletes within the village, but then kind of alluded to what Grindr was doing, saying for some geolocation has been deactivated by the app publisher. Grindr did this two in the 2022 Olympics because of those privacy concerns after what they

did in 2016, this Daily Beast Reporter did out some of these athletes and it's very sensitive because many come from places where homosexuality is criminalized and there are a lot of anti-gay laws so it can be very dangerous for these people. So Grindr seems like it's a little separate from the Tinders and the

other dating apps of the world in terms of protecting users' privacy. But, there is nothing as horny as the Olympic Village. Dating apps just go skyrocket in use when these Olympics happens. I mean, in 2018, a Tinder spokesperson said there was an

18,800 increase in Tinder users passporting themselves into the Olympic Village and then Grindr crashed within a few hours upon the start of the London 2012 Olympics. So something about the Olympic Village gets the people going. Well, there's absolutely

no secret whatsoever that hookups happen. but mainly from word of mouth from the athletes themselves, but also your housing young, your fit people who are participating in these very high stakes, very adrenaline-field thing, so it doesn't exactly take rocket science to figure out why that happens. Remember back to Tokyo, though, too,

because this was right on the heels of the pandemic, still in the pandemic. So these so-called anti-sex cardboard beds were going viral. Tokyo said that they were anti-intimacy plans because they didn't want to pass the spread of that. This year, the cardboard beds are back, but Tom Daly, who is a diver for Team GB, did go to great lengths to show that they are rather sturdy. And he was kind of showing that they aren't as anti-sex as maybe the Tokyo ones were. But the athletes are going to have the best time at the Olympics are definitely the surfers because the surfing is taking place in the French island of Tahiti, which is 10,000 miles away from the rest of the action.

But they're putting up the surfers on a cruise ship. And they took them. Some athletes have been taking a tour of it and showing that they have this beautiful view. They have a full-sized bed. So that cruise ship is where people are going to have the most fun. All right. We're moving from French hunks to information technology. We now know how much the global IT outage caused by the botch crowd strike update will cost companies.

$5.4 billion, according to an insurance estimate yesterday. Just think about that. $5.4 billion because of some bad code that. shut down Windows computers for just over an hour, and that's excluding Microsoft. So, how is the cybersecurity firm showing remorse? Well, CrowdStrike's execs have apologized profusely over the past couple of days, but they also tried to make amends another way. Discount Pad Thai.

According to TechCrunch, CrowdStrike sent its partners a $10 Uber Eats gift card for their troubles. The gift card was accompanied by an email that acknowledged, quote, the additional work that the July 19th incident caused and offered apologies for the inconvenience. And it's not even a joke. The email literally said apologies for the inconvenience. It may have realized how cringy this looked because TechCrunch checked the voucher and saw a message that said it was no longer valid. Toby, from my vantage point, Crowdstrike's crisis communication strategy has been pretty solid after this outage. May have lost some PR points with this gift card ploy.

What were they thinking? $10 gift card to Uber Eats is worse than no gift card whatsoever. And yeah, it was just very funny that people were going to redeem the offer. It wasn't working. They did say that it was because Uber flagged it as spam because so many people were trying to redeem it at the same time. I think my biggest takeaway here is that you do have to nail the emotional response as well as the actual. They did very well from a technical perspective. I tried to read through their blog post explaining what went down.

It's very difficult for me as non-I-T. person to understand the specifics of it. But I think that they communicated that very well, but people are still saying like it feels a little too impersonal, like the apology itself. It did send me down the rabbit hole of other corporate messups and then responses to those messups. And the best one I found that in 2018, KFC, the chicken chain, ran out of chicken in the UK. So they had to shut down their restaurants. And to apologize to their customers, they took out multiple full-page ads in London newspapers with a picture of their bucket with the label rearranged to say F-C-K, which I think you can figure out what they were saying there.

And then with an explanation there, and people said, all right, KFC, we forgive you. You poked a little fun at yourself. So I do think you have to have a lot of awareness and really nail your corporate comms and a $10 Uber Eads gift card is not that. It's not that. I think overall, though they have been doing a good job. And actually, I did read through the blog post. and I do understand what happened.

This was the most detailed explanation yet of what happened. So they sent out this update, right, that had bad code and that shut down Windows computers. What happened was when they send the update first through a verification system, basically a filter that gives it the green light to go ahead and send it out to computers, or they say this has some buggy code. That verification system was not working or it just didn't flag the code. So that's why it got sent out. So they are taking a look at that filtration verification system and fixing that.

also said moving forward, we're never going to send out an update to a bunch of computers at once, which is what, you know, experts said at the time of the outage, said, you should never do this. So they're going to start, you know, small. With any update, they're going to start small, see if there's any problems. And then once they figure out that there are no problems, they'll send it out to a wider bunch of computers. So they are taking steps. Don't send a $10 gift card to somebody Uber Eats, too. I mean, it basically just covers the delivery fee and, you know, all the other fees, and then you can still get $2 off of your pizza. You can get some pad tie.

Up next, truly the best time of my week. Hopefully yours as well. It's time for Neal's numbers. It's time to refresh your yard during spring backyard days at the Home Depot. Get low prices guaranteed on propane grills starting at $179, like the next grill 3-burner gas grill. Or get $50 off a select Weber Spirit grill and bring big flavor to your backyard. Then set the scene. with Hampton Bay string lights that bring it all together.

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Welcome to Neal's numbers, the segment where I share three stats from the week's news that will make you sweat. And I mean that literally because my first number is that on Sunday, the Earth had its warmest day on record, according to Europe's Copernicus Climate Change Service. The daily global average temperature hit 62.76 degrees Fahrenheit or 17.09 Celsius, which was slightly higher than the previous record set last July. But there was no time to celebrate with a ceremonial cold plunge because the next day, Monday, top the record set on Sunday with a temperature of 62.87 degrees Fahrenheit. The director of Copernicus said, we are now in truly uncharted territory. And as the climate keeps warming, we are bound to see new records being broken in future months and years. Side note, these are the hottest days on record, but we've only been keeping solid records since 1940.

Scientists estimate that more than 100,000 years ago, before the last Ice Age, temps were as hot as they are now, and you just have to hope those cavemen knew how to install a window unit. But that's not to discount the alarming trend we are seeing right now. Scientists attribute the record heat to a number of factors, including human-induced climate change, volcanic eruptions that deposit particles in the atmosphere, and they switch in fuels used by cargo ships. More than 1,600 places across the grove, tied or broke heat records in the past seven days. So you're not imagining it. It is just very, very hot all over the planet right now.

Another thing that kicked us kind of into uncharted territory is the fact that the Antarctic winter has been a lot warmer than usual, around 10 to 18 degrees Fahrenheit, warmer than usual. Same thing happened last year, which was why we had record temperatures last year. And then the final weather note to add as well is that El Niño, which is, a temporary warming of the Pacific Ocean that causes kind of the crazy weather we've seen worldwide over last year. That is, that ended, it came to an end earlier this year, and then a more cooling La Nina is forecasted, but still, all these factors together is why we're seeing records being set, and then records being broken literally 24 hours later. We got to get you a green screen.

You're pretty good at that. I can't pronounce those niche towns names in Philadelphia, though, so I'm out on that. All right, for my second number, Cuba is a good thing. emptying out at a rate it's never seen before. New data shows that over 10% of its population left the island between 2022 and 2023, more than 1 million people in the span of two years. It's being called the largest exodus of people in Cuba's history. Experts on the ground say the general feeling among Cubans is one of hopelessness. The economy has taken a plunge due to sanctions imposed by the Trump administration and the drying up of tourists during the pandemic. But the socialist authoritarian government shoulders much of the blame. It doesn't tolerate

dissent and it's failed to address shortages of basic products like food and medicine for the population. People are so desperate to leave that they sold everything, including their house, just to buy a one-way ticket off the island. So where are they going? Well, most eventually want to get to the U.S., Canada, or Mexico, but their long journey typically starts in Nicaragua. An average of 50 charter flights departed Havana for Nicaragua every month between January and October 2023, bringing 100,000 people to start their quest for a better life. Yeah, and some numbers, some people are saying that these numbers are actually conservative estimate. One million people is only 10%. Some papers had it at 18%.

The birth and the death rate have been trending in opposite directions. Food production has also been a major issue for a lot of people living there. the country produced just 15,200 tons of beef in the first six months of this year. If you compare that to 1989, they produced 289,000 tons of beef. So it's just truly a lot of things are kind of falling out from underneath Cuban citizens right now. And obviously, the government and the regime that they're under has a lot to do with that. Yeah, I mean, there's predictions from the UN that this population could go from 11 million a few years ago to just 6 million, almost having by 20, 100, so a true demographic crisis going on there.

For my final number, two words, cocaine sharks. Imagine how much scarier the shark from jaws would be if we were also talking really fast, and you've got the real life situation off the coast of Rio de Janeiro, where 13 Brazilian sharp-nosed sharks tested positive for high levels of cocaine in their muscles and livers. And by high levels, I mean, the concentrations were up to 100 times higher than cocaine levels found in other aquatic creatures. So how'd this cocaine get into the shark system?

Experts say the main source is coke-laced excrement from users making its way into the oceans. Other explanations could include illegal labs where the drug is produced or packs of cocaine being dumped by traffickers at sea. And despite this news sounding like the plot of the cocaine bear sequel, and it probably will be one day. It's very important scientifically. The scientists behind the study say they were, quote, dumbfounded and excited in a bad way. after all, this is the first time cocaine has been found in any top predator. Yeah, I think cocaine here is a bit of a, I don't want to say marketing play, but they're saying that cocaine gets people interested. Obviously, cocaine sharks is going to grab headlines, but what they do really want to bring attention to is that there are a lot of other chemicals entering our ecosystem and filtering their way into these animals as way.

I mean, sunscreen, insecticides, fertilizers, these are all things that are also entering the waterway. So, of course, finding cocaine in 13 Apex Predators is, makes for a great headline. But they do want to just point to the larger problem of pollutants entering these natural habitat. There are so many drugs and pollutants that have gotten into the water and they get into aquatic creatures. In 2021, there was a study that found that trout can be addicted to meth. Are you surprised? And then in 2019, researchers in the UK found, they found illicit drugs, pharmaceuticals, and pesticides in freshwater shrimp. And then in a study of the muscles in the Puget Sound, they found that these muscles tested positive for opioids.

So there are a lot of stuff and drugs that people are taking that are finding their way into the oceans. And we're just starting to learn when aquatic creatures get those in their systems. What happens to them? And if you're wondering what happens to sharks when they are on cocaine, researchers don't know exactly yet, but they assume that it's very similar to what happens in humans. This movie is going to be absolutely awful. I can tell you that. It is my great honor today to contribute to Neal's numbers with a Toby tally of my own, so I just want to thank you for the opportunity first and foremost.

But yes, my Toby's tally today is $20 billion, which is how much Apple has spent to produce its original TV shows and movies that not that many people watch. Despite its massive spending spree, Apple TV Plus accounts for just 0.2% of TV viewing in the U.S. Netflix generates more viewing in one day than Apple TV Plus does in one month. Even for a company that has borderline unlimited resources, the math just isn't adding up when you're spending $20 million for results like those. Yeah, Apple is spending just more than $50 million on the cast alone to the morning show. They've been free spending as much as any other company on TV and on their shows. But, yeah, again, like no one is watching.

but that seems okay because Apple does have unlimited money. At this point, it does seem like they're raining in a little bit. They are not pursuing projects that they would have in the past because no one really knows what Apple TV or Apple TV Plus really is and what it's for. I mean, the end goal is to ultimately sell iPhones. That's what this company is all about. So it did seem like a weird segue into media for this company. The shows have been great. I mean, I love Severance. There have been, you know, Ted Lassel was maybe the only one that broke through to the wider Zike. So the critics love the shows.

Not that many people are watching it, and Apple is kind of looking through its books right now and saying, where can we maybe trim costs? And they're saying maybe we don't need to spend $50 million on just the cast of a single show. Right. Apple can get away with it because they do not disclose any data about its spending or financial performance of its Hollywood division. And I think they get away with it too because everyone does love their shows who actually

watch them. Unfortunately, not a lot of people. watch them. This is the final stat I'll leave you with on this topic. Masters of the Air, which is another great show, had a smaller U.S. audience than House of Ninjas, which is a Netflix show that is entirely in Japanese. So it really is just small potatoes compared to the behemoth that is Netflix. It's time to put your science hat on for the last part of the show today. Researchers have just made a discovery that could flip the script on where oxygen using life forms on Earth came from. The common belief is that aerobic life forms emerged after ancient microbes first started

producing oxygen three billion years ago. And until now, it was believed that oxygen was created only through photosynthesis, which needs sunlight, but deep on the lightless Pacific Ocean floor, scientists have discovered what they are calling dark oxygen. Obviously, there's no photosynthesis going on down there, but researchers think that oxygen is getting produced by electrically charged minerals called polymetallic nodules that wind multiplied together can produce enough volts of electricity to split seawater into its hydrogen and oxygen components. No sunlight needed. Neil, I hadn't heard about dark oxygen 24 hours ago. And now it is literally the coolest thing I've ever heard of in my entire life. Well, no one had. I mean, every science textbook say,

how do you create oxygen? And everybody would answer photosynthesis. We need sunlight. You need plants to take that sunlight and turn it into oxygen. Now we know that it could possibly be made without any sunlight at all through metallic rocks on the ocean floor. I mean, that is insane. And there are so many implications for the origins of sea life, but also for the deep sea mining industry. This study was funded by mining companies because they're going to the ocean floor and they're looking for metals like lithium, cobalt, copper, all of which we need to make batteries for EVs and all these green technologies. Remember, there's a huge scramble to get these metals

to put into these particular industries because we can't make them without these particular metals. So we're going down to the ocean floor and it turns out that these metals, these rocks, can generate current, very similar to batteries. I mean, we use them in batteries. They are literally functioning like batteries to split water molecules into hydrogen and oxygen

to create oxygen at the bottom of the floor of the ocean floor where there's literally no sunlight. it is mind-blowing. The scientist got so pumped because they sent down these sensors, and as you get lower in the ocean, oxygen is supposed to decrease. And then once they hit the ocean floor and they left them there for a while, oxygen levels started to increase. So that's when they made the hypothesis. Just to put it into perspective how much electricity we're talking, seawater can be split into hydrogen and oxygen with one and a half volts of electricity, which is about the amount of energy in a double A battery. These nodules possess as much as

0.95 volts of electricity, just one. And when you combine them together, that's plenty of electricity to split water into its hydrogen and oxygen individual parts. So very interesting. It does raise a lot of questions, though, about if we go down and look at other places that we've done deep sea mining where we strip these rocks away, complete dead zones, because that oxygen is used to fuel life down there. So we have to be very careful on if we do decide to go down and start mining these materials. How does it affect the sea life around there because it can create these dead zones when you take away the oxygen? Yeah, a bunch of scientists after this report came out saying, say, you know, block, want to block deep sea mining from these areas because it will devastate

ecosystems. On that note, that is all the time we have for today. Thanks so much for starting your morning with us and have a wonderful Thursday. I can't believe it's already Thursday. We're there. Fast week. For any questions, comments, bookwrecks, fishing attempts, you know where to reach us. Morning brew daily at morningbrew.com. And while I have the mic, I say go to shop. morning brew.com. Use code Neal 20 for 20% off.

Our new retro T-shirts. They look so cool. Remember, that's N-E-A-L-20, shop. Morningbrew.com. Are we muting Toby's mic? Yeah. Okay, he can't talk. Let's roll the credits.

Emily. Milliron is our executive producer. Raymond Lou is our producer. Olivia Graham is our associate producer. Yuchinawa Ogu is our technical director. Billy Minino is on audio, hair makeup is swiping in the Olympic Village, good luck. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.