🪽 “Fashion Show 2.0” — Victoria’s Secret’s resurrection. Coterie’s $1B diaper. Ikea’s price pop. +Moneycrisp Apples

Summary

The Best One Yet – Episode Summary

Episode Title: 🪽 “Fashion Show 2.0” — Victoria’s Secret’s resurrection. Coterie’s $1B diaper. Ikea’s price pop. +Moneycrisp Apples
Hosts: Jack Crivici-Kramer & Nick Martell
Release Date: October 17, 2025
Length: Approx. 26 mins

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Overview

Hosts Jack and Nick deliver their signature “T-boy” treatment to three pop-business news stories—Victoria’s Secret’s fashion show comeback, Coterie’s billion-dollar luxury diaper acquisition, and IKEA’s price hike under US-China trade war tariffs. Woven throughout are signature banter, memorable analogies, and a relatable, quick-witted tone that keeps business news light yet insightful.

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Moneycrisp Apples: The Profit Puppy of the Orchard (02:01–03:30)

Key Points

• The Most Profitable Apple:
  • The hosts ask what the most profitable apple to pick is—not Macintosh, Cortlandt, or Gala, but the Honeycrisp.
  • “According to the Wall Street Journal, the Honeycrisp apple is the profit puppy.” — Jack (02:18)
  • Price for a carton of Honeycrisp hits a record $70—double Fuji, triple Red Delicious.
• Farmers Call Them 'Money Crisp':
  • Despite premium profits, farmers dislike Honeycrisp because they’re fragile, big, and disease-prone:
    • "Apparently, they're the diva of the apple industry." — Nick (02:46)
  • Created at University of Minnesota, even the creators initially trashed it for lack of durability.
• Market Irony:
  • 37 years later, the once-rejected Honeycrisp commands a high price.
  • “Granny Smith never saw it coming.” — Jack (03:28)
• Memorable Moment: Light-hearted banter about apple picking’s role in both arguments and proposals and how apple picking is essentially paying to do farm labor (01:50–02:10).

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[Story 1] Victoria’s Secret Fashion Show Resurrection (06:25–10:58)

Key Points

• Comeback After a Five-Year Hiatus:
  • The iconic lingerie runway returned, drawing both critical and Wall Street acclaim.
  • Stock is up 2% since the show, 10% in a week, and doubled since April.
• Years of Decline:
  • Ten years ago, Victoria’s Secret had 33% market share—now only 18%.
  • Suffered a ‘triple whammy’:
    1. Missed Industry Trends: Ignored the bralette movement.
    2. Toxic Leadership: CEO Les Wexner’s ties to Jeffrey Epstein.
    3. Fierce Competition: Skims (Kim Kardashian’s brand) is now nearly twice as valuable, at $4B.
• Fashion Show’s Cultural Tightrope:
  • Cost $40 million to produce (comparable to five Super Bowl ads).
  • Intentional scheduling to avoid sports competition.
  • Tried to be inclusive yet aspirational in the “post-DEI moment”—even included a model who was seven months pregnant.
  • “The models had wings on their back again... but none of those wings had feathers like in the past. Yeah, it was basically a vegan wing situation going on.” — Jack & Nick (09:13–09:21)
• Business Insight:
  • Victoria’s Secret is following Abercrombie’s “comeback blueprint”:
    • Documentary-worthy brand toxicity.
    • Transition to female leadership, eliminating outdated/cringy brand elements.
    • Refocusing on core products and rehabilitated brand equity.
  • "Time heals wounds, including a brand's wounds. And right now, millennials are remembering the positive brand equity from the past and forgetting the recent brand bruises." — Nick (10:52)

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[Story 2] Coterie, the $1 Billion Bougie Diaper (11:06–15:37)

Key Points

• The Acquisition:
  • Mammoth Brands (parent of Harry’s) acquires Coterie for up to $1B.
  • “Even a dirty diaper can be an adult’s status symbol.” — Jack (11:14)
• Harry’s Business Evolution:
  • Started as DTC razors; now a CPG conglomerate (razors, skin care, deodorant, baby wipes, and diapers).
  • Mammoth is the new umbrella, eyeing an IPO.
• Coterie’s Business Model:
  • Luxury diapers at ~$95/month, 35–70% more expensive than Huggies/Pampers, nearly three times Costco’s price.
  • "This is the Bulgari of blowout blocking over here." — Nick (12:08)
  • ~$200M in annual revenue, 60% YoY growth, profitable.
• Why Pay More?
  • Diapers are “the staple-est of staple goods.”
  • Coterie targets parents—not babies—as their real customer; emphasizes status and “premium” care for kids.
  • “Nobody buys a Rolex to tell them the time. They buy it for the message it sends.” — Nick (15:26)
  • "Every category needs its Rolex. There’s always an opportunity for a status symbol." — Jack (14:24)
  • Recent parallel to Lamborghini’s $6,000 stroller for status-conscious city parents.
• Insight:
  • Every product category, even diapers, can succeed at the high end by signaling status and taste.

---

[Story 3] IKEA’s Price Hike — Trade War Fallout (17:40–21:26)

Key Points

• The Price Pop:
  • Ikea, long a champion of rock-bottom pricing, is raising prices for the first time in its history because of new US tariffs on imported furniture.
  • "IKEA is raising prices right now, not lowering them." — Nick (18:41)
• Trade War Details:
  • Only 15% of IKEA furniture in America is made domestically.
  • Shifting production to the US would increase costs more than paying tariffs.
  • Example: Flugen sofa goes from $900 to $975 (20:01)
• IKEA’s Founder & Company Ethos:
  • Ingvar Kamprad: billionaire who flew economy, reused teabags, and was “stingy and proud.”
• Tariffs as a Hidden Tax:
  • Tariffs are effectively the largest sales tax in US history—only on imported goods.
  • "JP Morgan called Trump’s ‘Liberation Day’ tariffs the biggest tax increase in the United States since 1968." — Jack (20:30)
  • $125B more in tariffs collected than the prior year.
  • Initially absorbed by businesses; now, 55% passed to consumers (Goldman Sachs).
  • S&P: Tariffs will cost Americans an estimated $1.2 trillion in 2025, with consumers bearing two-thirds.
  • "The biggest tax increase in US history is the hardest one to pin down." — Jack (21:26)

---

Notable Quotes & Memorable Moments

• On Apple Picking & Honeycrisp:
  • “The humble Honeycrisp... bringing in coconut levels of cash.” — Nick (02:39)
• On Victoria’s Secret Fashion Show:
  • “The Angels hung up their wings. What seemed at the time for good.” — Jack (07:51)
  • "The hottest thing at the Victoria’s Secret Fashion show? The P and L." — Nick (09:48)
• On Coterie Diapers:
  • “That’s the Bulgari of blowout blocking over here.” — Nick (12:08)
  • "Profit Puppy." — Jack (13:40)
• On Ikea’s Price Increase Amid Tariffs:
  • “Tariffs are taxes. It is a sales tax, but only on the stuff bought overseas.” — Nick (20:23)
  • "The biggest tax increase in US history is the hardest one to pin down." — Jack (21:26)

---

Timestamps for Important Segments

• Moneycrisp Apple Profit Story: 02:01–03:30
• Victoria’s Secret Fashion Show & Comeback: 06:25–10:58
• Coterie $1B Diaper Acquisition: 11:06–15:37
• Ikea’s Price Pop & Tariffs: 17:40–21:26

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Additional Quick Hits (21:32–23:40)

• Waymo: Announces first international expansion to London and food delivery in Phoenix via DoorDash.
• Infrastructure: President Trump cancels the $27B Hudson River Tunnel project in retaliation against political opponents.
• Legal: Smucker’s sues Trader Joe’s over “Uncrustables” lookalike PB&J sandwiches.

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Closing Notes and Fun Facts

• Quick Fact: The word “silhouette” refers to Étienne de Silhouette, a French official known for his frugality—origin of the modern word as something low-cost (24:06).
• Favorite Words: “Lycanthropy” (Jack) and “Silhouette” (Nick).

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Episode Tone

Playful, energetic, and witty, Jack and Nick excel at breaking down complex business stories into digestible, memorable narratives. Their banter, pop-culture analogies, and real-life references make each story feel fun, urgent, and relevant.

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For more: Find “The Best One Yet” wherever you get your podcasts, and check the episode description to submit fun facts or get a birthday shoutout!

Transcript

[Nick]

This is Nick, this is Jack. It's Friday, the Real Friday, October 17, and today's pod is the best one yet. This is a T boy, the top.

[Jack]

Three pop business news stories you need to know today.

[Nick]

You know what, Jack? We said it before, let's just say it again. Thank you, Yetis and besties for voting for us to win best business podcast.

[Jack]

Last year we got the best one yet. Winning best business podcast.

[Nick]

This year, the the best idea yet.

[Jack]

One Best business podcast.

[Nick]

We got the best fans yet, Besties and Yetis, thank you for everything you.

[Jack]

Do for the show.

[Nick]

We just gotta thank you again.

[Jack]

It feels truly amazing to know that you took seven clicks and made those votes for us.

[Nick]

That's how much you like the show. Thank you, thank you, thank you, thank you.

[Jack]

We have the best listeners yet by far.

[Nick]

Which is why Jack and I just whipped up the most fascinating three stories you've ever heard. Jack, what do we got on today's T boy?

[Jack]

For our first story, the Victoria's Secret fashion show returned Wednesday night to rave reviews both from the viewing public and from Wall Street.

[Nick]

But Jack and I have seen Victoria's Secrets comeback before, and we saw it at Abercrombie and Fitch.

[Jack]

For our second story, coterie, the fancy diaper brand used by snobby parents.

[Nick]

Guilty.

[Jack]

Just got acquired by Mammoth, so we'll tell you why.

[Nick]

Mammoth, the owner of Harry's is paying a billion bucks for something you poopin'.

[Jack]

And our third and final story, Ikea. They're known for assemble yourself Flugen sofas.

[Nick]

Ah, the Flugen sofas that are about.

[Jack]

To get more expensive.

[Nick]

It's day 200 of President Trump's trade war, so Jack and I will tell you why 55% is the number of the moment.

[Jack]

But Yetis, before we hit that wonderful mix of stories, I mean, no better.

[Nick]

Mix to go into the weekend with. Love the mix, Jack.

[Jack]

You know what I'm doing this weekend, Nick?

[Nick]

Oh, yeah, yeah, yeah. Cozy sweater, a spiced latte, and a.

[Jack]

Three hour drive upstate to pick your own apples.

[Nick]

Oh, besties, no activity has caused more arguments or proposals than picking of apples.

[Jack]

And I'm just kidding. I have apple orchards literally all around me here in Vermont.

[Nick]

So Jack is an apple orchard. But besties, here is Jack's and my conversation starter for you. While you are on your apple picking adventure, while you are paying a farm.

[Jack]

To do the work for them, what is the most profitable apple to pick?

[Nick]

Now, Jack, it ain't the Macintosh, the Corland or the Gal, is it?

[Jack]

My friend According to the Wall Street Journal, the Honeycrisp apple is the profit puppy.

[Nick]

The humble Honeycrisp. Get this yetis, Jack. What kind of numbers we talking?

[Jack]

The price for a carton of Honeycrisp apples just hit a record 70 dol.

[Nick]

Okay, that's double Fuji, triple the Red Delicious right now.

[Jack]

Farmers are now calling Honeycrisp Money Crisp.

[Nick]

Because this apple variety's bringing in coconut levels of cash.

[Jack]

But here's the plot twist. Farmers also kind of hate Honeycrisp apples.

[Nick]

Apparently, they're the diva of the apple industry.

[Jack]

So consumers love that red green color, the syrupy taste, and the crisp that just crunches.

[Nick]

But the farmers think it's too big, too fragile, and simply too susceptible to disease.

[Jack]

Oh, that apple bumped into that other apple. They're both ruined. They're so fragile.

[Nick]

Throw the whole carton out, man.

[Jack]

Here's the wildest part, though. The Honeycrisp is not a gift of Mother Nature. It's a capitalist concoction.

[Nick]

Because the Honeycrisp was bred by researchers over at the University of Minnesota, and.

[Jack]

They were so unimpressed by the lack of durability from this Honeycrisp, they tossed it into the trash.

[Nick]

And yet Here we are, Jack, 37 years later, paying a premium for a good old Honeycrisp.

[Jack]

Granny Smith never saw it coming.

[Nick]

She never really sees anything coming, Jack. She's getting pretty old up there, Jack. Let's hit our three stories.

[Intro Announcer]

Thirteen years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet. But the best is a norm. Jack. Nick, that's it. I don't even think they need to practice. 50%. That's a fat tip. T boy city on your at, Liz. If you know, you know. Cause we read to go. We can't wait no more.

[Nick]

So just start the show.

[Intro Announcer]

Start the show.

[Nick]

Start the show. First, a quick word from our sponsor.

[Jack]

Netsuite.

[Nick]

Yetis, what does the future hold for business?

[Jack]

Ask nine experts and you'll get 10 answers. It's a bull market. It's a bear market. Rates will rise. Rates will fall. Inflation's up or down. Can someone invent a crystal ball?

[Nick]

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[Jack]

Download the CFO's Guide to AI and Machine Learning for free at netsuite.com T.

[Nick]

Boy that's netsuite.com T Boy netsuite.com Tboy.

[Jack]

This show is sponsored by BetterHelp.

[Nick]

You know, Jack, something I thought about in therapy last week. If I were a therapist, I would need my own therapist.

[Jack]

Think of the questions, the venting, the complaints, the tears that we all bring into that leather couch.

[Nick]

I mean, therapist me would need a break. For me, you know, relieving other people's trauma every day for work, that could be pretty traumatic.

[Jack]

It's secondhand trauma. Now, they do get paid to hear it. But still, I appreciate how welcoming my therapist is to hear all my issues.

[Nick]

Good point. Good point, Jack. Good point.

[Jack]

I appreciate how welcoming my therapist is to my dirty laundry.

[Nick]

So, besties, since October 10th is World Mental Health Day, we'd like to thank those therapists, our therapists, Better help.

[Jack]

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[Nick]

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[Nick]

Our listeners get 10% off their first month at betterhelp.comt boy that's BetterHelp.

[Jack]

H-E-L-P.comtboy.

[Nick]

For our first story, the biggest thing on live TV this week wasn't sports. It was the Victoria's Secret fashion show.

[Jack]

After a five year hiatus, the lingerie Runway event isn't just Victoria's Secret. Stock is back too.

[Nick]

Oh, Yetis Victoria's Secret's challenges over the last few years.

[Jack]

Nothing secret about them, Nick.

[Nick]

No, they are not. Why don't you spill the beans?

[Jack]

Ten years ago, Victoria's Secret controlled 33% of the U.S. women's underwear market today.

[Nick]

Just 18% and besties. That drop was caused by a triple whammy in news. Three existential threats all at once.

[Jack]

The first was a strategic error. They missed out on the bralette trend. Push up. Bras were out, but Victoria's Secret didn't get the memo.

[Nick]

The second was management. Longtime CEO Les Wexner was old and creepy. Not okay in the MeToo era, or really any era.

[Jack]

Nick, Les Wexner wasn't just Jeffrey Epstein's buddy hanging out at parties. He was his power of attorney.

[Nick]

Not a good look, guys. Which led to the third major threat competition. Or I'm sorry, I should say Kardashia competition.

[Jack]

Because skims filled the vacuum left behind by Victoria.

[Nick]

Get this. Yeti's kid, Kim Kardashian. Skims brand is now worth $4 billion. Jack, can you sprinkle on some context?

[Jack]

Compared to Victoria's Secret, that's almost twice as valuable as Victoria's Secret.

[Nick]

And the result. Wow. In 2019, Victoria's Secret canceled its famous fashion show.

[Jack]

The Angels hung up their wings. What seemed at the time for good.

[Nick]

But here's the news. On Wednesday night, Victoria's Secret had its second live runaway show in six years. The Angels resurrected, had their mojo back.

[Jack]

Now the Victoria's Secret fashion show. It's almost like the super bowl halftime show.

[Nick]

Okay, now let's talk numbers here for a second, Jack.

[Jack]

It cost $40 million to produce this show, which was in New York this year. And that $40 million, that's the same marketing spend as five Super bowl ads.

[Nick]

And strategically, Victoria's Secret chose a night without any sports games to compete with.

[Jack]

The only thing to watch Wednesday night was this fashion show.

[Nick]

Okay, there was a hockey game, Jack, but, you know, I'll give you a.

[Jack]

Pass on that one. But unlike the St. Louis Blues, Nick, Victoria's Secret had the most complicated cultural balancing act of all time.

[Nick]

They're trying to be incl. But they're also trying to be aspirational. But they're also including old models. But they're also including new models.

[Jack]

In this post DEI moment, they wanted to please and not offend both conservatives and liberals.

[Nick]

Good luck with that, guys.

[Jack]

Ten years ago, Victoria's Secret could do whatever they wanted. Today, totally different world.

[Nick]

But today, Victoria's Secret's got to thread more needles than in one of those bralets.

[Jack]

So what happened on Wednesday night? Well, according to the New York Times criticism, a reinvention of the rebrand. Of the rebrand.

[Nick]

Yeah. For example. Well, Jack, what's a good Example that sums all this up.

[Jack]

The models had wings on their back. Again, remember, they're known as angels, but none of those wings had feathers like in the past.

[Nick]

Yeah, it was basically a vegan wing situation going on.

[Jack]

Now, both Hadid sisters walked for an eighth time, but so did the WNBA star angel Reese.

[Nick]

Missy Elliott was the musical guest. Kind of standard, but one of the models was seven months pregnant, which is not standard.

[Jack]

But the biggest surprise wasn't stockings. It was the stock.

[Nick]

Because of Victoria's Secret, it's up 2% since that show and up 10% in the last week.

[Jack]

And the stock has doubled since April.

[Nick]

The hottest thing at the Victoria's Secret Fashion show, the P and L. So, Jack, what's the takeaway for our buddies over at Victoria's Secret?

[Jack]

We've seen this comeback before, and we saw it at Abercrombie.

[Nick]

Now, Yetis, remember, Abercrombie and Fitch was the best stock of the year in 2023 and 2024.

[Jack]

There's a case to make that Victoria's Secret is following the exact same comeback path just two years later.

[Nick]

All right, let's sprinkle on some context. Both Abercrombie and Victoria got so toxic, they each got their own Hulu documentaries.

[Jack]

True, one of them was Netflix, but pretty much, yeah. They were also both owned and run at one point by Les Wexner, that guy we told you about.

[Nick]

But now they're both run by female CEOs instead.

[Jack]

And both of those women CEOs eliminated their brand's cringy elements.

[Nick]

Yeah, like Abercrombie zombies, topless male models, or the dark lit stores that kind of smelled like cologne.

[Jack]

Those are gone. Both are instead refocusing on their signature.

[Nick]

Products, like Victoria's Secret's new everyday bras.

[Jack]

Yeti's time heals wounds, including a brand's wounds.

[Nick]

And right now, millennials are remembering the positive brand equity from the past and forgetting the recent brand bruises.

[Jack]

We've seen Victoria's Secret's outfit before. We saw it with Abercrombie.

[Nick]

For our second story, mammoth brands known for Harry's razors just acquired coterie, the bougie diaper brand.

[Jack]

Because even a dirty diaper can be an adult's status symbol.

[Nick]

Now, Yetis, full disclosure. Jack and I have become fluent in a new language lately. Diaper changing in the dark.

[Jack]

Diaper changing?

[Nick]

Yeah. It's a talent. That is a talent, Jack. Well, given that new skill and the fact that we interviewed the CEO of this company, we feel extremely qualified to dive into Eboy Style. To this news, we interviewed the co.

[Jack]

Founder and CEO of Harry's, which was launched in 2013.

[Nick]

Yeah, what was the goal of Harry's, Jack?

[Jack]

To offer a razor as good as Gillette but for half the price. Because it's direct to consumer and with.

[Nick]

Millennial friendly branding on top of it, you'd want to lick that stuff.

[Jack]

Well, Millennials are parents now. So Harry's is acquiring Millennial Diapers.

[Nick]

And that diaper brand is Coterie. Although we should point out, Coterie is not half price diapers like Harry's. Half price razors.

[Jack]

No, they're double the price.

[Nick]

This is the Bulgari of blowout blocking over here.

[Jack]

And with this acquisition, Harry's is becoming not just a razor company, a CPG.

[Nick]

Giant, a consumer packaged goods goodie man.

[Jack]

Because Harry's has razors, skin care, deodorant, and now diapers and baby wipes too.

[Nick]

They basically reposition themselves as the premium Procter and Gam.

[Jack]

And they've structured it all under a new parent company called Mammoth, which filed confidentially to go public last year.

[Nick]

Direct to consumer startups shouldn't ipo. They should just sell to Mammoth and let Mammoth go public with an IPO.

[Jack]

But back to Coterie Neck. Founded in 2018, Coterie realized that diapers are the staple I est of staple.

[Nick]

Goods because there are necessities in life like food, but then there are necessities you will buy no matter what. Like a diaper at 2am every month.

[Jack]

I am shocked by how much we spend on diapers.

[Nick]

Okay, but aren't you potty training broke?

[Jack]

Dude, we're potty training him to save money on diapers. That's why we're potty training, Brooks.

[Nick]

That's true.

[Jack]

Now we looked at the website. Coterie sells a 168 pack of size three diapers for $95.

[Nick]

Okay, so that's one month of diapers. And you have to buy the diaper wipes too.

[Jack]

And if you think $95 is expensive, yeah, it is. It's 35% more than Huggies and 70% more expensive than Pampers.

[Nick]

Jack, why don't you amplify this number comparison up a little more for us?

[Jack]

Coterie's diapers are nearly three times as expensive as Costco's Kirkland diapers.

[Nick]

Okay, that's not a write off, by the way. You know what that is, Jack?

[Jack]

What is it?

[Nick]

That's what that is.

[Jack]

Profit Puppy. Now, yes, these diapers have like luxury materials, probably 100% down materials, Primo packaging.

[Nick]

And a Cute catchphrase to go along with it.

[Jack]

Big news for little butts.

[Nick]

It is adorable.

[Jack]

But what's really driving demand for twice the price? Plain white disposable baby diapers.

[Nick]

Because coterie is doing 200 million bucks a year in revenue. That's up 60% from year before.

[Jack]

And it's profitable. And now Mammoth is paying up to a billion dollars to acquire it. If Coterie hits their growth targets.

[Nick]

But, Jack, back to the question you just asked again. What is really driving demand for a twice the price toss away diaper?

[Jack]

I think our takeaway will toss.

[Nick]

That sounds good, Jack. I'll take two. So, Jack, what's the takeaway for our buddies over at Coterie?

[Jack]

Every category needs its Rolex. There's always an opportunity for a status symbol.

[Nick]

Now, Yetis, last week, you may remember, we did a story about luxury strollers. Jack, who is making a fancy stroller these days?

[Jack]

Lamborghini. A $6,000 stroller because City living parents don't drive their kids to school.

[Nick]

They walk. If you can't show off your status with the car you drive, you need to show it off with the stroller you push.

[Jack]

Coterie recognized the same opportunity as Lamborghini because there was no status symbol brand in diapers.

[Nick]

I mean, it doesn't make sense, if you think about it, to put a Disney character or a bluey character on a diaper. Right?

[Jack]

Like, the baby has no clue what's on their diapers.

[Nick]

They can't even see.

[Jack]

So the baby is the user of diapers, but the parent is the customer. They make the purchase decision.

[Nick]

Exactly. So the real focus of the diaper, this was the insight from Coterie. It needs to be something that will make the parent happy.

[Jack]

So it made sense to create a luxury diaper brand that shows that you have money and you want to show that off, but you also care for your kid.

[Nick]

Besties. Nobody buys a Rolex to tell them the time. They buy it for the message it sends.

[Jack]

That's why in every product category, even diapers, there's an opportunity for a status symbol.

[Nick]

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[Jack]

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[Nick]

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[Jack]

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[Nick]

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[Nick]

Yetis full disclosure, we're already thinking about holiday vacation. You gotta book these things early these days.

[Jack]

Are you kidding? I booked my holiday vacation like six months ago. I do it like the Germans right after my Christmas vacation. I booked next year's Christmas vacation for 2028.

[Nick]

Okay, but also full disclosure Eddies, I'm jealous here because I'm paying for my whole trip. But Jack, you have money from your Airbnb helping pay for yours.

[Jack]

It's my side Hustle, profit, puppy besties.

[Nick]

You can host your entire place or just your extra space.

[Jack]

Really satisfying feeling by the when my guest messages me that their first night went wonderfully, it just puts me at ease and it's like, wow, I am making money right now and somebody's having a great time.

[Nick]

So you're going to give a day away for free?

[Jack]

No, I wouldn't say that.

[Nick]

Gettys, your home might be worth more than you think.

[Jack]

Find out how [e-mail] host.

[Nick]

For our third and final story before the weekend, IKEA's democratic ethos of low priced furniture for all is under trade war pressure.

[Jack]

200 days after Trump announced his tariffs. We will update you on who is currently paying them.

[Nick]

But besties, in order for us to tell this story, Jack, can you Please tell us IKEA's greatest invention of all?

[Jack]

They invented a universal language assembly instructions.

[Nick]

Yeah, no words, just arrows, stick figures and those cute little funky adorable Adalynn wrenches.

[Jack]

It's truly a universal language. It transcends translation.

[Nick]

And that language allowed IKEA to to flat ship just the pieces of furniture inside compact rectangular boxes.

[Jack]

That lowered shipping costs and shifted the assembly burden to US consumers. That's how they got the prices so low.

[Nick]

You wanna know why the Smorgasborgenflugen sofa is so cheap? Why is it, Jack?

[Jack]

Because you're the labor. But Nick, what's the Swedish term for about that?

[Nick]

Ah, non schnackeldack.

[Jack]

Because IKEA is raising prices right now, not lowering the them.

[Nick]

And they're doing it because of tariffs.

[Jack]

But we want to reiterate Yetis, Ikea was born with an almost religious devotion to low prices.

[Nick]

Okay, let's tell the story of Ikea's founder, who was a billionaire named Ingvar Kamprat.

[Jack]

A billionaire. But he continued to fly economy and drive his old Volvo until his passing.

[Nick]

In fact, we discovered one fact about the Ikea founder that was so disturbing to Jack.

[Jack]

He was known to reuse his tea bags.

[Nick]

That's great.

[Jack]

I mean, you pull the teabag out, throw it away.

[Nick]

Basically, Ikea's founder made the Costco guys look like Marie Antoinette.

[Jack]

This is a true quote. He said, I'm stingy and I'm proud of that reputation.

[Nick]

So, given that context, IKEA prices were already as low as they could possibly be.

[Jack]

Awkward timing for Trump's tariffs, right? New tariffs on home goods were announced last month, and new tariffs on furniture came into effect this week. And now they're getting passed on to.

[Nick]

Consumers because only 15% of IKEA furniture sold in America is actually made in America.

[Jack]

There's no Flugen Sofa production in Ohio. Now, you might be asking, can Ikea move manufacturing to the US to avoid these tariffs?

[Nick]

Well, according to the Wall Street Journal, Ikea doesn't think so, because if they.

[Jack]

Did move a factory here, that would increase costs even more than the 25% tariffs do.

[Nick]

Which is why, according to the archived Internet pages, which never forget, Ikea's Flugen sofa just rose in price from 900 bucks to 975. And let's be honest, it does kind of suck putting those things together. So, Jack, what's the takeaway for our buddies over at ikea?

[Jack]

The biggest tax increase in US History is the hardest one to pin down.

[Nick]

Now, Yetis, Jack and I have told you before, tariffs are taxes. It is a sales tax, but only on the stuff bought overseas.

[Jack]

JP Morgan called Trump's Liberation Day tariffs the biggest tax increase in the United States since 1968.

[Nick]

Now, yes, the United States has collected an impressive 125 billion doll billion dollars more in tariffs this year than we did last year. But the big question is this.

[Jack]

Who paid those taxes Initially, businesses did. And they did whatever they could not to pass them on to the consumer.

[Nick]

Partly because CEOs were afraid of the wrath of President Trump. But now Walmart and Target and Ikea are all raising prices.

[Jack]

And Goldman Sachs predicts that 55% of the tariffs are being passed down to consumers right now.

[Nick]

In fact, Jack, what was that wild stat you found like right before we recorded today's podcast?

[Jack]

Standard and Poor is estimated yester that tariffs would cost $1.2 trillion this year with consumers paying two thirds of those taxes.

[Nick]

So besties, add it all up. And both because tariffs are constantly changing and because businesses are changing how they react to them.

[Jack]

The biggest tax increase in US history is the hardest one to pin down.

[Nick]

Jack, could you whip up the takeaways.

[Jack]

For us for the real Friday, Victoria's Secret did a fashion show with gusto on Wednesday night and the stock continues to rise.

[Nick]

And we've seen a once toxic brand stage a comeback before. We've seen it in Abercrombie.

[Jack]

For our second story, Coterie has been acquired for up to $1 billion by Mammoth Brands.

[Nick]

They're rolexing because every category has an opportunity for a status symbol, even diapers.

[Jack]

And our third and final story is Ikea. They're committing what to them is like a religious sin. They're raising prices because of tariffs.

[Nick]

It's the biggest tax increase in US history and it's the hardest one to pin down.

[Jack]

But besties, this pod's not over yet. Here's what else you need to know today.

[Nick]

First, big news from Waymo. Actually a few huge announcements in just a few days.

[Jack]

First, Waymo announced their first international expansion. They're coming to London, the city famous for funny looking cabs.

[Nick]

And then second, robo food delivery. It's coming with Waymo to Phoenix.

[Jack]

You can do contactless food delivery through the doordash app delivered by a Waymo.

[Nick]

You do have to come out of your house but but it's pretty close as possible to being a self driving burrito. And second, on Wednesday the President said that he has terminated the new Hudson River Tunnel project in New York.

[Jack]

President Trump explicitly said it was to punish New York Senator Chuck Schumer for the government shutdown.

[Nick]

And for New Yorkers out there, you're probably listening to this podcast in traffic. So Amtrak and New Jersey Transit, they need tunnel improvements.

[Jack]

But now $27 billion of funding for projects in blue states has been canceled since the shutdown and less than 1 billion has been canceled for red states.

[Nick]

And finally, Smucker's is Suing Trader Joe's over copycat uncrustables.

[Jack]

Trader Joe's is known for making popular dupe products. That's one of the reasons people love them. But this one might cross the line.

[Nick]

The Trader Joe's crustless peanut butter and jelly sandwiches even had the same circular sandwich with one bite taken out of it on the package.

[Jack]

Blur your eyes. And the Trader Joe's crustless snacks look just like uncrustables.

[Nick]

Jack, this tastes like a zucking. Now time for the best fact yet, which Jack and I whipped up because yesterday we asked you for your favorite words.

[Jack]

Well, yesterday was International Dictionary Day.

[Nick]

Yeah, it was. It was. And you shared a good favorite word. What was your favorite word again?

[Jack]

Lycanthropy. The process of becoming a werewolf during a full moon.

[Nick]

Okay, so, Jack, you know what my favorite word is? I think you're gonna like the story.

[Jack]

Okay.

[Nick]

It's silhouette. And you know why silhouette's my favorite word?

[Jack]

Yeah, why?

[Nick]

Silhouette was the name of a French finance minister who cut back so much on French spending that the French use the term silhouette to describe something as a cheap alternative.

[Jack]

Interesting.

[Nick]

So the word silhouette comes from French macroeconomic policy. Yetis, you'll look fantastic. To end the week, some of you are gonna get engaged this weekend on an apple picking trip. Some of you are gonna get into an argument on that apple picking trip.

[Jack]

Let's hope it's not both of you in the same.

[Nick]

But either way, Jack and I are wishing you the best of luck. We want you to celebrate the wins, Jack. So many wins to celebrate this week. Congratulations, man.

[Jack]

That honeycrisp.

[Nick]

So tell your buddy this weekend. H y H T B O Y. That is how we grow this podcast.

[Jack]

Have you had the best one yet? All right, Nick and I are gonna go celebrate now. We hope you did, too.

[Nick]

If you know, you know. Before we go, congratulations to Yeti, Scarlett and Jorge in Oklahoma City going to their first F1 experience at Austin Grand Prix this weekend.

[Jack]

I would love to see an F1.

[Nick]

Let us know if you get an extra ticket, guys.

[Jack]

And happy 40th birthday to Amir Bafrui from Katie, Texas, whose wife threw a fantastic birthday party.

[Nick]

And a happy birthday to Alex Burns, the dookiest of Duke Blue Devils celebrating in Lincoln, Massachusetts, sits just outside Boston.

[Jack]

And happy birthday to Gracie Wang in San Ramon, California. The best mom chef of all time.

[Nick]

And a happy birthday to Jacob Rosenor celebrating the big day in lovely Los angeles.

[Jack]

And happy 24th birthday to Zoe Petrovas in Boston, Massachusetts.

[Nick]

And if you want to get a shout out on this pod or you got the best fact yet? We got a form in the episode description. Just fill it out and we'll get you on the pod.

[Jack]

This is Jack. I own stock of Victoria's Secret and Netflix. If you like the best one yet, you can listen ad free right now by joining Wondery and the Wondery app or on Apple Podcasts.

[Nick]

Prime members can listen ad free on Amazon Music. And before you go, tell us a.

[Jack]

Little bit about yourself by filling out a short [e-mail] survey we want to.

[Nick]

Get to know you.

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