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Moonshot Plans IPO in Six Months After China AI Breakthrough · Bloomberg Intelligence

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Speaker 2: Lots of IPOs. That's certainly been the score for much
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Speaker 2: of twenty twenty six. And we said the big investment
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Speaker 2: banks reporter earnings last week, and they were toouting how
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Speaker 2: much of the deals they're getting done and how good
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Speaker 2: their pipeline looks, and we got it work still coming here,
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Speaker 2: Let's keep it. Our next guest, very busy Belly Lipschualtz,
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Speaker 2: Senior equities reporter for Bloomberg News. Moonshot AI. Oh boy,
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Speaker 2: I'm afraid to ask, what is this thing? And when
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Speaker 2: is it coming?
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Speaker 3: You haven't heard of moonshot ami though I have not.
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Speaker 3: You are not what really?
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Speaker 4: Really?
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Speaker 3: Oh my gosh, I mean they moved markets on Friday.
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Speaker 3: They're the reason that Friday I was all that be
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Speaker 3: Oh you he that you got some sun Okay Moonshot
1:02
Speaker 3: Moonshot runs. The Kimmi model Kimmy K three was the
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Speaker 3: latest kind of model Kimmy K three is a AI.
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Speaker 2: We'll have to put that next to Claude and well, they're.
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Speaker 3: A Chinese company, so I think I know your answer there.
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Speaker 3: But so this is a company that really burst onto
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Speaker 3: the scene while you were on a beach enjoying the
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Speaker 3: nice weather, that really kind of caught took the world
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Speaker 3: by storm, I guess you could say, and very quickly.
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Speaker 3: Bloomberg is reporting they are now eyeing a Hong Kong
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Speaker 3: ipo in the next six months, so that would be
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Speaker 3: a quick turnaround companies, according to our reporting, working to
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Speaker 3: close a thirty funny round at thirty billion dollar valuation.
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Speaker 3: So relatively small potatoes compared to the anthropics and open
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Speaker 3: aiyes of the world, but it is pretty interesting just
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Speaker 3: given how quickly the company again became for some household
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Speaker 3: name overnight, similar to that Deep Seek moment we had
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Speaker 3: a few years back.
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Speaker 5: Yeah, and trying to capitalize on that that excitement. It's
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Speaker 5: a Beijing based startup. It's held talks with China International
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Speaker 5: Capital Corp. And Goldman Sachs about working on an offering.
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Speaker 5: The one part of the deals market that's been kind
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Speaker 5: of sluggish is exits from private equity and you exiting
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Speaker 5: their investments and listing them on the public markets. Jersey
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Speaker 5: Mikes is kind of in defiance of that if it
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Speaker 5: actually does go through it with an IPO.
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Speaker 3: Yeah, and we've seen actually Blackstone try to live up
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Speaker 3: to their promises from Jonathan Gray that this was going
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Speaker 3: to be the year of an IPO. Of the IPO,
2:27
Speaker 3: they did take out Blackstone Digital, which is kind of
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Speaker 3: an AI digit data center roll up firm, and they
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Speaker 3: also took out Liftoff, which is in the app space.
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Speaker 3: But Jersey Mike's more of a household name. I think
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Speaker 3: you've been to one of those, yes, Okay, so you know,
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Speaker 3: Jersey Mike's the company in their backers, including Blackstone, looking
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Speaker 3: to sell up to one point one billion dollars in
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Speaker 3: this IPO. What value the company about eight billion dollars,
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Speaker 3: So that is kind of a big valuation relative to
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Speaker 3: most kind of growing casual chains, if you will. The
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Speaker 3: big pitch, at least when I talk to investors is
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Speaker 3: they look at the success from Cava, they look at
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Speaker 3: Jersey Mike's Jersey Mike's Blackstone asset. But they brought in
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Speaker 3: the leadership team from Wing Stops, so you have season
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Speaker 3: vets running the show. You have Blackstone, which is going
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Speaker 3: to make a decent amount of money on this IPO,
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Speaker 3: and then you also have the international pitch. They partnered
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Speaker 3: with the Jersey Mike's founder to help lead an expansion
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Speaker 3: in the UK. So fast growing, pretty darn good franchise
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Speaker 3: model here in the US, international ambitions and private equity
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Speaker 3: sponsor is what kind of blackrockets own.
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Speaker 2: This for about a cup of coffee.
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Speaker 4: Let's be honest.
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Speaker 2: When they bought this just a few.
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Speaker 3: Years and Blackstone closed the deal in January of last year. Yes,
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Speaker 3: so in terms of the turn one and a half years,
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Speaker 3: this is fast.
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Speaker 2: Awesome for them. I mean, and there, IRR. I'll go
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Speaker 2: do the math on the train ride home, but I'm
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Speaker 2: going to guess, IRR, is monstrous.
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Speaker 3: Yeah, it's a big return, and it's a big again,
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Speaker 3: a quick return in a time when people, to Scarlett's point,
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Speaker 3: private equity hasn't been super active and getting these exits.
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Speaker 3: The interesting thing is you step back when that deal
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Speaker 3: was announced back in November of twenty twenty four and
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Speaker 3: consumer bankers were like, this is a company that have
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Speaker 3: gone public then, so then you bring in Blackstone. They
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Speaker 3: do a little bit of pre private equity magic. But
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Speaker 3: again they bring in an experienced management team, get the
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Speaker 3: operations where they want it in a quick turn, quick money,
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Speaker 3: and at least when I talk to folks on the
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Speaker 3: buy side, they.
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Speaker 2: Like it, and that is super important when they got
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Speaker 2: to raise the next fund, which is when I was
4:20
Speaker 2: looking at private equity maybe twenty years ago, I was
4:22
Speaker 2: told pretty easy to raise money, it's really easy to
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Speaker 2: invest money. It's really hard to sell to get a
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Speaker 2: good exit, and so the way you get raised money
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Speaker 2: is to say, hey, I'm generating returns, I'm getting exits
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Speaker 2: successful exits.
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Speaker 3: And they happen to be I mean, Blackstone obviously is huge,
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Speaker 3: but you're not over exposed to software, which is a
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Speaker 3: good timing because you talk to some of the folks
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Speaker 3: at the Toma Bravos of the world and it's like, okay,
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Speaker 3: well you're super bullsh on software. This is the opposite time.
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Speaker 5: Totally different narrative. Right, very quickly, Billy, is there anything
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Speaker 5: new with Anthropic or open AI going public?
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Speaker 1: This week?
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Speaker 3: Anthropic is meeting with some of the largest long only investors.
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Speaker 3: We put that out at the end of last week,
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Speaker 3: so that'll be the formal starting to my understanding of
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Speaker 3: testing the waters meetings, talking about what the size could
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Speaker 3: look like, what the company looks like. Again, a lot
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Speaker 3: of these funds own it, so they're meeting with Dario
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Speaker 3: and team that they know. But the big thing is
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Speaker 3: this seems to be indicating that that September October timeframe
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Speaker 3: is in play, whereas Open AI for all intents and
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Speaker 3: purposes is very much seen as a twenty twenty seven story.
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Speaker 2: And are we expecting activity to once a week gets
5:27
Speaker 2: back in vacation September kickback in?
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Speaker 3: Is that kind of the Yeah, we got we get
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Speaker 3: a little burst with Jersey Mikes. People expect Cumberland Farms.
5:33
Speaker 3: Cumberland Farms. Yeah, they grew up with cumber Yeah, you
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Speaker 3: g group. Yeah, that's that'll be another big.
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Speaker 2: One that's a competitor to Wall Wall John So, I
5:40
Speaker 2: mean it's a person.
5:43
Speaker 4: Remember that Farms is Now, I'm not going to characterize
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Speaker 4: it's good in trouble, but.
5:48
Speaker 3: I've never been there. Stay with us.
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Speaker 5: More from Bloomberg Intelligence coming up after this.
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6:11
Speaker 2: We heard another company, you know, Ipo deep Seek, just
6:16
Speaker 2: about deep Sea because that rocked the AI world I
6:19
Speaker 2: don't know a year ago, because they came out with
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Speaker 2: a pretty good AI product at a much lower cost
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Speaker 2: by deep Seek.
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Speaker 6: Yeah, so in January of twenty twenty five, deep deep
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Speaker 6: Seat came out to the Chinese owned Chinese based AI
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Speaker 6: chatbot and basically ramped up on downloads, about one hundred
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Speaker 6: and seventy million downloads in twenty twenty five alone, is
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Speaker 6: as you mentioned, significantly cheaper for many of the tasks
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Speaker 6: that people ask it to do. So one study I
6:47
Speaker 6: read that for a basic intelligent task it would cost
6:51
Speaker 6: two cents versus two seventy five for some of the
6:54
Speaker 6: other models. So just to put that into perspective. But
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Speaker 6: what has happened since then is that download have subsequently
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Speaker 6: declined this year and year to date it's only been
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Speaker 6: downloaded thirty four million times and only two million times
7:07
Speaker 6: within the US. So there could be a number of
7:09
Speaker 6: reasons for that. One might be the fear of you know, security.
7:12
Speaker 6: The servers are based in China, so there might be
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Speaker 6: questions about national security and the security of the information
7:19
Speaker 6: if people use it, So that's one of the options,
7:22
Speaker 6: as well as other products such as chat GBT and
7:26
Speaker 6: Claude ramping up their features and functionality.
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Speaker 2: So it seems like on these AI tools here, whether
7:33
Speaker 2: it's a claud or a Gemini, the iterates so often right, yes, yes,
7:39
Speaker 2: and they make material jumps in quality and capabilities. How
7:45
Speaker 2: do you guys track that? How do you guys track like?
7:47
Speaker 2: Who are the big ones? Who are the good ones?
7:48
Speaker 2: How do you guys do that?
7:49
Speaker 6: So based on our data, we have a proprietary first
7:52
Speaker 6: party panel, so we keep track of every time an
7:55
Speaker 6: app is downloaded, every time someone opens an app, how
7:59
Speaker 6: long they spend on the app, the number of sessions. Similarly,
8:02
Speaker 6: we also have website data where we also track when
8:06
Speaker 6: they go on these sites as well as we started
8:10
Speaker 6: keeping track of the percentage of ads that are seen
8:12
Speaker 6: by chat GPT users, so we also have advertising data.
8:14
Speaker 6: So we have a wide breadth of different data sets
8:17
Speaker 6: that we look at and combined to figure out what
8:19
Speaker 6: we think is happening in the space, and so we
8:22
Speaker 6: don't keep as much to figure out if you know,
8:25
Speaker 6: version one is better than version three. It's just more
8:27
Speaker 6: about are they getting more engagement, are they getting more users,
8:30
Speaker 6: and what's driving those changes.
8:32
Speaker 2: I think most tech companies, in my experience, they have
8:35
Speaker 2: this fear in the back of their minds that a
8:38
Speaker 2: couple of kids in some garage and Palo Altough are
8:41
Speaker 2: a day away from putting me out of business coming
8:43
Speaker 2: up with something better mousetrap. I know we feel that
8:47
Speaker 2: way here at Bloomberg, and that's kind of what drives
8:50
Speaker 2: you forward to continue to innovate in this space. It
8:53
Speaker 2: really seems like it because it feels like we're on
8:56
Speaker 2: a wild West of this. We don't know where this
8:58
Speaker 2: technology is coming from. I don't It's come from everywhere, yes,
9:02
Speaker 2: and it's going it's such a rapid pace. As an
9:05
Speaker 2: IPO investor, I be like, you want me to invest
9:07
Speaker 2: put all my eggs in your basket, knowing that tomorrow
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Speaker 2: there could be some kid who comes out of somewhere
9:12
Speaker 2: in the middle of the world. That's kind of how
9:15
Speaker 2: it is out there.
9:15
Speaker 6: It seems like it is, but there are definitely leaders
9:18
Speaker 6: in the space. So when you look at total active
9:20
Speaker 6: users globally, chat gibt is over fifty five percent Gemini
9:24
Speaker 6: is also I would say forty five to fifty percent
9:27
Speaker 6: very high. The other players, while they are growing, are
9:31
Speaker 6: significantly smaller. And the way you know, Gemini has a
9:34
Speaker 6: lot of advantages, it's in your Android operating system. They
9:38
Speaker 6: can connect to Gemini without going to the app, So
9:40
Speaker 6: it's probably even understated versus them active users that we show.
9:44
Speaker 6: Chat GBT is sort of the first mover advantage, first
9:46
Speaker 6: app to reach a billion and mus and the shortest
9:49
Speaker 6: amount of time. Chat GBT sort of become the Google word, right,
9:54
Speaker 6: And so when you think about B two C customers,
9:56
Speaker 6: I think a lot of people first start out using
9:59
Speaker 6: chat GP and for an average user, they probably don't
10:02
Speaker 6: see much difference between any of them, Whereas Claude has
10:05
Speaker 6: rapidly grown and it seems to be more focused on enterprise.
10:08
Speaker 6: Seventy percent of their user's time spent is on the web, right,
10:12
Speaker 6: So maybe you get a split versus B to B
10:14
Speaker 6: and B two C. But while the other players are growing,
10:17
Speaker 6: they are very small.
10:18
Speaker 2: And isn't the cost of it If I want to
10:21
Speaker 2: in an enterprise and have Claude used by my employees,
10:24
Speaker 2: I got to pay for that, right.
10:26
Speaker 6: Yes, you get token, so when you when you ask
10:29
Speaker 6: a task or when you have a task, it requires
10:31
Speaker 6: some sort of payment in the token. And then also
10:34
Speaker 6: in the back end of this is a lot of
10:35
Speaker 6: energy to do these calculations. So it's an expensive endeavor
10:39
Speaker 6: and that is the benefit that deep Sea has is
10:42
Speaker 6: that it is much cheaper. And there are US companies
10:46
Speaker 6: testing it. Again because of national security and whatnot, I mean,
10:50
Speaker 6: you're allowed to use it here, but we'll see how
10:52
Speaker 6: well it's adopted in certain Western countries.
10:55
Speaker 2: So just in terms of the timing of potential IPOs,
10:57
Speaker 2: I guess Anthropic is the first one we think we
11:00
Speaker 2: might see.
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Speaker 5: They have mentioned it.
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Speaker 6: The Anthropic owns Claude Open AI for chat GPT, and
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Speaker 6: now deep Seek said maybe early twenty twenty seven. I
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Speaker 6: think a lot of that depends on how the market goes,
11:12
Speaker 6: how we see SpaceX perform, just given its exposure to
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Speaker 6: AI and GROCK, so yep, I think that will be
11:20
Speaker 6: market dependent. But I think they certainly would all like, yeah.
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Speaker 2: So I'm looking at space exploration SpaceX kind of a
11:28
Speaker 2: quase AI played to say the least, that's certainly what
11:30
Speaker 2: they pitched. Yeah, I don't know when public at one
11:32
Speaker 2: hundred and thirty five bucks went over two hundred. We're
11:36
Speaker 2: now back down. We're one twenty three, so we're below
11:38
Speaker 2: the IPO price and blow the first print at one fifty.
11:41
Speaker 2: So see how that plays at Michelle Vice.
11:43
Speaker 3: Thank you, stay with us.
11:45
Speaker 5: More from Bloomberg Intelligence coming up after this.
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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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Speaker 1: Auto with the Bloomberg Business app on demand wherever you
12:01
Speaker 1: get your podcasts, or watch us live on YouTube.
12:05
Speaker 2: We're at the stage of this AI story in the
12:07
Speaker 2: marketplace where the market is definitely trying to find winners
12:10
Speaker 2: and losers. One of the areas that the market is
12:13
Speaker 2: concerned about is software. Certain areas of software software is
12:17
Speaker 2: a service, and that includes the next company here. The
12:20
Speaker 2: company is called Clavio and the symbols KVYO. The stock
12:25
Speaker 2: is down about forty five percent year to day. It's say, yep,
12:29
Speaker 2: customer relationship management company using technology. There think something I
12:34
Speaker 2: can to Salesforce dot com. We want to get the
12:37
Speaker 2: latest on how AI is impacting this company this part
12:39
Speaker 2: of the software space, and we're please to welcome Serby
12:43
Speaker 2: Gupta Chief Technology Officer and the company's name is Clayvio. Again,
12:48
Speaker 2: Kvyo is the tick or serby. Thanks so much for
12:50
Speaker 2: joining us here talk to us about kind of what
12:53
Speaker 2: you guys do at Clayvio and how you're integrating AI
12:56
Speaker 2: into your business.
12:58
Speaker 4: Yeah, thanks for having me. So Cleve is an autonomous
13:01
Speaker 4: B two C CRM and we bring marketing, customer service
13:05
Speaker 4: analytics AI all under one umbrella, and it's all powered
13:11
Speaker 4: by a data and we are building products and features
13:16
Speaker 4: to help our marketers be the best they can be.
13:19
Speaker 4: And we actually just launched composer and Customer Agent to
13:23
Speaker 4: help with this.
13:24
Speaker 5: Okay, so let's bring it down to how a consumer
13:27
Speaker 5: might interact interface with your technology, with your products, your
13:32
Speaker 5: B two C platform, which means business to consumer. So
13:35
Speaker 5: the consumer does have some exposure. How might Paul, when
13:39
Speaker 5: he is, you know, buying something online, experience your work.
13:45
Speaker 4: So we have two hundred thousand customers and let's say
13:48
Speaker 4: there's Glossier, Away, Mattel, Toy, Birch. If you, as a
13:54
Speaker 4: as a customer, go and interact with any of these brands,
13:58
Speaker 4: you can get a very personalized experiens And the way
14:00
Speaker 4: you do this is because these brands work with Clavio,
14:03
Speaker 4: and we help with powering each of these relationships.
14:08
Speaker 2: Is AI a friend or an enemy to you and
14:11
Speaker 2: your company and your and your software.
14:15
Speaker 4: Oh, we're all into AI. There's there's a lot that
14:19
Speaker 4: we're using AI for. Even if we just take our
14:22
Speaker 4: composer product, it's your marketer's right hand. The goal is
14:27
Speaker 4: to help you be as effective as you can. You
14:30
Speaker 4: have all these ideas of things that you want to
14:32
Speaker 4: build and experiences that you want to create, and we
14:37
Speaker 4: want to make that much easier for you. And AI
14:39
Speaker 4: is at the forefront of helping make this a reality.
14:44
Speaker 5: So talk a little bit about consumer behavior and how
14:47
Speaker 5: that enables the use the application of a lot of
14:51
Speaker 5: the AI tools that you are developing.
14:56
Speaker 4: So, uh, you know, one thing that's really exciting about
14:58
Speaker 4: this wave is that AI is not only helping with
15:03
Speaker 4: what we build, but also how we build it. So
15:06
Speaker 4: on when we think of what we build, we're able
15:09
Speaker 4: to build out these experiences much faster, right, and we're
15:13
Speaker 4: able to get out more ideas in the hands of
15:16
Speaker 4: our customers. And I look at the entire build process
15:20
Speaker 4: is significantly changing. We see the velocity going up a lot.
15:24
Speaker 4: We see that our engineers are able to shift these
15:28
Speaker 4: features much faster now. You know, you might say that, hey,
15:32
Speaker 4: like software engineering, writing code has become so much easier
15:36
Speaker 4: that you know, there's so many other parts of the
15:38
Speaker 4: software development life cycle that we see that the bottlenecks
15:42
Speaker 4: move to, and we're working through all of those and
15:45
Speaker 4: AI is helping us with massive velocity increases.
15:49
Speaker 2: Are your customers are they saying, hey, we need more
15:53
Speaker 2: AI in our our more AI capabilities in our marketing
15:57
Speaker 2: promotion campaigns. Are they pulling that from you? Are you
16:01
Speaker 2: or are you more pushing that to them?
16:04
Speaker 4: Our customers are driven by growing their business. They want
16:08
Speaker 4: to help grow their brands. They want to help reach
16:10
Speaker 4: their customers much better, and that's what we are focused on.
16:13
Speaker 4: And when we create these products, when we show them
16:16
Speaker 4: demos of the features that we've built, they want those features.
16:20
Speaker 4: So the end goal for us is not that hey,
16:23
Speaker 4: we're going to use AI in this way and convince
16:25
Speaker 4: you why it's important. We are going to build the
16:27
Speaker 4: best products that we can. And we believe that AI
16:31
Speaker 4: and these these models have really unlocked the ability to
16:35
Speaker 4: create a whole new set of features that we can
16:38
Speaker 4: put in their hands and that's what we've seen with Composer.
16:42
Speaker 4: We've put this in front of our customers. They've been
16:45
Speaker 4: using this to create their campaigns and flows, and when
16:48
Speaker 4: it works, it's magic. We've taken away so much work
16:51
Speaker 4: from them and they can do the work that they're
16:54
Speaker 4: best at, which is coming up with really good ideas,
16:57
Speaker 4: and we can help make.
16:58
Speaker 5: That a reality with us. More from Bloomberg Intelligence coming
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Speaker 5: up after this.
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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
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Speaker 1: you get your podcasts, or watch us live on YouTube.
17:20
Speaker 5: We talk a lot about this younger generation of consumers,
17:24
Speaker 5: Gen Z, and how their spending is very different than
17:27
Speaker 5: say Gen X or Boomers. They'd like to spend on experiences.
17:31
Speaker 5: I mean, they do buy some hardcore products. They're rediscovering
17:34
Speaker 5: things like landlines and Polaroid cameras. What does it look
17:39
Speaker 5: like when it comes to beauty products, What does it
17:43
Speaker 5: look like when it comes to that part of the
17:45
Speaker 5: consumer market. Let's bring in Lindsay Dutch. She is our
17:49
Speaker 5: BI senior industry analysts covering this sector. And she joins
17:53
Speaker 5: us now and lindsay, you and your team put together
17:55
Speaker 5: some research on what gen Z likes, what they don't like.
17:59
Speaker 7: What did you mind? Yeah, hi, Scarlett, thanks for having me.
18:04
Speaker 7: We ran our semi annual beauty survey and we just
18:07
Speaker 7: got the results back. And in general, when you look
18:09
Speaker 7: at the market, it's one hundred and twenty billion dollar
18:11
Speaker 7: market in the US. Demand is relatively soft for beauty.
18:15
Speaker 7: It kind of weakened a little bit over the past
18:17
Speaker 7: six to twelve months. It's sitting near lows two year
18:22
Speaker 7: lows based on our series of surveys. But one thing
18:25
Speaker 7: that stood out was gen Z. Gen Z tends to
18:29
Speaker 7: have more intensive beauty routines, a lot more of them,
18:34
Speaker 7: use a lot of products compared to average on our survey,
18:38
Speaker 7: and their demand signals that I look at, which is,
18:41
Speaker 7: you know, would you cut back on other things before beauty?
18:44
Speaker 7: You know, how important is continuing your beauty routine? Are
18:48
Speaker 7: you trying new products? When I look at those types
18:50
Speaker 7: of indicators, gen Z not only shows steady demand, but
18:54
Speaker 7: it actually seems to be improving, which is a pretty
18:57
Speaker 7: big contrast to what we're seeing in the broader market.
19:00
Speaker 2: Kit So gen Z I mean, they're very, very comfortable
19:05
Speaker 2: with buying pretty much anything and everything online.
19:08
Speaker 7: How about beauty, Yeah, so gen Z does show a
19:13
Speaker 7: high interest of shopping in store. Our survey show is
19:17
Speaker 7: about seventy five percent of that cohort prefers to shop
19:21
Speaker 7: in store for beauty. They like to see the product,
19:23
Speaker 7: they like to test it out on their skin, so
19:26
Speaker 7: they are interested in that. But they do use online
19:29
Speaker 7: for discovery. So social media is very big for beauty
19:33
Speaker 7: and discovering new product. You know, gen Z, a lot
19:37
Speaker 7: of them do look there for inspiration. And one interesting fact,
19:43
Speaker 7: you know, I ask a question about, you know, what
19:45
Speaker 7: would inspire you to buy something that you were not
19:48
Speaker 7: shopping for, and gen Z ranked seeing it on social
19:51
Speaker 7: media ahead of a discount on a certain product. More
19:56
Speaker 7: broader results were that, you know, a discounted product would
19:59
Speaker 7: spur them to make that purchase decision.
20:02
Speaker 5: So within your research you also find that gen Z
20:05
Speaker 5: leans into fragrance. How do you discover fragrance online?
20:10
Speaker 7: Yeah, fragrance discovery is hard online, but gen Z is
20:14
Speaker 7: fueling sort of a pickup in the fragrance market and
20:18
Speaker 7: with this trend called fragrance layering, which is basically buying
20:22
Speaker 7: a lot of different products for scent. You know, you
20:26
Speaker 7: can do lotion, you could do a spray, and sort
20:28
Speaker 7: of they mix them all together to kind of create
20:31
Speaker 7: their own personal scent. And this is driving demand in
20:34
Speaker 7: the industry, and it's demand from mass brands all the
20:39
Speaker 7: way up to luxury. So it's something that we're seeing
20:42
Speaker 7: and the survey results really sort of validated that ALTA
20:47
Speaker 7: who caters to the younger consumer, you know, they're really
20:52
Speaker 7: looking to be a leader in fragrance, really expanding that
20:55
Speaker 7: assortment and trying to capture that demand.
21:00
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