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And don't miss Andrea Felsted and Elaine He on the fickle power of celebrity: "She might have 130 million Instagram followers, but will she drive handbag sales? That is the question not just for Tapestry, but for the companies from Adidas AG to Asos Plc, that are rushing to work with influencers as they chase the millennial dollar. Advertisers worldwide may have spent $570 million on Instagram influencers in 2016, according to research firm eMarketer. That's still tiny compared to their overall digital spending, but it's set to keep growing."
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
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