Latest news with #Concierge
Arabian Business
10 hours ago
- Business
- Arabian Business
airport retailer
The customer can simply order the products from the Concierge counter, the goods will be picked by Dubai Duty Free staff and delivered to the customer for payment.
CNBC
3 days ago
- Automotive
- CNBC
Lyft is starting to make some right moves with urging from activist Engine Capital. What's next
Lyft (LYFT) is a multimodal transportation network in the United States and Canada. It offers access to a variety of transportation options through its platform and mobile-based applications. The Lyft Platform provides a marketplace where drivers can be matched with riders via the Lyft App, where it operates as a transportation network company. Transportation options through its platform and mobile-based applications are substantially comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in certain cities in Canada, Lyft's network of bikes and scooters, and the Express Drive program, where drivers can enter into short-term rental agreements with its subsidiary, Flexdrive Services, LLC or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. It makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs. Stock Market Value: $6.86 billion ($16.26 per share) Percentage Ownership: 0.81% Average Cost: N/A Activist Commentary: Engine Capital is an experienced activist investor led by Managing Partner Arnaud Ajdler, former partner and senior managing director at Crescendo Partners. Engine's history is to send letters and/or nominate directors but settle rather quickly. On March 25, Engine announced a position in Lyft and stated that they are calling for a strategic review, improved capital allocations and the elimination of the company's dual-class share structure. On April 16, Engine nominated two directors for election to the Board at the 2025 annual meeting, but ultimately withdrew those nominations following productive engagement with the company that led to several capital allocation initiatives, including the company committing to significant share repurchases in the coming quarters. Since David Risher took control as CEO of Lyft in 2023, Lyft has made some major improvements, streamlining operations, enhancing platform functionality, and expanding market presence. These have led to notable material enhancements in the company's operational and financial performance. From 2023 to 2024, revenue increased by 31.39%, EBITDA went from a negative$359.1 million to $27.3 million and free cash flow (FCF) increased from negative $248.06 million to $766.27 million, the latter two of which are in the green for the first time since its IPO. Despite these improvements, Lyft's share price decreased by 30% over the same period. There are a few factors that may help explain the company's current undervaluation. First is the industry's dynamics as Lyft operates in a duopoly with Uber in the rideshare market. In the US, Uber holds approximately 75% percent of the market while Lyft holds 24% with the rest controlled by niche areas (i.e. Curb, Alto, and Waymo). The company is in an inherently difficult strategic position due to Uber's dominance — while Lyft is only in the US and Canada, Uber is diversified across most global markets and has expanded into other synergetic areas like food and alcohol delivery. This makes Lyft particularly vulnerable to Uber's decisions regarding pricing and promotions, as management noted during the company's most recent earnings call. The market has sensed this situation, with Lyft's shares underperforming compared to Uber by 37%, 287%, and 210% over the past 1-, 3- and 5-year periods, respectively. Second to this is Lyft's suboptimal capital allocation practices. The company has experienced excessive share dilution. Since 2019, Lyft's shares outstanding have almost doubled. Currently, dilution is primarily caused by the company's stock-based compensation (SBC) practices, which are currently around $330 million annually, 4.9% of Lyft's market cap. Enter Engine, who is calling for a strategic review, improved capital allocation practices and the elimination of the company's dual-class share structure. These proposals are all worth evaluating. First, there are a few reasons why a strategic review, specifically a potential strategic acquisition, makes sense. As has been already discussed, one of, if not the largest challenge Lyft faces is their inability to scale and diversify at the pace of Uber. As the rideshare industry continues to grow and evolve, this will only become increasingly important to Lyft's potential long-term success. It seems like the most effective way to overcome this is to be either sold to or merged with a larger strategic entity that can give Lyft the scale and diversification it needs to compete with Uber. Large players in the food delivery or automotive industry make sense as potential acquirers. For example, Doordash, with a roughly $80 billion market cap, could easily afford Lyft, has synergies to better optimize both platforms, a global presence, and would create more revenue stream options for drivers. On the other hand, automative companies testing the rideshare autonomous vehicle industry like Google (Waymo) and Amazon (Zoox), which is potentially the next technological evolution in the rideshare space, also make sense as acquirers. Given Lyft's depressed valuation (EV to 2026 consensus EBITDA multiple of approximately 6.6x), recent growth, and large number of potential synergies, a large takeout premium is certainly possible here. Secondly, the company clearly needs to improve its capital allocation practices. While Lyft recently announced a $500 million buyback program, this is not even sufficient to counter the dilution over the next two years due to current SBC practices. With $2 billion of cash (approximately $700 million of net cash) and the company dramatically increasing their FCF, it appears that Lyft has the ability to much more aggressively repurchase shares to do more than just counter SBC dilution. Lastly, as a corporate governance investor, Engine will propose eliminating the dual-class structure. Originally set up to give control to the founders, this structure now seems unnecessary since co-founders John Zimmer and Logan Green are no longer involved in day-to-day operations. These preferred shares carry 20 votes per share, which give them 30.8% of the total voting power while owning only approximately 2.3% of outstanding shares. Eliminating the dual-class share structure makes complete sense, is the right thing to do and would be supported by the vast majority of shareholders. However, there is virtually no way that Zimmer and Green will voluntarily give up this control position. As an experienced activist investor Ajdler knows that, but also as an experienced activist investor, he has to try. But at the very least, the Company can refine the board to reflect the changes over the past six years since its IPO – seven of the ten current directors have no public company experience other than Lyft - the Board has a lean towards directors with experience in startup companies or early-stage investments. While this background may have once been valuable, that is not where Lyft is as a Company anymore. A refreshment of these directors for people with public market, capital allocation and capital markets expertise, would better position the Company for what it is today. After launching a proxy fight for two board seats, this campaign came to a head when Engine withdrew their director nominations on May 8. This withdrawal came following the company's public announcement to increase its share repurchase authorization to $750 million and commit to utilize $200 million of such authorization over the next three months and $500 million within the next 12 months.
Yahoo
17-05-2025
- Business
- Yahoo
Emmy-winning journo claims her tropical paradise was sold out from under her by shady auctioneer
An Emmy-award winning journalist claims in a lawsuit her $6 million tropical mansion was sold out from under her by a sleazy auctioneer. Cathleen Trigg-Jones, who launched iWomanTV and won an Emmy in 2003 for education reporting while at WWOR in New York City, slammed Concierge Auctions in Florida for what she called 'blatant misogyny,' according to a $10 million lawsuit filed in Manhattan Federal Court. Trigg-Jones, 57, and her doctor husband Michael Jones bought the four-bedroom, four-bath beachfront townhouse in exclusive Bahia Beach Resort & Golf Club just outside San Juan in 2014. The 4-204-square-foot property features cathedral ceilings, French doors, multiple walk-in closets and a private plunge pool, according to a real estate listing which pegs the value of the property at $5.9 million. Michael Jones contacted Concierge about selling the property but Trigg-Jones alleged she had immediate doubts. 'Concierge seemed to Mrs. Jones to be running a scam,' she said in the Manhattan Federal Court lawsuit, adding the Florida-based outfit appears to sell 'to Concierge's own cabal of bidders, through non-market auctions, for amounts significantly less than a fair market value.' 'Apparently, this auctioneer doesn't think a woman should have the right to review a contract separate and apart from her husband,' Trigg-Jones said in the legal filing. Even though Michael Jones notified the auction company that his wife was reviewing the agreement with an attorney and had not signed, Concierge allegedly held an auction in March anyway, 'selling' the home for $4.2 million, according to the complaint and Trigg-Jones' attorney. Then it allegedly ruined her rep by having its agents tell neighbors and real estate professionals she reneged on the deal, she claimed in the suit. Trigg-Jones 'never entered into an agreement with Concierge for the sale of her property,' she said in the lawsuit. The 'purported buyer,' hedge funder Michael Nachmani, 'has threatened to sue Mrs. Jones and is demanding that she close on the purported auction sale,' she said in the lawsuit. She wants a judge 'to step in to clarify her rights and to award her damage resulting from the harm to her reputation which the auction company has already caused and continues to cause.' 'I have dedicated my life and career to fighting for women's rights and equality. When Concierge Auctions tried to bypass me, and sell my home without my signature, my consent, or legal review, I was shocked,' Trigg-Jones said in a statement. 'Even as an equal owner, I was treated as if my voice and my rights don't matter. This is not just illegal, it's unethical — misogyny, plain and simple, and it is an insult to every woman who's ever had to fight for respect.' Nachmani declined comment. In response to a request for comment, Concierge claimed Michael Jones had signed an auction agreement and given his permission to launch the auction. Trigg-Jones' accusations are an 'intentionally incomplete false and misleading narrative,' Concierge alleged.
New York Post
17-05-2025
- Entertainment
- New York Post
Emmy-winning journo claims her tropical paradise was sold out from under her by shady auctioneer
An Emmy-award winning journalist claims in a lawsuit her $6 million tropical mansion was sold out from under her by a sleazy auctioneer. Cathleen Trigg-Jones, who launched iWomanTV and won an Emmy in 2003 for education reporting while at WWOR in New York City, slammed Concierge Auctions in Florida for what she called 'blatant misogyny,' according to a $10 million lawsuit filed in Manhattan Federal Court. Trigg-Jones, 57, and her doctor husband Michael Jones bought the four-bedroom, four-bath beachfront townhouse in exclusive Bahia Beach Resort & Golf Club just outside San Juan in 2014. Advertisement 4 Cathleen Trigg-Jones claims Concierge Auctions sold her Puerto Rican home without her permission. Getty Images The 4-204-square-foot property features cathedral ceilings, French doors, multiple walk-in closets and a private plunge pool, according to a real estate listing which pegs the value of the property at $5.9 million. Michael Jones contacted Concierge about selling the property but Trigg-Jones alleged she had immediate doubts. Advertisement 'Concierge seemed to Mrs. Jones to be running a scam,' she said in the Manhattan Federal Court lawsuit, adding the Florida-based outfit appears to sell 'to Concierge's own cabal of bidders, through non-market auctions, for amounts significantly less than a fair market value.' 4 The townhouse sits steps from the beach and includes four bedrooms and four baths. Concierge Auctions 'Apparently, this auctioneer doesn't think a woman should have the right to review a contract separate and apart from her husband,' Trigg-Jones said in the legal filing. Even though Michael Jones notified the auction company that his wife was reviewing the agreement with an attorney and had not signed, Concierge allegedly held an auction in March anyway, 'selling' the home for $4.2 million, according to the complaint and Trigg-Jones' attorney. Advertisement Then it allegedly ruined her rep by having its agents tell neighbors and real estate professionals she reneged on the deal, she claimed in the suit. 4 The property includes cathedral ceilings, French doors, and a private plunge pool Cathleen Trigg/ Instagram Trigg-Jones 'never entered into an agreement with Concierge for the sale of her property,' she said in the lawsuit. The 'purported buyer,' hedge funder Michael Nachmani, 'has threatened to sue Mrs. Jones and is demanding that she close on the purported auction sale,' she said in the lawsuit. Advertisement She wants a judge 'to step in to clarify her rights and to award her damage resulting from the harm to her reputation which the auction company has already caused and continues to cause.' 4 Trigg-Jones, and her husband, Dr. Michael Jones, bought the Puerto Rican home in 2014. Getty Images for NAACP LDF 'I have dedicated my life and career to fighting for women's rights and equality. When Concierge Auctions tried to bypass me, and sell my home without my signature, my consent, or legal review, I was shocked,' Trigg-Jones said in a statement. 'Even as an equal owner, I was treated as if my voice and my rights don't matter. This is not just illegal, it's unethical — misogyny, plain and simple, and it is an insult to every woman who's ever had to fight for respect.' Nachmani declined comment. In response to a request for comment, Concierge claimed Michael Jones had signed an auction agreement and given his permission to launch the auction. Trigg-Jones' accusations are an 'intentionally incomplete false and misleading narrative,' Concierge alleged.
Business Wire
15-05-2025
- Business
- Business Wire
POTTERY BARN TEEN INTRODUCES DORM CONCIERGE
SAN FRANCISCO--(BUSINESS WIRE)--Pottery Barn Teen, a portfolio brand of Williams-Sonoma, Inc., the world's largest digital-first, design-led and sustainable home furnishings retailer, announced today the launch of Dorm Concierge, a new complimentary, personalized service designed to assist customers shopping for dorm products to Pick Up Near Campus TM. The Dorm Concierge service expands on Pottery Barn Teen's robust customer service offerings, which currently include free design services, a convenient mobile app, a bedding visualizer tool and a wishlist feature for room planning. Customers who utilize the new Dorm Concierge service are assigned a dedicated customer service representative upon selecting Pick Up Near Campus TM when placing a dorm order. Once a customer has checked out and opted to Pick Up Near Campus TM, the Dorm Concierge representative will reach out via email to provide personalized updates, coordinate logistics, and handle any last-minute adjustments to the order. Pottery Barn Teen's Pick Up Near Campus TM feature allows customers to order in advance and to pick up their items conveniently near a school or campus at any of the over 450 participating Williams-Sonoma, Inc. retail locations, including Pottery Barn, West Elm, Williams Sonoma, Pottery Barn Kids and Pottery Barn Teen stores. When a customer selects their college or university during the checkout process, all eligible nearby locations will automatically populate, and customers can select a preferred store. The selected store can hold items for up to 30 days after the selected pick-up date to allow for additional flexibility. The Dorm Concierge experience provides customers with: A personalized representative to guide customers through the order process Bi-weekly updates (or as often as preferred) on order status Proactive support for replacements, backorders, refunds, and cancellations Seamless coordination for final pick-up details and a post pick-up check-in 'Dorm living marks a major milestone, and we're proud to support that transition with thoughtfully designed products and elevated customer service offerings,' said Jennifer Kellor, President, Pottery Barn Teen. 'Dorm Concierge reflects our ongoing commitment to innovation and our deep understanding of what students and families need to make shopping for school an inspiring and convenient experience.' To learn more about Pottery Barn Teen's Dorm assortment and complimentary customer service offerings, please visit: or a Pottery Barn Teen store. Select Pottery Barn and Pottery Barn Kids retail stores will feature a curated 'Dorm Shop' starting in summer 2025. Join the conversation on social media with @potterybarnteen and @potterybarndorm. ABOUT WILLIAMS-SONOMA. INC. Williams-Sonoma, Inc. is dedicated to enhancing the quality of life at home and at all places our customers work, stay and play. The company's brands — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow — represent distinct merchandise strategies that are marketed through e-commerce, direct-mail catalogs and retail stores. These brands collectively support The Key Rewards, our loyalty and credit card program that offers members exclusive benefits. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India. ABOUT POTTERY BARN TEEN Introduced in 2003, Pottery Barn Teen offers home furnishings and solutions to create spaces that reflect who teens are and how they live. Available online and in stores globally, Pottery Barn Teen brings the best in quality design with a focus on eco-friendly and sustainable materials that have a low impact on the environment. Pottery Barn Dorm, launched in 2010, is Pottery Barn Teen's offering of dorm furniture and essentials with the same quality and commitment to style. Pottery Barn Teen is a member of Williams-Sonoma, Inc. (NYSE:WSM) and participates in The Key Rewards, a free-to-join loyalty program that offers members exclusive benefits across the family of brands. WSM-PR
