Burg to Washington, d C. Bloomber to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg nine to the country, Julius General one and around the globe the Bloomberg Radio plus NAPP and Bloomberg Dot Gone. This is taking Stock, coming up on taking Stock. We're gonna find out how a pair of lost glasses led to the creation of a new global business. That's all coming up on taking Stock. You're at Pershing Inside conference at the Highatt Regency in Orlando, Florida.
I'm not gonna say anything more about our next guest, this mry guest Pim, except that he's gonna got a panel that you're moderating this afternoon. Lucky you. Let's get back to Bloomberg World headquarters in New York City. Charlie Pellets back with the Bloomberg Business Flash, and I thank you very much. Kathleen, thank you, Pim Fox, the DAL, the SMP, NEZ stack all advancing twenty nine minutes to
go ahead of the clothes. On this Wednesday, June eight, test and P five hundred index edging toward a record advances in government bonds, pushing some yields to record lows.
Right now, we have got the tenure one point seven percent, the tenure up five thirty seconds s and P five hundred index advancing six points to eighteen again today of three tenths of one percent down, Industrials up sixty again also of three tenths of one percent, and as a stack up thirteen again, also of three tents of one percent. Gold up sixteen sixty the ounce to twelve sixty three.
That's an advance of one point three percent. Crude oil holding above fifty one dollars of our all fifty one fifteen on West Texas INTERVIEWEDI A crude up seventy nine cents again there of one point six percent. Brexit very much on the minds of investors on both sides of the Atlantic. Former UK Prime Minister Tony Blair is warning of a serious economic shock if the UK votes to lead the European Union. He spoke this morning with Bloomberg Television and Radio. I do believe there'll be a big
turn out for this. I mean, I think people do understand it's ation with seismic consequences, particularly economic consequences, and I I can't believe that people will We'll shuffle this one off, and I think I think we will get a substantially higher turn out than in a general lation. Lulu Lemon Athletic up hosting first quarter sales that topped analysts estimates, help by new products like an expanded selection
of women's tops. Lulu Lemon shares. They're up now by five percent, up three forty one, seventy one fifty five on Lulu down Industrials advancing sixty one points, up three tenths of one per said SMP. Also hire now by three tenths of one percent, three thirty two on Wall Street. Now, let's take a look at other news from around the world on Bloomberg Radio. Charlie, thank you from the Bloomberg
news Room. I'm Mark Crimpton. This news update is brought to you by the Jeep Grand Cherokee, the most awarded suv ever. The Grand Cherokee continues to raise the bar with its luxurious interior and legendary four by for capability.
Drive one at your local Jeep dealer today. Although Bernie Sanders promises to continue his campaign to the last primary in the district of Columbia next week, he'll be doing so with less manpower to people familiar with the plans tell the Associated Press that about half of Sanders campaign staff is being laid off. Libertarian Party presidential candidate Gary Johnson is inviting those voters disappointed with either Donald Trump or Hillary Clinton to take a look at his party's ticket.
I offer, along with Bill Well, the real alternative to the two being fiscally conservative look Smaller government is better. India and the United States are reaffirming their commitment to one another. Indian Prime Minister Norendre Mothi addressed a joint meeting of Congress today. In this exciting journey, the US Congress and acted and if compos you have help us done Bertier into vivid part mercy. In Israel, nine people who have been wounded in a shooting at a Tel
Aviv market. The Associated Press reports as suspects been arrested. New York State officials have no plans to fix an error in the name of the Verrizonto Narrows Bridge. It's been spelled for more than five decades with one Z Global News twenty four hours a day, powered by our two hundred journalists and more than one hundred fifty news bureaus around the world. From the Bloomberg News Room by
Mark Crumpton. Charlie, and we thank you and again recapping stocks higher SMP up five a gain of three tenths of one percent. We are brought to you by Sector Spider et F S. Why by a single stock when you can invest in the entire sector of visits sector sp d r S dot com or call on Sector E t F. I'm Charlie Pellett, and that's a bloom Bird business flash this. He's taking stock with Kathleen Hayes and Pimpox on Bloomberg Radio, E Comm, Earth and brick
and mortar stores. One report from Mary Meeker the venture Capitalist, explains that Warby Parker made more money per square foot in its retail stores than Tiffany last year's. That's actually better also than Michael Core's stores, according to Meaker. Let's meet the co founder and the co chief executive of Warby Parker, Neil Blumenthal. Neil, thanks very much for being
with us. Thanks for having me tell people about how a lost pair of eyeglasses led to what is estimated to be a company worth one point to billion, making it the second most valuable private venture backed e commerce company in the world. Um, well, you know, I think the best businesses solve real problems. And my co founder, Dave bal Boa was traveling and lost a pair of
seven hundred dollar glasses in the seat pocket of an airplane. Uh, and we're talking about it along with our two other co founders, Jeff and Andy, and we thought that there was no reason why glasses should be so expensive. And we thought, what if we were to design the glasses we love, used best materials, uh, and build a business that could sell them for nine instead of five hundred UM. And that's sort of is how Warry Parker got started. The rest is history, not just offline. You've got what
thirty seven stores across the country. You've been vied at one point two billion dollars. You were just telling me you've got eight hundred employees. Uh, you do to me? Have that? Also that element of social entrepreneurship, which means you can make money doing good stuff for people, that's not how how did that come in? And what does
that role? And helping developing nation citizens get good eye care and good glasses, well something that was startling to my co founders, and I has that over seven hundred million people around the world don't have access to glasses, and we think that that's crazy. Right, classes were invented eight hundred years ago, So we're failing as a species if we can't get technology that's eight hundred years old in the hands of everybody that needs it. Uh. And
we thought, what's the best way to serve of others? Um, what if we committed for every pair that we sell, distributing one to someone in need. Um And to date we distributed uh several million pairs of glasses to people in need around the world. Actually, prior to starting Warby Parker, I ran a nonprofit that would distribute eyeglasses in the developing world and that was my exposure actually to the optical industry and seeing the power of a pair of
glasses to transform somebody's life. It's amazing, Right, there's a few things that have immediate impact that you put on a pair of glasses. People's faces light up and they can immediately work and be productive. You talk about power, and I want you to maybe talk about the power of marketing because I understand that there was an article that appeared in Vogue magazine that really lit the fire for Warby Parker. And what if you could describe. It was nine thousand orders in one day that had you
all scrambling. Yeah, when we launched exactly six years ago, we were featured in Vogue and g Q, and the company took off like a that yip. We thought that we were going to have to beg our parents and our friends to buy, you know, maybe a couple of pairs a week. But what happened is that we hit our first year sales targets in three weeks. We sold
out our top fifteen thousand four weeks. We had a waiting list of our twenty thousand people um And to to us, what this showed was that people were sick and tired of paying five dollars for a pair of glasses that you know we could offer for But how did you respond to that demand because you said you had a waiting list for twenty thousand and I just want to pinpoint it because sometimes you have a great idea, you've got a great business, it starts off, but then
you don't know how to deal with success. Yea. We so at the time we were full time business students at Wharton. The first thing we started to do is cut class so that way we could respond to all these customer emails to help process the orders. Uh, and we ended up just apologizing a lot and explaining to people, hey, we just started. Uh, you know, there was a lot more demand than we were anticipated. And we found that the more that we explained to customer, the more connected
they felt with the brand. It's almost the way that human beings build relationships with other human beings, which is really through vulnerability. So we've always tried to explain not just what we do, but the how and the why. Well, did you feel vulnerable to the recent New York Times piece that kind of said, you guys are just that the you know, you're the poster boys. You are you
in body like hit cool? You're not cool. You gotta be young, you got a slim You gotta be a certain kind of person to to buy and wear a Warvy Parkers. Did that? Did that hurt your feelings? It did? Um, And what was amazing is that it seemed to rally sort of our our audience. So this columnist right that said, um, hey, you know, even though Warry Parker's glasses are affordable, there's
this air of exclusivity around the brand. And we couldn't disagree more and this writer, who usually gets maybe seven comments on a particular article, got a hundred and eighty five from people saying that they love the Warby Parker experience, that they like the influence that where we Parkers having on the industry, which is forcing other optical change to um renovate their stores, lower their prices, and provide better
customer service, which we think is a good thing. And you've also opened recent stores, one in Brooklyn, as Kathleen mentioned, and we're also looking at new locations. UM. Yeah. In fact, actually on the way here, I ran to the mall about twenty minutes ago and now I don't miss an opportunity to walk through the mall. You know, we think that the future of retail is the intersection of e commerce and bricks and mortar, and we've been trying to lead the way there. We just launched in the app
this past week, UM that uses Apple Pay. That makes shopping more convenient. Uh, you'll begin to see just how much we can integrate those two experiences. Well, I'm sure Orange kind of Mere TREESA Jacob just on the show with us, will be very happy there opening store here in Orlando. And we're live at Pershing's Inside conference in Orlando, Florida. And Katheine Hayes. This is Pim Fox and this is Bloomberg Radio. Coming up on taking Stock, We're going to
be talking about Harry Reid. I'm gonna talk also about Bernie Sanders meeting with Harry Reid and find out what went on in that meeting with details the head