These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
Gluskin Sheff's David Rosenberg is painting a painful picture for stocks as earnings season goes into full gear.Futures Nowread more
Rossello is facing public furor over an obscenity-laced online chat that showed the governor and his close advisers insulting women and mocking constituents, including victims...Politicsread more
Rothy's, the women's shoe brand with an almost cult-like following, is making a bigger move into bricks-and-mortar retail.
The San Francisco-based business started online in 2016, amassed an impressive following on social media for its chic flats made from recycled materials, and has since opened only one store. That location, on Fillmore Street in San Francisco, is a pint-sized, 600-square-foot shop. But it "paid for itself" and was profitable in under four months, the company said.
On Tuesday, Rothy's announced it will open five stores this fall and promises more are coming in 2020. The five locations will be in the New York's West Village, on Boston's Newbury Street, around Georgetown in Washington, D.C., and two in Los Angeles. The company said these are four of Rothy's highest-penetrated markets for sales.
"Stores should make money," said Kerry Cooper, Rothy's president and chief operating officer.
"Facebook and Instagram continue to be great channels for us " in helping acquire new customers, she said. But Rothy's wants "to get this shoe on as many people as we can. [Physical] retail is the chance for us to do that."
Rothy's said it brought in a little more than $140 million in sales last year. Cooper said the company rang up more sales in March than it did during the holiday month December — which is unusual for a retailer but shows just how much the momentum continues to grow.
It received $35 million in funding from Goldman Sachs at the end of 2018, bringing its total raised to $42 million.
Rothy's shoes — which include silhouettes like a ballet flat, a version with a pointed toe and a sneaker — are made out of used materials like recycled water bottles. The company said it has recycled more than 32 million plastic bottles to date. The shoes retail for $125 to $165.
"Everything we've always done has been about sustainability," Cooper said. This includes Rothy's deliberate and slow approach to opening stores. "We wanted some time to see how [stores] worked," she said.
Cooper said 65% of people visiting the Fillmore store are new to the brand, which is great for customer acquisition.
Oliver Chen, a retail analyst at Cowen & Co., said Rothy's is one digitally native brand that has "built loyal communities," similar to Allbirds and Athletic Propulsion Labs sneakers. "Brands of the future need strong two-way customer communication to innovate and remain relevant," he said.
Rothy's also says it's focusing on street-level retail in neighborhoods, not malls, as it looks to open more stores.
"I'm not anti-mall," Cooper said. "But I think we will continue [with] street locations for a while."