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New York Times
5 hours ago
- Entertainment
- New York Times
‘Mr. Loverman' Is a Rich, Stylish and Riveting Mini-Series
Lennie James recently won a BAFTA for his leading role in the mini-series 'Mr. Loverman,' and for good reason: His performance is as whole and mesmerizing a portrait as one sees on television. 'Loverman,' arriving Wednesday, on BritBox, is based on the novel by Bernardine Evaristo and follows Barrington Jedidiah Walker (James), an Antiguan native who has been living in London for decades. He is a self-described 'man of property, man of style,' a dapper dresser and a Shakespeare enthusiast, husband to a devout Christian woman, father to two adult daughters and grandfather to a teen boy. He is also closeted. His long-term partner, Morris (Ariyon Bakare, who also won a BAFTA for his work here and is also fantastic), has been his best friend and lover since they met in Antigua as young men; he is Uncle Morris to Barry's children, a constant presence, a secret and not a secret, a betrayal but also a devotion. But Barry balks at labels, and he says he isn't a homosexual but rather 'a Barry sexual.' Barry swears he is about to leave his wife, about to tell her the truth. But he has sworn that before. The show weaves among the characters' perspectives, and long flashbacks depict the pivotal moments that carve each person's reality. We hear their internal monologues, though none sing quite as melodically as Barry's does. 'Loverman' is polished and literary, practically silky — sublime, even. It's natural to be baffled by other people's choices: Why would you do that? Why didn't you say anything? Why would you stay? Why would you leave? A lot of contemporary shows — even plenty of good ones — fall back on pat just-so stories for their characters' backgrounds, but the picture here is deeper and fuller than that. Fear and pain, love and loyalty: They're never just one thing. There are eight half-hour episodes of 'Mr. Loverman.' I couldn't resist bingeing it, not because it's so propulsive, per se, but because it's so lovely.
Times
3 days ago
- Entertainment
- Times
23 of the best places for summer sun
Ah, summer: that long-anticipated season when city life decamps into the streets, cocktail hours migrate to rooftops and long, golden beach days work their slow magic. Whether you soak up the rays from a river raft in Slovenia — where pit stops to sample the country's superb orange wine are practically obligatory — or with a barefoot dash into Bali's sparkling surf is entirely up to you. Now is also the time for meandering road trips through Oregon's Cascade mountains and wild swimming jaunts in South Jutland, and when conservation-led safaris promising front-row savannah seats to Kenya's great migration come into their own. For adventurers, there are whale sharks off Mexico's Isla Holbox and for India-bound romantics, a magnificent Rajasthan palace (at off-peak prices). Spanning waterfalls in Guyana to seafood-fuelled odysseys that make the most of the northern hemisphere's seemingly endless hours of daylight, this is our pick of the best places to find reliable summer sun in spades. This article contains affiliate links, which may earn us revenue In Guatemala's highlands, an hour's drive west of the capital, Antigua is a place to swap beach-lounging for Spanish-colonial splendour — and volcanoes. The city is home to several and taking a snap of the 3,760m (12,336 ft) Volcán de Agua through the custard-yellow Santa Catalina Arch is a rite of passage for first-timers. July is 'green' season, when you'll get bursts of tropical rain, yes, but also cooler evenings, fewer crowds and plenty of sunshine. Stroll cobbled streets lined with candy-coloured façades, shop for vibrant, handwoven textiles or tour a coffee finca, before toasting the day's adventures with a local rum and a stack of empanadas. Late July is festival time, when the streets fill with floats, music and the scent of syrupy, deep-fried buñuelos (fried dough fritters). Consider the tranquil Hotel Museo Spa Casa Santo Domingo for your base: the former convent boasts six permanent museums and two art galleries for culture fixes between spa treatments and dips in the gorgeous pool. Come summer, skis make way for flip-flops in Italy's largely German-speaking far north, when serpentine roads flanked by fragrant pines take on a golden, Med-like glow. Follow the South Tyrolean wine route through biblical landscapes dotted with vines and cypresses to Lake Kalterer See, the province's warmest Alpine lake, where the sight of Castelchiaro towering over water dotted with pedalos and windsurfers is not one you'll forget in a hurry. Ditto picnics of village breads, cheeses and charcuterie, best paired with a ruby-red local schiava. For something more high-octane, you've got mountain bike trails galore, or head to Merano 2000, above the spa town of Meran, where the 1.1km Alpin Bob summer toboggan run proves that sledding thrills are a year-round affair. Check into the five-star Hotel Chalet Mirabell, whose 6,000 sq m spa has luxurious pools, saunas and hay baths; there are also guided hikes and other family-friendly activities (including options with the resident llamas and alpacas). Located at the border of France and Germany, Basel is the sort of place that allows you to visit three countries in a day, all on public transport with Swiss efficiency. The annual Art Basel fair kicks off the summer season in June, after which the banks of the Rhine suddenly erupt with activity. The quintessential pastime here is to drift down the river with a Wickelfisch, a waterproof swim bag that stores all your belongings. But if that sounds too daunting, you could try a refreshing dip in the city's many water fountains — it's not just acceptable but actively encouraged here. Elsewhere, the cobbled streets of the old town provide an interesting contrast to the stunning array of modern architecture, while attractions such as the Museum Tinguely will change your perception of the Swiss identity for ever. The historic Krafft Basel is right on the river, with alfresco dining that overlooks the water and steps that lead down to the banks of the Rhine. • Read our full guide to Switzerland Split in two by the Danube, Novi Sad makes for a budget-friendly break thanks to a favourable exchange rate and the fact that it's largely a university city. The right bank of the river feels medieval and is dominated by the 18th-century Petrovaradin Fortress, the unlikely setting of Serbia's biggest drum'n'bass and techno event, the Exit Festival. Come at any other time of the year and you'll find a peaceful spot with unobstructed and breathtaking views of the river, plus walks that extend into the Fruska Gora mountains. The left bank is comparatively modern, with lively bars and restaurants tucked between quite magnificent baroque and neo-Byzantine architecture. There's also a small beach, known as the Strand, that gets packed out in the warmer months. Book an apartment and take your time — the nature trails around the city are particularly lovely in summer. Once known for its raves and sunrise parties, the Greek island has gone glam in recent decades. Supermodels, superyachts, designer boutiques and cabana-lined beach clubs are now the norm, although that sense of decadence remains. Summer is peak posturing time but, for all the absence of subtlety, there's something addictive about it all. Beyond a sugar-white, oh-so-Cycladic old town, it's also easy to find the natural beauty that pulls everyone here — wondrous beaches and brilliant light. The hotel scene here has never been hotter. Among the newbies is the arty, all-vegan Koukoumi Vegan Hotel. • Best things to do in Mykonos• Read our full guide to Greece Although it's a bit more 'discovered' these days, Albania's long seaside remains attractive — aided by the olive grove hills overlooking those golden bays — and it's sensationally affordable in European terms. Its two main resort towns are Durres and Sarande but in peak summer, make for Ksamil and its offshore islands to escape most day-tripping Tirana families. Very close by is Butrint, an ancient, Unesco-listed city and just one historical marvel you'll find along this coast. Others include Gjirokastra's giant hilltop castle and Durres's ruined Roman amphitheatre. Overlooking Ksamil's gin-clear waters, the Utopia Hotel has white cabanas on its private beach 2km away. • Best things to do in Albania Italy's Amalfi coast is rightly renowned, but mamma mia does it get busy in summer. About two hours south from there, the Cilento coast is infinitely quieter — even at the height of July — and has plenty of blue-flag beaches. Instead of Pompeii, there's Paestum: the sprawling remains of an ancient Greek city with splendidly complete Doric temples. You'll also find affordable, attractive towns such as gently chichi Castellabate and healthy-living Acciaroli, famous for its many centenarians — plus some of the finest buffalo mozzarella in Italy. Take a private tour that offers plenty of free time: the solo travel specialist Just You has an eight-day itinerary starting and ending in Naples. • Best villas in Italy Jutland is Denmark's continental peninsula and its southern section shares a border — and occasional cultural echoes — with Germany. Although Legoland charms children, this is chiefly an area of wild places and open spaces. Hills rise from rivers as castles crown forests and moors cede to marshlands. Surprisingly warm in August, the coast yields a series of fine sandy beaches, especially on islands such as Fano or Romo. One worthy man-made addition to all this natural finery is Ribe, the oldest town in Denmark, famed for its half-timbered houses. Stay at its original base, the Hotel Dagmar. • Safest countries in the world The most fêted French Riviera locales — Cannes, Nice, Antibes and St Tropez — are as certain to be overcrowded during sun-soaked summers as locals are to be sipping chilled rosé. Even so, their unique brand of glam is unmissable, as are all the palm-lined beaches, bars and boutiques. One solution is to visit such places on people-watching, tan-maintaining day trips, but otherwise hole up in a still-authentic and less expensive Côte d'Azur town. Framed by plunging peaks and possessing the prettiest of Mediterranean harbours, tree-lined Beaulieu-sur-Mer is one such charmer. Beaulieu's Le Havre Bleu boutique hotel occupies a blue-shuttered, belle époque villa, just a few minutes from the beach. • Read our full guide to France As the Turquoise Coast — Bodrum, Marmaris et al — got busier and busier, savvy Turkey fans preserved their summer breaks by relocating north to the sunkissed Cesme peninsula. Even now, a laid-back innocence survives, with aniseed fields or olive groves between hot-spring spas and pretty beaches (albeit more suited to windsurfing than swimming). As for the towns, none rivals Alacati for romance: its bougainvillea-scented cobblestone streets host cafés, folksy restaurants and a growing cluster of boutique shops. In Alacati, Warehouse by the Stay has a big pool, a bigger art collection and its own beachside deck. • Best all-inclusive hotels in Turkey The Dalmatian coast is no secret these days and summers here are predictably heaving. Far better, then, to ditch Dubrovnik or Hvar in favour of a quieter corner. Brac fits the bill. Best known for Zlatni Rat, its remarkable V-shaped beach, the third-largest island in Croatia also brings great variety: pine forests, vineyards, orchards and ancient cliff monasteries — all accessed by the Via Brattia long-distance path — segue into sleepy fishing villages and quietly stylish resorts such as red-roofed Bol, where cocktail bars face colourful fishing boats. Stylish yet affordable, the Bluesun Hotel Borak is equidistant from Bol and Zlatni Rat, and has an outdoor pool for cooling off in. • Best things to do in Croatia August is a canny time to visit Rajasthan in northern India. It'll be hot — averaging 28C — yet much less so than May or June. You'll likely have to endure some showers, but bargain-priced accommodation and crowd-free sightseeing soften the blow. Far fewer tourists will interrupt your photos of the Pink and Blue Cities, Jaipur and Jodhpur, named for their singularly coloured buildings, nor those of desert forts, finely carved temples and lakeside palaces. Perhaps most pleasingly, you'll even have the tiger-patrolled Ranthambore National Park much more to yourself. The 15-day Rajasthan Experience tour from Intrepid Travel includes visits to Jaipur and Jodhpur, as well as taking in the spectacular Taj Mahal in Agra. • Best places to visit in India Curiously, Isla Holbox's drawback is also its greatest asset. Reaching this slender slice of land involves the faintest of faffs: a 30-minute ferry from the Yucatan peninsula's tip after a two-hour drive from Mexico's Playa del Carmen or Cancun. Hardly the stuff of great explorers, but enough to dissuade most. Consequently, Holbox remains a blissed-out holiday destination of hammocks, barefoot beach cafés and unpaved roads. That's even true in summer, when whale-shark pods gather offshore to gorge on plankton. Promoting ethical whale-shark swimming tours, the eco-boutique Las Nubes Holbox has a spa and neighbours Yum Balam's nature reserve. • Best hotels in Mexico For some, summer holidays aren't summer holidays unless they involve a villa with its own swimming pool. And mellow Menorca, one of Spain's lower-profile Balearic islands, has plenty of those. Nor is that the only perk: there are more than 100 beaches between two elegant, atmospheric old ports in Mahon and Ciutadella. Shops sell the isle's hip avarca sandals and the A-list gallerist Hauser & Wirth has converted an offshore naval hospital into its most surprising contemporary art space yet. Pool villas along Punta Prima bay put you within easy reach of that gallery as well as Mahon's shops and restaurants. • Best hotels in Menorca• Read our full guide to Spain Tiny Slovenia has handsome cities — led by Ljubljana, whose centre is a car-free web of art nouveau lanes — yet its countryside tempts most. That's thanks to plentiful pine forests and Lake Bled, where peaks and a castle loom idyllically over the pointy-roofed island chapel. In nearby Triglav National Park, activity-lovers can hike, cycle or river-raft. Slovenia's gastronomy is equally diverse, swearing by local fodder and pairing well with some of Europe's best orange wines. At this time of year a 30-mile coastline also comes into its own. Start at Barbara Piran Beach Hotel, a sophisticated property with a spa and alfresco restaurant serving up Mediterranean flavours. Now served by a direct British Airways flight, Portland's youthful attractions range from a high-calibre food and beer scene to the sustainable music festival Pickathon each summer (July 31 to August 3 in 2025). The remainder of surrounding Oregon, one of America's Pacific Northwest states, is a riot of nature: snowy Cascade mountains and their aquamarine Crater Lake here; river gorges and forests there. Protected against development or private ownership, its 363-mile coastline contains various fine beaches. Those in the milder southern 'banana belt', such as Lone Ranch, are ideal to conclude a perfect summer break. Explore at your own pace with a fly-drive tour roaming the state. British Airways offers packages in partnership with Avis and Budget. • Best road trips in the US Between July and September, the unceasing great migration reaches an apogee as its 1.5 million wildebeest and accompanying zebra and gazelles come to cross the Mara river — while hungry lions or leopards prepare an ambush. With everything at stake, this is nature-viewing at its most elemental and dramatic. After bouncing around the Masai Mara National Reserve in 4x4s, recuperate on Kenya's palm-fringed coast. It'll be warm and dry along the mainland's Diani Beach, 11 miles of white sand offering dives, dhow boat tours, swims and spa treatments. A classic 'bush and beach' break feels like two holidays in one; Tourhub has a range of tours that take in the Masai Mara and other highlights. • Best Kenyan safaris While most of southeast Asia is deluged by monsoons, Bali stays hot and dry during summer with eight to ten hours of daily sunshine on average. While this does mean that south-coast resorts around Kuta will be busy — including their vast beaches, whose choppy waters better suit surfers than swimmers — there's still many a languid, leafy hotel to be found hidden between rice paddies in this Indonesian island's interior. Ubud, famous for its wellness options, is an essential day trip, as are Mount Agung's 80-plus ornate temples. One such secluded rural retreat is Wapa di Ume, close to Ubud, a boutique hotel with two picturesque pools. • Best hotels in Bali In tourism terms, this French-overseen island's greatest asset is its flexibility. A holiday here might purely revolve around white-sand beaches — those of the Agriates Desert in the north, or southerly Palombaggia. It could involve scenic trains, historic towns such as fortified Bonifacio or natural wonders including the rouged Calanques de Piana rock spires. Or it can be exploring the beautiful, cooler, more rugged interior of Corsica, where hiking, cycling, canyoning, ziplining and a zillion other activities are possible. All of which means there's room for everyone — especially in late August, when France's school holidays draw to an end. The island's accommodation scene is no less rangy, with great self-catering stays and hotels for all budgets. Few of the latter type are as stylish as beachside Le Pinarello, which opens seasonally from the spring. • Best beaches in Corsica The west coast of Sweden is renowned for the quality of its seafood — langoustines and oysters in particular — which often finds its way to Michelin-starred restaurants in the capital Stockholm. But it could hardly be more delicious and fresh than if you eat it plucked straight from the sea. In Bohuslan, you can couple this seafood odyssey with a road trip that takes in the region's many islands and scenic villages. Fjallbacka and Marstrand are among the most picturesque, with those classic rust-coloured wooden huts and sail boats off the coast. Fly into Gothenburg with British Airways and hire a car for the scenic trip north. • Best things to do in Sweden Leave the Algarve to summer's hordes and try the beach-studded, family-friendly Comporta area instead. Ninety minutes' drive south from Lisbon, this is the chicest destination in Portugal. Its namesake village gives onto a nature-reserve coastline; discreet villas proliferate, many observing the classic Comporta style: a fisherman's hut-type façade and whitewashed, wood-beamed interiors. Also prominent are yoga classes, horse rides through rice paddies or pine forests and fine dining in shack-style barefoot restaurants. Be sure to visit Carrasqueira, where an old port is stilted over the Sado river estuary. Stay in a luxury villa: Oliver's Travels has a number of options with pools that would be great for a multi-generational getaway. • Read our full guide to Portugal Malawi remains an unsung safari destination despite the efforts of African Parks. This non-profit has rejuvenated the country's wildlife reserves — working to prevent poaching, restore game, improve accommodation and empower locals — including forested Majete and riverside Liwonde, one of the continent's most photogenic national parks. In summer, with water scarce, it's easier to see elephants, lions and honking hippos on walking, boat or classic 4×4 safaris. Just north begins Lake Malawi, with the season's sultry temperatures suiting its sandy beaches, diving, snorkelling and kayaking. Malawi is a key feature of a 16-night tour of east Africa with Intrepid, which starts at Victoria Falls and ends in Stone Town. Game drives are included. As rainforest covers most of Guyana, this small South American nation abounds with jungle camps whose expeditions look for giant anteaters, caymans and jaguars. In addition to treks to remote Kaieteur Falls, the world's longest single-drop waterfall, a growing number of offerings also allow visitors to support indigenous Amerindian communities. But don't neglect the English-speaking country's coast, whose beaches and British-colonial capital Georgetown relish the dry season in late August. Trailfinders has a brilliant seven-night tour that ticks off Guyana's best bits, including visits to rainforests, remote communities and buzzy Georgetown. Additional reporting by Qin Xie
Forbes
4 days ago
- Business
- Forbes
Inside Panera And Cava Billionaire Ron Shaich's Search For The Next Big Restaurant Chain
Courtesy Act III Ron Shaich looks relaxed. It's partly due to his surroundings—the billionaire restaurateur is reclining in the home office of his vacation pad in Jumby Bay, a private island off the coast of Antigua. The 71-year-old Shaich is also in his element because he's discussing his favorite subject: the 'winner takes all' world of American dining. 'The restaurant business is dirt farming,' he declares. It's mostly muck, but every now and again you can strike gold – if you can dig up something special. 'What I love is when I figure it out before anybody else.' For more than four decades, Shaich has notched a string of huge wins doing just that. In 1981, he bought a majority stake in a small, three-location bakery cafe chain named Au Bon Pain. Twelve years later, he merged it with a slightly larger (20-store) chain called Saint Louis Bread Co., now known as Panera Bread. Shaich ran Panera as CEO until 2017, when he oversaw its $7.5 billion sale to German conglomerate JAB Holdings, pocketing $300 million after taxes from the transaction. Then he set up Miami-based Act III Holdings (named to represent the third act in his career) and invested around $175 million into the fast-casual Mediterranean chain, Cava. The gamble on Cava is Shaich's most lucrative to date. The company went public in 2023 at a valuation of nearly $5 billion. Its market cap is now $9.4 billion, making it more valuable than Panera at the time of its sale to JAB, despite Cava having a fifth as many locations. Shaich, who was Cava's largest shareholder when it went public and currently serves as the brand's chairman, became a billionaire in the IPO. Forbes estimates the mogul is now worth $1.3 billion, after selling $640 million worth of stock (pretax) since the public offering and retaining a 4% stake in the fast-growing company. That type of success may be enough to prompt some people to call for the check. Not Shaich. He says he cashed out a majority of his Cava stake because his position was too concentrated, or as he put it, continuing the 'farmer' analogy: 'I want to harvest my crop when people fall in love with it and the valuations are way up.' (Shaich had good timing, selling more than 60% of his 11.7 million Cava shares in 2024 before the stock fell 30% this year. Analysts blame broader market concerns rather than the company's individual performance.) Now he's now looking to deploy his warchest to back the next winning restaurant concept – and he has a few ideas of what that might be. A Cava restaurant in the Brooklyn borough of New York, US, on Monday, May 6, 2024. Shaich got his start in the restaurant business when he was 26. Born into an upper middle class family in Newark, New Jersey, he learned entrepreneurship from his father, an accountant who ran his own firm. (His mother, Pearl, stayed home to raise Shaich and his sister.) After studying politics at Clark University in Worcester, Massachusetts, Shaich, who was divided about whether to go into politics or business, opted for business. He got an MBA from Harvard in 1978 and took a job as a regional manager at The Original Cookie Company, a chain of gourmet cookie shops. He says he was drawn to the restaurant industry because it 'lends itself to entrepreneurs,' in part because of low barriers to entry and the room for creativity. Two years later, Shaich used $25,000 of personal savings and $75,000 from his father ('an advance' on his $250,000 inheritance) to open The Cookie Jar, a small cookie shop in Cambridge, Massachusetts. To expand his menu he began buying croissants and other baked goods from a local bakery, Au Bon Pain. That's when he spotted an interesting opportunity. Au Bon Pain had a great product but was poorly managed, often failing to make deliveries on time, according to Shaich. He decided to merge the Cookie Jar, which was generating cash, with the three money-losing Au Bon Pain locations, paying nothing in the merger except agreeing to pick up Au Bon Pain's $3.5 million of debt. He overhauled the company's operations, grew it to around 50 stores, then took the fast-growing chain public in 1991. It wasn't long after the IPO when Shaich spotted his next target. St. Louis Bread Co., founded by entrepreneur Ken Rosenthal in 1987 in the St. Louis suburb of Kirkwood, was a thriving group of 20 bakery cafes across the Midwest. Shaich liked the selection of breads, homely feel and suburban popularity of the restaurants, which he viewed as a strong complement to Au Bon Pain, a bigger hit in cities. Au Bon Pain acquired the chain for $24 million and renamed it Panera Bread. (Shaich sold off Au Bon Pain in 1999 to focus fully on Panera, though Panera later bought it back then sold it again.) Over the next two decades, Shaich grew Panera at an incredible pace, expanding the soup, salad and sandwich chain to $5 billion in systemwide sales and over 2,000 units by 2017. '[Ron] had the idea early on of a more relaxed environment where you would gather, where the book club would meet,' recalls Bill Moreton, who joined Panera in 1998 and later became its executive vice chairman. Moreton also served on Cava's board of directors until 2022, when he retired, and occasionally advises Act III. 'He has an incredible natural sense, an innate sense of the consumer and what they're looking for,' Moreton says of Shaich. Through Panera, Shaich has been credited with pioneering the 'fast casual' model of American dining, which combines elements of fast food (quick service) and finer dining establishments (higher quality food and slightly higher prices). The category, which is echoed by the likes of Chipotle, Shake Shack and Cava, 'didn't exist before,' says Danilo Gargiulo, a senior restaurant analyst at Bernstein. 'I personally think he's done something exceptional [with Panera].' Shaich says his two children used to joke that "the third child was Mother Bread," referencing the Panera logo. His tenure wasn't without some controversy, though. In 2017, with Shaich citing the short-term pessimism of public markets and a personal desire to move on to other ventures, he inked the deal to sell publicly traded Panera for $7.5 billion, a 30% premium to its market capitalization. A few months after the sale, a group of Panera investors challenged the sale price in Delaware Chancery Court, arguing Shaich and other Panera leaders had rushed through the deal at a too-low valuation. In 2020, a judge ruled that shareholders had been fairly compensated. Shaich and Panera also traded lawsuits after Shaich scooped up three of the company's technology employees to work for Act III. Panera accused Shaich of trying to steal trade secrets while Shaich argued the company lacked the basis to enforce non-competes against these employees. The parties agreed to drop the battle, per a November 2021 filing. According to Shaich, the cases were settled 'very satisfactorily,' though he said he cannot disclose details because of a non-disclosure agreement. A spokesperson for Panera did not respond to Forbes' request for comment. There were already a couple of ideas brewing in Shaich's head when he left Panera. The first was to invest in Mediterranean food, which he has described – anecdotally – as 'the number one diet in America.' 'Every time you go to a doctor they're saying Mediterranean. Every time you pick up a magazine it says Mediterranean," he says. 'I didn't know how far it was going to go but I knew Mediterranean had the potential to be as Mexican came before; as soup, salad, sandwich came before; as pizza came before.' That led him to Cava, started in 2006 as a standalone restaurant in Rockville, Maryland by a trio of three childhood friends. Shaich took a small personal stake in the chain in 2015 when he was still leading Panera; Cava had just two restaurants at the time. He set up Act III in 2018, the year after selling Panera, funding it with around $250 million of his own capital. He quickly put about 70% of it into merging the small but promising Cava with Zoe's Kitchen, a rival about five times Cava's size that had fallen on tough times. Overnight, the business went from 66 locations to more than 260. It's since grown to nearly 400 across the U.S. and plans to reach 1,000 by 2032, all company-owned. Cava—a Chipotle-style, fast-casual chain where customers can build their own custom Mediterranean bowls—has doubled revenue from $470 million in 2022 to $954 million last year, and it became profitable in 2023. It seems to be particularly well insulated against the impacts of Donald Trump's proposed tariffs because it imports only limited ingredients and materials from abroad, including avocados from Mexico and kalamata olives from Greece. Shaich says he's still bullish on Cava, despite dumping more than seven million shares over the past 21 months. Freeing up the capital has allowed Act III to invest more aggressively in its other businesses, he says. The most promising among them, Tatte, also dates back to Shaich's time at Panera, when he acquired a majority stake in the business on behalf of Panera; Shaich ended up negotiating to take over ownership of Tatte as part of his exit package. Originally started by the Israeli-born pastry chef Tzurit Or in Boston, Tatte sells a wide-ranging menu of pastries, breakfast and lunch dishes, and artisanal coffees inspired by Israeli, North African and Lebanese cuisine. There are currently 46 Tatte locations, mostly in Massachusetts, and the business is on track to do around $250 million in revenue this year, according to Act III partner and CFO Noah Elbogen, who first met Shaich when he was working for Panera activist investor Luxor Capital Group (the pair started off as adversaries but later became friends). That puts Tatte's per-store sales at about $5 million – nearly double the sales volume of the average franchisee-owned Panera. Act III is pumping a 'meaningful chunk' of its fresh cash into funding the opening of nine new Tatte locations across the Northeast this year, says Elbogen, including its first location in New York City, and ten more next year. The company also recently opened a 20,000-square-foot 'central bakery' in New York, where its artisanal bakers will prepare Tatte's fresh pastries and breads. Tatte started as a stand at the Copley Square Farmer's Market in Boston, where Or began selling baked goods in 2007. "I was new to the country and Tatte was and is my home and my community as for many others," Or tells Forbes. Another big Act III investment is Level 99, which operates two interactive playgrounds for adults that challenges visitors to compete in 50 'physical and mental challenges set in artistic environments' such as a Ninja Dojo, an Aztec Temple and a Museum Heist. The company is set to open two more locations this year, as well as one in Disney Springs, a shopping mall in Walt Disney World Resort in Orlando, Florida, though it hasn't revealed the timeline for this opening. In January, Act III also made its first investment in a new restaurant business since the firm was founded. After a year of discussions, the company picked up a stake in Honest Greens, a Barcelona-based eatery selling 'loaded avocado toast,' 'blueberry chia-pudding' and other healthy meals sourced locally to its nine European restaurants. The Act III team views this as an opportunity to grow in the more nascent European fast-casual market. 'Ron is doing four or five things right now but we follow a very similar format,' says Elbogen. 'Each is in its own category, each has the highest sales volume in its category and each one has a competitive landscape we think is very favorable.' It's a playbook that's 'arguably worked now three out of three times,' adds the Act III partner. Shaich won't say how much he's invested in each of these businesses or how much they're currently worth. However, he notes that Act III does not function as a traditional venture capital firm. 'We're business builders, not investors,' he says, explaining that his fund – which employs around 25 people – typically takes over near total ownership of its portfolio companies after becoming their exclusive backers. Shaich owns 97% of the overall business, which he funds almost exclusively. 'What we say is when we get involved with you, we're going to be the last capital you need… We're the bank.' Shaich describes the firm as extremely selective about its investments, in part because it's in the rare position of having more money than it knows what to do with. ''The issue for us is using this capital,' he says. 'We only want to do things that are great.' The Cava chairman insists he's motivated to keep investing not by cash, but by the satisfaction from acting as a 'sherpa' to growing businesses, referring to the skilled Nepalese guides who often help climbers scale Mount Everest. 'I'm maybe not the right person to be saying this but I'm not sure all this income inequality in our country has helped us and I'm not sure it's built a better country,' says Shaich, who in 2010 helped launch No Labels, a centrist political advocacy group focused on ending political extremism. The group tried – and failed – to come up with an alternative candidate for the 2024 election beyond Donald Trump and Kamala Harris. Shaich's personal theory is that those who focus on making money never do. 'The people that actually do well actually do something better,' says the man behind some of America's most successful restaurants, 'they figure out a better way to do it for some target customer and that's the way the system rewards you.'
CNET
22-05-2025
- Business
- CNET
How to Use AI to Get a New Headshot
I'm a sucker for selfies but glamming up for a photoshoot zaps the personality right out of me. Whenever I'm sitting for professional photos, I overthink how to smile and stand and turn into Chandler. My last headshot was taken with a photographer five years ago -- it was time for a refresh. But this time, I didn't have the colorful streets of Antigua, Guatemala, as my backdrop. With no trips coming up, I decided to test out an artificial intelligence tool with a goal in mind: to generate a new headshot or set of professional images that looked real, not like a caricature of me. I chose HeadshotPro because I liked the natural look of the photos, it seemed like a popular tool and I realized I follow its founder -- AI entrepreneur Danny Postma -- on X. It was founded in the Netherlands in March 2023 and is used by many well-known global brands and institutions. How much does HeadshotPro cost? HeadshotPro's pricing is a three-tier structure: 40 headshots for $29, 100 headshots for $39 or 200 headshots for $59. I actually liked that it's a paid platform because there always seems to be a catch with free tools. There are no free trials or subscription fees. It's a one-off cost but it will refund the fee if you're unsatisfied with the results. There's also a 1- to 3-hour turnaround with HeadshotPro, which might not work for everyone but I was curious about why it wasn't instant and what it could produce. Setting up with HeadshotPro I signed up to HeadshotPro and set my login details. I chose the basic $29 plan and paid with my credit card. I checked my email for the instructions. HeadshotPro guaranteed I'd find three to six profile-worthy headshots. The tool advises you to have at least 10 minutes to work on it and to "make sure you look fresh" and take pictures in daylight or in a well-lit room. You then have to upload at least 15 photos for the AI to examine. You can either take selfies to use or upload some of your older photos. It suggests making sure you're looking at the camera, have a clean background and a good angle, have your face take up at least 20% of the image, and be wearing a "professional expression." I was in no state to take selfies so I chose to upload a mix of photos from my last shoot and recent candid snaps. Different seasons, styles, hair colors and locations. HeadshotPro/Screenshot by CNET Uploading photos to HeadshotPro Out of the 15 I uploaded, only one was approved. It was hard to decipher why so I decided to upload one at a time. When I cropped the larger photos to just my head, it seemed to work. HeadshotPro/Screenshot by CNET Most of the candid photos were either too small or it couldn't recognize my full face because of the way I had tilted my head. I found a shortcut: In my iPhone albums, under People, Places & Pets, I clicked on my face. If Apple's AI can recognize my face in the photos, surely HeadshotPro could too. There was a lack of consistency with what it determined to be a "bad" photo. My full face was showing in some photos, but they still weren't approved. I also learned my camera roll is full of photos of me in sunglasses, and I always tilt my head when I pose. A good reminder to work on my posture. But we got there in the end. HeadshotPro/Screenshot by CNET Next, on to the customization. HeadshotPro needed to know a little more about me, then my layout preferences. It asked for my name, age, ethnicity, eye color and gender and then whether I wanted the background of my profile photo to be garden, marina, office, lake, cafe, kitchen, streets or bookshelf. I selected the one that looked like New York City in the background, then got to pick my outfit. I could choose my portrait style or have the AI select for me. You can also choose from a few different outfit types -- it picked a turtleneck, which I don't think I've ever worn in my life, so I chose one myself. I was looking for a bohemian-but-professional style. I didn't dare trust AI to put me in an off-the-shoulder dress, so I went with a classic white tee. I quickly looked at HeadshotPro's T&Cs and noticed they don't use the photos to train their algorithm. Good to see! Now we wait. It said it would take approximately 2 hours but I received the email with the completed photos in just a little more than an hour. How my AI headshots turned out I was slightly nervous to see what AI thought I looked like but I was pleasantly surprised with its capabilities. HeadshotPro/Screenshot by CNET Of the photos I liked (about half of them), it nailed my features. But it got right the crow's feet when I smile (too much time in the Aussie sun growing up), my balayage hair and even my favorite shades of lipstick. There were definitely a few wonky ones, as to be expected. It overdid the bronzer, was inconsistent with my eye color, made me gaunt and overly wrinkly, and had awful style in some. I asked my partner which ones she thought looked like me and we picked 17. When I showed her this photo, she said, "that's my girl." HeadshotPro/Screenshot by CNET Pros and cons of an AI headshot Pros: It's quick and easy, as long as you make sure the photos you upload fit the tool's parameters. It's more filtered and a more "perfectionist" take on what you look like. It's a lot less expensive than a real photographer. Cons: It's not genuinely you, and will get things wrong like your eye color and makeup style. It might put you in strange clothes. It's also not quite human looking. AI-generated headshot vs. real photographer Would I use this AI-generated image as my headshot? Probably not. However, if you do, it's good practice to label photos that have been altered or assembled by AI. No matter how good these tools get, I know it's not me. Call me old-fashioned but I think we should keep photos real, imperfections and all. Now this is me -- a photo taken by my photographer friend, not manipulated by a machine. I'm sure she made a joke to get that shot. Which one's better? I'll let you be the judge.
Reuters
22-05-2025
- Business
- Reuters
Rubio says oil license in Venezuela will expire May 27
WASHINGTON, May 22 (Reuters) - A U.S. oil license in Venezuela will expire on May 27, Secretary of State Marco Rubio said in a post on his personal X account late Wednesday. U.S. oil company Chevron's (CVX.N), opens new tab license to operate in the country had been set to expire next week. "The pro-Maduro Biden oil license in #Venezuela will expire as scheduled next Tuesday May 27," Rubio wrote. The State Department and the Treasury Department did not immediately reply to requests for comment on Rubio's post. U.S. President Donald Trump envoy Richard Grenell, who on Tuesday announced the release of an American detained for months in Venezuela, had met in Antigua with Jorge Rodriguez, the head of Venezuela's ruling party-allied legislature, two sources told Reuters. The sources said Grenell had offered to extend by 60 days the wind-down period for a license allowing U.S. oil company Chevron to operate in the country. It had been set to expire on May 27. Chevron also did not immediately respond to a request for comment. Any 60-day extension would need to be approved by the U.S. Treasury Department and State Department.
