Speaker 1: Message. Message also includes infrastructure spending and the public education
Speaker 1: public colleges and universities tuition free for in state middle
Speaker 1: class families. Yeah, exactly. Here's really if you pick apart
Speaker 1: the speech speech, you you see her really putting forward
Speaker 1: policies that appeal to specific groups that she needs to
Speaker 1: turn out to vote for her. So with uh the
Speaker 1: income are the tuition free uh college and debt free college,
Speaker 1: she's really making a point to reach out to young voters,
Speaker 1: college students, people who recently graduated from college. You are
Speaker 1: dealing with student student debt. Uh. If all these groups
Speaker 1: turn out very strongly for President Obama, but they haven't
Speaker 1: had that same level of support for Secretary Clinton. They
Speaker 1: really supported Bernie Sanders. So now she's adopting his proposal
Speaker 1: that college should be tuition free. UM. The same thing
Speaker 1: with infrastructure spending, you know, the lack of the lack
Speaker 1: of jobs and good paying jobs. She's using this infrastructure
Speaker 1: plan to sort of try to dump start the economy
Speaker 1: create eight jobs through some government spending. It's a proposal
Speaker 1: that another thing that that Senator Sanders supported, Uh, you know,
Speaker 1: and it's something we've also heard from Donald Trump saying
Speaker 1: that uh. You know, our our country, as as Clinton
Speaker 1: uh quoted in, our country is becoming a third world
Speaker 1: country and our airports are falling apart. Uh So she's
Speaker 1: trying to capture those same voters who want the government
Speaker 1: to invest more in the infrastructure of the country to RUNIPA.
Speaker 1: Thank you for joining us today here on taking Stock.
Speaker 1: He's our US gum reporter for Bloomberg and News. Now
Speaker 1: I want to Charlie Pellett. He is in the news
Speaker 1: room with a Bloomberg Business flash, and thank you, Kathleen,
Speaker 1: Thank you, Pim Fox. The DAL, the SMPNZ, DAK all
Speaker 1: advancing right now. We've got the SMP five hundred index
Speaker 1: climbing eleven to eighties seven. Again, there of five tenths
Speaker 1: of one percent. The DAL, the smpnaztack on track for records.
Speaker 1: The Dow Industrials up one hundred thirty two points to
Speaker 1: eighteen thousand, six hundred twenty eight. Again there of seven
Speaker 1: tents of one percent. The tenure down twenty thirty seconds,
Speaker 1: yield one point five six percent, Gold down a dollar
Speaker 1: ninety the ounce to thirteen thirty five and dropped there
Speaker 1: of point one percent. Crude oil surging four point one
Speaker 1: percent off the dollar seventy three a barrel forty three
Speaker 1: forty four. Hillary Clinton just wrapping up her speech on
Speaker 1: the economy. You heard it live right here on Bloomberg Radio.
Speaker 1: All the people that I have met throughout this campaign
Speaker 1: really prove how wrong this negative, pessimistic view is. America's
Speaker 1: best days are still ahead of us if we make
Speaker 1: up our minds to actually go out and make that
Speaker 1: happen again. Recapping stock surging SMP five hundred index up
Speaker 1: eleven now at six, a gain of five tenths of
Speaker 1: one percent. I'm Charlie Palett, and that's a Bloomberg Business flash.
Speaker 1: Now on Bloomberg Radio, we take stock of small business.
Speaker 1: Small businesses want more streamlining and less red take small
Speaker 1: business and then except the no. But maybe there's so
Speaker 1: many people that have ideas and it has to be
Speaker 1: more than that. It has to be making it real.
Speaker 1: Bloomberg taking stocks on Bloomberg Radio. Oh, we've just been
Speaker 1: listening to a Democratic candidate, Hillary Clinton, speaking in Warren, Michigan.
Speaker 1: One of her themes is reiterating support for strengthening labor
Speaker 1: unions and also manufacturing products in the United States. Here
Speaker 1: to tell us a little bit more about making products
Speaker 1: here in the US is Tim and Tommy Gibb. They
Speaker 1: are the co founders and the co chief executives of
Speaker 1: Title New York, and they join us in the studio.
Speaker 1: Thanks gentlemen for being here. Tim, let's begin with you
Speaker 1: tell us what is Title. It's a flip flop company,
Speaker 1: I know, but what is it? How did you start it?
Speaker 1: And give us the whole story? Well, Title game about
Speaker 1: from a simple notion that Tim and I grew up
Speaker 1: around the footwear business all our lives. Our parents were
Speaker 1: both in it, and um for the past ten years plus,
Speaker 1: we've both been traveling around the world producing shoes, and
Speaker 1: we thought that there was an opportunity to bring that
Speaker 1: production back here to the States, and in order to
Speaker 1: do so, we really needed to come up with an
Speaker 1: innovative production process and look at the way things are.
Speaker 1: These flip flops have traditionally been produced and really changed
Speaker 1: the game with how we make them. Well, Tommy, give
Speaker 1: us so great to have you in studio with your
Speaker 1: brother Tim. I just followed you guys on at Title
Speaker 1: New York, and I want to make sure we understand
Speaker 1: it's T I D A L so uh Timmy or
Speaker 1: t M I should say, what what inspired you? I mean,
Speaker 1: you're in the shoewer industry, but you don't just make shoes,
Speaker 1: you also hire veterans. Yeah, I mean for us, that
Speaker 1: was something that was critical from the start, was to
Speaker 1: put that labor force to work. They made We made
Speaker 1: promises to them when they went overseas, and we need
Speaker 1: to make good on those. Um. Basically, Tommy and I
Speaker 1: have believed in that from the start, and that was
Speaker 1: something that that that we were not going to go
Speaker 1: back on. UM and it's been the most rewarding thing
Speaker 1: that we that we've done in that someone in your
Speaker 1: family in the military, or both our grandfathers were Um,
Speaker 1: we're in Nebraska, guys. That's that's where we were born.
Speaker 1: It's it's in our blood. And more than that, though,
Speaker 1: if you look at the numbers, it doesn't matter. It's
Speaker 1: up near whether you agree with war or not. In
Speaker 1: what wars were in a huge number of Americans believe
Speaker 1: that we should do right by the veterans. That's what
Speaker 1: we that's what we both believe into. Gentlemen, Let's talk
Speaker 1: about where the products actually come from. Because taking a
Speaker 1: look at the details in New York, you do the
Speaker 1: molding in the final assembly in Missouri, you develop the
Speaker 1: wave of foam packagings from New Jersey. You source proprietary
Speaker 1: strap material from Massachusetts. How did you decide on those
Speaker 1: specific locations? So coming back, you know, we were well
Speaker 1: versed in producing shoes around the globe, but here in
Speaker 1: America we had to source out the right partners and
Speaker 1: UM it was critical to us to maintain a percent
Speaker 1: American made product through all componentry and materials. And it's
Speaker 1: been an evolution as we built out the factory and
Speaker 1: found those core partners. UM. Each one of them has
Speaker 1: been the right partner for the right reasons, and we
Speaker 1: look to them to be long term partners for us
Speaker 1: for the future. So uh, it's interesting, Uh the number
Speaker 1: of places that you have around the country. It's not
Speaker 1: just New York, it's Massachusetts and a couple of other locations.
Speaker 1: And you've come up with some innovative materials that's right. UM,
Speaker 1: So through through what we've needed to do that the
Speaker 1: footwear industry and the US is typically driven towards the
Speaker 1: department offense. UM that's through subsidies and things like that.
Speaker 1: They've been able to compete over with overseas. For us,
Speaker 1: what we wanted to do and why we focus on
Speaker 1: flip flops was because we could we could figure out
Speaker 1: a way to automate something that's done through heavy labor
Speaker 1: overseas and win that way because we weren't going to
Speaker 1: do it on labor rates here. Um. So via finding
Speaker 1: these partners that that to Tommy touched on, we've worked
Speaker 1: with them and they've been amazing in terms of working
Speaker 1: with us to really develop the product in such a
Speaker 1: way that makes it better than it's been in the past.
Speaker 1: And that's just through R and D and working hand
Speaker 1: in hand. How did you select the artists whose work
Speaker 1: you would license in order to decorate the flip flops?
Speaker 1: And I understand, what about twenty eight dollars or so
Speaker 1: forth for a pair of them? I know that Keith
Speaker 1: Herring is one of the artists whose work you use. Yet,
Speaker 1: so when we set out to do this, um, the
Speaker 1: way we print the product allows for us to really showcase,
Speaker 1: um the imagery and art seems like a natural um
Speaker 1: it the flip flop serves as a canvas or a
Speaker 1: T shirt for your feet, as we like to say.
Speaker 1: And um, you know we we liked New York and
Speaker 1: iconic you know American figures, and and there aren't many
Speaker 1: more iconic you know American artists than John Michelle Buscia
Speaker 1: and Keith Herring. And we also worked with Peter Tuney,
Speaker 1: who's been a friend for a long time and is
Speaker 1: um still active just south the Canal Street. So what
Speaker 1: did it take to him to get this off the ground?
Speaker 1: I mean, did you beat strapped? Did you borrow money
Speaker 1: from friends and family? Uh? You know everything you can
Speaker 1: think of? We did. Um, you know, it was there
Speaker 1: was a lot. There's plenty that there were shipments that
Speaker 1: were going out where we had fathers in law helping
Speaker 1: out to pack the shoes at three am. Um. And yeah,
Speaker 1: we bootstrapped it. We did a ton on our own,
Speaker 1: but we had a lot of help from the people
Speaker 1: that we love and from the people that believed in
Speaker 1: what we were doing. Um. But in terms of what
Speaker 1: it took, it took a lot of work. But when
Speaker 1: you believe in something that is in your blood and
Speaker 1: you believe you're doing it for the right reasons, it
Speaker 1: makes it easy to get it done. Um. That doesn't
Speaker 1: mean it's easy to get it done, but it keeps
Speaker 1: you going and it and it and it really motivates
Speaker 1: you every day. So making here, you know, is possible UM,
Speaker 1: and it's it's something that if you put your mind
Speaker 1: to it, it absolutely can be done. And we did
Speaker 1: take UM. We had spa government support with funding and
Speaker 1: we did a friends and family UM investment round to
Speaker 1: begin with. So we uh, we we did have you know,
Speaker 1: that's how we financed the business to get started. That
Speaker 1: you're in a variety of department stores. You're in Bloomingdale's, Nordstrom,
Speaker 1: Lord and Taylor, and also the Broad Museum in Los Angeles.
Speaker 1: I don't know whether you heard about the news of
Speaker 1: Macy's today, they're closing over a hundred stores, cutting that
Speaker 1: of their base. Do you foresee the time when you're
Speaker 1: gonna have your own retail outlets? So right now we're
Speaker 1: really folk gussed on direct the consumer and how we
Speaker 1: can evolve that experience with the consumer. And when we
Speaker 1: started the factory, we focused on UH and the brand.
Speaker 1: We really wanted to focus on emerging in the marketplace
Speaker 1: and getting as much you know as we can out
Speaker 1: there invisibility. And now we are taking that a step
Speaker 1: further with some really awesome customer experiences where and coming
Speaker 1: up on holiday, we'll have customizable platforms where you can
Speaker 1: design your own flip flops on our sites. And we're
Speaker 1: really you know, Tim and I have always focused on
Speaker 1: progression and and progressing. You know a product that hasn't
Speaker 1: been progressive? All right? Tim? Really quick? Where your website?
Speaker 1: If I want to order www dot title New York
Speaker 1: dot com Title New York. They are the founders, brothers,
Speaker 1: Tim and Tommy gab. It's made in America, the employer,
Speaker 1: military veterans. We thank you so much for joining us
Speaker 1: on taking stock today. This is Bloomberg. Small Business in
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