More than half a billion people in China will be paying with their phones in brick-and-mortar shops, cafes and restaurants this year, according to the Statista Digital Market Outlook. That equals a penetration rate of more than 35 percent, the highest in the world. Yet, the overall annual transaction value per customer is higher in the US, the UK and France than in China. The average Chinese consumer is projected to spend around $1,100 with payment apps in 2019, compared to more than $2,400 in the UK and almost $3,000 in the US.
Small is more.
Brigadoon gatherings aren't small because we can't figure out how to get big.
We intentionally remain small because it is better.
Brigadoon Hearts The Queen City
Brigadoon is bringing together a peerless group of entrepreneurs and thought leaders for our second annual event in Cincinnati, Ohio.
We will gather for a special dinner at Sotto on Thursday, October 24.
Why attend?
✔️ This will be an intimate event limited to only 14 attendees and provides open and frank discussions with all participants. Plus, you feel like a guest rather than a delegate.
✔️ Brigadoon gatherings are all powerpoint free and governed by Chatham House rules to ensure maximum conversations.
✔️ There are no lanyards or apps involved – by the end of the gathering you’ll be on first-name terms with subject matter experts from numerous industries including finance, government, business, media, architecture, design, retail, and hospitality.
✔️ Enjoy a discussion with fellow attendees on topics shaping commerce and culture in an informal and relaxed setting. Alongside the conversations and discussions, there is joyful, relaxed hospitality.
✔️ Regardless of your profession or skill set, you will be exposed to people who will inspire you to think about your work, life, and home.
✔️ Brigadoon gatherings are transformational, not transactional.
Away Luggage hits $1.4 billion valuation
It is impossible for me to see how a bag company is worth a billion dollars.
I mean, it's a lightweight bag on wheels.
There is no panache, legacy, or style.
Sure it is Instagram friendly, affordable, and reliable, but a billion dollars?
Founded by former Warby Parker executives, Away follows a similar model to the eyewear company, selling luggage directly to the consumer at lower prices. Alternatively, in their own words, selling "first class luggage at a coach price."
For me, Away Luggage sounds more like a Chevy Blazer.
"As Penny-wise drivers might be impressed by the new Chevy Blazer's affordability. Don't be fooled. What you get for the base price is a hopelessly basic crossover." Words penned by Dan Neil, author of the "Rumble Seat" column which runs Saturdays in The Wall Street Journal, on the new Blazer's "style-forward, niche-filling two-row crossover that has been whipped up out of GM's box of commonality."
Ouch.
Sure the new Blazer has a "Camaro-inspired exterior," but Neil reports the vehicle's engine and amenities fall flat.
Neil closes the column with: "Underbaked and starved of value, the new Blazer is a reminder that GM the financial entity and GM the car-building enterprise don't have the same interests. GM is now enjoying stable returns, which Wall Street likes; but it's all on the back of its contraction of North American market share. If GM wanted to grow its business, it would plow more money into making products desirable."
Ouch again.
I fear Away Luggage is on the same path.
Wall Street appeal, but not enough aspirational appeal. An appeal that can move the brand to stratospheric heights.
I know Away will introduce more products and probably services to lessen my travel burden - stellar products like a branded neck pillow to achieve this unicorn status.
This choice to go mass market, this choice to be Brookstone, this choice to be better and not exceptional feels underwhelming.
Last week I went into a Tweet exchange with Web Smith (@web) on Away's valuation.
Mind you Web is a pure brand and marketing genius - here is his Twitter bio: Founder @2PMinc. Current advisor-investor. Former cofounding CMO: @MizzenandMain. Previously: @GearPatrol @RogueFitness @flosports.
Web knows more about building successful businesses than me, and his experience is sensational, but I think he might be off on Away.
During the exchange Web artfully replied: "In 1964, when Bowerman was 53, it was impossible for him to see how his student's waffle shoe company could be worth a billion dollars. The folks who've built brands get it."
And I hear him.
All entrepreneurs hear him and cheer this mindset.
But Away ain't Nike.
Shoes + athleisure + sports + culture + drama is a lot for a luggage company to develop.
Plus, there is no Michael Jordan equivalent for Away.
You can hire all the "living my best life" influencers you want and overwhelm paid media, but Away lacks a superstar that will change commerce and culture forever.
Back in 1987, I saw Jordan score 61 points against the Detroit Pistons at the Silverdome. Sixty-one points - it was an insane performance.
I have never forgotten it.
I have never forgotten that Jordan wears Nike.
Seeing someone check a bag in the overhead isn't the same thing as seeing a world-class athlete dominate other world-class athletes.
Seeing someone pull a bag through a train station isn't the same thing as sporting freshy trainers.
Seeing an advertisement with product features isn't the same thing as Mars Blackmon with his main man.
Honestly, I love the brand building process - it's magical - it's a process of art and science.
Plus, we will know in 20 years what happened.
-Marc
Marc A. Ross is the founder of Brigadoon and specializes in political communications for global business working at the intersection of globalization, disruption, and politics.