Speaker 1: Broadcasting live to New York, Bloomberg eleven to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg Well, Undige to San Francisco, Bloomberg
Speaker 1: to the country. See when he's exam General one nine
Speaker 1: and around the globe the Bloomberg Radio plus append Bloomberg
Speaker 1: dot Com. This is taking stock attainable luxury. It can
Speaker 1: get just a little bit harder every day as the
Speaker 1: cost of luxury goods continue to rise. With a perfect
Speaker 1: entry point for Portrero, a place where you can find
Speaker 1: pre owned luxury goods, many of them of great quality
Speaker 1: at prices that you can take advantage of because someone
Speaker 1: else has owned it for a little while, but so
Speaker 1: luxury good people take care of them. We're very We're
Speaker 1: gonna be talking to the chairman of Portrayro here, and
Speaker 1: we're also gonna be talking to Dave Coudla. He's out
Speaker 1: in the Detroit area. He's going to talk to us
Speaker 1: not only about the auto land escape, but the markets
Speaker 1: post Brexit. I'm Kathleen Hayes, my co host Pim Fox
Speaker 1: is on vacation. I'm going right to Katherine Catty now
Speaker 1: in the newsroom for a Bloomberg Business Flash. Well, Thank you, Kathleen.
Speaker 1: Consummer focused companies are helping to fuel modest games on
Speaker 1: Wall Street Today. The S and P five founded is
Speaker 1: up for a fourth day and is on track for
Speaker 1: its biggest four day rally in nine months. There's speculation
Speaker 1: at central banks will act to limit the fallout from
Speaker 1: the UK's vote to leave the European Union. There's also
Speaker 1: optimism about the U S economy. Data Today's show manufacturing
Speaker 1: gathering strength in June, expanding at the fastest pace in
Speaker 1: more than a year. Bloomberg Vinny Deal Judace has the details.
Speaker 1: The Institute for Supply Management's National Factory and dex advanced
Speaker 1: to fifty three point to last month, the high since
Speaker 1: early twentifteen, helped in part by consumer spending exports, but
Speaker 1: in the best performance since orders, production and employment up
Speaker 1: as well. Separately, the Commerce Department reports construction spending dropped
Speaker 1: in May for the second month in a row. At
Speaker 1: the Bloomberg first worked as Amphany del Judas Bloomberg Radio,
Speaker 1: we take the markets have fifteen minutes on Bloomberg Radio.
Speaker 1: Down Industrial averages up forty points, a gain of a
Speaker 1: quarter percent. Trading at seventeen thousand, nine hundred sixty nine.
Speaker 1: Smp f I founded up six points three tenths of
Speaker 1: a percent to twenty one oh five. Then AZDAC is
Speaker 1: up twenty three points again and half a percent, trading
Speaker 1: at forty eight sixty five. West Texas Intermediate crude oil
Speaker 1: up eighty seven cents a barrel, one eight percent at
Speaker 1: forty twenty. Spot gold is up at twenty one dollar
Speaker 1: ninety cents announce at thirteen forty two. Fifty ten year
Speaker 1: treasury up seven thirty seconds with the yield of one
Speaker 1: point four or four percent. Among today's top business stories,
Speaker 1: ups pilots would receive a twenty nine percent race compounded
Speaker 1: over five years under a new proposed contract. And now
Speaker 1: let's get the latest, and some other stories were following today.
Speaker 1: Thank you, Catherine from the Bloomberg news Room. I'm Jill Schneider.
Speaker 1: This news update is brought to you by the Jeep
Speaker 1: Grand Cherokee, the most awarded suv ever. The Grand Cherokee
Speaker 1: continues to raise the bar with its luxurious interior and
Speaker 1: legendary four by four capability. Drive one at your local
Speaker 1: Jeep dealer. Today, a group of as many as nine
Speaker 1: gunmen is holding several people hostage. Inside a Bangladeshi restaurant
Speaker 1: popular with foreigners. Local news reports say the attackers entered
Speaker 1: a bakery in the capital city Daca in Washington. A
Speaker 1: State Department spokesman says the US Embassy in Daca has
Speaker 1: accounted for all American citizens who are under the authority
Speaker 1: of the Diplomatic Chief of Mission. The attack on the
Speaker 1: airport in Istanbul has raised questions about security in the US.
Speaker 1: A former t s A official says law enforcement at
Speaker 1: American airports is insufficient to protect against similar attacks. Former
Speaker 1: T s A Deputy administrator John Halinsky says those agencies
Speaker 1: are understaffed and underfunded. President Obama says a vaccine for
Speaker 1: the zico virus could be developed in quote fairly short
Speaker 1: order if Congress acts quickly to pass a bill to
Speaker 1: prevent the spread of the disease. It is absolutely critical
Speaker 1: or the United States government, working in a concert with
Speaker 1: other governments in the hemisphere, to be pushing hard right
Speaker 1: now to get this situation under control. Non millionaires are
Speaker 1: having an easier time finding apartments to buy in Manhattan
Speaker 1: after years of being dominated in the city's real estate
Speaker 1: market by ultra wealthy investors. Those with limited funds are
Speaker 1: finding more options than they've had since two thousand twelve.
Speaker 1: Global News twenty four hours a day, powered by more
Speaker 1: than twenty six hundred journalists and analysts in more than
Speaker 1: one hundred twenty countries. From the Bloomberg news Room. I'm
Speaker 1: Jill Schneider. This is Bloomberg Katherine. Thank you. And here's
Speaker 1: a quick check of the equity Banchmark style industrial laboratory
Speaker 1: main entire up at thirty four points at seventeen thousand,
Speaker 1: nine hundred sixty three smp F, I founded up five
Speaker 1: point at twenty one oh four, NaSTA twenty two point
Speaker 1: at forty eight sixty four. And that's a Bloomberg business flash.
Speaker 1: Bloomberg taking stock the Lutch Life, Jews properties valuable nature
Speaker 1: in a front house. Can I be your financial adviser?
Speaker 1: It's good to be keen. I thought of your right
Speaker 1: and then I've got out in. Remember how much I
Speaker 1: wanted a big backyard with Grecian statue sh shaped hedges
Speaker 1: and three going cool. Well I got that. Bloomberg taking
Speaker 1: Stock the lux Life on Bloomberg Radio. A born and
Speaker 1: bred New Yorker, our next guest began her career in finance,
Speaker 1: working as a Nasdac trader, luxury has always appealed to her.
Speaker 1: In fact, whenever first Luxury Splurges was a Todd's bag
Speaker 1: many years ago. Now she is the chairman of Portero Inc.
Speaker 1: She is set up a curated marketplace more than ten
Speaker 1: years ago for authentic, pre owned luxury goods. Alexis Clarbert
Speaker 1: joins us now here in our New York studio. Welcome,
Speaker 1: Thank you for having me. So what first? When did
Speaker 1: you get interested in luxury? And growing up in New
Speaker 1: York just luxury all around you, right? Is that what?
Speaker 1: It was? A family connection? What really entice you to luxury? Well,
Speaker 1: it was the idea that people really love, the idea
Speaker 1: of of luxury. And I started working for a company
Speaker 1: called water Works, which is a very high end luxury fittings, fixtures,
Speaker 1: bathroom company, and I learned a lot about those kinds
Speaker 1: of customers and what their expectations were. And the reality
Speaker 1: is is that there is value to be found in
Speaker 1: in many different things. And I really gravitated towards the
Speaker 1: luxury markets and the luxury customer. So how did you
Speaker 1: go from the NaSTA to water Works? Good question? Through
Speaker 1: a family connection. My mother worked in materior design magazines
Speaker 1: and I just loved that whole world. And but I
Speaker 1: learned a lot from water Works about branding, about marketing
Speaker 1: and luxury good So then if you set this company
Speaker 1: in two thousand four, so what how did you get then?
Speaker 1: I mean, what was it you just said, bingo, everything
Speaker 1: is going online e commerce or was it just what
Speaker 1: was it? Right? Well, Portero was set up before I
Speaker 1: said that Portero has is really the pioneers of the
Speaker 1: pre owned luxury marketplace. I came in about three years
Speaker 1: ago and recognize that we had more work to do.
Speaker 1: The reality is is that the Portero customer is a
Speaker 1: very astute customer. Are average dollar transactions about two thousand dollars,
Speaker 1: which not many of those other websites that you might
Speaker 1: know that sell pre owned goods can say, um, So
Speaker 1: we really focused on the best of the best. We
Speaker 1: leave the rest to others, and we're very highly curated.
Speaker 1: So when we say an item's an excellent condition, it
Speaker 1: means it's really probably even worn a couple of time.
Speaker 1: Who you got two groups of people I'm interested in.
Speaker 1: One of course is your customer, But the other side
Speaker 1: of it, who are the people who come to you
Speaker 1: to consign their their vintage handbads. They're very high and goods. Well,
Speaker 1: these are people that have done their homework. They recognize
Speaker 1: that Portero is a place where they can get the
Speaker 1: fair market value for the item. There are other websites
Speaker 1: that almost have a liquidation type mentality, but we really
Speaker 1: want to um, you know, value the bag and want
Speaker 1: and want to preserve the integrity of the secondary market place.
Speaker 1: Tell me about the bag you have in front of
Speaker 1: us today here in York. Sure, this is a beautiful
Speaker 1: vintage crocodile Kelly bag. Um. This was purchased back in
Speaker 1: the eighties for about in Paris. We are selling it
Speaker 1: on our website for twelve thousand dollars. WHOA so? How
Speaker 1: much with the customer, the person who's consigned it to
Speaker 1: you get out of that? What's the what's the fee
Speaker 1: or what's the um? Well, if an item is over
Speaker 1: ten thousand dollars, we take a commission so they get
Speaker 1: se of the value. That is highly competitive. If the
Speaker 1: item is under ten thousand dollars, they actually get um
Speaker 1: seventy percent of the value. How big is the business now?
Speaker 1: How big can it get? Oh? The secondary resale market
Speaker 1: is a billion dollar industry. It is, and it is
Speaker 1: growing everyday. Portero for example, this year we're up. We
Speaker 1: do not see the momentum slowing at all. I think
Speaker 1: that people look at set at the secondary market and
Speaker 1: understand the value that that they can buy in the
Speaker 1: in the market and also that they can sell or
Speaker 1: consign in the secondary. Are your customers and your consigners
Speaker 1: or consignments are they mainly in the United States? Is
Speaker 1: it global? It's global. I mean, we focus our consignment
Speaker 1: program in the United States, but we because we are
Speaker 1: a global marketplace, we do get inquiries all you know,
Speaker 1: from all over the world. A lot of our buyers
Speaker 1: are all over the world. Um actually right now it's
Speaker 1: about seventy US thirty percent international. You see a lot
Speaker 1: of demand in Asia and duh. So if somebody wanted
Speaker 1: to uh actually just send you something to sell or
Speaker 1: buy something, what do they do? They go online to
Speaker 1: poor terot dot com and uh, actually, we're having a
Speaker 1: great Independence Day sale right now off of select items.
Speaker 1: So it's a great time to shop our site. Just
Speaker 1: really quick. What's one of the least expensive items for
Speaker 1: people who are still striving to the top of luxury
Speaker 1: the most expensive. Well, I'm gonna focus on handbags. Um
Speaker 1: I would say on handbags you can get a great
Speaker 1: value Louis Vuitton for about fifty percent off, and then
Speaker 1: you have your holy grail of the rez Birkins, which
Speaker 1: can run you six figures. But that's for a pristine
Speaker 1: bag meaning unused. Alexis Clarbor, how fast. What a great
Speaker 1: job it is. It's a lot of fun. Come over
Speaker 1: and see us sometime. You bet. She's chairman at poor
Speaker 1: terot Egg based here in New York City. I'm Kathleen Hayes.
Speaker 1: This is taking stock and this is Bloomberg. Where do
Speaker 1: you put your money now? A post brexit and ahead
Speaker 1: of the US jobs report? What should you be watching
Speaker 1: if you try to want to make some money in
Speaker 1: bonds and stocks? That's coming up ahead of the market
Speaker 1: closed right here on Bloomberg.