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Miami Herald
10-06-2025
- Business
- Miami Herald
Collaboration over competition: Why brands are joining forces to grow their audiences
Collaboration over competition: Why brands are joining forces to grow their audiences In February 2023, Thomas Neuberger, cofounder of P.F. Candle, and Dani Noguera, founder of outdoor apparel brand Grin27, happened to meet on a bike ride, as they were both in the Los Angeles cycling community. Neither was fully aware of what the other did. Mid-conversation, it came out that the former was, in fact, the owner of P.F., while the latter religiously burned P.F. candles before each bike ride. The result? Morning Star wood incense, a collaboration between the two brands inspired by damp, fresh California forest mornings. "We are definitely very true to life with our scents, so people who are outdoorsy and like to hike and camp are attracted to our products," says P.F. Candle cofounder Kristen Pumphrey. To further appeal to Grin27's audience of dedicated cyclists, the two brands described the incense as rejuvenative, ideally used to signal time dedicated to physical therapy, maintenance, and injury prevention. The limited-edition drop of 250 units sold out in just 18 days. "So many of our partnerships happen organically," says Pumphrey, whose other collaborations include Peanuts, skateboard brand Toy Machine, and the upcoming Sempervirens Fund's 125th anniversary. Brand collaborations foster inclusion, innovation, and a response to cultural shifts. They enhance the relevance of all parties involved and connect them to new audiences. More practically, brand collaborations can be far less expensive than acquiring new audiences via paid marketing channels. A successful partnership allows brands to break out of their respective category and tap into new spaces while staying true to their value propositions. Shopify talked with Kristen Pumphrey, Becca Millstein of Fishwife, and Jing Gao of Fly By Jing to break down the anatomy of a brand collab. Identify your goals Knowing what you want to get out of a collaboration lays the foundation for a successful partnership. For many brands, exposure to new markets is key. "The ultimate goal for a partnership is getting your brand in front of a whole audience that most likely hasn't heard of you or at least hasn't tried your products, but is going to now," says Amrit Richmond, founder of the Indie CPG newsletter community and the consultancy Supermercato. This was certainly the case with the Fishwife x Fly By Jing collab. "We are completely focused on tinned fish products, on moving the tinned fish movement forward, on making it a staple in every cupboard, and on educating our customer base about the limitless use cases of tinned fish," says Becca Millstein, CEO and cofounder of Fishwife. "We can use brand collabs, like ours with Fly By Jing, to drive home certain use cases-tinned fish in Chinese cuisine, in rice bowls, and noodles-and recruit new customers from their community." For independent brands in the consumer packaged goods and lifestyle space, in particular, collaborations remain a fertile ground for experimentation without fully committing to entirely new product categories in the original lineup. They also present a cost-effective option for customer acquisition. "Having two brands of somewhat similar size share a collaboration on their Instagram-that maximum exposure is really, really valuable, especially right now, where everyone is trying to cut their expenses," says Richmond. Find opportunities that align with your brand Next is the exploratory phase: identifying potential partners based on your goals and brand mission. "At the end of the prior year, we map out the following year's marketing calendar, including key themes we want to emphasize quarterly and monthly," explains Millstein, who has collaborated with Fly By Jing, Lisa Says Gah, Graza, Bon Iver, and more. "Concurrently, the marketing team makes a huge list of potential collabs that we believe have the potential to reinforce those themes, orders them by preference, and starts reaching out to see what we can turn up. Then we decide who will be taking on what responsibility in the collaboration, what it will look like, and then we get to planning and executing." The Fly By Jing team starts by setting criteria for its collaborators. "We seek out partners that are brand-aligned, have really loyal followings, and a similar dedication to storytelling," says Jing Gao, the company's CEO and founder. "Our collabs with Fishwife, Irvins, and Daily Crunch were not just about co-branding, it was about creating custom products that merge our respective culinary expertise in new and unexpected ways." Despite the sheer quantity of product launches, Gao also observes that the CPG world is pretty tight-knit. "Many of Fly By Jing's collaboration partners are my personal friends who also share my love of making great products and challenging what's possible in the CPG space." For P.F. Candle, when collaborations don't happen spontaneously, as they did with Grin27, potential partners often slide in the account's DMs, and so Pumphrey and Neuberger keep a waiting list of brands who want custom scents. "We only have capacity for so much. We really only take on two collaborative projects a year," says Pumphrey. "So we have to be quite strategic and thoughtful about the partners we're choosing. Collaboratively, we try to do one smaller project that's very brand-building and feels like a friend-of-the-brand type of thing, and one bigger one that's really good for reach." Put it in writing "A collaboration is like a mullet," says Pumphrey. "It's business in the front, party in the back." You get the business done first. "You've got to get the contract in, and you've got to work out the terms. Get it in writing," she elaborates. "There is no way around the tedium of going through a contract line by line, and if it's a big contract, you have to send it out to an attorney to make sure everything's good." Contracts should outline both production commitments, i.e., the number of units to be produced; and marketing commitments, i.e., creative assets, social posts, emails, and ad spend. If you're licensing a large brand's intellectual property for a collaboration, make sure you understand the licensing costs upfront. P.F. Candle had a successful collaboration with Peanuts in the summer of 2024. With an initial run of 15,000 pieces, this venture did extend its reach, but it also taught them a lesson. The brand's initial plan for pricing and product quantities was based on historical sales data and didn't account for the full cost of licensing. "From an operational perspective, that was a learning curve because we went into it thinking, 'How many units can we sell?" not thinking, 'How much is that gonna cost us on a licensing deal?' So we got the bill for the licensing. We said, 'Oh my God, that doesn't fit in the budget, that's gonna blow the budget,'" Pumphrey explains on Shopify Masters. The team adapted, and the collaboration was a success-but they've since adjusted their approach, reverse-engineering pricing and supply with the costs of licensing baked in. "You have to account for that added cost-either by increasing the product's price or by pre-budgeting for the licensing fee," says Pumphrey. "A big learning curve from the licensing perspective is getting the contract locked down before moving into prototyping and production. You don't want to finish the contract at the last minute and then discover you need changes once you've already ordered materials. As an independently owned business, that can be a significant loss." To find available intellectual property from big brands, consider attending the Licensing Expo in Vegas. "It's a whole thing," Pumphrey says. "If that's the route you want to go down, the Licensing Expo is a good place, because you can see everybody who's licensing their IP and decide what you would want to do." Launch with a tailored campaign With the business settled, it's time for the party: Creatively, each collaboration should expand the brand's lore and universe. "We like to create a little world around every launch, especially around every tinned fish launch," says Millstein, specifying that key elements of every launch include photo and video, press outreach, social content, and influencer seeding campaign, and packaging and marketing design. "The entire marketing team comes together to build all of these elements to ensure the world feels robust, tangible, easy to understand, and exciting." Specifically, in the case of the partnership between Fly By Jing and Fishwife, their Smoked Salmon with Sweet and Spicy Zhong has a branding that combines the styles of the two brands: the former's color palette and the latter's signature illustrations by Danny "Danbo" Miller. This gives both participants' audiences something familiar and something unexpected to get excited about. This story was produced by Shopify and reviewed and distributed by Stacker. © Stacker Media, LLC.
Daily Mail
03-06-2025
- Automotive
- Daily Mail
Auto companies worry China's tariff response will STOP all US car production in days
Every automotive part that enters the US is slapped with a 25 percent tariff. The tariffs, imposed by President Donald Trump, are expected to reinvigorate an automotive manufacturing sector in the US that has experienced a decades-long malaise. But China responded to the auto tariff — and its separate, even higher product levies — by stopping nearly all trade on rare earth magnets. The magnets are indispensable for modern car production. They're used in dozens of vehicle parts, including brakes, seats, screens, and ignitions. But more than two decades after domestic magnet-making factories migrated to China, the US now produces almost none. Without access to Chinese supplies, factories across the Midwest and the South could soon face shutdowns, automakers and analysts are warning. And US carmakers are running out. 'This could be similar to the chip shortage where automakers simply can't produce the vehicle if the rare earths ban remains in place,' Seth Goldstein, a strategist and Tesla expert for MorningStar, told 'Tesla is planning to remove rare earths magnets from their EV motors, so the company should have a limited impact on its EV sales.' Beijing officials stopped sending US automakers the magnets in early April. The materials, which were last built in the US at scale in the late 1990s, are scattered throughout vehicles. A modern, power-adjusting seat can use as many as 12 individual magnets. In May, the trade groups representing some of the biggest automakers in the US — including General Motors, Toyota, Volkswagen, and Hyundai — sent a letter to President Trump warning about the potential US manufacturing issues because of the dwindling magnet supply. 'Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components,' the letter from the Alliance for Automotive Innovation said. 'In severe cases, this could include the need for reduced production volumes or even a shutdown of vehicle assembly lines.' Meanwhile, the problem could get worse, even if Beijing officials re-open the magnet floodgates. Some Chinese producers have suspended operations altogether, waiting for export approvals. Car companies have been grappling with how to react to tariffs - now, they might have to deal with dwindling parts supplies The resulting delays have jammed up supply chains, leaving automakers scrambling to secure critical inputs. The trade blockages are also colliding with dwindling supplies on new vehicle lots. Some car companies are facing shortages of product on their new vehicle lots: Toyota, for example, has fewer than 30 days' worth of vehicles at many of their American dealerships. These compounding issues could send the price for remaining vehicles further through the roof as demand outstrips supply, and American manufacturing can't produce enough. It currently costs the average American more than $49,000 to drive a new vehicle off a dealership lot. Goldstein pointed out that there are signs for hope: Saudi Arabia, a country that is increasing trade relations with the US, is investing in rare earth production. 'Any shortage could prove temporary,' Goldstein added. But for now, the manufacturing impact extends well beyond cars, too. Factory automation, semiconductors, and critical military components all rely on high-performance magnets made from rare earth elements. President Trump recently lashed out against Chinese officials for exploiting these gaps in American production. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump said in a post on his Truth Social platform. Last week, US Treasury Secretary Scott Bessent said he hoped that Trump and top Chinese officials would convene to discuss a new truce in the ongoing trade war. 'I believe we'll see something very soon,' he reassured CBS News.
Yahoo
29-05-2025
- Automotive
- Yahoo
Delinquencies are on the rise: Here's why and what to do if you get in trouble
Americans who are underwater on their car loans owe record amounts, and lenders are repossessing vehicles at a rate not seen since 2009. Those are symptoms, not the cause. And the most concerning symptom might be rising auto loan delinquency rates. They're at a 15-year high among borrowers who are 30, 60 or more days late on their payment, according to the latest data from TransUnion and an April MorningStar analysis. Plus, figures elsewhere confirm they're on the rise for every delinquency category, from one to three months or longer. As expected, bad credit borrowers see the worst of it: Nearly 6 percent of subprime auto loans are at least 60 days late, the highest figure since Fitch Ratings started its tracking in 1993. So, what's causing these unprecedented levels of delinquency, and what could restore order to the auto loan market? Really, this is one across-the-board trend: Delinquency is growing among borrowers of all credit scores, income levels and ages, and lenders of all types originate these delinquent loans. Yes, subprime borrowers — generally, consumers with credit scores of 600 or below — are the most likely to fall behind on car loan payments. However, TransUnion data draws concerning trend lines for borrowers with better credit, too. While mortgage delinquency rates are similar to pre-pandemic levels, auto loan delinquency transition rates remain elevated. High auto loan delinquency rates are broad-based across credit scores and income levels. Captive lenders, or automakers' in-house financing arms, generally attract higher-credit car buyers, sometimes with introductory APR offers. And yet, the delinquency rates on loans from this lender type remain stubbornly high as compared to pre-COVID-19 figures. Meanwhile, car buyers without good credit remain likelier than their peers to finance a used (or possibly new) vehicle purchase with a non-captive lender. So, it's unsurprising that delinquencies are rising fastest with this type of lender, and even eclipsing pre-pandemic levels. Just as borrowers with the lowest credit scores are more likely to become delinquent on debt, so too are borrowers with the lowest income levels. But even higher-earning groups are falling behind on their monthly dues at increasing rates. If we zero in on serious or late-stage delinquency — being more than three months tardy on a car loan payment — it's hard to dispute that borrowers of every age group are falling behind at increasing rates. Although borrowers in their 20s are more than two times likelier than seniors to become delinquent, you can see the trend lines ticking upward across every generation, according to the New York Fed's quarterly May 2025 report on household debt and credit. The experts we interviewed and the research we're highlighting point to four factors: Average loan amount (Q4 2020) Average loan amount (Q4 2024) Why it hurts New cars: $36,246 Used cars: $22,444 New: $42,023Used: $26,135 Your dollar doesn't go as far at the dealership, car lot or for a private-party transaction. If you go back to 2017… automakers started trimming the cars priced under $25,000 from their lineup, and increasing the number of cars they built with a $60,000 price tag or higher, and they all made the same decision at the same time to essentially say, the way the market was going, 'we're aiming at higher-income, better-credit buyers.' If every [manufacturer] does that, there's just this huge proportion of the market that's underserved. And for inexpensive cars, a lot of people were forced into buying something more expensive than they would have wanted because the inexpensive car doesn't really exist anymore. Average APR (Q4 2020) Average APR (Q4 2024) Why it hurts New: 8.5 percentUsed: 4.3 percent New: 11.8 percentUsed: 6.5 percent You owe more in interest to your lender, monthly and overall. The recent rise in delinquencies over the past four quarters, despite relatively healthy labor markets, is an early sign that certain consumers are under stress from higher cost of living and elevated interest rates on floating consumer debt such as credit cards. Monthly dues Since the end of 2019, average dues are up 30-plus percent, while inflation is up about 23 percent, according to TransUnion. Obviously, if the last time you bought a car was five years ago, your monthly payment was $450, $500, and now it's $740. So, that has had a spillover effect into increased delinquency. One way to think about it: The affordability crisis for car buyers is a delinquency crisis for car owners. After all, your vehicle's cost (see prices, above) is just one line item in your budget. Even after you drive off the lot, inflation can still empty your wallet. In fact, the latest inflation statistics show that gas prices are about 20 percent higher than they were before the pandemic. In addition, other car maintenance costs include: Increased cost vs. 2024 Increased cost vs. 2020 Insurance 6.4 percent 55.3 percent Auto repairs 7.6 percent 56.8 percent As Cox Automotive chief economist Jonathan Smoke reminds us, your income probably hasn't kept pace with the inflation of these car-ownership costs. 'Many [borrowers] had taken out loans when vehicle prices, both new and used, were at their absolute peak in 2022 and 2023,' Smoke says. 'Then inflation took off, and for the better part of almost two and a half years, inflation w[as] producing a negative income situation, meaning [that] while incomes were going up — at a good clip by historical standards — unfortunately, inflation was even higher.' Learn more: 3 auto loan industry experts discuss the ups and downs to come As Smoke says, the way out of a continued rise in auto loan delinquency 'is to see the consumer's financial position improving.' And that very well could happen. If the impending trade war doesn't come to fruition, if tariffs turn out to be more bluster than substance, and if the labor market remains stable (at least for the employed), your income should outpace diminishing inflation. But that might not mean much if you're already on the edge of delinquency. 'When you have a large amount of negative equity, your options, when you run into a financial challenge, are more limited,' Smoke says. 'It's harder for the lender to find a way to work with you on the loan, and you don't have great alternatives to sell the vehicle and trade down to something smaller if you owe more than the vehicle is worth.' With that said, consider these tips: Stay in contact with your lender. If you feel you may be at risk of missing monthly payments, contact your lender as soon as possible. Most lenders would prefer to avoid repossessing your vehicle, so keep track of financial documents and maintain lines of communication. Request loan modification. Modifying your loan to get a lower car payment can help your lender avoid repossession-related expenses. You may be able to defer a few payments or shift your term to better fit your budget. However, not all lenders offer auto loan hardship programs. Work to pay off the loan. Catching up on payments may help you avoid repossession. This can be one of the most challenging approaches, but if there's room in your budget, it can dramatically help. Sell the car. If you can't afford your monthly payment, selling your vehicle is another way to exit your loan. Ensure that you aren't upside-down on your loan before choosing this route. If you owe more than your vehicle is worth, trading it in is also unlikely to be an option. Consider refinancing. Changing your loan to get a better rate or term can lower your monthly payment. But if you have missed many payments or are in default, you won't likely qualify for refinancing. Surrender your car. You can choose to surrender your vehicle — known as voluntary repossession — if you can no longer pay. Unfortunately, it'll still negatively impact your credit. However, if you've maintained open communication with your lender, it might be more willing to write a goodwill letter that can minimize harm to your credit. 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
Irish Examiner
21-05-2025
- Sport
- Irish Examiner
Sciath na Scol: Zach Duffy the hero as Togher Boys National School defeat Morning Star
Allianz Sciath na Scol Urban H2 final: Togher Boys National School 3-6 Morning Star 3-4 A late, late show from Zach Duffy earned Togher the spoils in a thrilling encounter with Morning Star at Supervalu Páirc Uí Chaoimh. Duffy moved inside to aid the Togher attack and with time running out, he registered a point to bring his side within one of Morning Star – who had enjoyed success earlier in the second-half. Duffy then grabbed the winner well into added time. His finish high into the net ensured wild celebrations among his teammates and school peers alike. Another to shine for Togher was goalkeeper Kaiden O'Mahony. He stopped countless goal-bound efforts from Morning Star throughout the opening half until Lucas Hogan grabbed a green flag. Togher's Isaac Kenneally and Conor Sheehan were the standouts for Togher in the first 20, helping their side to a two-point lead at half-time. Then came the Morning Star burst. Two rapid-fire Jack English goals, coupled with an Aaron Kelleher long-range point flipped the script. From there, a second Kenneally goal for Togher and another Sheehan placed-ball meant a tight finish was to come. Although Joey O'Neill put his Morning Star side two ahead with five to go, Duffy came up with the necessary goods. Scorers for Togher: Isaac Keanneally (2-0), Conor Sheehan (0-4, 1f, 2 '65). Scorers for Morning Star: Jack English (2-0), Lucas Hogan (1-1), Aaron Kelleher (0-2, 1f), Joey O'Neill (0-1). Togher: Kaiden O'Mahony, Callum O'Callaghan, Mason Gabriel, Kiall Meehan McMahon, Sri Pranith Malla, Zach Duffy, Ruairí Crowe, Peter Blackwell, Jason Desmond, Ricco Khan, Isaac Kenneally, Jamie Hennessy, Alex Kidney O'Connor, Jayden McHale, Conor Sheehan, Josh Sabu, Diego Vasile Paun, Andy Chucks, Emmet Blackwell, Cathal Casey, Kelvin Coleman, Jake McNamara, Nathan Stoica, Noah McSweeney, Dylan Mullins. Morning Star: Evan O'Riordan, Jack English, Evan Coates, Jamie Noonan, Joey O'Neill, Sean Cooper, Aaron Kelleher, Zack Maguire, Lucas Hogan, Bobby Stewart, Alex Manning, Callum Morgan, Kyle Higgins, Max Browne, Adrian Warych-Fernandez, Haidar Khan, Alex Cotter. Referee: Brian Barrett (Douglas).
Yahoo
16-05-2025
- Politics
- Yahoo
Legislature considers offering Wabanaki Nations more gambling revenue
Emma DavisMaine Morning Star Among the many federal laws that do not apply to the Wabanaki Nations due to a land settlement act is one that offers federally recognized tribes the right to exclusively regulate and take in revenue from gambling on tribal lands. Last month, the majority of the Maine Legislature's Veterans and Legal Affairs Committee voted in favor of a bill, LD 1164, that would give the Wabanaki Nations exclusive rights to operate internet gaming in Maine, though Wabanaki leaders say there is not much appetite from the governor for that change and the privately owned casinos are opposed, which could hamper that bill's chance of success. On Wednesday, the committee heard testimony on another proposal, LD 1851, which, rather than altering the structure of who controls gaming, seeks to provide equality among the Wabanaki Nations in how much revenue they are provided from slot machine income in the state. 'One of the primary purposes of this bill is parity,' said Zeke Crofton-Macdonald, Tribal Ambassador for the Houlton Band of Maliseet Indians. The federal Indian Gaming Regulatory Act of 1988 codified that tribes have the exclusive right to regulate gaming on their lands, unless the state in which it operates prohibits such gaming under its criminal laws. However, the 1980 Maine Indian Claims Settlement Act has made it so the Wabanaki Nations are treated more akin to municipalities than independent nations, one way being that the Tribes are unable to benefit from any federal law passed after 1980, unless they are specifically mentioned in the law. In 2022, the Maine Legislature amended the Settlement Act to permit the Tribes to handle sports betting, so the legislation being considered this session would build off of that earlier expansion. Sponsored by Rep. Marc Malon (D-Biddeford) and co-sponsored by Sen. Rachel Talbot Ross (D-Cumberland), LD 1851 would increase the total net slot machine income to be collected and distributed by a casino from 39% to 46%, which would only impact Hollywood Casino, Hotel and Raceway in Bangor, as Oxford Casino is currently at that percentage. It would then provide 7% of that income to the tribal governments of the Houlton Band of Maliseet Indians and the Mi'kmaq Nation. 'It is a matter of fairness and brings us a small step closer toward a more just relationship with the sovereign Indigenous nations whose land we live on,' Malon said. The bill would not change the arrangement that is currently in place between the Oxford Casino and the other two tribes of the Wabanaki Nations — the Passamaquoddy Tribe and Penobscot Nation. Oxford Casino pays 4% of its slot revenue to those two tribes, which Penobscot Chief Kirk Francis said was a deal struck when the casino first opened as a way for the Tribes to benefit without pursuing competing gaming, an agreement he said has been helpful for economic development. 'We don't want to take from the other tribes,' Chief of the Houlton Band of Maliseet Indians Clarissa Sabattis said, regarding the reasoning as to why the bill doesn't pull from the same pot of revenue as the other two tribes. While the percentages are different, they equate to roughly the same revenue, around $3.5 million. The bill would also bring parity among the casinos, as Mi'kmaq Nation Chief Edward Peter Paul put it, because it would raise the slot machine income provided by both casinos to the same percentage. However, Chris Jackson, a partner in the lobby firm Mitchell Tardy Jackson in Augusta who spoke on behalf of his client Hollywood Casino, argued that change would be harmful to the casino financially because it would alter its tax rate. 'As long as our effective tax rate stays the same,' Jackson said, 'we are open to suggestions.' While both bills related to gaming revenue could be passed, Sabattis told Maine Morning Star she anticipates the slot revenue bill will not be as necessary should the Tribes gain control of internet gaming, though she sees that path as the less likely outcome. Testimony from the casinos against the online gaming bill also signal that. Steve Silver, chair of the Maine Gambling Control Board, argued that should that bill pass, Oxford Casino should no longer be required to pay slot revenue to the tribes. Another bill the committee heard on Wednesday, LD 1838, would authorize electronic wagering terminals to conduct electronic beano by federally recognized tribes, among some other changes, which Sabattis and Francis testified in support of. Overall, Wabanaki leaders argue their inability to access the Indian Gaming Regulatory Act, and other restrictions under the Settlement Act, has caused them to lose out on revenue and therefore hurt their ability to provide services to their citizens. This is supported by a 2022 report by a team of researchers from the Harvard Kennedy School that the comparatively lower economic growth the Wabanaki Nations have seen compared to other federally recognized tribes and the average Mainer is likely the result of the Settlement Act. 'All of our tribes have significant unmet needs and underfunded programs,' Sabattis told the committee, noting that her tribe would put revenue provided through this bill toward its wellness court, in turn reducing strain for social services on the state and towns. The Wabanaki Alliance, a nonprofit created in 2020 to advocate for the recognition of the Wabanaki Nations' inherent sovereignty, hasn't taken a position on LD 1851, according to executive director Maulian Bryant.
