The $795 Annual Fee & Anna Wintour's Shift

people love fancy credit cards and the Fashion Bible is evolving

Author

Sammi Cohen
June 29, 2025

Field Notes:

No field notes for this newsletter since I’m sending it out a week late and you’ll be getting another newsletter soon this upcoming Friday/Saturday. It’s been absolute madness over at Social Currency HQ, but all very exciting stuff. I’ll give you the full rundown in a few days! xx

Business, Economy & Culture🛍️📈💸

👗 Anna Wintour Steps Back as Vogue Editor-in-Chief After 37 Years The end of an era for her as Editor-in-Chief. Anna Wintour is 75 years old, and she’s decided that now is the right time to step back. She will stay on as the Conde Nast global chief content officer and global editorial director at Vogue. (cnn)

Anna Wintour

💰️ Chase Sapphire Leapfrogs Amex Platinum With a New $795 Annual Fee The price jump is part of an ongoing shift for credit card companies and airlines toward premium rewards and high-end travelers. The annual fee for this card will have increased 77% since it was first introduced at $450 per year in 2016. (nyt)

📺️ Madison Avenue Lands a Bigger Role in Hollywood Marketers are pushing for their brands to appear in more movies and TV shows, and entertainment execs are adjusting the way things are done to let them in. (wsj)

🖥️ At 20 Years Old, Reddit is Defending its Data and Fighting AI with AI Reddit sued Anthropic earlier this month, alleging the AI startup “engaged in unlawful and unfair business acts” by scraping subreddits for information. (cnbc)

📲 Bumble jumps 25% as dating company plans to axe 30% of workforce Bumble shares rallied after the company said it plans to lay off 30% of its workforce, or about 240 roles. The dating app maker estimates that the reductions will help it save $40 million annually. (cnbc)

🛍️ Can the Woman Behind Reformation Strike Gold Twice? Yael Aflalo, founder of Reformation, is back with a new brand— Aflalo, but in a market saturated with sustainability buzzwords and Gen Z skepticism, will it be easy to replicate Reformation’s cult success? (nyt)

Yael Aflalo in her SoHo Studio

👟 Rothy’s Has a Plan to Outlast the Ballet Flat Craze Rothy’s, known for its recycled‑plastic flats, is doubling down on sustainability and expanding into new styles/categories to stay relevant even if the ballet flats fad wanes. (bof)

🎨 Call It CEO Pink: This Muted, Dusty Shade Means Power in the Office CEO pink,” a soft, dusty pastel, is emerging as a boardroom neutral—signaling authority through nuanced femininity. (wsj)

🎬 Warner Bros. Discovery to Split Into Two Public Companies by Next Year WBD will carve itself into a Streaming & Studios arm (HBO, Max, and Warner Bros Pictures) and a Global Networks business (CNN, TNT, Discovery) by mid‑2026. The never-ending HBO saga continues as Max is set to be renamed HBO Max once again…. (cnbc)

😈 Labubu-Maker Pop Mart Diversifies Into Jewelery With New Concept Store The blind‑box hitmakers launched Popop in Shanghai, selling character‑inspired jewelery tapping “emotional consumption” and leaning into the collectible culture—boosting their share price over 200%. (reuters)

🏀 Steph Curry's Thirty Ink Generated $174 Million in Revenue Last Year, and All of Its Businesses are Profitable, Company Says Curry’s business empire, Thirty Ink, generated $174M in 2024 with every vertical—from media to investments—turning a profit, driven largely by his Under Armour equity deal and savvy brand control. (cnbc)

Steph Curry’s Gentleman’s Cut Bourbon

🚽 Goodwipes Bets on a Luxury 'Porta Palace' to Reach New Customers at Music Festivals Flushable wipes brand Goodwipes is rolling out luxe restroom pop-ups—dubbed “Porta Palaces”—at music festivals to boost brand awareness, offer elevated hygiene, and convert new customers in high-traffic, sweaty settings. (modern retail)

💄Victoria’s Secret Is Under Mounting Pressure From Latest Activist Investor Barington Capital is pressuring the lingerie giant to revamp its board and refocus on core categories like bras and beauty, as sales slump and shares fall over 50%. (wsj)

Victoria Secret’s Stock Performance Chart

💌 Is Instagram the New Celebrity Dating App? Instagram DMs are overtaking Tinder and Raya as a dating space for celebs and fans, offering more organic, lifestyle‑driven interactions across Stories and DMs. (nyt)

🛒 Social Platforms Like Reddit and Pinterest are Striking More Retail Media Partnerships As retail media networks boom, platforms are linking content to commerce—Pinterest is teaming up with Instacart to connect ads to marketplace campaigns, while Reddit is partnering with CVS Media Exchange to power smarter ad targeting. (modern retail)

📈Why DTC Is Finally Investing in Brand Marketing Direct‑to‑consumer brands, tired of growth saturation from pure performance ads, are doubling down on long‑term brand building via storytelling and lifestyle campaigns. (bof)

🤖 Canva’s Cofounder is Looking to Hire ‘AI Natives’ and University Dropouts Canva’s co‑founder says they're prioritizing hires fluent in AI and creative autodidacts over traditional credentials as they double down on innovation. (fortune)

☕ Emma Chamberlain Teams Up With Pinterest for Limited-Edition Coffee Blend and Merch Collab Emma Chamberlain teams up with Pinterest for a limited-edition drop featuring a Sea Salt Caramel Coffee blend and cozy merch—blending her signature style with Pinterest’s growing push into creator-led commerce. (wwd)

🧠 Idea of the Week: Anticipatory Dopamine

The brain releases more dopamine in anticipation of a reward than when actually receiving it. This means the build-up—the tease, the countdown, the limited access—is often more powerful than the product itself.

📦 How brands use it:

  • Drops & Waitlists: Supreme, Glossier, and Rhode use this to build hype.

  • “Coming Soon” Loops: Duolingo’s streaks or Apple’s keynote events build anticipation as a feature.

  • Content Teasers: Netflix auto-playing trailers or Taylor Swift dropping Easter eggs.

    In a world of instant gratification, brands that stretch the anticipation create stickier, more memorable experiences. This isn’t just FOMO—it’s neurological engagement.

Venture Capital, Innovation & Entrepreneurship💰🌍💼

📣 WhatsApp is Adding Ads to The Status Screen WhatsApp is rolling out ads in its “Status” tab—akin to Instagram Stories—using non‑personal data like location and language to serve targeted promotions, while keeping chats ad‑free and encryption intact. (tech crunch)

🏀 Los Angeles Lakers Owners Sell Majority Stake in The Team at $10 billion Valuation The Buss family agreed to sell majority control of the Los Angeles Lakers to businessman Mark Walter in a landmark $10 billion deal—setting a record for NBA valuations—with Jeanie Buss retaining a minority stake and staying on as team governor. (cnbc)

👗 Dôen Raises Series A Funding Led by Silas Capital LA‑based womenswear brand Dôen raised its first institutional funding in a Series A led by Silas Capital. With its organically built $100 M+ revenue, the capital will fuel retail expansion, infrastructure enhancements, and deeper customer engagement. (bof)

👖 Google launches Doppl, a new app that lets you visualize how an outfit might look on you Doppl is designed to let you virtually try on outfits on a digital version of yourself. The app works by first getting you to upload a full-body photo of yourself. From there, you can use photos or screenshots of different outfits to virtually try them on. (tech crunch)

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P.S. - If you see any typos in this newsletter, know that I did it on purpose just like The New Yorker does via their style guide.

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