An Army Tactical Missile System during live-fire testing at White Sands Missile Range in New Mexico, December 14, 2021.
White Sands Missile Range/John Hamilton
Ukrainian forces took out more than 100 Russian soldiers with an ATACMS missile, per OSINT analysts.
Four ATACMS were used to target the group, one analyst said.
The soldiers would have been out of reach of Ukraine's shorter-range ATACMS missiles.
A Ukrainian ATACMS long-range missile strike killed more than 100 Russian soldiers in an occupied region 50 miles from the front line, according to OSINT and military analysts.
Ukrainian forces targeted a Russian military training area some 50 miles behind the front line in the occupied Luhansk Oblast in eastern Ukraine, per an assessment by The Institute for the Study of War.
According to two aerial geolocated videos posted on Wednesday by X user Osinttechnical, an account affiliated with the Centre for Naval Analyses, Ukraine appeared to strike the training area with three US-supplied M39 ATACMS tactical ballistic missiles.
Osinttechnical said at least one of the missiles struck a gathering of more than 100 Russian soldiers, with hundreds of M74 APAM bomblets falling on them.
Open-source geolocation project GeoConfirmed said four ATACMS were used in the attack, with the location being the village of Rohove in eastern Ukraine. One of its volunteers shared footage on X, saying that the four strikes happened within the space of a minute.
Business Insider couldn't independently verify details of the attack.
The reported attack comes after the US secretly sent about 100 Army Tactical Missile Systems, or ATACMS, to Ukraine last month, according to The New York Times.
The US had previously sent ATACMS with a shorter range to Ukraine, but the versions sent recently can travel about 190 miles — which puts higher-value targets in Ukraine's crosshairs.
An unnamed senior US official told the Times that Ukrainian soldiers already put them to use to attack a Russian military airfield in Crimea in mid-April.
Ukraine said that strike targeted the Dzhankoi military base in northern Crimea, destroying or critically damaging four S-400 launchers, three radar stations, air-defense equipment, and airspace surveillance equipment.
The longer-range ATACMS could prove crucial for Ukraine, as they can travel about 190 miles and hit higher-value targets in places like Crimea, which has been occupied by Russia since 2014.
Philip Karber, a military analyst with expertise on Ukraine, told Radio Free Europe this week that the long-range ATACMS have the potential to "basically make Crimea military worthless."
No billionaires list Alaska as their primary residence, according to Forbes.
Blue Poppy/Getty Images
Alaska, Delaware, and West Virginia aren't home to any billionaires, Forbes reported.
California, in comparison, has nearly 200 billionaires.
This is despite nearly 800 billionaires living in the US, per estimates.
Alaska, Delaware, and West Virginia are the only states that still don't have a single billionaire resident, according to a new report by Forbes.
The outlet on Thursday released its latest ranking of the richest residents of every state. Many of the findings were unsurprising: Elon Musk claims the title for Texas, Mark Zuckerberg for California, and Michael Bloomberg for New York.
As of December, nearly 800 billionaires lived in the US, according to a report by investment-migration consultancy Henley & Partners.
But three states don't have any billionaires listing them as their primary residence.
Intuit CEO Brad Smith — no, not the Microsoft president of the same name — isn't far off, however. Forbes estimates that the West Virginia resident, who's also the president of Marshall University, was worth about $900 million as of March.
And Delaware's Elizabeth Snyder, whose family's manufacturing company developed and patented Gore-Tex, is worth about $800 million, per Forbes' estimates.
But Alaska is still a long way from having a billionaire resident.
The two richest people in the state, Jonathan Rubini and his family and Leonard Hyde and his family, are both worth around $400 million each, per Forbes' estimates. Rubini and Hyde cofounded JL Properties, a commercial real estate developer.
To be clear, Alaska, Delaware, and West Virginia are among the least-populated states in the US. According to Census Bureau estimates for 2023, Alaska was the fourth-smallest state or district in the US by population, Delaware was seventh-smallest, and West Virginia was 13th-smallest.
And the states with the most billionaires — California, followed by New York and Florida, per Forbes' ranking — are three of the four most populous states. California has 197 billionaires, per Forbes data from March.
But there are many more factors that contribute to how many billionaires a state has than just its population. California has a swathe of multi-billion-dollar tech companies; New York is home to Wall Street and top law firms; and Florida is building its reputation as a hub for financial-services companies as well as a playground for the superrich.
And where the wealthy choose to live is changing, too. The pandemic has contributed to what Henley & Partners dubs a "millionaire remix," with more rich people living in cities including Texas state capital Austin, Scottsdale, Arizona, and West Palm Beach, Florida.
It wasn't for me. Not only did homeschooling seem difficult and intimidating, but as a former teacher, I loved that my kids were in school.
For more than two decades, I worked in schools — as a classroom teacher, after-school program teacher, volunteer, tutor, and substitute. I taught all ages, from preschoolers through high schoolers. I was an ardent supporter of public schools and thrived in traditional schools myself.
But the pandemic made me reevaluate everything.
My kids thrived during remote learning
Remote learning during the pandemic wasn't for everyone. Surprisingly, my family loved it. There were growing pains, but this new version of school worked for us.
In particular, one of our children is a talented student but faces social challenges in certain settings, like school. During remote learning, for the first time, they had the freedom to focus on learning without the social exhaustion of a seven-hour school day.
They thrived.
I was available as a consistent aide for them, which our school system had been unable to provide. With more selective social interactions, our kid was able to approach those interactions from a place of strength and curiosity.
After years of trying to fit our child's needs into traditional school, we finally, and inadvertently, found where they fit best, and it was learning from home.
We could travel
Along with that realization, we'd long dreamed of my spouse working remotely so we could spend time in other countries. I wanted my kids to experience other cultures and ways of life. When the pandemic forced employers to explore remote work, this far-fetched dream became plausible, and by homeschooling, we weren't limited to summers. We decided to lean into learning through travel.
While homeschooling, we've traveled to a dozen US National Parks and lived for a month each in Spain and Kenya, with an upcoming stay in Costa Rica. Being able to travel during off seasons means more affordable prices and more ideal weather.
I wanted them to have anti-racist education
Prior to our decision, our local school board faced regular opposition to diversity and inclusion efforts. As in many communities, discourse became divisive. Speaking at a school board meeting in favor of inclusivity, I realized I didn't want my kids' education caught in the crossfire of political talking points. I wanted them to learn honest, thought-provoking, age-appropriate lessons about difficult topics, but I knew as an educator that teachers needed to tread carefully for their own protection in the current political climate.
Classroom teachers are the best people to guide students through these topics, but their freedom to teach is constantly being challenged. In the meantime, my kids have a teacher in their home who can teach without hesitation and answer their questions without repercussions.
I wanted them to be safe
There have been 18 school shootings on K-12 school grounds in the United States so far this year. Our district receives multiple threats each year, some deemed credible enough to result in increased police presence or building-wide searches. District administration closed school for two days after credible threats to minority students. Meanwhile, mental health and counseling services for students are overburdened and underfunded.
I feel anxiety for friends and loved ones every time we get the district's warning notifications, but a part of me also breathes easier knowing my own children are in the backyard working on science projects, not practicing lockdown drills.
Homeschooling wasn't on my radar. Yet it was the missing piece to helping my child and expanding my kids' perspectives. It's worth rethinking the possibilities of what education can be.
Broomfield, Colorado, is near the famous Flatirons on the Rocky Mountain front range.
bauhaus1000/Getty Images
Escalating housing costs in major cities have Americans looking for smaller cities to settle down in.
Livability released a list of the 100 most livable small and midsize US cities.
Indiana and Texas both have two cities that made the top ten when ranked by livability scores.
As sky-high housing costs are increasingly pricing people out of places like Los Angeles and New York, Americans are increasingly looking to smaller cities and rural towns to set down roots.
Millennials are moving further and further into the suburbs, while remote workers have made cross-country moves to previously low-key places like Montana to capitalize on the relatively more affordable housing and costs of living.
The influx of transplants to some of these smaller cities and towns has, in turn, raised housing costs and caused problems for locals — but not all places have passed the threshold of affordability.
Livability, a media and marketing company that ranks places based on how livable they are, released its annual list of the 100 most livable small to midsize cities in the US this week.
The list is limited to cities with populations under 500,000 people that also have median home values under $500,000. That excludes places like Miami or Oakland, for instance, which have less than half a million people but have median home prices of around $601,000 and $840,000, respectively.
Beyond size and home values, the list is based on the following factors: the economy, like unemployment rates and job opportunities; housing and cost of living; amenities like museums, parks, shopping, and nightlife; transportation, including walkability and median commute time; environment, such as air quality and natural disaster risks; safety; education; and health.
The data used to compile the list includes public sources, like the Census Bureau, the Bureau of Labor Statistics, and the IRS, and private sources, including satellite imagery and business records.
Livability's list of 100 cities is not ranked in order, as you are able to filter and rank the list based on your top priorities. However, each city is assigned an overall livability score, or LivScore, using an algorithm that considers the above categories. All one 100 cities can also be viewed on a US map, so you can easily search by region or state.
The following ranking of the top 10 best small to midsize cities to live in is based on the overall livability scores.
10. Troy, Michigan
Troy, Michigan, is right outside the state's largest city, Detroit.
Getty Images
Troy, Michigan, is located about 25 miles northwest of Detroit and has a population of over 85,685. The median home value is $343,627. Troy ranked high on Livability's list for education due to highly rated schools, as well as health and cost of living. It has also been voted the safest city in Michigan.
9. Frisco, Texas
Frisco, Texas, is among the fastest growing cities in the US.
Jean Burbano/Getty Images
Frisco, Texas, is a suburb of Dallas located about 27 miles directly north of the city. With a population of about 224,003 and a median home value of $470,968, Frisco ranked high in the categories of health, education, and economy, thanks to abundant job opportunities.
8. Sugar Land, Texas
Sugar Land, Texas, is southwest of Houston.
carrollmt/Getty Images
Sugar Land, Texas, sits on the southwest edge of the greater Houston area, about 20 miles from the city. The suburb has a population of 113,429 people and median home value of $359,460. In addition to being in close proximity to one of the largest cities in the US, Sugar Land ranked high for its cost of living and education, and has attractive amenities like museums and parks.
7. Overland Park, Kansas
Overland Park, Kansas, is on the state border near Kansas City, Missouri.
TriggerPhoto/Getty Images
Overland Park, Kansas, sits on the state line just southeast of Kansas City, Missouri. Overland Park has a population of 200,187 people and a median home value of $354,977. The city ranked high in the economy category and is home to large companies like T-Mobile and United Healthcare.
6. Broomfield, Colorado
Broomfield, Colorado, is near the famous Flatirons on the Rocky Mountain front range.
bauhaus1000/Getty Images
Broomfield, Colorado, is located roughly in between two of the state's better-known cities, Denver and Boulder. Broomfield has 76,358 residents and a median home value of $491,262. Broomfield has abundant green space and outdoor opportunities, including the Flatiron rock formations, and is ranked high for education and economy.
5. Naperville, Illinois
Naperville, Illinois, is one of the largest and densest Chicago suburbs.
DenisTangneyJr/Getty Images
Naperville, Illinois, is a large suburb situated about 30 miles west of Chicago. The population is 150,412, and the median home value is $433,840. The city ranked high for health and education, and downtown Naperville is full of restaurants, shopping, and other amenities.
4. Fishers, Indiana
Fishers, Indiana, is close to downtown Indianapolis, pictured here.
pawel.gaul/Getty Images
Fishers, Indiana, is located northeast of Indianapolis, the state's largest city. The suburb has a population of 102,878 and a median home value of $332,418. Fishers ranked extremely high for housing and cost of living, in part due to the availability of affordable homes.
3. Columbia, Maryland
Columbia, Maryland, is close to both Baltimore and Washington, DC.
DenisTangneyJr/Getty Images
Columbia, Maryland, located southwest of Baltimore, has a median home value of $467,495. Its population of 106,410 people makes it the second most populated community in the state. Columbia ranked high in education and health and access to government and research jobs due to being about 30 miles from Washington, DC.
2. Cary, North Carolina
Cary, North Carolina, is near downtown Raleigh, pictured here.
Chansak Joe/Getty Images
Cary, North Carolina, is located just west of Raleigh, the state's largest city. It has a population of 179,000 and a median home value of $434,151. Cary ranked high in the environment, economy, and education categories, and is close to major colleges like Duke and University of North Carolina.
1. Carmel, Indiana
Carmel, Indiana, has an Arts and Design district, pictured here.
Douglas Sacha/Getty Images
Carmel, Indiana, located north of Indianapolis, had the highest livability score on the list. It has a population of 100,691 and a median home value of $380,506. Carmel ranked high for its cost of living and health and attracts families due to job opportunities, parks, and highly rated schools.
A Long March 5 rocket, carrying the Chang'e-6 mission lunar probe, at the Wenchang Space Launch Centre in southern China's Hainan Province on May 3, 2024.
HECTOR RETAMAL/Getty Images
China launched the Chang'e-6 probe to collect samples from the far side of the moon.
The probe lifted off from China's Wenchang Space Launch Center at 5.37 a.m. ET.
The mission forms part of China's plans to put humans on the moon by 2030.
China on Friday launched a probe to collect samples from the far side of the moon, as it stepped up its space race against the US.
The Chang'e-6 probe successfully lifted off from China's Wenchang Space Launch Center at 5.37 a.m. ET.
The mission, named Chang'e-6 (pronounced Changa) after the Chinese moon goddess, is expected to last 53 days. It will collect around two kilograms of lunar samples from the far side of the moon for analysis.
China is hoping Chang'e-6 can retrieve samples from the South Pole-Aitken Basin on the lunar far side. According to NASA, this is one of the largest and oldest impact features in the solar system.
If successful, it would be a major demonstration of the nation's spacefaring prowess, as no other country has brought samples back from the far side of the moon.
As Business Insider previously reported, the US and China have aggressive programs to return to the moon. The lunar surface is a strategic target for many nations vying to expand their people's reach beyond Earth.
China aims to bring humans to the moon by the end of 2030. NASA recently announced it was delaying its own mission to put boots back on the moon, but still aims to get there before China with a predicted launch date in 2026.
The highest-paid CEOs in the US aren't necessarily household names, but they're enjoying some pretty sweet pay packages — more than enough to avoid worries about higher prices for that morning coffee.
Take Hock Tan, head of chipmaker Broadcom. The value of his pay package was $161.8 million in 2023. Tan topped a list of the 100 highest-paid chiefs from Equilar, which analyzes data on executive compensation.
But though many compensation numbers are big, it's not all cash. Amit Batish, senior director of content and communications at Equilar, told Business Insider that much of the top dogs' hauls come through stock awards.
"That's kind of the bread and butter of executive compensation these days," he said.
To get the payouts, CEOs often have to achieve targets such as stock price thresholds.
About halfway through this year's proxy season, the median compensation package for CEOs on Equilar's list — comprised of companies with revenue of $1 billion or more — was valued at a cool $23.7 million in 2023, a jump of 11.4% from the prior year. The data were based on proxy statements filed through March 31.
The jump in compensation was stronger than the 7.7% increase CEOs overall saw at this point last year, according to Equilar data.
There are still some high-wattage chiefs a bit farther down the list, like Apple's Tim Cook, who comes in at No. 6 with compensation valued at $63.2 million, or Satya Nadella, the Microsoft CEO, at No. 9 with total comp valued at $48.5 million. But they haven't yet made it to the very top yet, according to Equilar.
Here are some of the highest-paid — and highest-profile — CEOs.
1: Hock Tan, Broadcom
Broadcom's Tan.
Ying Tang/NurPhoto via Getty Images
The value of Tan's total compensation jumped to $161.8 million in 2023, a 167% increase over the prior year, according to Equilar. The pay ratio — how much more he takes home than the average employee of the chip and software maker — was 510 to 1.
The company had $35.8 billion in revenue in fiscal 2023.
2: Nikesh Arora, Palo Alto Networks
Nikesh Arora, CEO of Palo Alto Networks.
Reuters Staff
The value of Arora's total compensation as CEO of the cybersecurity company came to $151.4 million, a surge of 1,355%, according to Equilar. The CEO-to-worker pay ratio was 735 to 1.
Revenue reached $6.89 billion in fiscal 2023.
3: Sue Nabi, Coty
Sue Nabi, CEO of Coty.
David M. Benett/Getty Images
Nabi runs the beauty company Coty. The value of her compensation package was $149.4 million, an increase of 4,100%, according to Equilar. The CEO-to-worker pay ratio was 3,769 to 1.
Revenue came to $5.55 billion in fiscal 2023.
4: Christopher Winfrey, Charter Communications
Christopher Winfrey, CEO of Charter Communications.
Courtesy Charter Communications
Winfrey, who took the top spot at the cable company in December 2022, landed total compensation valued at $89.1 million. The boss-to-worker pay ratio was 1,635 to 1, according to Equilar.
In fiscal 2023, revenue came to $54.6 billion.
5: Will Lansing, FICO
Will Lansing, CEO of FICO.
Courtesy FICO
Lansing runs Fair Isaac Corp., which developed FICO, the most broadly used model for scoring credit. The value of his total compensation came to $66.3 million, an increase of 251%, according to Equilar. The CEO-to-worker pay ratio was 653 to 1.
The company's revenue totaled $1.5 billion in fiscal 2023.
A FICO spokesperson, through a statement to BI, said, in part: "Under Mr. Lansing's leadership the past 10 years, FICO has delivered total shareholder return that is in the top 1% of the S&P 500. Meanwhile, his base salary for 2023 was $750,000, well below industry peers and in the bottom quartile of S&P 500 CEOs."
6: Tim Cook, Apple
Tim Cook, CEO of Apple.
Michael M Santiago/Getty Images
Cook's total compensation for running the tech giant was valued at $63.2 million, a drop of 36%, according to Equilar. The pay ratio was 672 to 1.
The company's revenue totaled $383.3 billion in fiscal 2023.
7: Jay Chaudhry, Zscaler
Jay Chaudhry, CEO of Zscaler.
Zscaler
The value of Chaudhry's compensation package for running the cybersecurity company rose 39% to $57.8 million, according to Equilar. And the CEO-to-worker pay ratio stood at 319 to 1.
The company's top reached $1.6 billion in fiscal 2023.
8: Hamid Moghadam, Prologis
Hamid Moghadam, CEO of Prologis.
Prologis
Moghadam's compensation package at the logistics real estate company was valued at $50.9 million, an increase of 6%. And the CEO-to-worker pay ratio was 400 to 1.
The company's revenue in fiscal 2023 came to $8 billion.
9: Satya Nadella, Microsoft
Satya Nadella, CEO of Microsoft.
Axel Springer
Nadella's total comp was valued at $48.5 million, a drop of 12%. The chief-to-worker ratio was 250 to 1.
The software giant's revenue was $211.9 billion in fiscal 2023.
10: Shantanu Narayen, Adobe
Shantanu Narayen, CEO of Adobe.
Brendan McDermid/Reuters
Narayen's compensation package was valued at $44.9 million, an increase of 42%. The CEO-to-worker package for the software company was 229 to 1.
The company's fiscal 2023 revenue totaled $19.4 billion.
Gucci — recently one of the world's hottest brands — has faced headwinds, with falling sales and a diminishing reputation.
Gucci; Kyodo News via Getty Images; Alyssa Powell/BI
In 2015, as part of creative director Alessandro Michele's first line for the fashion house, Gucci's famous loafers got a makeover. While they still had the classic horse-bit buckle, the backs were shaved down to make them mules, and tufts of kangaroo fur were added to the heel.
They were everything but quiet luxury. Fur! Brand recognition! Impractical!
And customers loved them. Soon, they were on the pedicured feet of Gigi Hadid and Sienna Miller. You could buy dupes from fast-fashion brands like Steve Madden and ASOS for a fraction of the cost. (You can also now buy a reedition made with lambswool for $1,090.)
"It's just such a brilliant bourgeois signature — and these are both arch and fluffy," Vogue Creative Digital Director Sally Singer said at the time.
It marked the beginning of the Michele era, with logos everywhere and over-the-top designs. It also became known as a turning point for the company. Between 2015 and 2022, revenue at Gucci more than doubled, eventually surpassing $10 billion, and margins grew by about 10 percentage points.
"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider.
The styles of Alessandro Michele were embraced by the likes of Harry Styles, Billie Eilish, and Jared Leto (L-R).
Kevin Mazur/Getty Images for The Recording Academy; Axelle/Bauer-Griffin/FilmMagic; Jeff Kravitz/FilmMagic
But the brand's fortunes have reversed. Over the past couple of months, Gucci has instead made headlines for its tumbling sales, its prevalence on discount racks, and its lack of design direction under its new creative chief, Sabato De Sarno.
"I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI.
Last week, its parent company, Kering, reported that Gucci's sales declined 18% in the first quarter of this year compared to the same period last year and warned that companywide recurring operating income for the first half of 2024 would be down as much as 45%.
The new collection from De Sarno, who was appointed in January 2023 after Gucci abruptly split with Michele, has failed to make waves. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter.
To put it as bluntly as Kering CEO François-Henri Pinault did during February's earnings call: "Gucci has not kept pace with its peers."
"It was slow to evolve its brand aesthetic in the wake of the pandemic," he continued. "The necessary balance between fashion and exclusivity, which supports the house ability to attract a broad range of consumers, was a little bit diluted." The company did not respond to a request for comment for BI for this article.
Gucci's pace of growth was unsustainable, even without current macroeconomic headwinds, and the strategy behind the brand — embracing a singular trend across all product verticals, appealing to aspirational customers, and relying heavily on China — was never going to have lasting success, fashion pros say.
"It did too well," Jelena Sokolova, a senior equity analyst at Morningstar, told Business Insider. "It was too good to be true."
From logomania to logo fatigue.
An Alessandro Michele design is easy to pick out of a lineup: They tend to be ornate and flowery, and feature the brand's classic double Gs.
"Logomania," publicist Solomon said. "It was the most influential brand in fashion in terms of maximalism."
When Michele's first collection hit, it flew off the shelves, igniting the brand's massive growth. As BI declared at the time, Gucci was cool again.
Alessandro Michele, pictured, spawned a renaissance at Gucci.
Daniele Venturelli/Getty Images
It soon touched every aspect of the nearly century-old fashion house. Unlike at some other fashion houses, Michele was responsible for bags, shoes, clothing, store design, and marketing.
"The creative vision of Michele — that kind of impacted everything," Sokolova said. "It permeated all collections. It was in handbags, it was in clothes, it was in shoes."
But by 2020, the winds of the fashion world moved away from the loud, in-your-face style for which Michele was known. People locked at home during the pandemic did not want to shell out for such obviously trend-driven pieces that could be out of fashion by the time the world opened up.
Luxury buyers turned to designers focused on lasting quality, like Brunello Cuccinelli and Hermès. It's reflected in their stock prices, up about 244% and 200% since the start of 2020. The share price of Kering, which is heavily reflected by Gucci, is down almost 40% over that time.
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But Gucci "seemed to be trapped by a sudden market change at the start of the pandemic when consumers embraced a more classic and understated 'quiet luxury' aesthetic," Thomas Chauvet, head of luxury goods equity research at Citi, told BI.
Still, Michele stayed true to his approach.
"The designs plateaued a little bit at a certain point," Solomon said. "You have to represent new ideas pretty regularly. A new collection, new concept, new materials, sustainability — something to push the conversation forward."
The embrace of a singular aesthetic, which was great for creating a unified, strong brand, proved less ideal when it was out of style. It all started to seem a little gimmicky, and without any diversification, there were few products for customers to gravitate toward.
It's something that some predicted.
"We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. "We prefer to take a prudent stance and acknowledge market saturation risk, given the very distinct aesthetics of the current collections (which can produce both tremendous demand uptick and fatigue)."
The great gamble of Michele's Gucci, which had paid off for years, was starting to turn.
How luxe can a brand be in the metaverse?
But Gucci's fate wasn't all tied up in its designs. Macroeconomic conditions had just as big of an effect on its sales as its aesthetics did.
During its height, the brand not only embraced maximalism in its designs but also in its partnerships: The North Face, Disney, the metaverse.
Gucci's collections with Disney and North Face may have been a hit at the time, but they diminished the brand's value.
Jeremy Moeller/Getty Images
Between these mass-market partnerships and the trend-driven nature of Michele's looks, Gucci gained a wide following, particularly among younger and more aspirational — or less wealthy — customers.
It's a different approach than at Hermès, which embraces high cost and scarcity to fuel growth. And, at the time, it was seen as a plus, as it exposed the brand to a new audience that didn't traditionally buy luxury.
But Gucci developed a "high dependence" on those consumers, Chauvet said, and as economic uncertainty and inflation grew — and they blew through their pandemic savings — those customers became the first to go.
"Apart from the ultra-ultrawealthy, we are all feeling the cost-of-living crisis," Roberts said.
At the time of writing, 200 double-G logo Gucci belts were available on luxury consignment shop The RealReal for as little as $208. Online, the most simple version of the belt — which became a staple of Michele's Gucci — cost $520.
And younger customers who can still afford to splurge may simply not want to spend on such flashy items or have moved on to different brands.
"Those consumers that were buying Gucci at its height, they are getting older," Roberts said. "They may not want to be walking around with big logos."
A Chinese boom turned bust.
If Gucci was a chart-topper with aspirational consumers in traditional luxury markets, it went multiplatinum in China. The Asia-Pacific region, fueled by China, grew from representing 35% of the label's sales in 2015 to 44% in 2021. Revenue in the region tripled in that period, outpacing total growth.
Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.
China News Service via Getty Images
It was great while Chinese shoppers were spending money, but as they reined that in, Gucci slumped. Just as Gucci relied too heavily on one designer and on aspirational consumers, it relied too heavily on China.
After the pandemic, luxury sales never rebounded as expected, and the country's economic growth slowed and consumers remained cautious. China's luxury market tripled between 2017 and 2021, but despite growth last year, it has slowed since 2021, according to research from Bain.
With foreign travel still down among Chinese people, they are not spending abroad, either.
"On both sides of the scale, brands are missing out," Roberts said of the Chinese consumer.
Plus, the label's target demo within the country was still aspirational — meaning a double blow. Like in other markets, the ultrawealthy in China who still are spending are favoring brands like Hermès and Chanel.
Last month, the company announced Gucci's first-quarter sales in the Asia Pacific region, which is fueled by China, fell 28% compared to the same period the year prior. In 2023, the brand's sales in the region grew just 5% — a far cry from the double-digit expansion it had been experiencing in its heyday.
"The context right now is not supportive because it is more polarized," Armelle Poulou, Kering's chief financial officer, said about China during an earnings call last month. "Gucci at the moment is not in the sweet spot in terms of positioning."
It's not all over for the House of Gucci.
While it looks like Gucci and its new creative director, De Sarno, have their work cut out, that doesn't mean it's the end of the label. In fact, it probably wouldn't have been such a big deal if Gucci hadn't had such a legacy of success.
"It will never leave the conversation," Solomon said. But, "they will have to come back with a really strong collection."
Some business changes likely should happen. Brands that have resisted cyclicality tend to appeal to the ultrarich and affluent, who are less affected by economic downturns. Analysts suggest the brand should continue to close outlets and offer fewer discounted goods to achieve the scarcity that makes uber-luxury brands so appealing.
The label could also stand not to repeat history — and diversify.
"They're a much bigger brand, and they cannot just rely on one creative vision," Sokolova said.
Part of that could mean embracing certain signatures that eschew trends, like Hermès' Birkin bag, for example, or Louis Vuitton's Neverfull. These looks hold their value — making them good investment pieces no matter the designer.
To be sure, De Sarno wasn't given much of a shot to do all this before the negative press started to hit the stands.
"In the luxury industry, enthusiasm for dramatic headline news can often be overdone,' Chauvet said.
As Pinault is quick to hammer home, it takes time to build a following, and Kering is ramping up its marketing for the label after recently hiring a Louis Vuitton veteran as deputy CEO. So far, there simply have not been enough De Sarno styles physically available to assess how the public is receiving them.
Trends also shift more quickly than ever in the age of social media, and De Sarno may create a design that breaks the internet in a collection or two.
"It's always difficult when there is a transition period," Euromonitor's Roberts said. "That's not to say that De Sarno won't have the same effect — only time will tell."
Apple CEO Tim Cook at the Academy Awards in March.
Rodin Eckenroth/Getty images
Apple CEO Tim Cook's base salary has been $3 million a year since 2016.
His total compensation was $63.2 million in 2023, down from $99.4 million the previous year.
Here's a breakdown of his stock awards, performance-based bonuses, and other compensation.
Apple chief Tim Cook has been paid an annual salary of just $3 million since 2016.
However, the CEO of the second-most valuable US company also gets stock awards and a performance-based bonus, which boosts his overall earnings.
Cook's total compensation amounted to $63.2 million last year, down from $99.4 million in 2022, according to the company's proxy statement filed with the SEC in January.
His pay packet was made up of $46.9 million in stock awards and $10.7 million in non-equity incentive plan compensation. On top of that, he received $2.5 million in other compensation, which includes his security expenses and business and personal travel on a private jet.
The near-40% reduction was requested by Cook in the wake of Apple investors being urged to vote against his 2022 pay package by a shareholder advisory firm.
Cook's compensation is 672 times the median figure for Apple employees of $94,118, per the proxy filing. That figure will be skewed lower by the thousands of staff who work in Apple stores, however.
According to Forbes, Cook is worth about $2.1 billion — and he's not rich enough to make the Bloomberg Billionaires Index, which requires a net worth north of $6 billion.
iPhone sales fell 10% compared with the same period last year, and its wearables revenue was down by the same amount. Sales in China came to $16.3 billion for the quarter, down from $17.8 billion a year ago.
Shares jump
The company also announced its biggest share buyback of $110 billion and raised its quarterly dividend by 4%.
Apple shares rose almost 6% in premarket trading on Friday, which would almost erase this year's losses if it holds up at the opening bell.
Apple hosts its annual Worldwide Developers Conference in June, where Cook is expected to reveal details about its generative AI plans.
It's also scheduled a virtual event on May 7, and a new iPad Pro reveal could be on the cards. Bloomberg reported in March Apple planned to launch new iPads in early May.
Apple didn't respond to a request for comment from Business Insider.
Buying weighty hauls for so little reward may seem irrational, but many Gen Zers can't stop. As a result, Zoomers are racking up credit card debt and falling behind on payments faster than any other generation.
Some on TikTok say it's less about what they buy, and more about the frenzy of "blackout shopping" — the rush of spending and the feeling of anticipation before the stuff arrives.
A 2022 report by ThredUp, an online thrift store, surveyed some 2,000 college students and found that 72% reported shopping at a fast-fashion retailer in the previous year. A third described themselves as "addicted."
Things may be speeding up. A survey of 1,000 people from January by the digital analytics platform Quantum Metric found that 64% of Gen Z respondents were buying more than they did last year.
The advent of the in-app TikTok Shop plugging cheap clothes makes the drumbeat near-constant.
(Neither Shein nor TikTok responded to requests for comment from Business Insider.)
The clothes are often polyester, nylon, and acrylic, which can take decades to break down. And they can feel easy to just throw out, unlike higher-quality, more expensive pieces.
Melanie Parncutt, a Zoomer who works as a publicist at Otter Public Relations, told BI Gen Zers probably realize that their hauls are not helping.
But, she said, ads on social media make it hard to resist the "traps of compulsive buying."
"As a result of the constant bombardment of targeted advertising and the offering of online deals, young consumers like myself tend to buy on impulse more than ever before," Parncutt said. "It can be hard to break out of the cycle."
Gaby Mendes, a Zoomer and founder of Talk Twenties, a media and events company for Gen Z, told BI she tries to avoid fast fashion but has her lapses.
"I get sucked in easily and have to remind myself that something is often cheap because it's either poor quality or someone has been exploited in the process of it being made," she said.
"When the products don't last, fit properly, or break, I'm reminded why I shouldn't give in to the high."
A worker makes clothes at a garment factory that supplies SHEIN.
JADE GAO/Getty Images
Breaking the cycle
Siena Barry-Taylor, a Zoomer and senior marketing executive at the secondhand clothes marketplace Thrift+, told BI that disposable clothes aren't the whole story of Gen Z fashion.
They are also propelling the secondhand market, she said. There's been a Gen Z surge in buying and selling on digital thrift shops.
Teens have been turning their side hustles on social shopping apps like Depop or Vinted into full time jobs over the past few years. Gen Z was dubbed the "Depop generation" by Vogue Business, and makes up 90% of the app's user base.
Barry-Taylor said she now asks herself if she would wear something at least 40 times before buying a new item — or at least be able to sell it on.
"It's becoming harder to justify shopping new," she said. "Both for the planet or our wallets."
Calli Nguyen planned to quit but was fired from her director role within three days of starting the job.
Jordan Hefler
Calli Nguyen, 24, was fired from her job as a director of digital marketing after less than a week.
Nguyen highlights the importance of mental health and employee respect in the workplace.
She emphasizes Gen Z's unwillingness to settle for toxic work environments.
This as-told-to essay is based on a conversation with Calli Nguyen, a 24-year-old social media marketer from Baton Rouge, LA, about getting fired after less than one week of work. It's been edited for length and clarity.
Before I started as the director of digital marketing for a medical spa, I gave my boss the benefit of the doubt because I just wanted a job. What could go wrong?
Turns out, everything.
While I've worked many jobs, this director role was my first time working in digital marketing. I rationalized that maybe I was going through a learning curve; or that I just had the jitters. But on the third day of work, when I left my desk for a quick mental health break, I was fired on the spot. To be fair, I saw the red flags but ignored them.
I read the negative Glassdoor and Google reviews left by former clients and employees. One review said that five employees quit within two weeks. The review underscored that employers should not mistreat their employees regardless of their age. Also, before I even started the job, I agreed to change my role from client care coordinator to director of digital marketing without changing my hourly pay of $16. Yet, immediately after I was fired, I felt like a failure.
I now feel that getting fired after less than a week of employment was a blessing in disguise. The experience taught me that not every opportunity is a good opportunity. But more importantly, protecting my mental health and having employers see the value in me is more important than earning money.
My boss refused to take my advice
I didn't think it was a big deal that my former boss wanted me to switch gears to social media marketing after I applied on Indeed for an office coordinator role. Afterall, I did list my social media marketing skills on my résumé.
After I accepted the new role over the phone with her general manager, I looked forward to honing in on my creative skills while helping a small, independent business grow and gain more customers. But how can I help someone who refuses to listen to my advice?
My boss wanted her social media marketing to look a certain way: showcasing stock photos of attractive women with outdated fonts.
I showed her the analytics on the low-performing social media posts and that I knew how to update her online presence to gain more customers, but she refused to absorb anything I had to say. So I followed her creative lead — until I became overwhelmed by her demands.
I was shocked to find out that my boss wanted more from me than what I produced
On my third day, I started a project to build posts for the company's social media accounts and research her competitors' special offers. I presented everything she asked for. While she seemed happy with my social posts and the offers that I found, she needed more from me.
Without warning, she asked which products the other medical spas used. I spiraled into a tailspin.
I didn't know anything about specific products in the medical spa industry. I didn't even know what she wanted me to research. She never brought up my level of product knowledge in our initial interview, nor did anyone ask me to find out about the competitors' products when explaining the project to me.
She said I should've known to research the different products used by our competitors. Then, she launched into a list of other deliverables that I should've done. After a few minutes of her feedback, I felt overwhelmed.
Mental health and respect at work are mandatory
I stood up and told her I needed to take a break. So, I walked toward the front door.
She tried stopping me. I didn't give in. I already vowed to never let anyone disrespect me at work. I said, "Ma'am, respectfully, I need to step outside and take a breather. I'll be back in a few minutes."
She fired me, saying that I wasn't going to work out for her. I thought to myself, "Oh, awesome," as I tried to keep my demeanor professional. I was so pissed off.
To be fair, I wanted to quit, so she got me before I got her. As I approached the front desk, I looked at the general manager and trainer and told them that I was fired. The general manager offered me a recommendation letter despite all the drama.
I said goodbye to my coworkers after 2.5 days
I felt like a failure after two days and about six hours of work on day three. I said goodbye to my coworkers and told them that I was fired as I walked out the door for the last time. But I really felt depressed too.
I texted "9-1-1" to my mom while she was at work and started sobbing on the phone with her in the parking lot. I kept apologizing to her for being a failure, even though I knew I worked in a toxic environment.
Afterward, I spent a month in bed while working remotely for another company.
I've been in the workforce since I was about 16 or 17 years old and have worked with various age groups. That said, some Gen Z workers are lazy and unreliable, and I've seen the TikToks that say that Gen Z is rude, too. At the same time, we want what everyone else wants: for our employers to value us, to enjoy our jobs and work environment, and to receive proper training so that we'll thrive.
Gen Z knows that there's somewhere better for us
While the older generations might have put up with toxic work environments, we're speaking up for ourselves and not settling.
I'm more than happy to receive constructive criticism, as long as the feedback does not cross the line into degradation and disrespect. The workforce continuously changes, and employers must be open to flexibility, growth, and change.
Gen Z knows that there's somewhere better for us if we don't get what we want out of a job — that's why I'm working at a reputable advertising agency that respects me, advocates for mental health, and cultivates a fun and enjoyable work environment.
As an employee, it's not on me if a boss doesn't want to learn or be flexible. I can't help a boss to grow, and I can't grow in a toxic environment, right?
If you're a Gen Z worker and want to share your story, email Manseen Logan at mlogan@businessinsider.com.