☑️ Juul and the Terrible, Horrible, No Good, Very Bad Month. Let’s recap, shall we? Just last month, the White House proposed a ban on most vaping flavors, with some retailers such as Walmart following suit. Then, reports emerged that centered around a mysterious lung illness, which has caused 18 deaths that have been linked to vaping and e-cigarette use. And now, a week after Juul’s CEO stepped down, hedge fund Darsana Capital cut Juul’s valuation by a third, from $38B to $24B.
☑️ Trade show executive Sam Ben-Avraham is leading a $220M bid to buy Barney’s New York. Just last Thursday a judge extended the deadline for bankruptcy bids until October 11th, as the retailer was still in negotiations with a single buyer, now alleged to be Sam. Mr. Ben-Avraham founded retail store Atrium, streetwear brand Kith, and has operated fashion trade shows. Which are just as boring as regular trade shows, but much better dressed.
☑️ BP’s chief executive Bob Dudley has announced his retirement. Note: this is not the “sorry” guy. He will step down in February, replaced by 49-year-old Bernard Looney, who is the current chief executive of BP’s upstream operations (WTF does this mean?). Dudley helped clean up the aftermath of the BP Deepwater Horizon oil spill, presumably working with Mark Wahlberg to order 87k gallons of Dawn to dump into the Gulf. Looney will likely face pressures of his own, such as turning a profit from cleaner energy sources while decreasing dependence on fossil fuels.
☑️ The streaming war is heating up and Disney is firing some warning shots. Disney will ban Netflix and other streaming services from advertising on its TV networks as it prepares for the launch of Disney+ next month. Disney will spend hundreds of millions of dollars in advertising over the next year to bring customers on to its new service, looking to compete with the likes of the ‘flix and Hulu. Netflix, in comparison, spent $1.8B on ads last year.