Latest / Bloomberg Intelligence / Robb Report's Colvin on the 28th 'Best of the Best' List(Audio)

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Robb Report's Colvin on the 28th 'Best of the Best' List(Audio) · Bloomberg Intelligence

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  Speaker 1: on taking Stock is health and wellness the new luxury
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  Speaker 1: market right now. The health and wellness market is dominated
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  Speaker 1: by beauty and anti aging products sales, as well as
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  Speaker 1: fitness as well as mind and body exercise routines. We're
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  Speaker 1: gonna talk with Stephen Colvin. He is the chief executive
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  Speaker 1: of the Robb Report. Get a look into the future
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  Speaker 1: of luxury. We're going to get a peek at the
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  Speaker 1: annual list of Best of the Best award winners. He's
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  Speaker 1: certainly one of the best the best. Parrot Bloomberg Radio
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  Speaker 1: I'm Mark Crumpton, Charlie, and we thank you. We're looking
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  Speaker 1: at a one point game now on the SMP five
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  Speaker 1: hundred index. Little change there. The Dow also, little change
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  Speaker 1: down seven points. I'm Charlie Pellett. That's a Bloomberg Business flash.
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  Speaker 1: You're listening to taking stock with Kathleen Hayes and Pim
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  Speaker 1: Fox on Bloomberg Radio. Global Luxury. The global luxury industry
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  Speaker 1: is more than a trillion dollar business each year, and
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  Speaker 1: there are various sectors inside this luxury business. Luxury cars,
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  Speaker 1: luxury rehospitality, also personal luxury goods. Here to tell us
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  Speaker 1: more about luxury and the borderless consumer is Stephen Colvin.
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  Speaker 1: He is the chief executive of The Raw Report. Stephen,
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  Speaker 1: thanks very much for coming and much appreciate it him.
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  Speaker 1: Thank you so much for having me hide there. Kathleen,
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  Speaker 1: great to be here. Let's launch into the Raw Report
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  Speaker 1: because I know that it is celebrating its forty anniversary
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  Speaker 1: and a lot has changed when it comes to luxury, right, yes, yes,
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  Speaker 1: tell us about the trends that have been revealed by
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  Speaker 1: your newest Luxury Report, Well, I mean trends are that
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  Speaker 1: you know, there's no question that there's more affluent people
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  Speaker 1: in the world generally, and the number of people who've
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  Speaker 1: got disposable incomes is increasing, including here significantly in the US.
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  Speaker 1: So there's definitely mean you say, trends are changing and
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  Speaker 1: this new kind of tenants like health and wellness coming
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  Speaker 1: about increasingly importance and experiential generally, but the appreciation of
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  Speaker 1: good craftsmanship and quality products, whether that be through fashion
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  Speaker 1: or shoes, or watches, or fine wines or architecture automotives
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  Speaker 1: obviously that is still a continuum in luxury during those
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  Speaker 1: forty years. And really obviously with rob Report, we're about
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  Speaker 1: you know, providing the insights to the best the best
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  Speaker 1: of those products and services. But I would say, um,
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  Speaker 1: you know, it's it's expanded beyond just the products, the
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  Speaker 1: products of kind of front and center to the experiences
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  Speaker 1: and the lifestyle and even the community that is associated
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  Speaker 1: with that product or that brand, which is kind of interesting.
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  Speaker 1: I think it's fascinating that it was founded in six
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  Speaker 1: by a gentleman who wanted to sell his personal collection
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  Speaker 1: of Civil War memorialia and Royal Stoice automobiles. It's had
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  Speaker 1: a couple of owners since then. The latest change in
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  Speaker 1: seems like you've really stepped up the raw report. As
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  Speaker 1: you're saying, it's not just the report itself, it's it's
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  Speaker 1: experiences and bringing more and more in. Uh, tell us
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  Speaker 1: about what your your ultimate goal. I mean, if I could,
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  Speaker 1: if I started reading all the companies or all the countries,
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  Speaker 1: what you ever in eighteen reports? Well, what's your ultimate
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  Speaker 1: goal for this? Well, we feel, I mean, luxury media
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  Speaker 1: generally is increasingly global. The world is getting smaller, and
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  Speaker 1: our goal is to be the number one or luxury
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  Speaker 1: media property in the world on all platforms. Action. That's
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  Speaker 1: a kind of grand statement, but it's certainly possible. We
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  Speaker 1: are the number one luxury media property in many countries.
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  Speaker 1: Those countries at the moment to span from obviously the
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  Speaker 1: US to um Singapore, China, Russia, Brazil, et cetera. Stephen,
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  Speaker 1: to what extent do you do you say we don't
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  Speaker 1: we don't have to worry about anybody except the truly wealthy.
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  Speaker 1: How much do you say we want the aspirational person
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  Speaker 1: who maybe isn't the wealthiest, but it aspires to to
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  Speaker 1: maybe just have that gorgeous watch, you know what I mean,
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  Speaker 1: totally very very important that you know, the entry I
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  Speaker 1: don't even the entry points or the the appreciation of
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  Speaker 1: good craftsmanship isn't just about the very very expensive sports
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  Speaker 1: car or private jet for that matter. It's about the
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  Speaker 1: good nice watched um which maybe isn't the most expensive watch,
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  Speaker 1: or the nice pair of shoes or the nice fashionable suits.
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  Speaker 1: So yes, though that younger. I mean, there's a term
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  Speaker 1: called Henry's high earners not rich yet. This is kind
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  Speaker 1: of a new term that's kind of been bandied about,
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  Speaker 1: and the Henrys and they're kind of you know, I'm
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  Speaker 1: sure you can guess who those Henry's are. Probably quite
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  Speaker 1: a few of them working here, you know, the thirty somethings.
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  Speaker 1: They're confident, they're on the second or third run of
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  Speaker 1: the career path. They know they're doing well. They've got
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  Speaker 1: disposable income. They want to enjoy their hard work and
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  Speaker 1: the remuneral that that it led to, the remuneration they're getting,
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  Speaker 1: and they want to acquire that nice fashionable suit. They
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  Speaker 1: want to go and stay in the first five star
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  Speaker 1: hotel vacation that they've had and appreciate it. Health and wellness.
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  Speaker 1: You've got a summit coming up July fourteenth to the seventeen.
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  Speaker 1: Tell us who is going to be there and what
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  Speaker 1: would you learn if you attend it? Well, this is
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  Speaker 1: this is this is our second year. We did the
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  Speaker 1: last year and organ an organ event at the Montage
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  Speaker 1: Deer Valley and it's a fabulous three days. All the
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  Speaker 1: people who attend or just kind of running around really
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  Speaker 1: gushing about the experiences. So it's so talking about the
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  Speaker 1: people who there. First of all, we have a kind
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  Speaker 1: of we have a private club, robb Report Club. I
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  Speaker 1: just I wanted to get their names because you've got
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  Speaker 1: Craig Venor, right, he's the keynote speaker, right, helped map
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  Speaker 1: the human geno. Yeah, yeah, he did. He's the king
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  Speaker 1: of DNA. Absolutely, he's there as a speaker. We've got
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  Speaker 1: a range of doctors from places like you know, Cleveland Clinic,
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  Speaker 1: John Mayo, John Hopkins Mayo Clinic, world class doctors talking
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  Speaker 1: about everything from nutrition to sleep to handling stress to
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  Speaker 1: the importance of one that's like meditation with So in
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  Speaker 1: the morning we're they're having our health talks with the
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  Speaker 1: doctors talking to us. That's after going out on a
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  Speaker 1: hike and watching the sunrise, a luncheon with a keynote speaker.
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  Speaker 1: Then the afternoon we go out and do one as
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  Speaker 1: activities that's ranging from pelates, it's you know, um, mountain biking, hiking, meditation,
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  Speaker 1: Uh what that's fly fishing, you name it. We've got
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  Speaker 1: the participate. The opportunity for doing that one is and
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  Speaker 1: then the evening we have you know, movie screenings in
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  Speaker 1: the outdoor lawn and we're gonna have to do our
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  Speaker 1: show there next year. PI. That's a very good idea.
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  Speaker 1: We just have a little bit of time lift. But
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  Speaker 1: I'm just curious. Give us one of your Best to
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  Speaker 1: the Best award winners this year. Well, we've got a hole.
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  Speaker 1: We have a hundred and fifties. Just give us one
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  Speaker 1: because you can. It's it's in that beautiful magazine you've
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  Speaker 1: got in front of you. Well I have to send
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  Speaker 1: the Ferrari. Well yeah us too, Yes we are. We
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  Speaker 1: love cars. Gonna Ferra you want driven, just bring it around.
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  Speaker 1: Steve Mcolin, thank you so very much for joining us. Fascinating.
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  Speaker 1: He is the CEO of the Robb Report, talking about
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  Speaker 1: their upcoming Health and Wellness Summit, and the best of
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  Speaker 1: the best. It's on newsstands this week. I'm Kathleen has
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  Speaker 1: Long pim Fox. This is Bloomberg Radio. Coming up on
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  Speaker 1: taking stock, look at equities, inflation, the Federal Reserve, and
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