The Sakspocalypse and a Burberry Question Mark

0:02Hello and welcome to Fashion People. I'm Lauren Sherman, writer of Pucks Fashion and Beauty Memo memo line sheet. And today with me on the show is writer and stylist, Becky Malinsky. We're talking sacks, skims by Nike, London street style, the Burberry show, and so much more. Happy Tuesday, everyone. I am in London. It's been a busy few days. I landed in New York very late on Friday night. Then Saturday morning, I went up to Columbia Business School to interview Alex Mill, chairman Mickey Drexler at their annual retail and luxury goods conference. Thank you to everybody at the Retail and Luxury Goods Club for having me.

0:41And thank you to Mickey for inviting me. We had a really good chat. It was not recorded. So I hope you were in the room. Then I spent all day Saturday going to galleries and shopping and eating. I loved my sandwich and salad at Jem Home. I highly recommend it. It's on Mott Street. Although I will say I felt incredibly old. I would say it's really good to go there if you want to see how young people dress. young affluent cool people dress but the key I've heard is if you are older like me go in the mornings during the week or at night it ages up a bit don't go at noon on a Saturday if you are a 42 year old mom that night I flew to London I landed in London on Sunday morning I went to the Amelia Wickstead show and then Simone Rocha and then I had dinner with my friend Emily Cronin and then we went over to Session Arts Club for the British Fashion Council's London Fashion Week cocktail.

1:37Then on Monday, I did meetings, I did some people watching, and then I went to Burberry. So Becky and I are going to get into all of that and more. And be sure to check out Line Sheet this week. I've got some updates on Sex Global, a very interesting look into the Murakami by Louis Vuitton strategy, what else is planned, how the deal is structured, that sort of thing. And I am also looking at what's happening behind the scenes at Savage by Fenty, including a fundraise, executive changes, and more. And be sure to check out Sarah's Tuesday story on Madewell. I'm recording this on Monday, so if it doesn't go through, we are writing something about Madewell someday.

2:16But I hope you enjoy this with Becky. Becky Malinsky, welcome to Fashion People. Thank you, Lauren. I just saw you five minutes ago or 30 minutes ago. Yeah. Great to see you digitally. Thanks for the ride home. You're so welcome. So we just got out of the Burberry show. We did. We liked it. I thought it was great. Yeah. I thought it was good. I don't want to get, you know, when you go to something and you have no expectations and you're like, that was actually really nice. And then you get very excited about it. And then you think about it three months later and you're like, I need to chill out.

2:55Yes, but it was a really lovely show. There were beautiful coats. There were dresses, which we talked about last time I was on the podcast talking about Burberry. Great boots. Great boots. It felt like to me, like a good Christopher Bailey show. Like a modern, if Christopher Bailey was the designer of Burberry now, I don't think it would look that different from what we saw tonight. And I mean that as a compliment. Like it was great coats. It looked like the wardrobe of a British woman. and what she would wear. Lots of long skirts and boots, which is a thing we are seeing a lot this season. But, you know, the one thing about Burberry, and I haven't gone to a show since Daniel Lee was the designer, and I don't think I ever went to a Ricardo Tisci show because I never come to London Fashion Week normally.

3:45But I just think the fabrics are really nice. Yeah, the fabrics looked great. I especially loved those barn jackets, the floral barn jackets, and then they were decked out in diamonds. and it just, yeah, it looks like what these girls are going to want to wear. Yeah, I think I would like a pair of, I definitely need thigh-high boots. You need? Yes. Why? Don't you feel like it feels like the right boot right now to wear with the pencil skirt? Oh, right, to wear with the row pencil skirt. Yeah, with the row pencil skirt. But the issue is the ones that look good with the row pencil skirt are the ones from the row, and those are not in my budget.

4:24Yes, but there's actually, there's a pair from Le Mans Barrel That's not thigh high, but pretty high That looks similar, really straight That I think would look really good with that skirt Okay, I like how tight the ones from the row are Yes But I thought that Burberry did a great high heel thigh high boot Yeah, I loved the flat boot actually They had a little riding buckle on the very back And it had a kind of a, almost like a hybrid square almond toe I don't know it's just like a really nice shape I really liked it I also really like the riding pants Is that what you would call them? The sort of legging And the shorter cropped leather Generally look there have been a lot of rumors About whether Daniel Lee is staying or not Becky I won't ask you to address them But what I will say Is that there was a report in WWD last week That he is probably going to leave in August Which seems like such a random month to focus on.

5:25But what I will say is, look, like whatever Josh Shulman is doing there, I thought, I actually have thought that there were a couple of the fall collections for Burberry are always better because it is about outerwear. I think from what Josh Shulman has said in the press, and he's talked a lot about weather and it being about these sort of hero pieces and they need to do scarves well, they need to do jackets well, they need to do coats, duffels, trenches, obviously, boots. It wasn't, the show was, there were lots of nice bags, but it wasn't about the bags. And I'd say whatever he and Daniel Lee have done together, that is moving in the right direction.

6:10So whether Daniel's staying or not, I think you can look at this phase of his career and say, maybe it didn't get off to the best start, but this is, he's proven with this collection that he can build a commercial collection that is appropriate for the kind of brand Burberry is. And so I thought it was a good direction for the company overall. And it was also just a really fun show. Like great crowd. Yeah, great crowd. The guy from Rivals. Not my favorite, but one of the guys from Rivals. I was right behind a few selects. I was right behind Nicola Peltz and Brooklyn Beckham. Oh, great. And the guy from The Great.

6:52what Nicholas Holt Nicholas Holt who is so adorable he's so cute you know I think he used to go out with Jennifer Lawrence oh that's cute I texted my friend about did you watch Rivals no should I it might be too trashy for you I don't discriminate TV I think you should watch this it's like eight episodes and it has really great 80s fashion but there she was like it was not my guy from Rivals but it's the main guy who a lot of people and he was in a Burberry campaign. Also, lots of stunt casting. Lots of stunt casting. You're right. That was cool. I always like to see that because I also like to see how quote unquote real people walk because you notice it so much when they're walking behind a model.

7:38It's so interesting. Yes. Who is the guy, the producer, who's also an actor? Richard. But Richard E. Grant, who's like, you know, he's like a British actor. Oh, he's in everything. He's in everything. Also the woman from what's the Paul Thomas Anderson movie, Phantom Thread. One of those women was. Oh, here we go. Leslie Manville and Jason Isaacs, who's in the new White Lotus. Walk to. He looked great. Leslie Manville is fabulous. She looked really good. she's in Phantom Thread right she plays this have you seen Phantom Thread yeah but so long ago now that I can't remember anyone except Daniel Day-Lewis very 2017 oh yeah she I think she plays his sister I thought it was gonna be Kate Winslet for a minute because she's in the new campaign with Richard E.

8:39Grant was she she was not so I guess she was like I'm not gonna engage with that but it ed uh simone rosa yesterday fiona shaw walked alexa chung that woman andrea who who had the sort of half illegal oscar campaign andrea riseborough do you know about that no you should listen google it just google matt bellany and andrea rise bro and a lot of fun stuff comes up but it's interesting because i feel like they are riffing on the product casting and this idea of like actors are are real people in a way and so you're right the walk is always it's really fascinating

9:57You only went to this show, right? So from afar, what have you thought about London Fashion Week? To be honest, I haven't looked at it all yet. I'm going to do a little inventory tomorrow once it's all over. I'm here. I'm trying to do some street reporting and really observe what's happening in the stores. And I haven't been to London in 10 years, which feels crazy. But I guess COVID was like four of them. Yes. So it's really exciting to be back on the street and seeing what people are wearing and being in all the little shops because there's so much more discovery here than in New York. You know, like small retail still exists.

10:37Totally. What have you seen today or observed that you think is so I would say I only went to a couple of shows, but I've looked at a lot of them. And there's been a there's a lot of really interesting stuff here. And if you have the time, it's worth coming here. But the thing that I've gotten the most sort of pleasure and information from is just watching people on the streets and going and seeing the different developments and shopping like Sloan Square has become really developed from a retail perspective. and I'm staying near Cold Drop Yard, which has developed over the last decade. And it's interesting to see these pockets of retail pop up and what the local, like I keep seeing Heidi Klein, like these local brands that I forgot.

11:23Oh yeah, that still exists, that type of thing. But what did you see today that caught your eye? Well, I'm trying to hit all of the little British shops. So I started at Margaret Howell where I immediately bought the Mizuno collab sneakers. I also went into Margaret Howell. I have those already, but I saw the Mizuno activewear and I was like, oh, Becky. And then also there was all this green, this very particular green color of a cotton skirt. And I thought of you too. Oh, thanks. Yeah, I love it there. I also love the way that they organize the store. I think everyone now tries to curate home goods, but everything felt, the home goods all felt buyable, if that makes sense.

12:10Like, I was like, oh, I want that little knickknack. Yes. So that was really pretty. I went to Studio Nicholson, which I wanted to go see in person. I went to this old, old umbrella store today, and I ended up talking to the guy there for like a half hour. I googled old fancy umbrella store in London and I went there and it was really amazing. That's why I was a little late to dinner because I was talking to this guy about how they carve the animal heads in the basement of the shop. Oh my God. Because like kind of what you were saying about Burberry and focusing on weather. I'm like very focused on how the Brits do weather right now.

12:52What is the store called? It's called James Smith and Sons. like I loved in the show how they had the bamboo handle umbrellas like they were carrying that instead of a bag and it's like oh that's so charming at this show it's amazing you should all go I walked past children firehouse to see what was going on there it's all boarded up of course the boarded up is like a really nice brick red well it's going to be that way for a very long time yeah it's very sad um i went down the street there's a store that i had not i went into trunk which is like a good men's wear store yeah maybe i should go there tomorrow too yeah i like like just seeing the other ancillary brands they sell and like what silhouettes there it's nice they have the asahi sneakers that i can't get in my size because the men's are too big and the women's are too small it's very annoying but um I went to the store called Mookie Moo yeah I have that on the list M-O-U-K-I-M-O-U a reader or a line or a fashion people listener who knows DM me and said oh you should go they sell orally they did not have any orally but it's very interesting so you you walk in and it's all fine jewelry and I was like do you have clothes downstairs and she said Yes.

14:13So you go downstairs and it's a lot of like Casey, Casey. And for anyone who's been to noodle stories in LA, it's very similar. Like they have Doosan. So it's like mostly Japanese and then mixed in with like a couple Western brands. But there was like a lot of Casey, Casey, a lot of Doosan. And then I walk it and then there's all these other rooms. So you keep walking in and you go for more and more rooms and one room had a very robust rack of carven and it was interesting because it looked it was there were because I was concerned about the fabrication there were a pair of pants that were so heavy and I was like this is not you can't wear these they would literally fall off they're so heavy but there was a few trenches and some really nice stuff that I thought bode well for Bottega.

15:11It was interesting because they bought and this is, you can tell, these kinds of stores, they tend to like not chase trends in any way and they only buy into stuff that they had a whole, I was shocked. Like it was, the other brands were all like mixed in. The Carvin stuff was one on its own. They also had form oh really yeah yeah it was it was interesting you're right that there are there's more discovery here and you can just tell looking at people on the street like the first thing I noticed yesterday is every the guy's hair is more styled like they use more hair product there's more like mullets like the guy at Margaret Howell has a had a mullet there's more like effort made into grooming and things and like the women that do wear makeup it's a little more obvious I would say but then it was also interesting I observed this one woman that reminded me of you and Leandra in terms of just having great personal style she was wearing a pair of boot cut jeans a pair of very simple black boots and then a black turtleneck and she was carrying a vintage class bag that reminded me of that selene old selene class bag um kind of one of those lady bags and hers was vintage and in brown and then on top of the turtleneck she had on a short cape that was in burnt out velvet do you remember that like burnt out velvet leaf pattern that was very popular has like gone in and out of style over the years and the thing is like you have to make an effort to put that together and it looked perfect it looked did you take a picture no I wrote exactly what she was wearing but it was so and her boyfriend looked good too he had on like a worn out rugby and chinos and a worn out hat and he was wearing um that boot brand that LVMH used to own that's called, it's Australian, R.M.

17:28Williams. And so they just looked, and this was in Sloan Square. But then on the other hand, I saw on the way there, getting off the train, there was a woman who was in all black. She was wearing fake the row loafers. She had a fake black Bottega bag. She had a wool coat that had sort of a fringe at the bottom that reminded me of like a totem type style thing. And then gold earrings. And I looked at her and I thought, she technically has all the right things. But it was like the high street threw up on her in black. But it's just interesting because like, in New York, people have amazing style too.

18:13And maybe it's because I'm coming from LA where there are people with great style, but you just don't see as many people. But I do think here people put more into it and have a little more fun with clothes. Not as precious maybe. I think it looks less out of place to be dressed up during the day here. So like when I'm in New York, I always feel like I have to have an element of casual or you feel slightly out of place. And here I could wear a heeled boot all day long and never feel awkward. yes so i think there's a bit more acceptance for getting dressed still here that allows people to experiment a little bit more yes and i and i yeah i met with some people from me and m today and they were saying here it's like anything goes whereas in america in particular it's much more focused on outfits and finding the right the head-to-toe look and yeah it's just it's fun and you can have you can mess up here more and that's sort of acceptable of that's part of like play where I don't feel like that in France I think in France you're supposed to look like chic all the time whereas here you can kind of try different things and push a little further and it's it's acceptable which is it's nice it's it's so fun and also it's so pretty here which is another just be here so fun

20:00fun so we have much more to discuss also there was a tracksmith on children right next to children firehouse which i thought was interesting congrats to them the one other retail thing and then let's talk what the rest of the news is i walked out of i was going to arquette to buy my kid a whole new wardrobe yesterday and I went to the Regent Street one so I got out at Oxford Circus I step out and I've I lived here for two years in the 2000s I worked for a company here for 10 years I would come here three or four times I probably been here 30 times in the last 15 years maybe maybe more honestly I walked out I know Topshop is done but I walk out in the big top shop on Oxford Street is now an Ikea and I was like oh my god my whole life like like it was such a big part of my life and it's just gone it's an Ikea I still remember this dress I bought in college in the basement of that top shop in the vintage section ah remember that it was like it was a shirt I think but I wore it as a dress like out every night my entire junior year the basement where they had all the sort of outside vendors was so fun they had amazing shoes it was a great store they had such good stuff and I remember there would be there was like a quote from Gwyneth Paltrow being like I love and she was already in her like late 30s she's shopping at Topshop it was just so communal and there was so much cool stuff there there's nothing like that right now and maybe there will be again, but it was such a, just such a fabulous place where like, everybody shops and everybody you found like you found treasures, even though it was high street, and it was accessible.

21:53It was just super fun. And it's such an amazing experience. I remember when I studied abroad here, I had to get a job at the Gap because I spent so much money at Topshop. Like I spent all my savings. So I was like, I guess I'm gonna just get a job at the Gap because I like spent all my savings that I got a job at Topshop got a discount. I know, but it was like I was American. It was easy to get a job at the guy. I'm trying to think of what the equivalent now would be that everyone shops at. I think it's Uniqlo, but it's not exciting like that. It's not fun like that. And there's nothing. It's the only place now that everyone shops at.

22:31Yeah. Yes. But there was something about it that that stuff felt really special. and I don't think there's anywhere on the high street now where the stuff feels so special because also it's so much more accessible to us online so it did it was also a thing of like you only could get it in the UK for a long time and so remember when they started selling internationally it was this huge thing and it kind of lost a little bit of the allure like Like as much as I want Arquette to sell at least ship internationally because I need to clothe my child and that is the only acceptable clothing. I don't like I kind of don't want it to because then it won't be special.

23:16That sort of thing. I don't know. So let's talk about the sex situation. Talking about retail. Let's move to the US. I've been writing about what's happening at Saks. And so have many other people. There was, we don't need to go into it. You can go on Instagram, Google Saks Global Letter or something. But essentially, Saks did this merger with Neiman Marcus Group. They acquired it. They had to raise$2 billion in debt to acquire it. They did a deal with Amazon. They did a deal with Shopify, like maybe not Shopify, but there's a lot of people involved in this whole thing. they owe a lot of their brands which they call vendors money from back payments so mark metric who's the global ceo of sax sends this letter out on valentine's day saying we're gonna start we they they never totally stop paying but essentially saying we're not going bankrupt you're gonna get your money but we need to figure this all out so we're not gonna start paying you until july for the stuff we owe you.

24:26And we're going to give you that money in monthly installments for a year. We'll split up if we owe you$2 million, we'll split that up over 12 months. The other point that he made was that instead of paying people within 30 days, which essentially the way retail works is you pay people half up front, and then you pay the rest. It depends. Every deal is different. But a lot of times you pay people half up front, and then you pay people within 30 days of receiving the shipment, the other half. So the half up front allows them to produce the garments and then the other half is they deliver them, you get it within 30 days.

25:02They are now saying that it's not going to be 30 days, it's going to be 90 days. And that's forever. That's a permanent change. They're not going to pay people in 90 days. Essentially, I think the reasoning behind it, if you want to get technical, is that a lot of products sits on the floor for a long time, doesn't get paid and the system as it works right now doesn't work. People ship late, they get paid late anyway. This, Saks believes, will allow them to more, to manage their cash flow better and therefore hopefully manage the cash flow of their partners better. The challenge with that is that like a lot of these companies do not have cash flow that's easy to, like they don't they are not very liquid so they rely on these this money and they're also owed so much on from from before in back payment so i think the biggest issue honestly i think if he had said the 90 day thing and gave a good reason i think if he had also said we are also going to just pay you all immediately what we owe you i don't think it would have been a big thing but it has basically become like the craziest situation.

26:16Everybody's talking about it. Everybody won't shut up about I'm getting texts constantly. And there's articles, every website has 8000 articles. Then there's also this issue where they've been taking longer to refund customers. They don't have like there's there's inventory issues because people aren't shipping to them because they haven't paid them. It's a catastrophe for sure. And I have one item on Monday. I'm hoping that I don't have to write about this for a few weeks and give it a beat and maybe things will settle. But I'm curious from your perspective, what you think generally, but also as someone who your personal stylist, you help people, real people shop for clothes.

26:59Like, what is your experience of all this from that side? I mean, that is not the most customer facing issue. I know about it, obviously, because of my reporting background. And, you know, people, we people talk, but in terms of clients, clients aren't aware of that. I think what clients will start to become aware of, and have already become aware of, and this is a retail problem that is not just with sacks but is that there is just no inventory in stores and it's really hard when someone wants to go to a store and try something on and the answer for every single thing becomes well we can order your size because in that case I could stay home yeah so that's kind of freaky about this it's looking at all this and how upset all the designers are I don't I can't imagine designers are going to ship clothing to them this upset and well here's the issue for the designers is that like the designers aren't wrong but also sax is not wrong like it doesn't work the way all these other literally everyone else shut down so if if it weren't if it were yeah if it worked barney's would still exist matches fashions will would still exist opening ceremony would like it well opening ceremony is a little different but you know what i mean like these places need supply would still exist but so what does the 90 day thing change in terms of inventory i think what it does is allow it's a good question and it's and but i think what it does is a lot of brands ship very late so like what it will allow is to better manage the cash flow, I think, because your product takes a while to sell on the floor.

28:51It's just, it'll be more sort of, at one point I had heard that the, the jewelers on consignment were also going to be subject to this. That doesn't make sense. I was told from people from Saks that that's not true. Consignment will still, when you do consignment, you give them product and they sell it and then they just take a commission on the sale, but you pay for everything. In those cases, it's almost like, well, your stuff isn't selling, why would you get a payment for it yet? I don't know if it's going to fix it, but I think the idea is they ship fur coats in June. They don't sell to the fall.

29:31They've tried to change the way the cycle works where stuff is more in season and it's never worked they tried during the pandemic there was a big group of designers and retailers who tried to change it and it and it didn't work the cycle didn't change so I think this is and I is to just better manage the flow I don't know if it's going to work but what I do know is what worked what is happening now doesn't work I think for me the bigger issue is and we should talk about is the fact that they haven't paid like what I see as the bigger issue with the designers is that they haven't paid this back thing.

30:09And some small brands, how are they going to survive? Yeah. So that is something that I think Mark Metrick and the team there and Richard Baker, who is the chairman and sort of, and who Mark answers to, are going to have to figure that part out. But the part about not having inventory in stores, it's such a good point. And it's a real challenge. like it's a huge challenge because I understand why they don't have stuff in stores because people don't really buy clothing in stores they go on try it on and leave so you need to it's showrooming or whatever create a situation where that's what and Brian is it Brian Boyke is his name who used to be at 4510 which I don't know if that still exists um he had a store in Hudson Yards which I I don't know if it's still open, but it was essentially like a showroom.

31:07You could try it on and then he did drop ship. Oh, I remember that store. Yeah, I think it was called Conservatory. The Conservatory, right? Conservatory, yeah. He may still have it. Please don't fact check me or do fact check me. But the challenge is like that's not the experience. Like when I go in a store, I want to go home with something. So it's like, but also you want to try a bunch of stuff on when you go to the mall, go to a store, they don't really have, they don't even have all their selections. So you can't really, even if they have the item you want, but usually they don't because they only have like this very small amount of stuff.

31:51And Sarah Shapiro, our retail correspondent said when she worked at Bloomingdale's, the whole thing was like women went there to buy tights. so it's like you need to have all the tights but now no one has all the tights like it just isn't and that I think I think the the only solution I see is having much fewer stores and making those stores really robust because the thing is wealthy people will travel they go to Omri's in Newport beach that like they'll go to a great store to shop we are lucky enough that we travel for work but like I pretty much only shop in Europe because I'll buy two a couple nice things in Europe so yeah it's you know I need Bergdorf and Saks in New York to have full range of size because for me as a as a stylist I have clients whose bodies are not you know sample size and yeah things need to be tried on.

32:54And so it can be such an overwhelming and frustrating experience for people. And it just turns them off to the stores. So yes, I think I agree. It just has to be a place where there can be discovery for all sizes. That's super important. I mean, all the sizes they're planning to carry at least. But that is frustrating for me personally shopping and shopping for other people like it's just it's become almost impossible yeah yeah it's it's the industry is at an impasse I don't think anyone really knows the answer and so I would say that I don't the back I don't the the the back payments they need to figure that out yeah but the other part of it I do think it doesn't work so let's try something else and if that doesn't work I just think we can't go back and there's a lot of conversation about going back I was just talking to someone on the phone about London Fashion Week and so much conversation how we can we get more people here how can we get more international press and it's like maybe not maybe you don't need that maybe that's not what it's about like you and I were talking about the the video the Burberry video is going to be great like they're they'll have that as an asset and yes it's great I'm really glad I was able to come this time because of the way the schedule love the break between New York Fashion Week and London and it's valuable for us as reporters but like the world doesn't work like that anymore and so you instead of thinking about how do we get it back to what it was let's think about how can we make this fun and and a pleasurable experience and worthwhile in the future um and so i i hope that the industry what i would hope for the industry is that more people who look ahead start wanting to work in fashion so we'll see i don't know um one company that I think looks ahead pretty carefully and sharply is Skims, which has only been around for five years or maybe six years.

35:17Is that true? Yeah, in 2019. 2019? And has become valued at$4 billion in its latest round of funding. I think if it sells to someone, it'll sell for far more. and also if it IPOs, it'll IPO for more than that. But they announced last week a massive partnership with Nike. I had heard about it and heard it was like a big deal, but didn't know if it was just like a one-off collaboration or a long-term collaboration. It's more than that. It's a sub-brand. So like Kim Kardashian is the new Michael Jordan. It's so wild. There's a totally different team working. I mean, not different, but separate management team for it.

35:57it's gonna be a big thing and I'm curious what do you think of Nike skims do you are excited for it as a customer do you think it's a good idea at first I found it slightly annoying like my first reaction was why can't Nike just do a good job designing women's like this just doesn't seem that complicated yeah like we want to wear Nike I want to wear Nike I always feel better in Nike when I'm going to work out, which is not often. But if I'm going to, I want to wear Nike. So like they have the audience. So that was my first reaction. Why can't you guys just do this yourselves? But then I was thinking about like who the Skims girl is and how we were kind of talking about Aloe.

36:47How do you say it? Aloe, Aloe. And, you know, I call them the call her daddy girls. Like those girls who are just going to wear a set and carry that big water bottle. I don't know what it's called. I don't remember. You know what I'm talking about. Yeah. And that does make sense. Yes. So it's sort of like a very easy way to capture that audience. Yeah. So I don't know. I'm into it. Do you think we don't remember the name of the water bottle because we're tired or because we are who we are? I'm so tired. I can't remember the name of it. But it's probably a combo. But I also remember there was like lead in it.

37:24so I like shunned it. I just use plastic water bottles. Sorry. Sorry, Earth. You shouldn't do that. I yell at my husband all the time, you're drinking credit cards. I use the metal. You know, I'm a big flow person. That's a paper box water. And I also get the metal ones a lot. But yeah, I go to, I'm very into solid core at the moment. And when I go, it's with a lot of young girls in Pasadena. I don't, they must go to college there or something. I'm like, who are all of you people? Like, why would you live in Pasadena if you were 25 years old? Move to New York City. That's my advice. But they wear Aloe and Lulu, these cute little sets.

38:08And it's just no one, I wear Nike. But this will capture that person. And also I think teach Nike something and teach Kim something about like, Nike is big. yeah kim's is kim's kim's might be four billion dollars valuation but like they make like a billion dollars a year which is not small but nike i think their valuation is like 100 they make 50 billion dollars a year in sales i think their valuation is 108 billion so like yeah it's giant so and that's including jordan and converse or whatever but it's mostly nike brand so so it's really exciting. I think it's exciting. It's like a passion project for them.