CBX Daily 7/1/2024

Author

Lesley Green-Rennis
July 01, 2024

Today digital banks have unearthed a new hive, but let’s start with how Gucci is taking a dive while others thrive…

Cultural Intelligence Download

The Highs & Lows Of Luxury As Kering’s Gucci Falls While Others Soar

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Kering (KER.PA -3.13%) , the French luxury group that owns Gucci, Yves Saint Laurent, Bottega Veneta, Balenciaga, and other luxury brands, warned that first-quarter revenues are expected to decline 10% from last year’s $5.5. billion. The announcement is rare for Kering, number two in the global luxury market. The conglomerate projects its flagship brand, Gucci, to be off nearly 20%, down from $2.8 billion.  

Digital Banks Diving Deep Into Niche Underserved Markets

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As a number of neobanks, also known as digital banks, come online they are building products catered to very specific markets. When you consider the Black community makes up 30% of the underbanked group in the U.S., according to the Federal Deposit Insurance Corporation, neobanks can be a real game-changer for this demographic. Is it possible for these new digital banks to make a measurable impact on financial inequality and address issues of access, fairness, and fees that have often had a discriminatory legacy?

BBL Come Up: Rise Of The $439 Billion Medical Tourism Market

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As the cost of healthcare care continues to rise in the U.S., medical tourism, a process of traveling to a different country for procedures is becoming increasingly popular. Pop culture stars like Kim Kardashian West and Nikki Minaj who receive major attention for their shapely physiques have become the modern-day apogee of plastic-surgery normalization. With cost savings of up to 90% for surgical or cosmetic procedures, the medical tourism market is expected to reach more than $200 billion globally by 2027.

Shareholder Activism Threatens DEI Initiatives In The Anti-Woke Uprising

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Multiple conservative groups across the country are filing proposals to challenge environmental, social, and governance (ESG) initiatives. That includes Diversity Initiatives, hard fought to get established in the first place. The main argument put forth by anti-woke activists is to return the focus to what really matters - the financials, the profit, the green. They also claim to be taking on the politics and partisan influence in these companies. The most prominent player in the anti-ESG movement is the National Center for Public Policy Research; filing 57 anti-ESG proposals in 2023 alone.

Ex-Insiders Sound The Alarm & Expose AI's Shortcomings

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The future appears to be truly vibrant as the world continues becoming imbued with artificial intelligence. With this immense growth comes severe ethical and legal issues. Former employees cum whistleblowers now say AI companies, driven by financial incentives, are prioritizing profitability over implementing effective safeguards. This pursuit of monetary gains, they contend, has overshadowed the pressing need for rigorous oversight mechanisms to mitigate the potential risks posed by advanced AI systems.

Vibes of the Week

“Done With You” Is it really over for Gucci? Only time will tell. Omar Apollo makes a debut in our weekly playlist. Get into it in our CBX Vibes!