But what Lily is trying to do today is stay competitive in the direct to consumer space for its weight loss drugs, especially following similar moves by Nova Nordis two weeks ago. And so what Lily is doing today is specifically cutting the cash price of single dose vials of Zepbound on its direct to consumer website, Lily Direct. Okay.And what's different with this compared to the Trump deal is that the Trump deal focuses on a totally different form of Zepbound, which is a multi-dosese pen that has yet to w ...

Core Insights - Levi Strauss & Co. is collaborating with Microsoft to create an enterprise superagent aimed at enhancing employee support, streamlining retail operations, and modernizing data infrastructure [1][2] - The Azure-native orchestrator will function within Microsoft Teams, managing requests across various departments, which is part of Levi's strategy to focus on a "fan-obsessed, direct-to-consumer first business" [2][4] - The superagent is expected to centralize employee inquiries and operational tasks into a single conversational interface, improving support for store associates and corporate teams [2][6] Modernization Strategy - The initiative is part of a broader modernization strategy that includes the use of Surface Copilot+ PCs, GitHub Copilot, and Microsoft Intune, alongside migrating workloads to Microsoft Azure [3] - Levi is utilizing Azure Migrate, Azure AI Foundry, and Semantic Kernel to enhance automation and maintain a zero-trust security posture [3] AI Adoption in Retail - The partnership reflects a trend among retailers to adopt agentic AI for both internal and customer-facing operations, with Levi's consumer tools built on the same data foundations [4][5] - The new Outfitting feature leverages inventory data and customer behavior to provide personalized styling recommendations [4] Competitive Landscape - Levi's AI-powered associate assistant, Stitch, offers store employees immediate access to product information and training resources, aligning with industry competition [5] - The move towards an orchestrator model indicates that traditional apparel brands are adopting advanced architectures to enhance execution and support direct-to-consumer growth [5] Implementation Timeline - The global rollout of the superagent is scheduled to begin in early 2026, with expectations of improved productivity and better alignment across stores, supply chains, and digital channels [6]

Financial Data and Key Metrics Changes - Adjusted EPS for fiscal 2025 increased by 19% compared to fiscal 2024, with a compound annual growth rate of 19% over the past three fiscal years [5] - The company expects double-digit adjusted EPS growth for fiscal 2026 compared to the prior year [5] - Free cash flow is anticipated to continue growing, allowing for increased capital returns to shareholders, including a target of $7 billion in share repurchases for 2026, double the $3.5 billion repurchased in fiscal 2025 [5][6] Business Line Data and Key Metrics Changes - The film studio segment achieved significant success, with Disney's live-action "Lilo & Stitch" being the highest-grossing Hollywood film globally for the year, and retail sales for the franchise exceeding $4 billion in fiscal 2025 [6][7] - The streaming business reported a 39% increase in operating income in Q4, totaling $1.3 billion for the full year, up $1.2 billion from the previous year [10] - The experiences segment delivered record operating income for both Q4 and the full year, with a 13% increase in Q4 compared to the prior year [12] Market Data and Key Metrics Changes - Viewership for television content was strong in Q4, with several series achieving significant milestones, including "Alien Earth" and "Dancing with the Stars" [9][10] - ESPN's direct-to-consumer service saw a positive response, with a 25% increase in viewership across ESPN networks [12] Company Strategy and Development Direction - The company is focusing on integrating its streaming services into a unified app experience, enhancing user engagement and simplifying access to content [11][42] - Strategic investments are being made in international markets and original content to expand the direct-to-consumer business [11] - The company plans to continue expanding its cruise line and theme park offerings, with new ships and attractions set to launch [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy, highlighting the successful launch of ESPN's direct-to-consumer service and its positive impact on subscriber engagement [20][22] - The company is optimistic about its film slate for the upcoming year, including highly anticipated titles like "Zootopia 2" and "Avatar: Fire and Ash" [35][36] - Management acknowledged the competitive landscape but emphasized the strength of Disney's existing IP portfolio and its strategic positioning [53] Other Important Information - The board declared a cash dividend of $1.50 per share, a 50% increase from the previous year [6] - The company is exploring opportunities to leverage generative AI for enhancing consumer engagement and operational efficiencies [82][84] Q&A Session Summary Question: Insights on ESPN's direct-to-consumer launch - Management reported strong adoption and engagement, with a significant number of new users signing up for the service and positive feedback on app features [20][22] Question: Content growth outlook for the studio - Management is optimistic about the upcoming film slate and expects strong performance, particularly with major releases scheduled for the holiday season [35][36] Question: Advertising outlook for fiscal 2026 - Management anticipates advertising growth despite challenges, with improvements in CPMs noted over the last two quarters [54] Question: Demand trends for parks and cruises - Bookings for parks are up 3% in the first quarter, and demand for cruises remains strong, with high guest satisfaction scores [60][72] Question: Role of generative AI in content licensing and production - Management is engaged in discussions with AI companies to protect IP while exploring opportunities for efficiency and consumer engagement [82][84]

Core Insights - Skims has raised $225 million in new funding, increasing its valuation to $5 billion from approximately $4 billion after its 2023 funding round [1][2] - The company is approaching $1 billion in annual net sales, marking one of the largest private funding rounds for a U.S. consumer brand this year [2] Funding and Valuation - The funding round was led by Goldman Sachs Alternatives, with participation from BDT & MSD Partners' affiliated funds [1][2] - The new capital will be used for brick-and-mortar and international expansion, product innovation, and category diversification [3] Business Strategy - Skims aims to transition into a "predominantly physical business," moving away from its digital-first model [4] - The company currently operates 18 stores in the U.S. and one in Mexico, with plans for additional international locations in 2026 [3] Product Expansion - The recent launch of NikeSkims, a collaboration with Nike, sold out quickly and indicates Skims' ambition to expand into activewear and performance categories [5] - This move positions Skims to compete in the mainstream athleticwear market, traditionally dominated by brands like Lululemon and Nike [5] IPO Considerations - The new funding may delay Skims' initial public offering (IPO), which has been anticipated since at least 2024 [6] - The consumer IPO market has been stagnant, allowing Skims to scale without immediate pressure to go public [6] Brand Positioning - Skims is recognized as a solutions-driven apparel innovator, focusing on inclusive sizing and a minimalist aesthetic [7] - The brand has garnered a strong following through high-profile campaigns featuring celebrities and athletes [7]

Core Insights - On Holding AG's stock surged nearly 20% following a strong third quarter performance, indicating that the company is outperforming competitors like Nike and Adidas [1] Financial Performance - The Asia-Pacific business grew 85% year-to-date, now accounting for over 10% of global sales, with record results in China and Japan [2] - On achieved a gross profit margin of 60.1% year-to-date, raising its full-year outlook to approximately 60.5%, which is an increase of 50 basis points from previous guidance [3] - Direct-to-consumer (D2C) sales increased by 50%, supported by the expansion of owned stores, contributing to record holiday momentum [5] Strategic Initiatives - The company maintained a full-price strategy, achieving significant sales without discounts, showcasing its brand strength [3] - The introduction of LightSpray, a next-generation manufacturing technology, has the potential to revolutionize footwear production and enable cost-effective nearshoring [6] Brand Development - Brand recognition has increased significantly, with a 30 percentage point rise in saturated markets like Switzerland, driven by cultural figures such as Zendaya and Roger Federer [6] - Apparel sales reached their highest monthly figures in October, and the upcoming Cloud 6 line will increase prices by an additional $10 per pair [5] Market Position - With expanding gross margins, rapid growth in Asia, and innovative advancements, On is positioning itself as a potential global sportswear giant rather than just a niche running brand [7]

Core Insights - Eli Lilly and Walmart have partnered to enhance access to Zepbound, a weight loss drug, allowing U.S. patients to purchase it directly through retail locations for the first time [1][2] Group 1: Partnership Details - The collaboration aims to maintain Eli Lilly's competitive edge over Novo Nordisk in the growing GLP-1 obesity and diabetes drug market [2][5] - Starting mid-November, cash-paying patients can buy single-dose vials of Zepbound at discounts of 50% or more through Walmart's pharmacies or home delivery [3][6] - Walmart will be the first in-store pickup pharmacy for Zepbound vials via Eli Lilly's LillyDirect platform, which launched in January 2024 [4] Group 2: Pricing and Accessibility - The cost for single-dose vials of Zepbound is set at $349 per month for the starting dose and $499 per month for other doses, consistent across both delivery and pickup options [6] - The partnership is expected to enhance Eli Lilly's market reach, although no specific estimates were provided on the expansion of Zepbound's accessibility [4] Group 3: Market Position - Walmart ranks as the fifth-largest pharmacy in the U.S. based on prescription dispensing revenue, which could significantly benefit Eli Lilly in maintaining its market position [5] - The partnership comes amid pressures from the Trump administration for drugmakers to simplify access to medications through direct-to-consumer models [2]

Core Insights - The Ermenegildo Zegna Group's investment in its direct-to-consumer network has resulted in accelerated sales growth in Q3 2023, with organic revenues increasing by 3.6% to 398.2 million euros compared to the same period last year [1][3] Direct-to-Consumer Performance - The direct-to-consumer channel saw a significant organic growth of 9.1% in Q3, outperforming the 6% growth in the first half of the year [2] - Zegna brand's direct-to-consumer sales rose by 7.4% to 210.3 million euros, Thom Browne's sales increased by 10% to 38.2 million euros, and Tom Ford Fashion revenues surged by 16.4% to 48 million euros [2] Overall Revenue Trends - For the first nine months of 2023, organic revenues remained stable at 1.33 billion euros, while reported sales decreased by 2.3% [3] - The wholesale channel experienced a significant decline of 23.4% to 221.2 million euros [5] Regional Performance - The Americas region showed strong performance with a 10.4% increase in organic sales to 384.1 million euros, representing 29% of total revenues [14] - The Europe, Middle East, and Africa market saw a slight organic decrease of 0.6% to 480 million euros, but Q3 showed a 2.6% increase driven by the direct-to-consumer channel [12] - The Greater China region faced a 12.7% organic decrease to 300.5 million euros, although there was a sequential improvement in Q3 [15][16] Strategic Outlook - The CEO expressed confidence in the company's mid-term targets despite acknowledging ongoing challenges in consumer demand and currency fluctuations [4] - The company is focused on enhancing retail and CRM capabilities while building a stronger team to capitalize on early positive signs of growth [5][8]

Core Insights - The discussion centers around the evolving partnership between Charter Communications and major content providers like Disney and AMC Networks, focusing on how they are adapting to changes in consumer behavior and preferences in the media landscape [3][4][46]. Group 1: Partnership Dynamics - Charter and Disney's negotiation led to a unique partnership that prioritizes customer experience, moving away from traditional renewal processes to a more integrated approach [7][8]. - The collaboration has resulted in a win-win situation for all parties involved, particularly benefiting the customer by reducing friction in accessing content [6][8]. - AMC Networks has successfully integrated its services with Charter, leading to over 850,000 activations for the AMC Plus app through the Spectrum package [26]. Group 2: Market Trends and Consumer Behavior - The media landscape is shifting, with a notable decline in traditional cable subscriptions, prompting companies to rethink their strategies [21][49]. - There is a growing emphasis on direct-to-consumer (DTC) models, with companies like ESPN focusing on enhancing their app offerings to retain and attract subscribers [30][31]. - The importance of bundling services is highlighted, as many consumers prefer packages that offer both traditional and streaming content [41][42]. Group 3: Technological Integration - Companies are leveraging technology to enhance user experience, such as personalized content delivery and interactive features within apps [94][96]. - The integration of advanced technology is seen as crucial for maintaining competitiveness in a market increasingly dominated by streaming services [100][101]. - Charter's network capabilities are positioned as a significant advantage in delivering high-quality content and services to consumers [103][104]. Group 4: Industry Challenges and Future Outlook - The industry faces challenges related to customer trust and perceptions of value, particularly in the context of traditional cable providers [57][58]. - There is a recognition that the future may involve a blend of traditional cable and streaming services, with companies needing to adapt to changing consumer preferences [68][69]. - The discussion suggests that while there may not be a clear floor for traditional cable subscribers, companies must continue to innovate and provide value to retain their customer base [50][51].

Core Insights - UK-based retailer THG reported a 6.3% rise in Q3 2025 revenue, marking its strongest organic sales growth since Q4 2021, driven by double-digit growth in nutrition and steady progress in beauty [1] - The overall growth was impacted by business disposals, reducing year-to-October and Q3 revenue by 340 bps and 270 bps respectively, with specific sales in beauty and nutrition also affected [2] - Revenue guidance for H2 2025 remains unchanged, with expectations for THG Beauty growth between 1% and 3%, THG Nutrition between 10% and 12%, and overall group performance between 3.9% and 5.9% [3] THG Beauty Performance - THG Beauty anticipates record Advent sales in 2025, supported by strong UK retail demand and double-digit revenue growth from Lookfantastic [4] - The US market showed improvement, particularly in luxury skincare and device categories, with subscription revenue rising 22% year-on-year [4] - The focus on commercial discipline and elevating brand proposition has driven a return to revenue growth in THG Beauty [6] THG Nutrition Performance - The nutrition division achieved a 10% year-on-year revenue gain, its highest growth in over two years, driven by both online and offline sales [1][4] - Myprotein expanded its US presence through 2,500 CVS stores and increased its reach in the Middle East via Spinneys Supermarkets [5] - The company is on track to expand Myprotein's direct-to-consumer market share and accelerate its global offline presence through retail and brand partnerships [6]

Core Insights - SharkNinja is focusing on growth through innovative product launches, expanded distribution, and direct-to-consumer initiatives, aiming to drive sales momentum into 2026 [1] - Bank of America maintains a Buy rating on SharkNinja with a price target of $140, based on a 2026 EPS estimate of $5.75 [1] Product Innovation and Strategy - The company aims to "win with every SKU, every week," emphasizing consumer-focused innovation and rigorous product testing [2] - Innovation will focus on outdoor appliances, with the Ninja Fireside360 Firepit set to launch through direct-to-consumer channels and select retailers [4] - The beauty segment is expected to contribute significantly, with Cyroglow projected to generate $100 million this year [4] Distribution and Market Challenges - SharkNinja is transitioning from a distributor model to a direct-to-consumer model in Mexico, facing challenges but aiming to build direct relationships with top retailers [5] - Domestically, grocery stores are identified as an underserved channel, with early success reported at Wegmans [6][7] - A consolidated direct-to-consumer site will launch on October 1, unifying various product lines and expected to see significant growth [6][7] Pricing and Tariff Strategy - The company has learned to absorb significant price increases, with plans to initially price higher to meet retailer expectations for predictability in 2026 [8]