Good morning, Broadsheet readers! Garth Brooks faces sexual assault allegations from his hair and makeup stylist, Taylor Swift’s Eras Tour is highest-earning summer concert tour of 2024 and ‘xennial’ clientele is the key to a founder’s repeat success
– Next generation. Between Gen X and Millennials, there is a micro-generation called “xennials”. Born between the late 1970s and early 1980s, members of this generation bridged the gap between Generation Z children and their parents—and they played a key role in their success. portfolio of brands founded by serial entrepreneur Katherine Power.
Power founded the fashion blog Who What Wear in 2006 before turning his attention beyond media; today, she’s behind the social media favorite skincare brand Versed beauty brand Meritand the wine brand Avaline, which she co-founded with actor Cameron Diaz. Merit exists up $20 million led by L Catterton’s growth fund; Power is also a partner in the joint venture company Greycroft.
Within this portfolio, Power has always aimed to serve longtime female customers—a strategy that has helped brands reach other shoppers. “By targeting that micro-segment, it helped us reach the generation below her and the generation above her,” Power said.
Courtesy of Versed
Seasoned shoppers are now at or near their peak earning potential with the highest responsibilities: caring for both children and parents, home ownership, and work demands. Those responsibilities make this customer an important connection point across demographic groups. They are known by retailers to have higher basket sizes and higher brand loyalty. “She was buying blush for her daughter and she told her mother to drink,” Power explained.
While other cohorts also serve as these connection points, what makes the xennial generation unique is that they grew up in a similar world before quickly adapting to the Internet in adulthood. That experience made this micro generation tech-savvy but still nostalgic for the pre-internet era. “We have this millennial mindset in many ways, apart from the tradition and nostalgia of Generation X,” Power said.
Those qualities have guided the marketing and product strategies of Power’s brands. Merit makeup works well on fine lines and wrinkles, and can be easily applied with one hand — whether for a young person, a first-time makeup wearer, or a busy mom. Its campaigns often feature talent over 40 years old that also speaks to younger shoppers, like Gossip girl Legendary actress Kelly Rutherford fashion magazine Editor Grace Coddington. At Avaline, 62% of the brand’s e-commerce shoppers are between the ages of 35 and 54, and the brand has focused on marketing its wines for everyday moments rather than special occasions.
Cameron Diaz says that while she’s firmly part of Generation X, she identifies with veteran shoppers. “It’s a mindset,” she said. For Diaz, that translates to a more typical millennial focus on ingredients and organic shopping, which differentiates Avaline in the wine category.
Merit in particular exists become popular on TikTok. “We wanted it to be multi-generational, but targeting this woman was the way we felt best to achieve that,” Power said.
Emma Hinchliffe
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ALSO IN THE TITLE
– Technological regression. A combination of factors has led to worrying trends for women in tech and the organizations that support them. The pandemic, a short-term move toward initiatives that focus on race rather than gender, then cuts to DEI and then the AI craze all contributed to a setback for women in Silicon Valley. Information
– Shape of Skims. In 2023, Skims’ revenue will reach 713 million USD. Kim Kardashian calls herself the face of the brand but broached the question of an IPO with CEO Jens Grede in this interview. Financial Times
– One year later. On the first anniversary of the October 7 Hamas attack on Israel, major companies remained largely silent. While influential business figures like Sheryl Sandberg have spoken out loudly on the subject, corporate America has largely considered the issue too complex and polarizing to consider. Axios
– Walmart’s workforce. Walmart’s chief human resources officer, Donna Morris, is tasked with leading a workforce of 1.6 million — and attracting talent to Bentonville, Ark. She describes the city as “your favorite Hallmark movie” when pitching it to potential employees. New York Times
MOVING MACHINERY AND SHAKING MACHINE
Hornbutter Group, a company specializing in experiences and transportation, is named Michelle Mason Chief of the People’s Office. Previously, she was CHRO at Talent.com.
TravelNet Solutions, a provider of integrated software and marketing solutions to the hospitality industry, has been appointed Wendy Glover as senior vice president of customer experience. Most recently, she was the main consultant for 30A Vacation Rental Consulting Company.
RPM International, a provider of coatings, sealants, construction materials and related specialty services, is named Tracy D. Crandall vice president, general counsel and chief compliance officer. She is currently RPM’s vice president of compliance and sustainability and deputy general counsel.
ON MY RADAR
Beyoncé released a song and Levi’s saw the moment New York Times
They have nurtured the world’s biggest superstars. Now they are telling their own story charming
Not all men, but any man Atlantic
FAREWELL WORDS
“I am respected, have an impact on the business, feel like I have made a great contribution and am reaching the pinnacle of my career. But what else can I contribute? What will I learn beyond that?”
—Laura Low Ah Kee on left his executive role at Lululemon to found a swimwear brand
