Aston Martin’s DBX S represents the latest evolution of a brand once reluctant to embrace the SUV segment now dominating the global luxury car market. Courtesy Aston Martin
About a decade ago, there was an Aston Martin executive who would politely tell anyone who’d listen that the British supercar builder would never make any sort of SUV. “It’s just not in our DNA,” he would say, referring to the automaker’s decades-long history of building world-famous coupes and collectible hypercars.
This was back in the 2000s, when the Porsche Cayenne had just become the first high-end performance SUV to solidify its place in the market. As we marched deeper into the 21st Century, small SUVs and crossovers took over most levels of the car business. Company after company saw crossovers push out station wagons and sedans while claiming the top sales spot for many long-established makes.
Eventually, the small SUV or crossover market became too successful for any automaker to ignore—even ones at the top of the industry like Gaydon, U.K.’s Aston Martin. The DBX S is that company’s latest venture into the SUV space. The original DBX, an “SUV with the soul of a supercar,” launched in 2020. That’s two years after rival Lamborghini’s Urus, and three years before the Ferrari Purosangue. With all the contestants now well established in showrooms, the DBX S updates the concept’s engineering and styling for 2026.
Building off the previous iteration of the SUV (the $300,000 DBX707 that debuted in 2022 and remains available), the $350,000 DBX S sticks with a V8 engine and puts 2026 engineering to use to squeeze out a few more horsepower up to 717 for an SUV that’ll do 0-60 mph in 3.1 seconds. Because limiters are for commoners, not Aston Martin’s buyers, the DBX S official top speed is 193 mph.
With 717 horsepower and a 0-60 mph time of just 3.1 seconds, the DBX S delivers performance figures once reserved exclusively for low-slung supercars. Courtesy Aston Martin
A nine-speed automatic transmission with sport shifters uses a wet clutch to make the automated gear shifts almost imperceptible when the driver’s toe pokes the floor. For the uninitiated, a wet clutch operates the same as a dry clutch, but with the application of lubricating oil. Thanks to some very clever men and women with very serious mechanical engineering degrees, the wet clutch enables quicker, smoother performance shifting without that oil causing the pieces to slide into a malfunction.
The DBX S has all-wheel drive, though the thought of off-roading such a refined vehicle seems less than kind. Three-chamber air suspension with electronic variable dampers provides a blend of comfort and road sensitivity that an Aston Martin’s handling demands, and top-of-the-line Brembo carbon ceramic brakes bring it all to a stop.
Regardless of the branding, engineers and designers of these high-performance SUVs face the same aesthetic challenge. Namely, that it’s difficult to make a crossover as stylish and eye-catching as its coupe or racing-inspired supercar cousins. By nature of their dimensions, even the most advanced (and expensive) SUVs are a little too boxy, bulky or imbalanced front to back to look as smooth or artistic as a mid-engine speedster. Most crossovers resemble bloated hatchbacks, as though someone put a helium hose up a sporty little car’s rear bumper and inflated its bodywork (and ego). In fact, that’s what most crossovers and smaller SUVs truly are: enlarged hatchbacks in their own strange automotive class.
The DBX S reflects how even heritage automakers rooted in grand touring and racing pedigree have adapted to meet shifting consumer demand. Courtesy Aston Martin
The Aston Martin DBX S manages to retain strong visual echoes of other vehicles in its product line. A shining, detailed badge worthy of a jeweler’s hand sits atop the familiar wide, tapered grille. Cresting lines run from the hood across the side panels and doors to wide haunches, giving the machine a front-leaning, sporty physique. But the elevated passenger cabin smack in the middle of the design clunks it all up a bit. There’s no avoiding that, as it’s what the vehicle class calls for. Aston Martin at least puts that bulky top half to decent use with more than 22 square feet of cargo space—large enough for a couple of golf bags.
The interior claims room for five passengers, but (as with all Aston Martin designs) efforts to remain compact, sleek and aerodynamic squeeze inches out of that optimistic appraisal. Even four passengers might make the rear stalls feel a little snug. Otherwise, the cockpit offers the kind of mildly contoured leather seats more accustomed to grand touring than racing. The driving position keeps all the essential controls in a fighter pilot’s view, while the in-dash display handles the infotainment features more efficiently than in the DBX707.
The driving experience belies its SUV identity, blending quickness and straight-line speed with grounded balance and confident stability in turns. The engine note is unique to an Aston. Not as earthy and rumbling as a Bentley or hyper and feline as a Ferrari, this U.K. rival sounds aggressive, yet sophisticated—speaking softly until another car gets in its way. The DBX S fits into the Aston Martin line loyally as its largest and most GT-focused build. Time will tell if it, too, will rise to the top of the sales charts, as crossovers and SUVs have almost everywhere else.
The vehicle’s design preserves visual cues from Aston Martin’s sports cars while adapting those proportions to the taller architecture of an SUV. Courtesy Aston Martin
This is a new addition to my routine, and a much-needed one. Some context: One of my favorite compliments is when someone tells me I have the softest hands, and unfortunately, this winter has been exceptionally cruel to my skin. Seriously, my knuckles are looking downright scaly as of late, and I’m simply not here for it. I’m somewhat sensitive to scents, and don’t love anything too strong when it comes to lotions, but I recently started slathering on this vanilla hand cream, and I’m obsessed. Yes, it’s hydrating and softening, but perhaps most importantly, it’s also very fast-absorbing, because some of us don’t enjoy feeling like there’s a film on the top layer of our skin for hours after application. And the fragrance? Utterly delicious.
NAROK, Kenya—Leaders of the Maasai ethnic group are seeking a court order to demolish a new Ritz-Carlton luxury safari camp they say blocks a key route of the famous Serengeti migration.
Meitamei Olol Dapash, a Maasai elder with an American Ph.D., says the camp sits astride a path that some migratory wildebeest and zebra use to cross the Sand River in search of green grass.
Arnold Toynbee’s “Cities on the Move” (1970) documents the history of big cities around the world becoming impoverished and insolvent—some never to recover. Many of the patterns he describes apply to New York now.
Real estate contributed roughly $35 billion of the $80 billion in city tax receipts in fiscal 2025, and personal taxes another $18 billion. The financial sector, real estate, construction, tourism and retail trade sectors are the major contributors to these revenues.
NAGOYA, Japan—The tourists who crowd the bullet trains from Tokyo tend not to disembark at Nagoya as they speed along the so-called Golden Route linking the Japanese capital with Kyoto and Osaka.
“Nagoya tobashi,” the locals say. Nagoya gets skipped. The manufacturing hub, which anchors the region that is home to auto giant Toyota, is Japan’s fourth most-populous city and, according to a decade-old newspaper poll that still stings here, number one in dullness.
With an equity-sharing workforce and medical-grade hygiene, MiniLuxe aims to set new standards for the beauty industry. Photo by Josh Campbell, Courtesy MiniLuxe
This Q&A is part of Observer’s Expert Insights series, where industry leaders, innovators and strategists distill years of experience into direct, practical takeaways and deliver clarity on the issues shaping their industries. In an industry long associated with toxic fumes, exploitative labor and narrow definitions of beauty, MiniLuxe is reimagining what luxury means: clean, ethical and empowering from the inside out. Founded more than 15 years ago with the goal of professionalizing nail care, MiniLuxe has become a case study in how design, technology and purpose can elevate even the most everyday rituals into meaningful acts of self-care.
As CEO Tony Tjan explains, MiniLuxe was built on the belief that true luxury isn’t about exclusivity but intentionality, an accessible “everyday luxury” that celebrates both client well-being and employee dignity. By investing deeply in its workforce through training, equity participation and career mobility, the company has achieved over 85 percent annual retention among hourly workers—an anomaly in beauty and personal care. MiniLuxe’s model has proven that ethics and economics can reinforce one another. From its proprietary clean lab and non-toxic product line to its use of A.I.-enabled pricing and predictive scheduling, the company’s innovations extend beyond aesthetics. Tjan sees the future of self-care as a balance between technology and humanity—where personalization, community and creative expression remain core.
At a time when conscious consumers are reshaping the definition of luxury, MiniLuxe offers a blueprint for how modern brands can scale integrity as effectively as growth. The company’s success suggests that the next generation of prestige is defined by purpose, transparency and the people behind the polish.
The nail care industry has long been fragmented and informal. What business strategies allowed MiniLuxe to professionalize the space while still remaining accessible to clients?
We founded MiniLuxe to radically transform the nail care industry, beginning with clean and ethical work practices and the empowerment of our team members— through a better and healthier work environment, practical training, economic mobility and creative self-expression. We have been able to do this with the belief that clients want a brand that stands for quality and consistency, and are willing to pay a slight premium for cleaner and better-for-you services and the ethical and empowering treatment we provide to our workers. By investing in our team members, we get long-term loyalty with over 50 percent of our hourly team members having five years or more of service (and with that are granted equity options) and an annual hourly worker retention of over 85 percent.
Luxury is often defined by exclusivity. How do you reconcile that with MiniLuxe’s positioning as an “affordable luxury”?
When we started this business 15+ years ago, my co-founders and I wanted to find something that was “Starbuck-able”—a small ritualistic personal luxury that made people feel good but was accessible to a broad base.
The price point of a coffee, lipstick or manicure makes these goods and services more recession-proof and “everyday” luxuries. Luxury is a term that goes well beyond “exclusivity,” which is a somewhat dated and narrow notion of what luxury truly means. Modern luxury is more intentional and increasingly about experiences, self-care and emotional well-being.
We were also, I believe, the first to recognize that the nail care industry was bifurcated between a very large number of mass, lower cost, traditional “corner nail salons” (think the nail salon equivalent of independently-owned quick service restaurants) and very high end and expensive day spas where you might have to spend hours wearing a robe to get your nails done (think fine dining for nails). Our belief was that there was latent consumer demand for an affordable prestige experience in the form of a new “fast casual” experience that we ended up calling MiniLuxe.
Employee retention in the beauty industry is notoriously difficult. What lessons can other service-based industries learn from MiniLuxe’s approach to talent development and equity participation?
Purpose and people are everything. You need to have clarity of your purpose or “why,” and you need to inspire your people with a job and a north star that gives intrinsic meaning. It’s key for your team members to be maniacally aligned around that north star. The lesson that I have learned over the years is that people ultimately stay or leave a company more because of the intrinsic meaning that they feel for their job. That said, we complement our efforts to deliver on our purpose with a belief that our economic success—our extrinsic rewards—needs to be shared throughout all levels of our team. When you combine a strong purpose with a commitment to share these rewards, there is strong alignment. There’s nothing magic about it, but not enough businesses do it: marrying significance with success.
One of the most fun ways that we get to celebrate our employees is when they hit certain milestones in their careers. We are proud to acknowledge our team members with equity rewards at each five-year anniversary and complement those equity option grants with other recognitions, such as having a custom nail polish color named after team members who have been with us 10 years or more. It’s great learning about the stories of why 10-year anniversary members pick the color they pick and the name for that color. One designer named a color Yun Tree, and another one Ruth. They were named after a tree in the person’s home country, and in the other case, Ruth was a lifelong client who had passed away, and the color was her favorite.
The number of hourly-working nail designers who have been with us for 10+ years is around 10 percent of our team and those who have been with us for five-years plus represents about 50 percent of our team.
As consumers become more conscious of the ethical footprint of the products and services they use, how does MiniLuxe turn “ethical and clean” into a business advantage rather than just a marketing claim?
Clean and ethical nail care was the founding principle and strategy of differentiation for MiniLuxe. When we started the business, we pioneered elements like a proprietary Clean Lab with surgical grade sterilization, we utilized our founders’ backgrounds in science from Harvard to help develop better-for-you products; built the pedi stations with no whirlpools (to avoid bacteria risk), created immaculate waxing rooms with strict clean protocols, and we committed to the ethical and fair treatment of our workers. Since founding MiniLuxe, we have paid out nearly $150 million in fair and ethical wages to our nail designers, and we also decided from the outset not to offer acrylic nail services (which were and are a popular segment of nail services, but are simply not good for you and our workers’ health). Other large company investments included when we decided to pull all OPI and Essie and develop our own line of MiniLuxe 8-free polishes and nail treatments, including our Environmental Working Group (EWG)-certified and best-selling cuticle oil, all made in the USA to ensure full oversight and transparency at every step.
What is most rewarding are the memories and stories that we have heard from our clients and team members about what our clean and ethical standards have meant for them. One of the most common comments from first-time clients is, “Oh my God, there is no smell!”
One memory that still moves me was the first time a client told us confidentially that she was going through cancer treatment and that this was the only place that she and her doctor felt safe for her to go for a mani-pedi, which meant that much more to her during a challenging period. We have since heard similar testimonies from various at-risk patients. The disclaimer here is, of course, that patients should check with their doctors what is safe or not safe for them to do while undergoing treatments, but to be seen as the better-for-you and safer choice for many is meaningful.
Another surprise call once came from the head of one of the most prestigious hospitals in the Boston area. One of our nail designers had recently joined their team as a newly minted phlebotomist. The director wanted to personally call me to share how amazed she was that we had nail designers with such depth of knowledge of key hygiene protocols and how personable this particular worker was with her infectious hospitality. We’ve also had our designers tell us that they feel very safe while pregnant, versus how miscarriages are a common risk in several salons that don’t follow hygiene protocols.
Technology is at the core of your model, from A.I.-enabled pricing to digital-first booking. How do you see technology shaping the future of luxury personal care services?
A.I. has many applications in personal care and candidly will likely have its largest impact in more staid and archaic industries. Within the world of personal care, we see A.I. having a role in predictive yield management, dynamic pricing, training and the overall client experience, especially in the area of personalized recommendations.
At MiniLuxe, we are big believers in using technology to give our nail designers greater autonomy and more time to focus on what they do best, honing their craft. Technology also eases the stress of scheduling and coordination, allowing our designers to work more efficiently.
MiniLuxe operates at the intersection of wellness, beauty and luxury. How do you differentiate in a crowded beauty market that increasingly blurs these categories?
Our biggest differentiator is the clarity of our purpose—to empower our communities through self-care and self-expression, with an anchored purpose that allows us to create differentiation across our brand, culture, technology and overall platform systems.
Overall, the types of businesses and business transformations that have intrigued me are where capital and entrepreneurship can be used as a force for good and where you can apply design and technology to archaic industries. The nail industry is only beginning the birth of its innovative phase.
On a personal level, I have a deep appreciation for Japanese- and Scandinavian-inspired design with pops of whimsy. We have tried to have the MiniLuxe brand echo some of that aesthetic, and it has been equally important to have a view of simplicity for the technology that we are bringing into the business, from our app, to our booking systems, to digital payment and inspiration mood boards for nail designs.
A people-first model and clean innovation are the first steps toward transforming the $10 billion nail care industry. Photo by John Horner, Courtesy MiniLuxe
In a time when some consumers are cutting back on salon visits, what makes the nail care category resilient, and what does that say about the evolving definition of discretionary spending in the luxury market?
As long as modern nail care has been part of the American landscape (since the early to mid-1970s), nails have shown incredibly resilient and steady growth outside of “black swan” events like Covid-19, which temporarily shut down the industry. Nail care is the most democratized entry point of beauty and self-care services, making it an affordable luxury like a movie ticket or lipstick (e.g., the lipstick index) in good times and bad. And in some cases, it can even have the contrarian impact of increasing sales during a recession as consumers shift spending from more expensive self-care and beauty services to more affordable experiences such as nail care.
MiniLuxe has developed proprietary clean products alongside its salon business. What role does vertical integration play in building a defensible and scalable brand?
Vertical integration is an important part of any defensible and scalable brand, but it usually comes at a later stage of development for companies. We are being selective where we vertically integrate and are most focused at this time on delivering 10x betterment of our client experience.
Today, we integrate proprietary MiniLuxe products seamlessly into the overall brand experience, prioritizing better-for-you, clean formulations in-house. We maintain control over quality, innovation and consistency. For example, we have been early in the identification of ingredients that we don’t believe should be in nail care products. None of MiniLuxe’s branded products has, for example, TPO, which has been a hot topic in the news. Any time we evaluate a third-party product, we make sure that it meets our internal standards of safety by being toxic-free or only trace (i.e., non-harmful levels) of anything we have on our ingredient watch list.
The clean beauty market can be murky, with many products claiming to be “clean.” By pursuing EWG certification, one of the most rigorous standards, we ensure that our clean beauty claims are backed by real, verifiable standards in products such as our Cuticle Oil. We scale thoughtfully, ensuring new products, like our recently launched hand cream, are naturally incorporated into our nail care rituals, enhancing the client experience at every touchpoint.
How has digital and social media marketing changed how luxury beauty brands like MiniLuxe connect with customers compared to a decade ago?
No different than any other brands. End-users have shifted to their phones and other screens for the “social proofing” of their choices. With that said, nail care is a fairly intimate experience where the provider is touching and holding your hands (and waxing even that much more) so there is as much influence in the moment with what a trusted provider might recommend for healthier nails, color selection, nail art design or post-waxing care.
At MiniLuxe, we embrace digital shifts by using social media and online video to highlight our artistry and tell stories that are authentic and in a personal voice. From showcasing our designers across different markets to sharing nail art and wellness routines, we create content that both inspires and educates, while reflecting the trust clients experience in the salon. We focus on original ideas, not just pushing products, making the social media experience feel more personal. This approach brings the intimate, in-person experience online, letting us connect with audiences in real time and show visually what we do best.
Scaling ethical values—whether wages, benefits or hygiene standards—can be difficult when expanding. How do you ensure consistency across regions as MiniLuxe grows?
One of our board members once said, “Show me a good studio/store and I’ll show you a good studio/store leader.” It again comes down first and foremost to having as many A-leaders in our studios. We don’t always get it right but we are intentional, patient and very greedy about who we hire, promote and develop as our studio leader, operating or franchise partners.
In addition to getting great people who can lead in the studio, we do everything possible to build a strong culture and systems. Our systems span the range from how to properly shape and color a nail to monitoring key performance indicators of the business to how best to position and execute on a new product or service for launch. When you pair a strong leader with strong systems, you don’t guarantee success, but you sure increase the probability of it. Furthermore, none of these systems is static, and there is an interdependency between developing great systems and great people. What do I mean by that? Our team of operating partners, studio leaders and nail designers acts as a neural learning network to improve our systems. It’s like a living and breathing Slack learning channel that shares ideas, provides feedback, hacks and ways to improve on any system or aspect of our business.
Do you see your employee equity and ownership model as a template that could transform other low-wage, high-turnover industries?
I see broad employee ownership as an economic tool that goes well beyond retention and the potential, if used more broadly, to narrow the income inequality gap that we have in this country. There are two great financial innovation tools for the broader base of Americans to generate wealth.
One, the home mortgage, which allows one to have a leveraged way to build long-term equity value that outstrips the cost of the borrowed capital. And two, equity ownership that complements a W2 check. The latter has long been used as a tool for executives and higher-ranking employees, but in my vie,w should be used more broadly across businesses that have liquid stock appreciation potential.
Imagine if just a fraction of the successful big-box retailers and large retail chains that employ hundreds of thousands of hourly workers shared just a little of their equity gains with those floor workers. Even if a very small portion of that equity pool was reserved for special or emergency needs of the core base of hourly workers (at MiniLuxe, we have a small but important emergency resiliency fund), that would be a positive advancement of overall workforce engagement and security.
What consumer trends—whether in wellness, sustainability or design—are most likely to reshape the beauty and nail care industry over the next five years?
Increasing integration of A.I., technology and design into more human-centric elements of wellness that cannot be digitized will shape the future experiences of self-care. While there are exciting developments in robotics and other technology, which will take some share from the marketplace (no difference from home-based massage chairs), there will, for the foreseeable future, be a market for human-to-human connectivity and real-world experiences. In fact, as technology and A.I. become more pervasive, the luxury of self-care may be that which is done IRL by real humans in an intentionally well-designed space.
Tjan is on a mission to build a scalable business model rooted in equity, not exploitation. Courtesy MiniLuxe
Many luxury sectors are exploring personalization powered by A.I. and data. Do you see a role for hyper-personalization in nail care, or is consistency and standardization more valuable?
The two are not mutually exclusive. There is no one use case for getting your nails done. For example, if there is a special event, one might want to have highly customized nail art or an expression of nail design that reflects their fandomship for a team, character or other affiliation, but day-to-day, that same person might value super consistent standardization of their go-to simple classic nude or neutral nail look.
Again, as stated above, hyper-personalization is reshaping luxury beauty, and Paintbox’s custom press-ons are a direct response to the growing demand for bespoke experiences. Each set is handcrafted by a designer, using techniques like freehand drawing, 3D elements, gradients, intricate patterns and gem work, turning nails into wearable, reusable works of art. As elaborate press-on nail looks make waves on red carpets, Paintbox brings that same level of luxury and personalized creativity to everyday clients.
Looking ahead, what does the “future luxury salon” look like, and how might MiniLuxe be shaping that vision?
The future luxury salon will consider nail care across its multiple dimensions of consumer value: self-care, self-expression and community connection. I see nails as the “new face” with endless possibilities and spaces that elevate nails from what may be viewed by some as trivial beauty to a new category of accessory, identity and expression—a safe space (that 1×1 cm canvas of a nail plate) to make a statement about your individuality.
In addition to individual expression, the future nail studio will equally embrace the role that nail care has played over the decades as a mini-moment of joy and self-care. What will change is the form factor in which we deliver both expression and care, whether that be reimagined chairs, cocooned nooks or areas that use A.I. to digitally inspire one’s creativity. We will also be more expansive in our view of nail trends, bringing more east-to-west trends and catering to a modern global citizen and more conscious and intentional consumer. Exciting times ahead!
For most, growing a beard is easy. Maintaining one that doesn’t look like a survivalist phase? That’s where things get less intuitive. I learned this the hard way entering my thirties, when I finally decided to give facial hair a real shot. The first two weeks lulled me into a false sense of confidence: My beard came in full enough, friends had (mostly positive) opinions, and for a minute, I thought I’d nailed the “low-maintenance grooming” thing. Then came the rude awakening: flyaways in every direction, jawline flakiness that rivaled bad weather, and one rogue patch that refused to cooperate no matter how I brushed, prayed or trimmed.
Here’s what no one tells you upfront: good beard care isn’t all about vanity—it’s about structure, too. Think about it: At its root (or follicle, if you will), it’s skincare, texture control, routine maintenance, and, occasionally, damage control. That doesn’t mean spending 45 minutes in front of a mirror or investing in a dozen serums, but it does mean graduating beyond that beat-up drugstore razor from undergrad. For me, that meant finding a grooming brand that didn’t feel like it was advertising from a man cave. Horace—French, straightforward and sustainably made—quickly earned my trust with products that actually do what they claim, without turning my sink into a chemistry lab. After a year of trial and error, I’ve landed on a set of tools that make your beard look deliberate, not overstyled, and your face a little less hot mess. From a wildly unaffordable handheld laser to a $7 dermaplaning blade, use one or all in rotation. Stick to the program, and the results show up—on your face and in your confidence.
WEST PALM BEACH, Fla. & LONDON, October 31, 2024 (Newswire.com)
– U.S. Polo Assn., the official brand of the United States Polo Association (USPA), is pleased to announce the brand has been awarded the Emerging Market Retailer of the Year at the 2024 Global RLI Awards. Held in London, the prestigious awards recognize the innovation and dynamism that retail and leisure industry brands utilize to continue to adapt and evolve in fast-changing market environments around the globe.
U.S. Polo Assn. was celebrated during a luxurious gala banquet event at The Londoner Hotel on October 24, 2024, in London, England, attended by the sports brand’s U.K. strategic partner, Brand Machine Group. The globally attended event hosted more than 200 guests, including many of the world’s top companies and RLI Global winners. Previous Global RLI Awards presented by Retail & Leisure International Magazine have been held in iconic cities around the world, including Dubai, Los Angeles, and Riyadh.
The brand’s winning entry was for ‘Emerging Market Retailer: U.S. Polo Assn. Becomes a Power Brand in India, Targets Billion-Dollar Milestone,’ while the brand was also named a finalist for the ‘International Retailer of the Year: U.S. Polo Assn. Delivers Record $2.4 Billion in Retail Sales Across 190 Countries’ category as well. The sport-inspired brand was selected from an expert global panel of 11 judges, alongside other winners in the 13 awards categories. U.S. Polo Assn. was among notable brands, such as Real Madrid, Harrods Holidays and Occasions Department, DeFacto, AWWG, Daiso Industries Co. Ltd., and Keystone Group to name a few.
“U.S. Polo Assn. has distinguished itself in emerging markets by staying true to its heritage, while embracing a modern, accessible, and aspirational identity. This award celebrates the brand’s exceptional growth, ability to connect with diverse audiences, and commitment to high-quality, stylish apparel that resonates across cultures and geographies,” said Jayne Rafter, Owner and Publisher of Retail & Leisure International. “Their success is a testament to the brand’s strategic vision, adaptability, and dedication to delivering authentic experiences to consumers around the world.”
The multi-billion-dollar U.S. Polo Assn. brand’s award highlights its authentic connection to the sport of polo through achievements such as delivering a record $2.4 billion in global retail sales, spanning 190 countries in over 1,100 retail stores and thousands of wholesale locations and e-commerce. In fact, U.S. Polo Assn. is projected to become a billion-dollar business in India alone, recently being designated the top-selling casual menswear brand in the world’s most populated country. Currently, the U.S. Polo Assn. brand’s retail footprint in India is impressive, at more than 400 stores across more than 200 cities, with plans to add 100 more stores in the near future.
U.S. Polo Assn.’s growth in India can be attributed to its brick-and-mortar and e-commerce growth strategies, as well as overall brand marketing through storytelling. The global, sports brand has launched an exclusive brand-specific website, USPoloAssn.in, to further enhance the digital offerings for customers and provide easier access to its product offerings across India.
Global brand ambassadors are also key to the market, which include His Highness Maharaja Sawai Padmanabh Singh (Pacho) of Jaipur India, fashion icon and Bollywood star Palak Tiwari, and for the brand’s “Legends Forever Play Together” campaign, modeling moguls Arjun Rampal and Milind Soman, alongside tennis icons Leander Paes and Mahesh Bhuphati.
The sports brand generated record growth with some 50 brand sites in 20 languages and over 9 million social media followers in 2024. Moreover, U.S. Polo Assn.’s landmark multi-year global deal with ESPN and Star Sports in Indianow brings exposure to several of the premier polo championships in the world to a massive global audience.
“We are proud of U.S. Polo Assn.’s recognition by Retail & Leisure International as Emerging Market Retailer of the Year, a recognition that underscores the U.S. Polo Assn.’s expansion in the global retail space, along with our authentic connection to the sport of polo and its heritage,” says J. Michael Prince, President and CEO of USPA Global, the company that oversees the multi-billion-dollar U.S. Polo Assn. brand. “Winning this category for our massive growth in India and being a finalist in the International Retailer of the Year category reflects our Global Team’s approach to connecting with consumers and our overall market impact.
“Congratulations to all other RLI participants and winners on their remarkable performances this year,” Prince added.
About U.S. Polo Assn. and USPA Global
U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the governing body for the sport of polo in the United States and one of the country’s oldest sports governing bodies, founded in 1890. With a multi-billion-dollar global footprint and worldwide distribution through more than 1,100 U.S. Polo Assn. retail stores as well as thousands of additional points of distribution, U.S. Polo Assn. offers apparel, accessories, and footwear for men, women, and children in more than 190 countries worldwide. A historic, multi-year deal with ESPN to broadcast several of the premier polo championships in the world, sponsored by U.S. Polo Assn., has made the thrilling sport accessible to millions of sports fans globally for the very first time.
U.S. Polo Assn. has consistently been named one of the top global sports licensors in the world alongside the NFL, NBA, and MLB, according to License Global. In addition, the sport-inspired brand is being recognized internationally with awards for global and digital growth. Due to its tremendous success as a global brand, U.S. Polo Assn. has been featured in Forbes, Fortune, Modern Retail, and GQ as well as on Yahoo Finance and Bloomberg, among many other noteworthy media sources around the world.
USPA Global is a subsidiary of the USPA and manages the global, multi-billion-dollar U.S. Polo Assn. brand. Through its subsidiary, Global Polo Entertainment (GPE), USPA Global also manages Global Polo TV, which provides sports and lifestyle content. For more sports content, visit globalpolo.com.
Third spaces are public, informal gathering spots — like cafes, parks, or community centers — where people can relax, socialize, and build connections outside of home and work. In a world increasingly dominated by digital interactions, these spaces play a vital role in fostering community and countering loneliness.
“Third spaces” refer to social environments that are separate from the two primary places where people spend most of their time: home (the first space) and work (the second space). These third spaces are informal, public gathering spots where people can socialize, relax, and build a sense of community.
Sociologist Ray Oldenburg first introduced the concept in his book The Great Good Place. He argued that third spaces are crucial for fostering social cohesion, civic engagement, and a sense of belonging. They serve as “neutral grounds” where people can engage in casual conversations and form social connections that they might not in other settings. Places like main streets, libraries, cafes, pubs, and community centers are essential to a functional society and can provide avenues for grassroots activism, community involvement, charity and volunteer work, and social support.
One of the most important features of “third spaces” is that they involve interacting with people outside of our typical social circle of family, friends, and coworkers. They introduce the possibility of new connections and new relationships. Other important qualities include easy accessibility, low cost, and an inviting atmosphere that encourages mingling and conversation.
As modern life has shifted more towards digital interaction, the role of physical third spaces has become a topic of renewed interest among psychologists and social scientists, especially in discussions about loneliness and community fragmentation. People are spending less time in third spaces than ever before; and with remote work becoming more common, many people don’t have much of a life outside of home anymore.
This general tendency has led to an increase in atomization, where individuals feel less and less connected to their local communities and society at large. This has far reaching consequences on health and well-being, as well as social trust, cooperation, and group cohesion.
Third spaces play an integral role when it comes to happiness and well-being on both an individual and social level. Let’s mention a few common examples and then explore more on what makes these spaces so important to a healthy social life.
Common examples of third spaces include:
Main streets and public squares
Cafes and coffee shops
Public libraries
Parks, nature preserves, beaches
Bars or pubs
Community centers
Bookstores
Churches and religious organizations
Local food markets
Music venues or dance clubs
Local sports leagues (bowling, basketball, baseball, etc.)
Shopping malls
Co-working spaces
Can you think of any other examples? What are some neutral places where various people can go to meet new people?
Ray Oldenburg argues that the increase of suburbanization and a “car-centric” society has decreased the use of third spaces and is one major cause behind our more atomized and individualistic world. Many adults living in suburbs have a long commute and a busy work schedule, so they rarely have time to spend outside of home or work. They live and sleep in their suburban homes, but they aren’t involved in their local communities in any meaningful way.
Modern living creates a fundamental disconnect between home, work, and community, which can lead to feelings of alienation and loneliness. Third spaces can be a social glue that ties these different aspects of our lives together into a meaningful whole.
As someone who grew up in Levittown, New York – one of the first mass-produced suburbs – I can relate to the feelings of atomization and not having many third spaces to hang out with friends during my childhood. The most frequent spots were typically shopping malls, bowling alleys, or parking lots, but there weren’t many other “public square”-type places where everyone could go on a weekend night. This made it difficult to build social connections or a sense of community outside of school.
In Robert Putnam’s classic book Bowling Alone: The Collapse and Revival of the American Community, he documents the downfall of community feeling and social cohesion since the 1960s. Key factors behind this decline include changes in mobility and sprawl, family structure and time schedules, as well as technology and mass media. The rise of home entertainment including TVs, internet, and video games has made people less motivated to go to physical third spaces for leisure, socializing, or relaxation.
There are many factors that have led to the decline in community and the use of third spaces. It’s tempting to want to blame only one thing, but the problems we face in today’s world are complicated and multifaceted. There’s no quick or easy fix for improving the use of third spaces, but we can be more aware of the role they play in our daily lives.
Are Buses and Trains Third Spaces?
Public transportation such as buses and trains share some qualities with “third spaces,” such as being neutral ground that anyone in the community can access, a shared experience of commuting together, and the possibility of social connection with locals and strangers. However, these places are typically not seen as “third spaces” because their primary function is transportation and not social connection. The average person on commutes tends to withdraw and mind their own business, so these spaces aren’t very conducive to new conversation or forming new friendships (although it’s definitely possible).
Building Social Capital and Weak Ties
When you frequent any third space (such as a cafe, bar, church, or library), you naturally start to see familiar faces and build light social connections there.
This is what sociologists refer to as social capital, which is just an economic-centric term for relationships that we value, trust, and provide social support.
Third spaces help form casual relationships (or “weak ties”) that can lead to huge benefits. One common example is learning about a new job opportunity or a possible romantic interest through an acquaintance or friend of a friend.
Social capital can manifest itself in many small and hidden ways too.
When I lived in Brooklyn, I would go to the same bodega every morning for my coffee and breakfast sandwich. There were a couple times I was in a rush and forgot my wallet, but since the store owner knew me well and recognized me, he trusted me enough to let me pay next time. That may seem like a trivial thing, but it’s something that can only be accomplished with a minimal level of trust or social capital. If I were a completely random stranger I wouldn’t get that benefit.
Through third spaces, you begin to run into the same people, build a sense of familiarity and comfort, and start connecting with them on a level beyond random stranger, even just the act of seeing a familiar face and saying “Hi” can give a nice boost to your day (learn the power of “10 second” relationships).
Find a Healthy Dose of Third Spaces
No matter how introverted or extraverted you are, everyone needs a healthy dose of social interaction. Third spaces provide opportunities to meet new people, connect with a broader community, and expand our social circle. Often just finding one third space where you feel comfortable and connect with like-minded people can make a big difference in the quality of your social life. Find a third space that works best for you and make it a part of your daily, weekly, or monthly routine.
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Welcome to Jet Set, a recurring feature in which we highlight our favorite accessories and travel must-haves that are perfect for any kind of trip. Travel is back and better than ever, and whether you’re already packing for your next adventure or you’re just beginning to contemplate venturing out again, we’re here to help with all your jet setting needs. Summer’s here, and not only does that mean plenty of beach days, three-day weekends and sunny days, but it’s also time to update your makeup-routine—and more specifically, your travel toiletry bag. There have been quite a few new makeup launches that are perfect for a summer glow, and well-deserving of a spot in your travel bag. From a dewy bronzer and pocket-sized blush to a French girl lip stain and glowy face base, these are the new makeup product launches perfect for travel that we’re loving and coveting right now.
These days, Nikki Reed is all about farm life. AFP via Getty Images
While Nikki Reed was once best known for her role as a vampire in one of the biggest film franchises of the late aughts, her life looks a bit different these days. She and her husband, actor Ian Somerhalder, live on a farm north of Los Angeles that houses 17 animals, including chickens, cows, dogs, cats, and goats, and produces over 40 fruits and vegetables. Reed is deeply committed to sustainability, and founded the eco-friendly jewelry company, Bayou With Love, in 2017. More recently, she and Somerhalder co-launched the Absorption Company, a line of powdered supplements specifically formulated to enhance the bioavailability of nutrients, in 2024.
Reed, who has two young children with Somerhalder, is also trying to enjoy and learn the ins and outs of farm life. “In my next chapter of life, when I’m not working so full-time, I will just literally be a farmer. For now, I’m an aspiring hobby farmer. I’m a student of the farm, is how I like to look at it,” she tells Observer.
Reed begins her days by checking her email and putting out any work fires and then making sure all animals and humans are fed. Despite her best efforts, Reed knows that sometimes, you have to accept that it is going to be a chaotic day. “You know those days where you’re backed up against the clock, and minute by minute you’re just trying to make it work, and one little thing makes the day turn upside down? You just have to embrace what that means—that’s struggling with work and life and kids,” she says.
Nikki Reed and Ian Somerhalder are raising their two children on a farm outside of Los Angeles. NINA/BFA.com
Despite her hectic schedule, Reed is also trying to prioritize travel this summer, both locally and globally. The actress, who lived in Greece in her early 20s, would love to return to the country. “Those things live in your body forever, so I would like to see if I can get back there,” she says, She has also spent time in the farmlands of Australia, and wouldn’t mind revisiting. As for places she hasn’t been before, she would love to eventually take her children to Iceland, anda horseback riding camping trip in Argentina is the plan once they are a little older.
As Reed’s life and priorities have evolved, so have her travel preferences. While she was once drawn to the architecture of major cities, she now finds herself increasingly intrigued by the allure of rural life. “I want to see how people live and connect with the land in other places. I am so into my land. I want to talk about soil and I want to learn about farming in New Zealand. That sounds incredible to me.”
In 2023, she went to Ranchlands’ Zapata Ranch, a bison conservation ranch in Colorado, to learn about the soil and the animals’ impact on it to further her knowledge of the basics of regenerative agriculture. She would like to visit another conservation ranch in the next few months. “There are a few throughout the country that I know I’ll drive to. That’s where my heart lives, so I’ll find myself there.”
She recently partnered with Babyganics on a new campaign.
Until she can get there, though, Reed is thrilled to explore local destinations with her family, all from the comfort of a car. “There are so many things to see within five hours from wherever you are, and a road trip is a nice way to connect because you’re not so focused on the packing and the plane. You’re just spending time together and being present. There isn’t much you can do in a vehicle besides have conversations or read,” she notes.
When Reed does need to travel via plane, however, she is an admitted over-packer and finds it has gotten worse now that she is a mom of two. Though she once was able to travel with a single carry-on for three weeks, those days are long gone. Now, she always brings a Cleobella weekender bag, which she has dubbed “Mary Poppins bag,” as it can fit everything. “That is going everywhere with me this summer,” she says. She also still counts her 15-year-old Frye backpack as a travel necessity, repairing it year after year.
The Cleobella weekender bag. Cleobella
For carry-on suitcases, Calpak and Paravelare her brands of choice. Reed is also all about packing with compression cubes these days, especially with children. And since sun safety is a non-negotiable, Babyganics Sheer Blend Mineral Sunscreen Lotion and Baby Mosquito Repellent Lotion are two travel must-haves for her family—she recently partnered with the baby care products brand on their “Oops! I Forgot it Again” campaign, to help make it a little easier on parents when it comes to getting outside with the kids. “I love the messaging behind this, not just the importance of getting kids outside, but also just celebrating perfectly imperfect parenting,” she explains.
Reed knows that traveling with young kids isn’t always the easiest—it can be quite stressful, especially plane travel. She eagerly awaits a plane ride solo and notes that taking a nap on an airplane will be a luxury someday. Until then, she’s sticking with road trips and spending time on the farm. “Right now, I’m in a season of life where everything is really about catching up. Honestly, if I’m not momming, I’m working and human-ing. A lot is going on.”
Between the classic and elegant treatment rooms to the expansive outdoor facilities, a spa day at The Lodge at Sonoma is exactly what your mom needs this Mother’s Day. After all, what could be better than a restorative massage after a long day of wine tasting? The outdoor facilities are a true highlight of this spa, featuring a barrel sauna, soaking pools, jacuzzis and a tranquil garden. The Renew and Restore body treatment is far more than a standard massage; it features a salt scrub, mud therapy, a hydrating wrap and a full-body aromatherapy massage to finish. Spending all day here is easy, and the facilities should be taken advantage of both before and after the treatment.
Toy maker Mattel Inc. on Wednesday reported fourth-quarter results that missed expectations, with the company saying it plans to cut costs this year while continuing to buy back stock.
The cost cuts would follow layoffs by rival Hasbro Inc. HAS, +1.34%
amid a slowdown in demand for toys. They also come as other companies over the past several weeks have announced layoffs and plans to tighten up expenses, as investors seek out bigger profit margins.
Shares of Mattel MAT, +1.57%
were up 1.5% after hours.
“Looking ahead, we are launching a new cost-savings program focused on profitable growth and expect to improve profitability and continue share repurchases in 2024,” Mattel Chief Financial Officer Anthony DiSilvestro said in the company’s earnings release.
Mattel — known for its Barbie and Hot Wheels toys and, increasingly, its efforts to turn them into content — reported fourth-quarter net income of $147.3 million, or 42 cents a share. That compares with net income of $16.1 million, or 4 cents a share, in the same quarter in 2022.
Adjusted for things like severance, product recalls and changes to deferred tax assets, Mattel earned 29 cents a share. Sales rose 16% to $1.62 billion.
Analysts polled by FactSet expected Mattel to report adjusted earnings per share of 31 cents, on revenue of $1.65 billion.
“Execution on our toy strategy was strong and we made meaningful progress in entertainment across film, television, digital and publishing,” Chief Executive Ynon Kreiz said in the company’s earnings release.
“We ended 2023 with the strongest balance sheet we have had in years, putting us in an excellent position to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering,” he continued.
Mattel reported earnings after the key holiday-shopping season, and as analysts try to gauge the sales impact from the success of the “Barbie” movie released last summer. Mattel executives have said they want to make more films based on some of its other popular toys, and turn “Barbie” into a film franchise.
However, toy demand has been cooler recently, thanks to two years of inflation-fueled higher prices for goods and necessities. Retailers have taken a cautious approach toward stocking their shelves, after getting caught two years ago with too many toys and electronics that people didn’t want.
The Wall Street Journal reported this month that activist investor Barington Capital had taken a stake in Mattel, adding that Barington believed the company should consider “pursuing strategic alternatives” for its Fisher-Price and American Girl businesses.
Bank of America analysts on Tuesday said Mattel and Hasbro were among the companies that were “most at risk of direct impact” from shipping disruptions in the Red Sea. Yemen-based Houthi fighters opposed to Israel’s war in Gaza have attacked ships in the area, forcing lengthy detours and driving up shipping costs. Mattel, the analysts noted, got around 24% of its total sales from the Europe, Middle East and Africa regions in 2022.
During a conference in December, Kreiz said he believed in the long-term growth of the toy industry. But he said that after a jump in growth between 2019 and the pandemic, 2023 would likely be tamer.
“We believe 2023 will be back to normal in terms of shopping patterns and consumer behavior,” he said. “And also even inventory at the retail level and at our level is now reverting back to historical norms.”
McDonald’s Corp.’s stock fell 1.3% in premarket trading on Monday after the fast-food giant missed Wall Street analysts’ estimates for revenue and same-store sales, while citing an impact from war in the Middle East.
The global fast-food giant said it expects “macro challenges” to persist in 2024.
McDonald’s MCD, -0.35%
said its fourth-quarter net income rose by 7% to $2.04 billion, or $2.80 a share, from $1.9 billion, or $2.59 a share, in the year-ago quarter.
McDonald’s said the latest quarter’s results included 15 cents a share in one-time charges.
Breaking those charges out, McDonald’s would have earned $1.95 a share. Analysts expected McDonalds to earn $1.83 a share, according to FactSet data.
Revenue rose 8% to $6.41 billion, short of the FactSet consensus estimate of $6.45 billion.
Fourth-quarter global comparable-store sales increased by 3.4%, including a 4.3% rise in the U.S.. Analysts expected same-store sales growth of 4.7%.
McDonald’s said its comparable sales fell in the Middle East as a reflection of war in the region since Oct. 7.
All other same-stores sales rose in international developmental licensed markets.
Total international developmental licensed markets same-store sales rose by 0.7%, well below the result in the previous quarter, which saw a 10.5% increase.
Looking back at the balance of 2023, McDonald’s said its net income rose by 37% to $8.47 billion.
Revenue jumped by 10% in 2023 to $25.49 billion.
Free cash flow for 2023 increased to $7.25 billion from $5.49 billion.
Before Monday’s moves, McDonald’s stock was up by 10.9% in the past year.
Walt Disney Co.’s lawsuit against Florida’s Republican Gov. Ron DeSantis and others, alleging they retaliated against the company for publicly criticizing a controversial parents-rights education law backed by DeSantis, was dismissed by a federal judge on Wednesday.
Shares of Disney DIS, -0.92%
fell about 1% Monday.
Judge Allen Winsor ruled Disney lacked legal standing to sue DeSantis. He added that Disney’s charges “fail on the merits” against members of the Florida board of a special improvement district in which the company operates its parks and resort.
In his ruling, Winsor said Disney “has not alleged any specific actions the new board took (or will take) because of the governor’s alleged control.” He added the company “has not alleged any specific injury from any board action.”
“Its alleged injury … is its operating under a board it cannot control. That injury would exist whether or not the governor controlled the board,” he wrote.
Disney strongly suggested it will appeal Winsor’s ruling.
“This is an important case with serious implications for the rule of law, and it will not end here,” the company said in a statement. “If left unchallenged, this would set a dangerous precedent and give license to states to weaponize their official powers to punish the expression of political viewpoints they disagree with. We are determined to press forward with our case.”
The controversial legislation, dubbed “Don’t Say Gay” by critics, was passed in 2022.
Flutter Entertainment, the parent company of FanDuel, started trading on the New York Stock Exchange for the first time Monday, as the company tries to narrow the valuation gap between it and rivals including DraftKings.
Flutter said Monday that it’s planning to make the New York Stock Exchange its primary listing and will put that to a vote of its shareholders in May. Making the NYSE its home, rather than London, will help it get included in important U.S. indexes, the company said.
Launching Monday with the ticker FLUT, it’s targeting New York as its primary listing late in the second quarter and early in the third quarter.
Having a New York listing will also boost its profile in the U.S., help with recruitment and retention, and access “much deeper” capital markets.
Flutter CEO Peter Jackson spoke with Yahoo Finance about the company after it started trading on Monday. The total addressable U.S. sports betting market is expected to reach $40 billion by 2023 — but Jackson thinks that’s lowballing it. “I expect [$40 billion] will turn out to be conservative, because everything in America turns out bigger than you expect,” he said.
“‘You’ve decided to rip off fans by exclusively broadcasting tomorrow’s Chiefs vs. Dolphins wild-card game on Peacock. For the first time ever, fans will be forced to choose between signing up for yet another expensive streaming service or missing out on a major playoff game.’”
That was part of a letter that Rep. Pat Ryan penned to leaders of the NFL and NBC Sports lamenting that an NFL playoff game this weekend will be available via steaming only for the first time.
“How much more profit do [NFL commissioner Roger] Goodell and NBC need to make at the expense of hard working Americans?” the New York Democrat’s letter went on to ask.
He wrote: “Congress granted the NFL an antitrust exemption in its broadcast deals with the expectation that you wouldn’t use it to screw over fans. That was clearly a mistake.”
Peacock, a streaming service operated by Comcast’s CMCSA, -0.65%
NBCUniversal, is one of several streaming platforms that now broadcast NFL games. Some of those services, like Amazon’s AMZN, -0.36%
Prime Video, have exclusive rights to certain games, meaning there is no other option to watch on network or cable television, or through a cord-cutting live TV subscription. But while there have been NFL games available only on a streaming platform before, never before has it been a playoff game.
Part of the reason that Ryan, along with many NFL fans, are upset that the Chiefs-Dolphins game is available exclusively on Peacock is that it’s been getting more expensive to watch the NFL in recent years — because, increasingly, games are not broadcast on network TV. In fact, the price to watch every NFL game this season for cord cutters was $1,603, not including the cost of internet service.
That commitment includes the cost of six streaming services and five username and password combinations. Those digital streaming services include Google’s GOOG, +0.40%
GOOGL, +0.40%
YouTube TV, NFL Sunday Ticket, Amazon Prime Video, Peacock, NFL+ and ESPN+ DIS, +1.01%.
And the NFL is reaping the rewards. A decade ago, the league made about $3 billion from its TV deals. But, through all of its broadcast deals today with both networks and streaming companies, it makes roughly $10 billion a year.
Peacock has two plans: a $5.99-per-month subscription with ads, and another option for $11.99 a month that’s ad-free. While fans who live in the local broadcast areas of where the teams play (the media markets around Kansas City and Miami, in this case) will have the ability to watch the game on local TV, the rest of the country will have to pay for Peacock.
According to the Wall Street Journal, NBC paid $110 million for Peacock’s exclusive NFL broadcast rights.
Many fans took to social media to vent their frustrations about having to buy another streaming service to watch an NFL game this weekend.
Responding to the backlash, an NFL spokesperson said in a statement: “The NFL’s media strategy has been to make our games available in as many ways as possible to meet our fans where they spend their time. As streaming video becomes commonplace, we are increasingly expanding the digital distribution of NFL content while continuing a longstanding policy that all NFL games be shown on free, over-the-air television in the markets of the participating teams.”
NBCUniversal did not respond to MarketWatch’s request for comment.
Clermont, Fla., resident Calicia Landry, 53, has been a Dolphins fan for decades. Her family had season tickets during the historic 1972 season when the Dolphins went undefeated — the first and only time that has happened in NFL history.
When asked if she will pay for Peacock to watch the game, Landry, whose town is in the Orlando, Fla., market, told MarketWatch that, despite Peacock’s cost of just $5, “it’s the principle now.”
“I bought NFL Sunday Ticket already. I already pay for television service with DirecTV T, +1.54%.
I had to have Prime to watch the Black Friday game,” she said. “It’s too much.”
AMC Entertainment Holdings Inc. extended its losing streak to five days Friday, with the stock ending the session down 2.5% to $5.15.
AMC AMC, -2.45%
shares are now on their longest losing streak since a seven-day slide that ended on Aug. 29, 2023. The movie-theater chain and onetime meme-stock darling ended Thursday’s session at a then-record-low close of $5.30. AMC was a top trending symbol on Stocktwits, a social platform for investors and traders, at Friday’s open.
The stock’s previous record closing low had been $6.07, which was set on Dec. 21, 2023, according to Dow Jones Market Data, citing available information dating back to Dec. 18, 2013.
The decline in AMC’s share price is a far cry from its meme-stock heyday, when it hit an all-time closing high of $339.05 on June 2, 2021.
In a regulatory filing Tuesday, AMC said that between Dec. 28 and Dec. 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue nearly 3.26 million shares of Class A common stock in exchange for $22.5 million of its notes due in 2026. The common stock issued had an implied value of $6.94 per share, according to AMC. “The company may engage in similar transactions in the future but is under no obligation to do so,” AMC said in the filing.
The move is the latest in AMC’s attempts to tackle its debt burden, which reached more than $5 billion in 2022. That year, AMC launched its APE special dividend, and in 2023 it completed the conversion of the APEs into AMC common stock and a reverse 1-for-10 split of common stock.
In December, AMC also completed its latest at-the-market equity offering, raising approximately $350 million. AMC CEO Adam Aron has repeatedly warned that the company faces liquidity challenges.
AMC shares are down 84.8% in the last 12 months, compared with S&P 500 index’s SPX
gain of 20.6%.
After winning nearly $500,000 on a $5 sports bet, a New Jersey financial adviser said he is planning to follow some of the advice he gives to clients and put the money to good use.
Travis Dufner, a 32-year-old adviser with Millstone Financial Group in Millstone, N.J., is the bettor who has stepped forward to say he won the $489,378.01 parlay payoff. The wager involved picking 14 players who would score a touchdown over the holiday weekend’s NFL games.
