CBX Daily 8/7/2024

Author

CultureBanx Team
August 07, 2024

Today there’s a remix on the new U.S billion-dollar faces, but let’s start with how streetwear deals could lead to a flow of new money streams…

Cultural Intelligence Download

Supreme's Big Sale: A Billion-Dollar Shift In Streetwear

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After 30 years in business, Supreme is moving house to EssilorLuxottica (EL.PA -1.61%). This represents a significant transition for the iconic streetwear brand. Although this marks a decrease of $600 million from its previous valuation under VF Corporation's ownership, it presents an opportunity for renewed growth and innovation. Despite facing declining sales and inventory struggles, Supreme's enduring cultural impact and global resonance indicate the potential for a successful turnaround.

How Inheritance Is Changing The Faces of U.S. Billionaires Wealth

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With the ever-evolving landscape of wealth amassment, we're witnessing a significant shift from entrepreneurial billionaires to those inheriting wealth. The number of global billionaires has seen a 7% increase, totaling 2,544 individuals, according to a report from Swiss bank UBS. Their combined wealth has also risen by 9%, approximating a colossal $12 trillion. The impact of this change on Black wealth is an intriguing subject that deserves thorough exploration.

Digital Divide Deepens Amid Affordable Connectivity Program Shutdown

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The U.S. Affordable Connectivity Program (ACP), a two-year initiative to make internet access more affordable, is on the brink of running out of funds, and Congress seems unlikely to intervene. The imminent end of the Affordable Connectivity Program (ACP) will leave an estimated 60 million Americans without subsidized internet access, significantly impacting the livelihoods of indigenous communities.

Meet The Crypto Campaign Architects In The U.S. 2024 Election

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This political cycle, crypto has become a bipartisan issue which may help determine the future of American leadership. Emerging from the shadows of America’s worries over: inflation, the value of the dollar, and geopolitical concerns, crypto is being embraced by Americans for its transparency, digital viability, and capped supply. According to the Crypto Council for Innovation, eight in ten crypto voters say that a “candidate’s position on cryptocurrency matters” and an 83% supermajority say they prefer a candidate who has clear rules for cryptocurrency and its investment.

Multicultural Ad Spending Matters As Diverse Consumers Control Buying Power

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Multicultural groups' consumer spending power is growing, despite industry ad spending not reflecting this power. It’s time for brands to get on board because nearly $1 out of every $5.75 of buying power in the U.S. belongs to an African American, Asian-American or Native American households. This is a significant shift from 2000 when that number was only 66 cents. Let’s take a look into the burgeoning importance of multicultural ad spending and its role in securing diverse customers.

Vibes of the Week

There’s ”More” in the streetwear transformation so stay tuned for this shift. Charisma delivers his deep voice in this bop. Get into it in our CBX Vibes!