Fashion, Failure and Footsie: Marketing News Roundup
Will Millennials Spend Less on Tech?
Millennials, millennials, millennials. That’s pretty much all you’re going to hear for the next while. After all, there are now more people age 24 in America than any other age, according to a recent Wall Street Journal article that hints at a changing technology marketplace as twentysomethings spend dollars on nesting, not texting. Last year, millennials gave birth to 85% of the babies in America, according to Goldman Sachs. That’s a lot of Diaper Genies and Dreft.
For profit education seemed like a good idea at the time. But the system is ripe for exploit, as evidenced by the shuttering of bankrupt Corinthian Colleges, fraudulent charges brought against ITT Educational Services, and the investigations of Career Education Corporation and Education Management Corporation. It’s a powerful temptation to take advantage of a financial weak spot. Now The New York Times has uncovered a massive matrix of fake high schools and colleges operated by Pakistan-based Axact.
Fashion? Turn to the Left
When you hit a wall, turn left. That advice, good for gamers and startups, is also good for Gap, Inc. owned Old Navy. The discount clothing chain hired Stefan Larsson away from competitor H&M. The turnaround has proven profitable. Last year, Old Navy took in almost $6 billion in sales in the United States — almost as much in sales as the Gap and Banana Republic brands put together — and made up 40 percent of the company’s global revenue, according to the New York Times.