Latest news with #E.l.f
Yahoo
2 days ago
- Automotive
- Yahoo
Struggling Stellantis Picks Insider to Steer Turnaround Effort
Stellantis has brought new meaning to car trouble, and now it's hoping a shakeup at the top will help it steer clear of a fiscal dead end. The multinational automaking giant — one of Detroit's Big Three by virtue of its Chrysler ownership — announced Wednesday that Americas COO Antonio Filosa will soon sit in the driver's seat as its chief executive officer. He'll be called upon to maneuver out of a veritable traffic jam of issues, including his predecessor's strategic blunders, the looming tariff war, and a challenging global auto market. READ ALSO: E.l.f. Soars After $1 Billion Pow(d)er Move to buy Hailey Bieber's Rhode and Omada Health Preps to Go Public as IPO Market Revives When France's Groupe PSA and American-Italian Fiat Chrysler merged to form Stellantis in 2021, it brought Chrysler, Dodge, Jeep, Fiat, Maserati, Alfa Romeo, and more under one roof. The new automaking behemoth promised billions in savings through synergies and collaboration on emerging technologies, such as electric vehicles. And, for a minute, it delivered. Under its first CEO, Carlos Tavares, the new group achieved a record $20 billion in net profit in 2023, an 11% year-over-year increase, and a record $203 billion in net revenue. And then, faster than a Maserati MC20, his strategy went south. Under Tavares, Stellantis hiked prices during the pandemic like most automakers — roughly 50% from 2019 to 2024 in its case, compared with 23% inflation. But then, unlike others, it refused to lower them. Customers balked at Jeeps that cost over $100,000, and inventory piled up, which forced Stellantis to sell off 100,000 units at a heavy discount to clear the backlog. There were other bad signs, namely layoffs and idled plants, and Stellantis' US dealers grew furious: Their council blasted the company's 'reckless short-term decision-making' in an open letter last September. Other critics (car-beraters?) piled up, including the United Auto Workers, who threatened to strike. Tavares abruptly resigned in December after several quarters marked by flailing performance. All told, Stellantis reported a 70% drop in net profits in 2024 to $5.7 billion. At the same time, its US sales plummeted 15%, and its US market share, which had declined roughly 3 percentage points over three years to 8%, fell into fifth place behind Honda. The first quarter of this year brought a 14% year-over-year revenue slide and North American shipments falling 20%. Enter Filosa, who will have to tackle all this and a geopolitical headache: Earlier this year, Stellantis pledged to invest more than $5 billion in the US, including the reopening of an Illinois plant, in an effort to court President Trump. But its international footprint, which includes facilities in Mexico and Canada in addition to Europe, means it is among the automakers most exposed to a trade war. Morgan Stanley analysts said earlier this year that Stellantis and Porsche had the highest US exposures, with about 25% of their unit sales potentially impacted, while Fitch estimates that close to 40% of the company's US sales involve vehicles manufactured abroad. Order Up: While Stellantis is undoubtedly facing pressure from tariffs on car imports, which Trump set at 25%, potentially good news arrived Wednesday. A federal court blocked the president's plan to impose 'reciprocal' tariffs on dozens of countries, which could have led to even higher duties. Trump, for example, recently threatened a 50% tariff for the EU, where much of Stellantis' operations are based. The ruling does not, however, impact Trump's auto tariffs, levied using a national security exemption. Moreover, Goldman Sachs chief US political economist Alec Phillips wrote, following the ruling, that the bank expects the administration 'will find other ways to impose tariffs' such as broadening sectoral tariffs under Section 232 or launching Section 301 investigations on US trading partners, paving the way for tariffs to follow. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. 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
- General
- Yahoo
Ancient Mayan city unearthed, including pyramids and canals
Archaeologists have unearthed the remains of a Mayan city nearly 3,000 years old in northern Guatemala, with pyramids and monuments that point to its significance as an important ceremonial site, the Central American country's culture ministry said Thursday. The Mayan civilization arose around 2000 BC, reaching its height between 400 and 900 AD in what is present-day southern Mexico and Guatemala, as well as parts of Belize, El Salvador and Honduras. The city named "Los Abuelos," Spanish for "The Grandparents," once stood some 13 miles from the important archaeological site of Uaxactun, in Guatemala's northern Peten department, the ministry said in a statement. It is dated to what is known as the "Middle Preclassic" period from about 800 to 500 BC, and is believed to have been "one of the most ancient and important ceremonial centers" of the Mayan civilization in the jungle area of Peten near the Mexican border, it added. "The site presents remarkable architectural planning," with pyramids and monuments "sculpted with unique iconography from the region," said the ministry. The city takes its name from two human-like sculptures of an "ancestral couple" found at the site. The figures, dated between 500 and 300 BC, "could be linked to ancient ritual practices of ancestor worship," said the ministry. "Unique canal system" The city, which covers an area of about six square miles, was discovered by Guatemalan and Slovak archaeologists in previously little-explored areas of the Uaxactun park. Nearby, they also found a pyramid standing 108 feet high with murals from the Preclassic period and "a unique canal system," according to the statement. "The set of these three sites forms a previously unknown urban triangle... These findings allow us to rethink the understanding of the ceremonial and socio-political organization of pre-Hispanic Peten," said the ministry. Officials released a video showing archaeologists digging at the site and recovering a variety of artifacts, as well as an animation of the complex. In April, scientists discovered a 1,000-year-old altar from Mexico's ancient Teotihuacan culture at Tikal, elsewhere in the Peten department. That find was interpreted as proof of ties between the two pre-Hispanic cultures, which lived about 800 miles apart. Archaeologists also said that the altar was believed to have been used for sacrifices, "especially of children." Tikal, about 15 miles from Uaxcatun, is the main archaeological site in Guatemala and one of its biggest tourist attractions. Last October, an American doctoral student discovered a sprawling Maya city within a dense jungle in Mexico. Scientists and archaeologists have discovered ancient Mayan ruins by shooting lasers down from a plane to penetrate the dense jungle. E.l.f. Beauty calls Hailey Bieber an industry disruptor amid Rhode sale These 3 record breakers have one thing in common Reporter's Notebook: John Dickerson reflects on his spelling woes
Yahoo
3 days ago
- General
- Yahoo
Traces of cannabis found in Haribo Cola candy in the Netherlands
Haribo is recalling packs of sweets in the Netherlands after some were found to contain traces of cannabis. The Dutch Food and Consumer Product Safety Agency (NVWA) warned any potential customers of the 1 kilogram (2.2 pounds) bags of Happy Cola F!ZZ not to eat the sweets because they may cause dizziness. NVWA spokesperson Saida Ahyad told French news agency AFP that, "Cannabis was found in the cola bottles in question." The NVWA also said the issue only concerns three bags so far but all stock has been recalled as a precaution, adding that it is working with authorities to investigate the cause of the contamination. Local Dutch media reported that a family in Twente became "quite ill" after eating the candy and reported the incident to police. After a forensic investigation, police discovered traces of cannabis and alerted the NVWA, according to the media reports. A Haribo spokesperson told CBS News sister network BBC News it was working with police to "establish the facts around the contamination." Haribo Vice-President of Marketing told AFP the incident is "a live issue and we are working closely with the Dutch authorities to support their investigation and establish the facts." The recall applies to the items under the production code L341-4002307906, with a best before date of January 2026. E.l.f. Beauty calls Hailey Bieber an industry disruptor amid Rhode sale These 3 record breakers have one thing in common Reporter's Notebook: John Dickerson reflects on his spelling woes
Hindustan Times
3 days ago
- Business
- Hindustan Times
Does the Rhode deal actually make Hailey Bieber a billionaire? Finance influencer says 'not quite'
Earlier this week, beauty conglomerate E.l.f announced their decision to acquire Hailey Bieber's entrepreneurial it-baby, Rhode for a sweeping $1 billion — emphasis on the 'B'. As shared by Hailey in her deeply gratitude-proofed announcement, "this is only the beginning" and she will be continuing to "grow the brand" as Chief Creative Officer and Head of Innovation. A post shared by Hailey Rhode Bieber (@haileybieber) Now while the internet was largely resounding with awe and applause around the model becoming the 'billionaire spouse' between her and hubby Justin Bieber, finance influencers have swiftly rushed to decode the deal and what the billion-feat actually represents, IRL. Haley Sacks, better known as Mrs. Dow Jones, one among the trailblazers for the aforementioned influencer-niche, has got your back even if the world of top-tier finance is as good as gibberish to you. Well for starters, one thing's for sure — Hailey is indeed the "richer Bieber" now. Now on to the specifics, the billion-dollar deal is no misnomer. But as per Jones it breaks down to $800 million in cash and stock with up to $200 million in bonuses. The catch with the $200 million but, is it only materialises if the brand meets its sales targets. Not just this, the bonuses will be fairly split three-ways, between Hailey and her co-founders Lauren and Michael D. Ratner. Another little detail which slims the fat stack pickings? Hailey has to pay 38% capital gains tax in California. Now considering all goes well and Rhode continues its smooth as butter run in sales — which seemingly shouldn't be much of a stretch despite the milestone move — at BEST Hailey's 'pay day' as Jones puts it, will be somewhere around $435 million. This may not be a billion with a 'B' but that or anything in its vicinity, is still a fat pay cheque to be taking home. This is also a great time to point out all the unnecessary swimming-against-the-current narratives being pushed by some of the self-proclaimed intelligentsia of the internet. While it may be easy to dismiss Rhode's skyrocketing success as a juicy by-product of Hailey's pop culture street cred, there have been one too many live examples of celebrities launching entrepreneurial ventures only for them to crash and burn. Being a cultural asset undoubtedly helps push a brand — and aggressively at that — to the front of ever-rolling feeds. At the time of Rhode's launch, it felt nearly impossible to go a minute without having to see puckered lips and the Gen Z-coded, Glossier-esque-throwback that still are, the 'lip treatment' tubes. But some naysayers have been a little too vocal in pointing out how Rhode's virality has nearly everything to do with Hailey's 'aesthetic' and very little to do with actual performance marketing strategy. But at a time when internet-virality is quite literally the kingpin when it comes to forecasting and actualising a brand's success, pegging the Rhode success story as simply a stroke of nepo-baby luck seems daft. So is E.l.f's Rhode-takeover simply some genius cultural trend forecasting, or is Hailey truly an entrepreneurial and marketing genius? Only time will tell.
Yahoo
3 days ago
- Business
- Yahoo
e.l.f. CEO says customers were ‘quite positive' about the beauty giant raising prices due to tariffs: ‘We're not trying to pull anything over on anyone'
Budget beauty giant e.l.f. recently announced plans to increase the cost of its products by $1 due to tariffs. CEO Tarang Amin told Fortune customers have reacted positively to the announcement. 'This is exactly what we're facing, and they understand,' he said. Increased pricing is one of a few mitigation strategies the company is employing given tariff uncertainty. As companies brace for the impact of tariffs by passing down increased costs to consumers, not all businesses have drawn the ire of cautious shoppers. After budget beauty giant e.l.f. announced it would raise prices due to the levies, its customers were grateful for the heads-up, according to CEO Tarang Amin. 'The overwhelming response has been quite positive from our community. They appreciate [that] e.l.f. is always transparent,' Amin told Fortune. 'We're not trying to pull anything over on anyone. This is exactly what we're facing, and they understand.' E.l.f announced this week plans to raise the prices of its products by $1, starting Aug. 1. 'Bringing you the best of beauty is getting more $$$ but we're committed to keeping the quality high and prices the brand said in an Instagram caption about the price increase. 'We are keeping an [eye] on the tariff situation as it evolves.' In the first months of President Donald Trump's second term, consumer sentiment fell to its lowest levels since 2021 as a result of tariff uncertainty. In April, consumer confidence rebounded after Trump's trade deal with China lowered the taxes from 145% to 30%. The future of tariffs continues to be shrouded in uncertainty. The U.S. Court of International Trade blocked Trump's tariffs, ruling on Wednesday the White House did not have the authority to impose the sweeping economic sanctions. 'Today's news emphasizes the uncertainty and noise around tariffs,' Amin told Fortune in a statement. 'What would be helpful to us and other companies is long-term resolution so we can focus on long-term strategy….We will continue to be transparent with our community and bring them on the journey as they are incredibly important voices in our business conversations.' The company did not provide fiscal 2026 guidance in its fourth-quarter and full fiscal 2024 earnings on Wednesday due to tariff unpredictability. E.l.f. posted $332.6 million in quarterly net sales, a 4% year-over-year increase, as well as a 28% boost in year-over-year annual net sales to $1.3 billion. The price increase is one of a handful of mitigation techniques e.l.f. is implementing to offset the impact of tariffs. Since 2019, following Trump's tariffs on China during his first term, e.l.f. began shifting some of its supply chain away from China, where it once had about 100% of its production. Today, e.l.f. has about 75% of its supply chain in China, according to Amin, but the company is not planning to completely divest from operations there. 'We're also not like some companies that say they're 100% getting out of China,' Amin said. 'We're committed to our team and our suppliers there, and we want to continue long term partnerships that we've developed over the years that give us the advantage that we see.' Instead, e.l.f. has diversified production across China, Europe, Thailand, and the U.S., Amin said, with the intention to continue to expand U.S. production. Hailey Bieber's beauty brand Rhode, which e.l.f. just acquired in a $1 billion deal, has most of its production in South Korea and Italy. The company is also relying more heavily on its international demand, the fastest-growing part of the business, according to Amin. 'You're going to see a globally distributed core supply chain for us, the main objective of which is to meet the global consumer demand we see for our brands,' he said. E.l.f. will employ its communication style regarding tariff ramifications internally as well. The company gives its 600 workers equity when they are hired, as well as new grants every year, meaning stock-market jitters as a result of tariff concerns has direct stakes for e.l.f employees, chief people officer Scott Milsten told Fortune last month. 'We sort of overshare internally,' Milsten said. 'So while this is a time when I think you might find companies sort of retreating into silence, we absolutely go the other way.' This story was originally featured on 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
