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Robinhood Offers Cash Delivery; Quince Takes Dupes to a (Bland) New Level; Paramount, Comcast and Netflix Prepare Bids for Warner Bros. Discovery
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Good morning. Today, cash to your doorstep says “This is not your parents’ brokerage”; Quince’s tasteful dupes, on the other hand, might be just their thing; and Paramount readies an offer in a media auction that it hoped to pre-empt.
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Robinhood hopes cash delivery will give consumers one less reason to visit traditional banks. Photo: Mark Lennihan/AP
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Robinhood is betting its Gen Z and millennial clientele are as eager to send out for a stack of cash as they are to order pizza or a pint of ice cream, Hannah Erin Lang writes.
The brokerage, which rocketed to fame with younger investors during the meme-stock craze earlier this decade, is joining with food-and-drink delivery app Gopuff to let customers withdraw cash from their accounts and have it brought to their door in a sealed paper bag.
Robinhood is trying to reel in and retain investors by adding both traditional and unconventional services. Other promised perks for the young (and young at heart) included discounted helicopter rides and the chance to buy tickets to the Met Gala, the star-studded annual fashion event in New York.
My take: Robinhood’s cash delivery looms larger as a brand statement than everyday product. Young Robinhood users who love ordering delivery through digital platforms probably aren’t also heavy cash users. But that’s OK. Even if the offer’s only useful for some customers once in a while, it can still add to the brand halo the rest of the time, and Robinhood gets a new arrow in the quiver.
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Content from our sponsor: Deloitte
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Toyota Motor Europe Exec: AI Is ‘20% Fun, 80% Hard Work’
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AI can be complex, but Thierry Martin says some things should be kept simple—from enterprise communication about AI strategy to the governance framework to the data translator role that can help businesses apply data and AI. Read More
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Quince benefits from copyright law that protects artistic elements in a design, like patterns and logos, but not the functional aspects. Photo: Quince
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The hottest brand in the dupe economy right now might well be Quince, Chavie Lieber writes—despite or maybe because of an incredibly inoffensive aesthetic.
The company’s San Francisco offices are furnished with cream Quince couches that scream Restoration Hardware and a beige Quince rug that is giving Pottery Barn. On a blond wood oak table sits a bag of green Quince vitamin supplements that could easily be mistaken for AG1 and a tray of Quince perfumes whose packaging is very Byredo.
This is the essence of Quince: bland, modern, familiar in the sense that it looks like what you want, and appealing in the sense that it costs way less. It generates $1.1 billion in annual revenue.
The success—Quince’s co-founder and CEO says the company is nearly profitable—underscores the power of the price-conscious shopper who is no longer loyal to brands.
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“It can move bottles, but it
doesn’t create loyalty.”
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— Spirits business consultant Alexandre Vingtier on the tendency in Cognac marketing to center the brand on celebrity endorsers. Some producers are trying to counter sales declines by deploying brand ambassadors instead of big names, hoping to gradually educate potential drinkers.
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Unsolicited offers by Paramount, led by David Ellison, preceded Warner Discovery’s decision to field bids. Photo: Charly Triballeau/AFP/Getty Images
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Paramount, Comcast and Netflix are preparing bids for Warner Bros. Discovery ahead of a Nov. 20 deadline for nonbinding first-round offers, Joe Flint and Lauren Thomas report.
David Ellison-led Paramount, which set off the process by making multiple unsolicited offers for the company, still wants to buy the whole thing. Comcast and Netflix are primarily interested in the Warner Bros. movie and TV studios and HBO Max. And despite all this, Warner Discovery is moving forward with plans to separate its assets into two companies.
An attempt to combine Netflix and Warner Discovery could face scrutiny from the Justice Department, said Blair Levin, a former FCC official.
Conservatives aren’t fans of Netflix Chairman and co-founder Reed Hastings, who was a vocal supporter of Kamala Harris for president, Levin noted. “The DOJ could define the streaming market in a way that if [President] Trump wants to kill the deal, they could do so,” he said.
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100,000
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WPP shares purchased by CEO Cindy Rose and Chair Philip Jansen in a show of confidence in the beleaguered stock
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Under Armour said moving on from the Curry Brand will let it focus on its namesake line, with plans to develop new basketball products. Photo: Justin Sullivan/Getty Images
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Under Armour is parting ways with Stephen Curry’s brand after more than a decade of working with the basketball star, part of a broadened restructuring at the sportswear retailer. [WSJ]
Google proposed remedies to the European Commission after the bloc’s 2.95 billion-euro fine over the alleged dominance of the company’s ad-tech business, but stopped short of offering to sell parts of the business. [WSJ]
Urban Outfitters will start taking returns of rental clothes from sibling brand Nuuly. [Modern Retail]
Shoe Carnival Inc. plans to change its name to Shoe Station Group, after the retail chain it bought in 2021, and said it expects more than 90% of its locations to use the new brand by 2028. [Footwear News]
Disney CEO Bob Iger said the company plans to let Disney+ subscribers create and consume user-generated content on the platform. [THR]
Publicis and Interpublic Group aren’t commenting on Paramount executives’ public description of their roles as both media buying and “ad sales.” [Ad Age]
Why every company suddenly wants to become a bank. [WSJ]
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