Latest news with #BainAndCo
Yahoo
2 days ago
- Business
- Yahoo
The Rise Of 'Superfakes': Why Ultra-Realistic Designer Knockoffs Are Disrupting The Luxury Industry
Long gone are the days of easily spotted, plasticky fake bags perched atop folding tables on New York City's Canal Street. Instead, the modern counterfeit bag is a near-perfect replica, or "reps," to use the more cloak and dagger term you'll see in the underground market. And Gen Z's shift to replicas could pressure luxury margins long-term, The Wall Street Journal reported recently, detailing the shadowy market of "superfake" handbags. Market Data Shows Gen Z's Reticence to Buy Luxury The luxury sector may be seeing its first revenue pressures as Gen Z pulls back: According to the Journal, data from consulting firm Bain & Co. shows younger consumers spent $5 billion less on luxury in 2023 than the previous year. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — While the data can't definitively identify the cause, the decline suggests one or both factors: budget constraints, or a growing preference for high-quality counterfeits, according to the Journal's analysis. "People are starting to realize how good these fakes are getting" Online communities of replica handbag enthusiasts have been reacting to the article, including lurkers and buyers from the "Repladiesdesigner" subreddit, which was specifically called out by the Journal: "It's crazy how far 'super fakes' have come and they really are just as good as the original in many cases. The difference in price makes it an easy choice for many," one user writes. "I also bought Hermes authentics in [the] past but now I'm buying high tier reps." "It's true that some people are just starting to realize how good these fakes are getting," writes another Repladiesdesigner member. "Honestly, with [the] right seller and the right eye, you can snag a bag that looks better than [the] original." Trending: $100k+ in investable assets? – no cost, no obligation. Customers use resources like the subreddit to find sellers, who then move their business off Reddit and onto encrypted apps like WhatsApp and Telegram. According to the Journal, this direct-to-consumer sales model floods shipping ports with untraceable single packages, making it much easier to evade the traditional method of bulk interception of counterfeit goods at customs. Resellers Going High-Tech to Spot Superfakes Indeed, superfake handbags are so indiscernible from their luxury counterparts that designer goods resellers like The RealReal (NASDAQ:REAL) have adopted forensic-level authentication methods: According to the Journal report, the company is implementing XRF technology to analyze the metal composition of bag hardware and X-ray machines to inspect internal structures. The RealReal Director of Authentication Hunter Thompson tells the Journal that counterfeiters may flawlessly replicate a bag's exterior but often overlook subtle interior details, like the way a nail head is hammered what of the brands themselves? How are they fighting back? According to the Journal, in the case of the largest luxury brand, the answer is: meekly. LVMH Moët Hennessy Louis Vuitton, the world's largest luxury conglomerate, spent $11 billion on advertising in 2023 but just $45 million on anti-counterfeiting efforts. It may be that fakes are viewed as a foot-in-the-door toward genuine purchases, but the industry should probably wise up to the reality that superfakes are becoming legitimate competitors — and luxury's pricing power may be at risk. Read Next: Here's what Americans think you need to be considered 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? REALREAL (REAL): Free Stock Analysis Report This article The Rise Of 'Superfakes': Why Ultra-Realistic Designer Knockoffs Are Disrupting The Luxury Industry originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
The Rise Of 'Superfakes': Why Ultra-Realistic Designer Knockoffs Are Disrupting The Luxury Industry
Long gone are the days of easily spotted, plasticky fake bags perched atop folding tables on New York City's Canal Street. Instead, the modern counterfeit bag is a near-perfect replica, or "reps," to use the more cloak and dagger term you'll see in the underground market. And Gen Z's shift to replicas could pressure luxury margins long-term, The Wall Street Journal reported recently, detailing the shadowy market of "superfake" handbags. Market Data Shows Gen Z's Reticence to Buy Luxury The luxury sector may be seeing its first revenue pressures as Gen Z pulls back: According to the Journal, data from consulting firm Bain & Co. shows younger consumers spent $5 billion less on luxury in 2023 than the previous year. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — While the data can't definitively identify the cause, the decline suggests one or both factors: budget constraints, or a growing preference for high-quality counterfeits, according to the Journal's analysis. "People are starting to realize how good these fakes are getting" Online communities of replica handbag enthusiasts have been reacting to the article, including lurkers and buyers from the "Repladiesdesigner" subreddit, which was specifically called out by the Journal: "It's crazy how far 'super fakes' have come and they really are just as good as the original in many cases. The difference in price makes it an easy choice for many," one user writes. "I also bought Hermes authentics in [the] past but now I'm buying high tier reps." "It's true that some people are just starting to realize how good these fakes are getting," writes another Repladiesdesigner member. "Honestly, with [the] right seller and the right eye, you can snag a bag that looks better than [the] original." Trending: $100k+ in investable assets? – no cost, no obligation. Customers use resources like the subreddit to find sellers, who then move their business off Reddit and onto encrypted apps like WhatsApp and Telegram. According to the Journal, this direct-to-consumer sales model floods shipping ports with untraceable single packages, making it much easier to evade the traditional method of bulk interception of counterfeit goods at customs. Resellers Going High-Tech to Spot Superfakes Indeed, superfake handbags are so indiscernible from their luxury counterparts that designer goods resellers like The RealReal (NASDAQ:REAL) have adopted forensic-level authentication methods: According to the Journal report, the company is implementing XRF technology to analyze the metal composition of bag hardware and X-ray machines to inspect internal structures. The RealReal Director of Authentication Hunter Thompson tells the Journal that counterfeiters may flawlessly replicate a bag's exterior but often overlook subtle interior details, like the way a nail head is hammered what of the brands themselves? How are they fighting back? According to the Journal, in the case of the largest luxury brand, the answer is: meekly. LVMH Moët Hennessy Louis Vuitton, the world's largest luxury conglomerate, spent $11 billion on advertising in 2023 but just $45 million on anti-counterfeiting efforts. It may be that fakes are viewed as a foot-in-the-door toward genuine purchases, but the industry should probably wise up to the reality that superfakes are becoming legitimate competitors — and luxury's pricing power may be at risk. Read Next: Here's what Americans think you need to be considered 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? REALREAL (REAL): Free Stock Analysis Report This article The Rise Of 'Superfakes': Why Ultra-Realistic Designer Knockoffs Are Disrupting The Luxury Industry originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
15-07-2025
- Business
- Entrepreneur
29-Year-Old's Side Hustle: $10k in 2 Days, 6 Figures a Month
This Side Hustle Spotlight Q&A features Nikki Seaman, the 29-year-old, Atlanta, Georgia-based entrepreneur behind olive brand Freestyle Snacks. Learn more about her business journey, here. Responses have been edited for length and clarity. Image Credit: Courtesy of Freestyle Snacks. Nikki Seaman. Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here. What was your day job or primary occupation when you started your side hustle? I was on an externship from my management consulting job at Bain & Co, leading special projects at Whisps Cheese Crisps. When did you start your side hustle, and where did you find the inspiration for it? The idea of Freestyle Snacks came about in 2021. I found inspiration during the pandemic, as olive bars in grocery stores shut down, and I was forced to get my olive fix from the traditional olive aisle. The "eyeballs" in a jar just weren't cutting it for me in terms of quality and convenience. So I decided to create an easier, more enjoyable way to eat olives. Related: They Started a Side Hustle Producing an 'Obvious' Food Item. It Hit $300,000 Monthly Revenue Fast — On Track for Over $20 Million in 2025. What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch? I started by focusing on consumer data. I lived in Mintel reports, and I ran a bunch of surveys to pressure-test if there was real demand. I would stand in the olive aisle at the grocery store and interview olive-lovers about their preferences. After calling over 200 co-packers, I was able to find a partner to bring my vision for Freestyle Snacks to life. Including our packaging design, materials and first production run, I spent around $50,000 in savings to get to market. Are there any free or paid resources that have been especially helpful for you in starting and running this business? No matter the industry, finding a community and other founders to chat with is invaluable. When I was first getting started, I would stack my Fridays with meetings with other CPG founders to see what I could learn from their wins and their mistakes. For my industry, the Startup CPG community is a great place to find other like-minded individuals who are eager to help and support. In running the business, one resource that has been incredible for us lately is TikTok — it is free organic reach to millions of potential customers, and we are investing a lot of time on this platform. If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you'd done it differently? I would have taken more time to build a stronger bench of part-time help earlier. In the beginning, I was doing everything from shipping samples to managing QuickBooks and answering customer emails at midnight. It was, of course, scrappy, but it was also draining and unsustainable. Looking back, I could have brought in affordable support sooner to free up my time for the highest-impact work. Some of my best hires are my virtual assistants; they truly save me so much time, and the business couldn't run without them. Related: Tired of 'Culturally Obtuse' Products, This 27-Year-Old Took His Side Hustle From $1,000 a Month to 7-Figure Revenue: 'Pick the Right Opportunity to Pursue' When it comes to this specific business, what is something you've found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren't? Retail distribution sounds exciting, but it is incredibly operationally intense. From logistics coordination to managing distributor deductions to planning for promotions, it is a constant challenge. It can be expensive to get your product on the shelf, and that's just the beginning. The real fun comes in making sure the product is actually selling off the shelf. Can you recall a specific instance when something went very wrong? How did you fix it? We had a few operational hiccups very early on. One nightmare was when we received our latest packaging order from our supplier, and there were holes in the packaging near the resealable zipper. We didn't realize this until after we'd packed thousands of products. Luckily, we were able to expedite a new order of packaging and tested it thoroughly, and now we are hypervigilant about all suppliers we work with. How long did it take you to see consistent monthly revenue? How much did the side hustle earn? Since I didn't go the farmers market path, we tested product-market fit by putting the product online and seeing if it sold. Within our first two days of launch, we sold over $10,000 worth of olive snacks. I started seeing consistent revenue only after the first year, once our products landed in major retailers and demand was a bit more predictable. Related: 'You Can Go Viral Overnight': This College Student and His Brother Spent $5,000 to Start a Side Hustle — Now Their Brand's Making Over $175 Million What does growth and revenue look like now? Freestyle is now in about 5,000 retail locations, including Whole Foods, Target, CVS, Harris Teeter and Giant Food, and we're just getting started. We have seen strong retail velocity and six-figure monthly sales, with growth driven by expanded retail distribution and a high repeat purchase rate in our existing retail footprint. How much time do you spend working on your business on a daily, weekly or monthly basis? How do you structure that time? What does a typical day or week of work look like for you? This started as a side hustle but quickly turned into a full-time job and more. I now work on Freestyle full-time, often from my home office and sometimes out of our garage, which has become overflow storage. I work pretty much seven days a week, with the weekends being lighter. I love to use the weekends for catching up on admin work or internal projects and conducting store visits. My days vary but usually include a mix of operations, sales outreach and strategy, content creation and team management. I also try to carve out time for creative and strategic thinking so I do not get stuck in execution mode. What do you enjoy most about running this business? I love creating something from nothing and seeing people genuinely enjoy it. It never gets old when someone discovers Freestyle Snacks and shares what an essential snack it has become for them, whether they are diabetic, looking for a low-calorie snack or just craving a good olive. The best is all of the folks we've converted to the dark green side, who used to hate olives until they tried Freestyle! Related: The 'Hustle' He Started Out of His Station Wagon Became a Nationwide Business That's About to Hit $300 Million: 'Everything We Do Is Pretty Simple' What is your best piece of specific, actionable business advice? In order to succeed, you need to have grit, passion and perseverance. You will face many rejections, have to navigate operational challenges and sometimes feel like the world is crumbling around you. Entrepreneurship is a rollercoaster. I like to stay grounded by focusing on being 1% better each day. These incremental improvements to the business truly add up to something incredible. This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Arab News
23-05-2025
- Business
- Arab News
Heritage meets high-tech: Saudi Arabia's bold vision for smart tourism
RIYADH: Tourism is a critical part of Saudi Arabia's Vision 2030 diversification initiative, but far from solely relying on its rich heritage to attract visitors, the Kingdom is utilizing pioneering technology to bring the past to life and help deliver an economy for the future. One of the key pillars of the government's aim to move Saudi Arabia away from its reliance on oil revenues is to establish the Kingdom as a global tourism hub and increase the sector's gross domestic product contribution from 3 percent to 10 percent. Vision 2030's initial visitor target was 100 million a year by the end of the decade, but after surpassing that milestone seven years ahead of schedule, the ambition has now grown to 150 million. While modern tourism attractions — such as Expo 2030 and global sports events — have a key role, utilizing the Kingdom's heritage also has a huge role to play in attracting tourists and fueling long-term growth. Experts have told Arab News that the Kingdom is blending this offering with cutting-edge technologies such as artificial intelligence, virtual reality, and augmented reality to redefine tourism. From immersive historical reconstructions to personalized AI-driven tours, the Kingdom is setting a global benchmark for experiential and sustainable travel. According to Bain and Co.'s Sami Abdul Rahman and Joachim Allerup, given the country's young and digitally savvy population, the tourism sector is increasingly embracing gamification to make heritage sites more engaging and interactive. 'VR is being used to reconstruct ancient civilizations, allowing visitors to explore these locations as they once were, while AI personalizes tours based on visitors' preferences, providing tailored insights and recommendations,' Abdul Rahman and Allerup said in a joint statement. 'Interactive AR overlays further enrich the experience by offering real-time information about artifacts and historical events. These innovations do not merely serve as entertainment but function as powerful educational tools, fostering a deeper connection between visitors and Saudi Arabia's rich cultural heritage,' they added. The partners went on to highlight that the combination of digital technology and traditional storytelling ensures that historical sites remain relevant and captivating for modern audiences. Maite Grau Garvin, principal at Arthur D. Little Middle East, shed light on how through AR virtual tours, interactive exhibits and VR powered reconstructions, visitors can explore Diriyah's rich heritage and historic Najdi architecture in a way that is both engaging and immersive, far beyond the traditional experience. 'Films and digital storytelling further enrich the experience, narrating the region's deep-rooted history and cultural significance. Diriyah's visitors can also interact with AI chatbots and voice assistants that deliver customized insights into Najdi architecture, key historical figures, and significant events,' Garvin said. She added: 'In AlUla, technology is transforming the way visitors experience Hegra, the ancient Nabataean site and Saudi Arabia's first UNESCO World Heritage Site. AR experiences allow visitors to use smartphones or wearable smart glasses to overlay digital reconstructions of holograms, tombs, and inscriptions, bringing the site's history to life like never before.' The principal went on to say that these innovations represent a significant step forward in heritage tourism, allowing visitors to not only observe history but engage with it in an immersive and interactive manner. 'By seamlessly integrating AI, VR, and AR, Saudi Arabia isn't just preserving its history — it's bringing it to life, setting a new global benchmark for experiential tourism,' Garvin added. Smart cities harmonizing with Saudi history NEOM is at the heart of Saudi Arabia's Vision 2030, bringing together sustainability, automation, and cultural heritage to create unique tourism experiences. The smart city has over 900 heritage sites, including Nabataean tombs, ancient inscriptions and cultural landmarks. From ADL's perspective, unlike traditional tour experiences, where history is something you just observe, NEOM makes it interactive. Visitors will be able to experience them through immersive storytelling, digital reconstructions, and guided smart tours. 'Their entire tourism model is built around renewable energy-powered transport, smart visitor flow management, and low-impact exploration. Whether it's electric shuttles through heritage zones or AI-driven crowd control, the goal is to preserve cultural landmarks while making them seamlessly accessible,' Garvin said. She added: 'NEOM's regenerative tourism model also protects and regenerates 95 percent of its land for nature, allowing visitors to explore heritage sites while engaging with the natural landscapes that have shaped Saudi culture for centuries.' The ADL partner also highlighted how NEOM is redefining eco-friendly luxury in hospitality by creating carbon-neutral, renewable energy-powered hotels that blend seamlessly with the environment. Advanced water recycling, smart energy grids, and AI-driven sustainability efforts ensure minimal ecological impact. 'These initiatives, among many other, help ensure that Saudi Arabia's history is not lost in its rapid modernization but instead enhanced through smart, sustainable tourism infrastructure ensuring world-class travel experience for generations to come,' Garvin added. Effect of developments like Diriyah and AlUla on Saudi Arabia Developments like Diriyah and AlUla give Saudi Arabia a clear edge when it comes to attracting tourists. Garvin explained that while many countries have iconic historical sites, Saudi Arabia is creating something novel — immersive, technologically enabled, and sustainably developed heritage destinations that are purpose-built for 21st-century travelers. 'AlUla's integration of AR and digital storytelling, and Diriyah's AI-driven visitor engagement, are raising the bar for how history is experienced. Add to that the quality of infrastructure, transport, and hospitality now emerging in these locations, which is further supporting Saudi establish itself as a major player on the global tourism stage — especially for culturally curious and experience-driven travelers,' she said. The principal added that these projects, particularly when anchored in sustainability and powered by advanced technology, give Saudi a first-mover advantage in what can be called 'smart heritage tourism.' She continued: 'As the global tourism sector becomes more experience-driven, these developments place the Kingdom ahead of the curve.' Garvin also shed light on how the Kingdom is opening up its tourism sector with a focus on providing diverse, enriching experiences. She noted that the development of the sites is guided by a commitment to variety, from immersive cultural districts to accessible heritage attractions, ensuring that the offering caters to a broad range of travelers without necessitating elevated costs. 'That said, a tiered model is likely. For instance, bespoke experiences — such as private AR-guided tours or luxury stays within heritage zones — could naturally carry a higher price point,' the principal said. General access to cultural landmarks, historical sites, and exhibitions is expected to remain competitively priced to encourage widespread domestic and international participation. This approach aligns with the goals of Vision 2030: positioning tourism as a catalyst for cultural exchange, economic diversification, and job creation. 'Ultimately, the return on these investments is expected to come from increased visitor numbers, longer stays, and higher overall trip value, rather than from charging more per individual experience,' Garvin added. High-tech solutions aligning with Vision 2030 The integration of high-tech solutions directly supports Saudi Vision 2030's goals of diversifying the economy and positioning the Kingdom as a global cultural hub. Abdul Rahman and Allerup from Bain & Co. explained that smart tourism initiatives mean people can experience what Saudi has to offer even before they arrive in the Kingdom. 'AI-driven platforms can personalize travel recommendations, while VR and AR allow global audiences to explore Saudi Arabia's historical sites remotely, generating interest even before they arrive. This hybrid approach— where physical and digital tourism coexist— expands accessibility, ensuring that more people engage with Saudi culture regardless of their location.' they said. From ADL's side, technology is enhancing the travel experience to Saudi Arabia with e-visa platforms and digital booking systems, simplifying entry for tourists. Upon arrival, AI-powered assistants offer real-time insights and personalized cultural experiences. The ADL representative also clarified that digital platforms and the metaverse are expanding Saudi Arabia's cultural reach through virtual heritage tours and interactive storytelling on social media while emphasizing that these efforts preserve and promote the Kingdom's history, engaging a global audience. 'On the sustainability front, AI and IoT-powered monitoring systems protect UNESCO-listed heritage sites while smart waste management and carbon-neutral tourism initiatives ensure responsible development,' Garvin said. Evolution of smart tourism From Bain & Co.'s lens, by 2025, smart tourism in Saudi Arabia will be characterized by hyper-personalized experiences driven by AI and data analytics. Abdul Rahman and Allerup shed light on how travelers will be able to use advanced digital assistants to plan their visits, receiving itinerary suggestions tailored to their interests and real-time adjustments based on preferences or changing conditions. The partners added: 'Additionally, AI-driven customer service and smart infrastructure will streamline the travel experience, reducing friction and enhancing convenience. These advancements will position Saudi Arabia as a global leader in smart tourism, offering visitors not just a journey through history but a glimpse into the future of travel itself.' Garvin from ADL believes that by the end of 2025, the Kingdom's tourism sector will be one of the most technologically advanced in the world.. 'As the Kingdom rapidly evolves, it has a unique opportunity to shape its identity as a global travel hub as it is a nation with a rich historical legacy yet a blank canvas in modern tourism,' she said. She added: 'Saudi Arabia isn't just preserving its cultural legacy — it's revolutionizing how the world experiences it, setting a new global standard for immersive, sustainable, and technology-driven tourism. By fusing innovation with tradition, Saudi Arabia is creating a truly future-proof tourism industry.'
