Login

Register

Login

Register

Select group of small and big businesses are cashing in on COVID-19 | #tinder | #pof | romancescams | #scams


The pandemic has brought many American businesses to their knees. 

Lord & Taylor and Neiman Marcus are considering bankruptcy, Adidas profits are down 93 percent. Southwest Airlines reported its first quarterly loss in a decade. Restaurants throughout the country are unsure if its doors will ever open again.

But some companies have found a silver lining and are raking in money, such as Amazon, that saw owner Jeff Bezos, the world’s richest man, add an estimated $30 billion to his wealth since the start of the year.

Here DailyMail.com looks at firms big and small that are cashing in on the coronavirus pandemic. 

The pandemic has brought many American businesses to their knees. But some companies have found a silver lining and are raking in money, such as Amazon that saw owner Jeff Bezos, the world’s richest man, add an estimated $30 billion to his wealth since the start of the year

For mask maker Andrew Kessler, the coronavirus crisis has been both a blessing and a curse.

Business has shot way up — orders for his Scough products are around 100 times higher than they were at the start of the year.

But because he’s based in Brooklyn, New York — the very heart of the virus — he has had to cut back production.

For mask maker Andrew Kessler, the coronavirus crisis has been both a blessing and a curse. Business has shot way up — orders for his Scough products are around 100 times higher than they were at the start of the year. But because he's based in Brooklyn, New York — the very heart of the virus — he has had to cut back production

For mask maker Andrew Kessler, the coronavirus crisis has been both a blessing and a curse. Business has shot way up — orders for his Scough products are around 100 times higher than they were at the start of the year. But because he’s based in Brooklyn, New York — the very heart of the virus — he has had to cut back production

‘It’s not that we’re closed, more that it’s been hard to get people to come into work,’ he admitted in an exclusive interview with DailyMail.com.

Now Kessler, 41, is trying to shift some of his manufacturing overseas, at least as a temporary measure until the pandemic winds down.

Scough is one of the companies that has managed to cash in from COVID-19. It makes bandanas and scarves with high-grade active carbon air filters built in.

‘It is the same material as in N95 masks and the fabric is 100 percent cotton,’ Kessler said. ‘We recognize that wearing a mask is not generally comfortable, so we have tried to address that.

‘And people don’t wear masks all the time, so we also try to make them easy to put on and take off.’

The company has been making its masks for six years, mainly for people working in places with bad air quality and for those whose doctors suggested they should wear masks while in public — but as that now includes virtually everybody, demand has understandably skyrocketed.

Kessler says Scough — which is short for scarf and cough — is on a ‘rapid growth path.’ Its bandanas with one air filter sell for $39. Scarves, which are used more in colder weather start at $49.

Scough is one of many companies that have found there is money to be made in the middle of a crisis. Some are obvious, Amazon, as so many brick-and-mortar stores are closed, is one, as is Zoom which has seen a huge demand in its video teleconferencing platform. 

Zoom has seen a huge demand in its video teleconferencing platform. Eric Yuan (pictured), who came up with the idea for Zoom when he had to make a 10-hour train trip through China to visit his girlfriend in his younger days, has joined the ranks of billionaires

Zoom has seen a huge demand in its video teleconferencing platform. Eric Yuan (pictured), who came up with the idea for Zoom when he had to make a 10-hour train trip through China to visit his girlfriend in his younger days, has joined the ranks of billionaires

Eric Yuan, who came up with the idea for Zoom when he had to make a 10-hour train trip through China to visit his girlfriend in his younger days, has joined the ranks of billionaires.

Others to hit the pandemic jackpot are not so apparent. 

‘The demand for pet care products is going through the roof,’ Mauro Guillen, the Zandman Professor of International Management at the Wharton Business School, told DailyMail.com. ‘People are spoiling their pets and spending more time with them.’ 

There is also an added incentive, walking dogs is one of the few activities that is still commonplace. ‘It gets people out the house,’ Guillen pointed out.

Stocks of the online pet company Chewy are at an all-time high — up 52 percent this year — as more people adopt animals to keep them company during the lockdown. Chewy, based in Dania Beach, Florida, plans to hire up to 10,000 new workers.

‘Pet adoption has gone up. New pets have gone up,’ CEO Sumit Singh told CNN. 

‘It may not be out of happiness, but folks do have time and they are craving companionship. We’re serving pet parents across their journey.’

Stocks of the online pet company Chewy (pictured) are at an all-time high — up 52 percent this year — as more people adopt animals to keep them company during the lockdown. Chewy, based in Dania Beach, Florida, plans to hire up to 10,000 new workers

Stocks of the online pet company Chewy (pictured) are at an all-time high — up 52 percent this year — as more people adopt animals to keep them company during the lockdown. Chewy, based in Dania Beach, Florida, plans to hire up to 10,000 new workers

'The demand for pet care products is going through the roof,' Mauro Guillen (pictured), the Zandman Professor of International Management at the Wharton Business School, told DailyMail.com

ActivTrak CEO Rita Selvaggi (pictured) told the Wall Street Journal 1,000 new companies had signed up with her company since the crisis started

‘The demand for pet care products is going through the roof,’ Mauro Guillen (left), the Zandman Professor of International Management at the Wharton Business School, told DailyMail.com. ‘People are spoiling their pets and spending more time with them.’ Software companies allowing bosses to monitor their stay-at-home workers’ computer usage are also seeing a boom. ActivTrak CEO Rita Selvaggi (right) told the Wall Street Journal 1,000 new companies had signed up with her company since the crisis started

Company founder Ryan Cohen said: ‘Pets don’t eat less during recessions. The last thing people typically pull back on is their pet.’

Sharmilla Chatterjee, senior lecturer at the MIT Sloan School of Management said another unexpected winner in the lockdown are companies that makes software allowing bosses to monitor their stay-at-home workers’ computer usage.

‘Hopefully this growth will not continue once workers are back in the office,’ Chatterjee told DailyMail.com.

One such business is Austin, Texas-based ActivTrak. CEO Rita Selvaggi told the Wall Street Journal 1,000 new companies had signed up since the crisis started. ‘It’s been a little insane,’ she said.

Insurance companies, law firms and banks have all opened accounts because they were ‘super-anxious’ about their employees working remotely, Selvaggi said.

The food industry has been turned upside down by the pandemic. Guillen said before coronavirus struck, roughly half the food eaten in the United States came from restaurants, mainly fast food joints. 

Now that figure, he estimates could be down as low as five percent.

And that is good news for the makers of staple foods, especially ones with a long shelf life. Campbell’s Soup increased sales by 60 percent in the first weeks of the crisis. Goldfish, another of the company’s products went up 20 percent in the same period.

Campbell's Soup increased sales by 60 percent in the first weeks of the crisis. Goldfish, another of the company's products went up 20 percent in the same period

Campbell’s Soup increased sales by 60 percent in the first weeks of the crisis. Goldfish, another of the company’s products went up 20 percent in the same period

Campbell’s shares have risen around 50 percent since a low on February 22, meaning that largest shareholder Mary Alice Dorrance Malone has seen her fortune rise by some $300 million in the past six months.

And all of a sudden people are rediscovering baking as they have more time. Flour makers Bob’s Red Mill say they are working 24-hours a day, 7-days a week, as they bid to fulfill ‘unprecedented demand.’

Business is so brisk at the company headquarters in Milwaukie, Oregon, that a message says they can only man the phone for four hours a day and are unable to take voicemails at all.

The upswing is good news all around for the 600 staff as owner Bob Moore, now 91, transferred the entire business to his employees in 2010.

The food delivery service DoorDash has also seen a boom. Just as Zoom has eclipsed Skype, DoorDash has overtaken its more-established rival GrubHub with sales going up 21 percent in March.

The company, founded by Stanford students Tony Xu, Stanley Tang, Andy Fang and Evan Moore in 2013, cut commissions for struggling restaurants by 50 percent or more while GrubHub merely deferred payments.

The food delivery service DoorDash has also seen a boom. Just as Zoom has eclipsed Skype, DoorDash has overtaken its more-established rival GrubHub with sales going up 21 percent in March

The food delivery service DoorDash has also seen a boom. Just as Zoom has eclipsed Skype, DoorDash has overtaken its more-established rival GrubHub with sales going up 21 percent in March

Hard liquor and wine sales are also showing a boom. 

‘Research has shown that in times of recession the incidence of alcoholism goes up. More people are drinking at home but drinking by yourself is much more dangerous than drinking socially,’ Wharton’s Guillen said.

Online booze sales went up by nearly 400 percent for the week ending April 11, and even though few people are drinking in bars now, total sales are up more than a quarter.

Tito's the vodka distiller based in Austin, Texas, has turned part of its production over to making ethanol-based hand sanitizer

Tito’s the vodka distiller based in Austin, Texas, has turned part of its production over to making ethanol-based hand sanitizer

Even so, Tito’s the vodka distiller based in Austin, Texas, has turned part of its production over to making ethanol-based hand sanitizer. The company says it plans to make at least 60 tons a week ‘for as long as there is need.’

But beer sales, especially in the craft brewing industry that has blossomed in recent years, are way down, pushing many smaller breweries to the brink of bankruptcy.

Some companies have gained on the swings but lost on the roundabouts. Procter & Gamble, for instance is seeing a major spike in sales of cleaning and health products, while personal hygiene goods such as soap and shampoo have cratered.

‘People are not feeling the need to look after themselves so much,’ said Guillen. ‘They are not taking a shower daily.’

The entertainment industry has seen one of the greatest shake-ups as concerts, cinemas, theater and sports have all ground to a halt.

Big winners are the streaming services, MIT’s Chatterjee said.

Disney+ reached 50 million subscribers just five months after its launch. It was targeting somewhere between 60 million and 90 million by the end of 2024.

Netflix was boosted by the exquisite timing of its break-out hit Tiger King just as self-isolation was being rolled out. The company's shares are up around 33 percent since mid-March, boosting founder Reed Hastings's net worth to around $4.5 billion

Netflix was boosted by the exquisite timing of its break-out hit Tiger King just as self-isolation was being rolled out. The company’s shares are up around 33 percent since mid-March, boosting founder Reed Hastings’s net worth to around $4.5 billion

One of the more surprising success stories is Match Industries, which owns dating services such as Tinder, PlentyofFish, OKCupid and Match.com. The share price has gone up by nearly 25 percent

One of the more surprising success stories is Match Industries, which owns dating services such as Tinder, PlentyofFish, OKCupid and Match.com. The share price has gone up by nearly 25 percent

Netflix was boosted by the exquisite timing of its break-out hit Tiger King just as self-isolation was being rolled out. 

The company’s shares are up around 33 percent since mid-March, boosting founder Reed Hastings’s net worth to around $4.5 billion.

But Chatterjee said if unemployment becomes long term, those services will be among the first to be cut from household budgets. And there could be a problem as Hollywood is just as affected by stay-at-home orders as other non-essential businesses, so many shows and movies have been delayed or cancelled.

One of the more surprising success stories is Match Industries, which owns dating services such as Tinder, PlentyofFish, OKCupid and Match.com.

Shar Dubey could have been forgiven for thinking she was taking over as CEO at just the wrong time when she assumed her new role on March 1. 

But in less than two months under her leadership, the share price has gone up by nearly 25 percent.

‘People cannot get together but they are using these apps to chat and get to know a potential date before meeting them in person,’ said Guillen.  

.  .  .  .  .  .  . .  .  .  .  .  .  .  .  .  .   .   .   .    .    .   .   .   .   .   .  .   .   .   .  .  .   .  .





Source link

Leave a Reply

Shqip Shqip አማርኛ አማርኛ العربية العربية English English Français Français Deutsch Deutsch Português Português Русский Русский Español Español

National Cyber Security Consulting App

 https://apps.apple.com/us/app/id1521390354

https://play.google.com/store/apps/details?id=nationalcybersecuritycom.wpapp


Ads

NATIONAL CYBER SECURITY RADIO

Ads

ALEXA “OPEN NATIONAL CYBER SECURITY RADIO”

National Cyber Security Radio (Podcast) is now available for Alexa.  If you don't have an Alexa device, you can download the Alexa App for free for Google and Apple devices.   

nationalcybersecurity.com

FREE
VIEW