L2 Gen Y Affluents: Media by L2

Gen Y Affluents: Media Survey SCOT T G A L LO W AY N Y U S tern

A Think Tank for DIGITAL INNOVATION

ÂŠ L2 2010 L2ThinkTank.com

December 16, 2010

Gen Y Affluents: Media Survey

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IN T R O D U C T I O N

The End of the Beginning Reshaping Prestige in Zeros and Ones: Millennials’ Media Consumption and Its Effect on Brands Generation Y—the future of prestige—has a strong preference for digital content and social interaction. The affluent slice of millennials we surveyed is brand conscious, educated, and upwardly mobile. They regularly engage with prestige brands through a variety of media, from newspapers to micro-blogs. But digital is trouncing traditional channels with this critical cohort and is gaining momentum. Luxury brands continue to fight tanks with cavalry, devoting the bulk of their marketing dollars to print and analog. Brands that continue to under-invest in digital risk losing mind share of the largest U.S. consumer group— Generation Y. Fortunately, brands are catching on; it’s the “end of the beginning” of a dramatic shift in ad spending from traditional formats to digital. Deft marketers are recognizing the value of investing in their own sites, social media platforms, and mobile apps. Those that don’t embrace the digital migration risk joining Blockbuster on the dust heap of great brands that hoped the Internet would just go away.

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Media Survey

IN T R O D U C T I O N

ABOUT THE SURVEY

The Headlines

L2 surveyed nearly 1,000 high-achieving and high-earning Gen Y adults. Refined to a

Facebook, hands down:

in the short term and double their income within the next five years.

81% of millennials use Facebook every day—nearly twice as many as those who watch TV or read newspaper content.

Blogs scale the gates of the fourth estate:

Nearly 1/2 read blogs every day, as many as those reading newspaper content.

News brands thrive—it’s paper that’s dying:

panel of 535, on average this sample set is on a trajectory to earn more than $100,000

4 out of 5 of those who access newspaper content

The Panel:

The Questions:

• 535 individuals; average age 27

• Respondents answered questions on modes of media consumption, frequency of use, devices used, and brand interaction within the various media

• 56% female; 44% male • From 41 countries including the U.S. (76%), India (4%), China (3%), Canada (1%), Hong Kong (1%), Mexico (1%), South Korea (1%), and Germany (1%)

• Before scoring the brands, respondents were asked unprompted for their five favorite prestige brands • Respondents scored sentiment for 100 iconic prestige brands

• 75% expect to make more than $80,000 per year in the short term (next 24 months)

• Ten industry categories: Auto, Beauty & Skincare, Department Store, E-tailer, Fashion Brand, Flash Site, Men’s Fashion Brand, Shoes & Leather Goods, Travel & Hospitality, Watches & Jewelry

daily do so digitally. Digital killed the TV set:

42% watch TV shows online; 27% watch movies online.

.4%

Digital social branding is paramount:

63% use social media to engage with brands, and more than 50% say that Facebook, blogs, and brand videos affect their opinions about products.

Websites are flagships, too:

1.9%

0.4% 6.3%

.2%

5.2% .2%

.2% 1.9%

6.3%

5.2% 0.2%

2% .4%

0.2% 4.3% 9.5%

0.9%

.2% 4.3%

0.4%1.1% 2.2%

2.2%

0.2% 1.1% .2%

0.2%

41.5% 3.2%

9.5%1.9%

.9% 0.2%

41.5%

1.9%

0.2%

0.4%

25% use mobile to access social media, and 1 in 8 watched a video on mobile in the past 24 hours.

.2%

0.4%

.4%

The upwardly mobile go mobile:

.2% .6% 11.7% .4% 1.5% 0.6% 11.7%

.7% 2.2% 3.2% 0.7% 2.2%

0.4% 1.5%

40%+ 20 – 40% 40%+ 10 – 20% 20 – 40% 5 –10% 10 – 20% 1– 5% 5 –10% 0 –1% 1– 5% 0% 0 –1% 0%

0.2%

Websites are as influential as physical stores in shaping Gen Y sentiment, second only to friends’ opinions.

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Media Survey

K E Y F IN D IN G S

S oc i al M E D I A : F re q ue n cy of U se Respondents’ Usage by Platform

Facebook Is Fundamental

100%

With more than 550 million active users, Facebook dominates the social media landscape. In the past ten years, the number of page views recorded for the top ten websites in the U.S.

= MORE THAN 5 times a day

increased from one third to three quarters of total page views on-

= daily

line; as the Internet matures people are focusing on fewer sites.1

= WEEKLY

This is especially true in the case of Facebook, whose share of the Internet continues to grow. The behemoth’s success comes

= moNTHLY

75%

at the expense of other portals as well as traditional channels

= Several times a year

that brands have relied on for marketing. Websites remain impor-

= NEVER

tant, particularly for e-commerce, but brands will increasingly follow their customers, making their content available on Facebook.

50% GEN Y MEDIA CONSUMPTION % who access the following media daily

25%

Facebook 81%

Blogs 45%

Newspapers 45%

= USES pLATFORM ONCE A DAY OR MORE

TV Shows 44%

1. “The Web is Dead. Long Live the Internet,” Chris Anderson and Michael Wolff, Wired, August 17, 2010. © L2 2010 L2ThinkTank.com

Facebook

YouTube

Twitter

Hulu

Geo-Platform

Flickr

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Media Survey

K E Y F IN D IN G S Blogs on Par with Newspapers

M O D E s O F A C C E S S IN G C O N T E N T: N E W S PA P E R S % who access via the following:

If baby boomers are the TV generation, then Gen Y is the blog generation. Nearly half of Gen Y affluents read at least one blog daily, making blogs as popular as newspapers with this

12%

= TRADITIONAL (Print)

cohort. Blogs associated with such traditional media organizations as The New York Times and ESPN are as popular as those focused on a niche. Millennials’ favorite specialty blogs include

= ONLINE (Desktop or Laptop Computer)

19%

Mashable and The Sartorialist. Micro-blogging is even more

= iPAD / E-reader (Kindle, Nook)

pervasive; two thirds of affluent Gen Y’s use Twitter, with one in four checking their account in the past 24 hours.

= mobile (Phone, iPod)

65%

= I DON’T ACCESS THIS SORT OF MEDIA

Newspaper Content Commands as Much Attention as TV On a daily basis, Gen Y affluents are as likely to read newspaper content as they are to watch TV, and they would rather have the content on a screen. In fact, four of five readers access newspapers digitally, and one in eight do so using a mobile device.

Magazines Are Getting ‘Facebooked’

M O D E s O F A C C E S S IN G C O N T E N T: M A G A Z IN E S % who access via the following:

Facebook could do to magazines what Google did to newspapers, providing easier access to a vast array of content. Gen Y yet figured out the transition to digital. 24%

Nine in ten Gen Y affluents read at least one magazine per and almost none receive that content on an iPad, e-reader, or smartphone. The iPad has been a force for innovation, but so far magazine content repackaged for iPads is not compelling enough for this cohort.

2% = TRADITIONAL (Print)

affluents are avid magazine readers, but magazines have not

month, but only a quarter of them access magazines online,

71%

= ONLINE (Desktop or Laptop Computer) = iPAD / E-Reader (Kindle, Nook) = mobile (Phone, iPod) = I DON’T ACCESS THIS SORT OF MEDIA

Gen Y Affluents:

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Media Survey

K E Y F IN D IN G S R E L AT I V E A U D I E N C E : R E A C H V I A FA C E B O O K & C I R C U L AT I O N

Renting Versus Owning

Apple iTunes & Burberry vs. Wall Street Journal & The New York Times (November 19, 2010)

Brands’ ability to establish direct relationships (en masse) could dramatically alter the media landscape. Power will shift

Apple iTunes

as brands cultivate authentic relationships via Facebook,

Facebook Likes: 8,525,195

creating cohorts whose sizes dwarf media brands’ subscriber bases, along with an opening to circumvent the traditional publisher network. In sum, it’s a great time to be a digitally deft brand ... and a precarious time to be in ad-supported media. This graph illustrates the relative sizes of the cohorts versus subscriber bases of iconic brands and media properties, respectively.

Burberry Facebook Likes: 3,050,057

The New York Times Circulation: 876,638

Facebook Likes: 930,138

WSJ Circulation: 2,061,142

Facebook Likes: 165,720

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Media Survey

K E Y F IN D IN G S Digital Video Rising Millennials love TV programs and movies, though affection for

T R A D I T I O N A L T V V S . D I G I TA L V I D E O

In the last 24 hours, I watched: More than one hour of TV

Traditional TV

60%

television sets and theaters is waning. Instead, affluents are watching online and on mobile devices. Indeed, one in eight reports watching a video on a mobile device in the past 24 hours.

In the last 24 hours, I watched a video via: YouTube

Geo-Local: The Mouse That Roars Location-based services garner major buzz, though we have yet to see what this technology can really offer. About one in

56%

Online (other than Hulu, YouTube)

21% Digital Video

five Gen Y affluents report using Foursquare in the past 24

Hulu

19%

hours, though a recent Pew study indicated that adult use of location-based services declined slightly between May and September of 2010.2 Usage could increase dramatically, how-

Mobile Device

ever, as new platforms such as Facebook Places and Google

Hotpot launch with built-in potential user bases.

Gen Y affluents access Facebook using a mobile device, and

25%

50%

75%

100%

i P H O N E vs . B L A C K B E R R Y

Smart, Smarter, Smartest The mobile content-delivery revolution is underway. One in four

13%

Current and Expected Ownership

= Currently own = EXPECT TO OWN

1 icon = 1%:

= CURRENTLY OWN = EXPECT TO OWN

one in five read newspapers using mobile. Not surprisingly, the “fruit” brands dominate the smartphone market. About one third own a BlackBerry and slightly more own an iPhone. Meanwhile, a whopping 71 percent say they expect to own an iPhone in the future.

2. Pew Research Center’s Internet & American Life Project, “4% of online Americans use location-based services” <http://www.pewinternet.org/Reports/2010/ Location-based-services.aspx> © L2 2010 L2ThinkTank.com

iPhone

Blackberry

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Media Survey

K E Y F IN D IN G S Which of the following best describes your level of

Big on Brands

bra n d a w are n ess ?

Gen Ys are both brand aware and eager to interact. Three quarters of respondents have an affinity for brands and one in eight are self-proclaimed brand “devotees.” Early adopters—those who

= I follow a few good brands

12%

use mobile devices and e-readers to access media—may be particularly valuable to luxury brands. Seventy-nine percent of

= i get the occasional brand crush

12%

these technophiles expect to make $100,000 per year or more

43%

= i’m a brand devotee

in the near term. In other words, cutting-edge innovation is

= i’m brand agnostic (I can take them or leave them)

important to the most affluent among Gen Ys. This wealthier bunch also skews slightly higher on brand awareness.

32%

= I DON’T believe in labels

Social Media and the Brand Funnel The majority of Gen Y affluents use social media to connect with brands. Many do so to receive promotions or offers and one quarter engages because they have an affinity for a brand.

Which statements best describe why you engage with

Nearly one in eight simply like the content brands provide.

brands or products using SOCIAL MEDIA?

24%

15%

26%

37%

10%

28%

38%

20%

= I don’t usually ENGAGE with brandS or products using social media = i have an affinity for the brand or product = i like the content the brand provides = i want to receive promotions and offers © L2 2010 L2ThinkTank.com

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Media Survey

K E Y F IN D IN G S Building on Brick-and-Mortar

FA C E B O O K IN T E R A C T I O N

The majority of respondents are likely to purchase prestige

Frequency of Sharing, Comments, and Likes

brands in-store, though nearly half anticipate making purchases through a brand’s website. In a given 24-hour period,

75%

however, more respondents visit a website than a physical store. As investments follow the consumer, there’s likely to be a massive increase in the allocation of capital to brands’ online stores from their terrestrial counterparts.

Vis-à-Vis Facebook With the majority of Gen Y opting in to brand newsletters and

54% 50%

38% 30%

25%

updates, email remains a powerful tool for interaction. But Facebook is becoming the new word of mouth. More than half of respondents have “liked” a brand in the past month, and about one third have “shared” brands with their networks.

Brand Websites Are as Influential as Newspapers and Glossies Word of mouth is still the most important force shaping Gen Y

0% Facebook “SHARE”

Facebook “COMMENT”

Facebook “LIKE”

BRAND WEBSITES ALMOST AS POPULAR AS BFFs % of respondents who have interacted with brands in the past 24 hours

brand perceptions, but websites tie for second place with newspapers and magazines—brands’ traditional marketing weapons of choice. Three quarters of Gen Y affluents visited brand sites in the past 24 hours, though most firms still allocate a disproportionate percentage of their marketing budgets to analog channels. Digital media receives only a fraction of the dollars that consumers’ behavior suggests they should.

In-person discussion with friends

83%

76%

Brand website visit

Brick-and-mortar store visit

73% 0%

25%

50%

75%

100%

Gen Y Affluents: Media Survey

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CASE STUDIES WIRED: Unplugged Wired is head of the pack when it comes to offering a compelling format for magazine content on the iPad. The Wired app was downloaded an impressive 100,000 times in June, its first month. Not surprisingly, downloads dropped more than a third in each successive month through September after its core readership signed on. It’s too early to tell if the honeymoon is already over or if the real marriage of magazines and apps is forthcoming. iPads still aren’t commonplace, despite their remarkable growth. But the real bottleneck for magazines is design. Wired’s app is among the best, but no magazine has really tapped the social and interactive potential of the tablet format. Most magazine apps could still pass for PDFs of the print version. As such,

Wired magazine’s iPhone app

accessing magazine content on an iPad may seem more like heavy petting than anything else in the near term.

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Media Survey

CASE STUDIES FACEBOOK: Media’s Walmart

FA C E B O O K FA C T S

Facebook is growing at a blistering rate, doubling its U.S. user base in the 12 months through October. The ubiquitous platform is quickly becoming the Walmart of media, able to vanquish

Facebook boasts

550 million users, roughly

1 out of 12 people on the planet.

competition by replicating its services at scale. This year saw the launch of Facebook Places and Facebook Deals in the geo-local space, as well as Facebook Messages,

People spend more than

700 billion minutes per month

on Facebook—that’s more than

13,000 years, roughly the amount

of time between the present day and the glacial ice age.

which aims to integrate email, text, and chat. Facebook also officially broke out of social networking in 2010 to become one

25% of all U.S. page views;

of the most powerful media companies in the world, surpassing

Facebook accounts for

Google News in referral traffic to news and media sites. In July,

in the second week in November the platform enjoyed

Facebook launched its “Facebook + Media” page, engaging

5x more page views than Google.com.

media companies directly to identify ways to drive more traffic to their sites.

200 million users are accessing Facebook using mobile, which is

FA C E B O O K U NIQ U E U S E R S : U. S . (October 2009 - October 2010)

The average user is connected to

150

An increase of 55% over the last year

151.13

pages, groups, and events.

30 billion pieces of content

(web links, news stories, blog posts, notes,

97.37

millions

80 community

Users share more than

100

3x the number of people who

voted for President Obama in the 2008 election.

photo albums, etc.) each month.

2/3 of comScore’s U.S. Top 100 websites and half of comScore’s

Global Top 100 websites have integrated with Facebook. 3. Glaciation of Wisconsin, Lee Clayton, John W. Attig, David M. Mickelson, Mark D. Johnson, and Kent M. Syverson, University of Wisconsin, Department of Geology.

0 2009

2010

4. “Facebook Accounts for 25% of All U.S. Pageviews,” Jolie O’Dell, Mashable, November 19, 2010, <http://mashable.com/ 2010/11/19/facebook-traffic-stats/>. 5. “President,” CNN.com’s Election Center 2008, November 17, 2008, <http://www.cnn.com/ELECTION/2008/results/president/>.

Gen Y Affluents: Media Survey

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CASE STUDIES M-COMMERCE: Sudden Impact eBay has emerged as the clear leader in mobile commerce. The company expects to make $1.5 billion from mobile transactions in 2010, up from $600 million in 2009. Version 2.0 of its phone app, released in November, offers comparison shopping by scanning bar codes.6 eBay also launched a fashion app in 2010, which lets users browse for clothes, access exclusive sales, and “try on” outfits by snapping pictures with the iPhone’s camera. Users can then share their outfits with friends on Facebook and Twitter.7

eBay’s Fashion app

Amazon has found success on mobile as well, reporting more than $1 billion in sales in the 12 months ended June 30, following the launch of its 1-Click checkout feature.8 Amazon also released a price comparison app in November.9 In many ways, fashion has led the way for luxury firms. Ralph Lauren was among the first to offer mobile shopping, followed by Diane von Furstenberg, Marc Jacobs, Donna Karan, and others. And with the success of e-tailers such as Net-a-Porter and flash sales site Gilt Groupe, traditional luxury retailers such as Neiman Marcus are following suit.10 Net-a-Porter iPhone app 6. “eBay Releases All-in-One Buying, Selling & Scanning iPhone App,” Lauren Indvik, Mashable, November 22, 2010, <http://mashable.com/2010/11/22/ ebay-mobile-iphone-app/>. 7. “eBay Helps You Dress Better with New iPhone App,” Lauren Indvik, Mashable, July 16, 2010, <http://mashable.com/2010/07/16/ebay-fashion-iphone-app/; http://mashable.com/2010/07/22/2010-mobile-commerce-trends/>. 8. “Amazon.com Announces Second Quarter Sales up 41% to $6.57 Billion,” <http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=irol-newsArticle&ID= 1451041&highlight=>. 9. “Amazon’s Price Comparison App for iPhone Falls Just Short of Great,” Lauren Indvik, Mashable, November 22, 2010, <http://mashable.com/2010/11/22/ amazon-price-check-iphone/>. 10.“How Fashion Brands Can Make the Most of M-Commerce,” Lydia Dishman, BNET, November 4, 2010, <http://www.bnet.com/blog/publishing-style/how- fashion-brands-can-make-the-most-of-m-commerce/937>. © L2 2010 L2ThinkTank.com

Gen Y Affluents: Media Survey

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CASE STUDIES BURBERRY: Luxury’s Digital Darling Once synonymous with “British” and “plaid,” Burberry can now

Burberry’s shoppable spring/ summer 2011 runway show was streamed live on its site, in-store, and via iPad

add “innovation” to its core associations as the firm blurs the line between brand and media company. With executive support for digital experimentation and a rock star public relations team, Burberry has soaked up the limelight with initiatives such as its shoppable live-streaming runway shows, projected live in-store and via iPad. Further shedding its former stodgy image, Burberry tapped Harry Potter leading lady Emma Watson as its spokesperson and dedicates portions of its site and Facebook page to highlighting new musicians. Connecting online and with Gen Y has proved rewarding for Burberry—digital sales have doubled and Facebook “likes” have jumped to more than 3.4 million.11

Burberry’s site features interviews and videos that take visitors behind the scenes of campaign photo shoots with Emma Watson

11. “Burberry’s Bewitching Formula: China, Digital, Harry Potter,” Caroline Smith, BrandChannel, November 18, 2010, <http://www.brandchannel.com/home/ post/2010/11/18/Burberrys-Bewitching-Formula-China-Digital-Harry-Potter>. © L2 2010 L2ThinkTank.com

Gen Y Affluents: Media Survey

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AFFLUENTSâ&#x20AC;&#x2122; Top 20

Newspapers & Magazines

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ÂŠ L2 2010 L2ThinkTank.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Gen Y Affluents: Media Survey

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AFFLUENTSâ&#x20AC;&#x2122; Top 20

Blogs

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ÂŠ L2 2010 L2ThinkTank.com

Blogs

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Gen Y Affluents: Media Survey

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AFFLUENTSâ&#x20AC;&#x2122; Top 20

TV Shows

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ÂŠ L2 2010 L2ThinkTank.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Gen Y Affluents: Media Survey

AFFLUENTSâ&#x20AC;&#x2122; Top 20

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Favorite Apps Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Responses are for all operating systems and smart phones.

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Gen Y Affluents: Media Survey

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AFFLUENTSâ&#x20AC;&#x2122; Top 20

Last Prestige Brand Purchase

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ÂŠ L2 2010 L2ThinkTank.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Gen Y Affluents: Media Survey

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AFFLUENTSâ&#x20AC;&#x2122; Top 20

Prestige Brands Aspired to Own

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ÂŠ L2 2010 L2ThinkTank.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Respondents were asked to write in their favorite newspapers and magazines, blogs, TV shows, apps, and prestige brands. The following are the top 20 responses to these questions.

Gen Y Affluents:

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Media Survey

TEAM SCOTT GALLOWAY Professor of Marketing, NYU Stern Founder, L2 Scott is a Clinical Associate Professor at the NYU Stern School of Business where he teaches brand strategy and luxury marketing and is the founder of L2, a think tank for digital innovation. Scott is also the founder of Firebrand Partners, an operational activist firm that has invested more than $1 billion in U.S. consumer and media companies. In 1997, he founded Red Envelope, an Internet-based branded consumer gift retailer (2007 revenues: $100 million). In 1992, Scott started Prophet, a brand strategy consultancy that employs more than 120 professionals in the United States, Europe, and Asia. Scott was elected to the World Economic Forum’s “Global Leaders of Tomorrow,” which recognizes 100 individuals under the age of 40 “whose accomplishments have had impact on a global level.” Scott has served on the boards of directors of Eddie Bauer (Nasdaq: EBHI), The New York Times Company (NYSE: NYT), Gateway Computer, eco-America, and UC Berkeley’s Haas School of Business. He received a B.A. from UCLA and an M.B.A. from UC Berkeley. ROBERT MERTZ McKinsey and Company Robert is a senior editor at McKinsey and Company where he edits journals focused on microfinance and climate change, runs a digital business ideas newsfeed, and works with industry and functional practices to manage their knowledge. He has a B.A. in Literature from the University of Michigan and PhD in Literature from SUNY at Buffalo. © L2 2010 L2ThinkTank.com

MAUREEN MULLEN L2 Maureen leads L2’s research and advisory group and has benchmarked and/or developed digital and social media initiatives for more than 300 prestige brands. She began her career at Triage Consulting Group in San Francisco. At Triage, she led several managed care payment review and payment benchmarking projects for hospitals, including UCLA Medical Center, UCSF, and HCA. She has gone on to lead research and consulting efforts focused on digital media, private banking, M&A, insurance industry risk management, and renewable energy economics for professional firms and academics. Maureen has a B.A. in Human Biology from Stanford University and an M.B.A. from NYU Stern. KATE BARNETT L2

CHRISTINE PATTON Creative Director, L2 Christine is a brand and marketing consultant with more than 15 years of experience creating brand identities and marketing communications for aspirational and luxury brands. She began her career at Cosí, where she developed the brand and oversaw its evolution from concept through growth to 100 restaurants. Since then she has provided creative direction for a wide array of clients, including the launch of Kidville and CosmoGIRL! magazine. Most recently, she led creative services at ELLE during the most successful years of the magazine’s history, developing innovative integrated marketing programs for advertisers. Christine received a B.A. in Economics and Journalism from the University of Connecticut and an M.B.A from NYU Stern.

Kate is an associate in L2’s Research and Advisory practice. She started her career as a retail consultant, initially for the C.O.O. of Steve & Barry’s and later as an associate at Lightship Partners, specializing in product development and supply chain optimization. Before joining L2, Kate worked with Marvin Traub, the former C.E.O. and chairman of Bloomingdale’s, conducting research on prestige brands in emerging markets. Kate received her A.B. in Government from Harvard University.

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