Business English Bits Issue 226
The 10-min homework newsletter that supports your advanced business and English language learning through Youtube video reports and highlighting vocabulary ...
Good morning, and a big welcome to this issue of Business English Bits! Thanks for reading!
For the today’s highlighted video report inside issue - 226 - we are having a look at an offering from the Bloomberg Youtube channel.
Gucci has always been synonymous* with luxury and sought-after** items of clothing and accessories. It’s name and products have been often used within the entertainment industry as an expression of high level status or to project*** a life ‘well-lived’.
*Synonymous (adj) - Describing smth closely associated with or strongly linked to smth else
**Sought-after (adj) - Highly desired or in great demand
***To Project (v) - To deliberately present or communicate a particular impression
Recently, however, the Gucci brand has been suffering a little, especially when compared to some of its closest rivals such as Hermes or Louis Vuitton …
Gucci, originally an Italian brand, actually belongs to French fashion group Kering. Kering is a multi-brand luxury conglomerate* which owns other famous names, such as Yves Saint Laurent. The main rival of Kering is LVMH owner of Louis Vuitton and many other top fashion brand houses. These two large groups between them have a huge market share and dominate the world of high fashion and luxury.
*Conglomerate (n) - Large corporation that owns and manages a collection of different companies
In the 90’s there was a huge battle between the two groups over the ownership of Gucci. Kering finally came out on top* and achieved control of the Gucci brand. Gucci has since become one of Kering’s main earners. But, since 2008, LVMH has started to gain the upper hand** in the luxury industry and has stormed ahead*** of its rival.
*To Come out on top (ph) - To succeed, win, or emerge as the best in a competition
**To Gain the upper hand (ph) - To achieve an advantage or a stronger position over sb/smth
***To Storm ahead (ph) - To make rapid progress
Fast forward to March this year, Gucci reported falling sales in Asia and Kering’s stock price took a big hit*. LVMH meanwhile is still forging ahead** and is currently valued at a much higher price point than Kering.
*To Take a hit (ph) - To suffer a loss, damage, or setback
**To Forge ahead (ph) - To move forward with determination
So, sit back and enjoy the struggle between the two biggest players of the luxury fashion market and find out how Gucci is trying to recapture its sparkle.
Focus on some key new adjectives from the video …
VIDEO: Bloomberg - (7min) - How Gucci Fell From High Fashion to Discount Rack
Key Words - (Smth = Something; Sb=Someone; Col=Colloquial)
Flagship (n) – Most important product or service in a company’s portfolio
At the top of one’s game (ph) – Operating at the highest level of skill or effectiveness
To Hang out (pv) – To spend informal time together
Duopoly (n) – Market condition where two firms dominate the industry or sector
To Come to a head (ph) – To reach a critical or decisive point
White Knight (cn) – A company or investor that rescues another company from a complex situation
Acrimonious (adj) – Marked by bitterness or harshness
Savvy (adj) – Having practical knowledge and good judgment
To Soar (v) – To increase rapidly in amount, value or success
To Tumble (v) – To decrease sharply in amount, value or performance
Timeless (adj) – Remaining relevant and valuable over time
Whim (n) – Sudden or impulsive decision or change of mind
Hands-off (adj) – Involving minimal direct intervention or control
Laissez faire (adj) – Referring to a policy or attitude of non-interference
Staid (adj) – Unadventurous in style or behaviour
Word of the Day … Guess the missing key word - Answer given below with examples!
Some new idioms to review from recent reports …
Word of the Day Answer:
Swindle (v) - Get money dishonestly from someone by deception or cheating
Examples:
“The auditor discovered that the contractor had tried to swindle the company out of thousands by inflating invoices."
“Investors were furious when they learned the startup founder had swindled them through fake financial reports..”
I hope you’ve been able to take advantage from this edition of Business English Bits!
Have an enjoyable Tuesday, and I’ll see you tomorrow for the phrasal verb review!
Kevin