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Good morning, Broadsheet readers! Goldman Sachs’ head of board engagement connects companies with diverse leaders, Tracy Kasper steps down as president of the National Association of Realtors, and slime brings $30 million in business to one startup. Have a wonderful Wednesday!
– Slime time. In 2018, Karen Robinovitz was visited by a friend and her friend’s 10-year-old daughter. Ms. Robinowitz was in the midst of a deep depression following the death of her husband and the killing of her cousin in the Parkland shooting. When her friend’s daughter started playing with the slime she had brought with her, four hours had passed before she knew it. “I wasn’t grieving at all,” she recalls. “All my depression is gone.”
Robinowitz became obsessed with slime, a squishy, glue-based product that has become popular among children and others. She soon told another friend of hers, Sarah Schiller, about her new obsession. Schiller overcame her own challenges and quickly realized the sensory benefits of slime for neurodiverse people. “Suddenly we found ourselves talking about slime every day,” Robinowitz says.
Robinowitz, who previously founded a talent agency for influencers, and Schiller, who co-founded a meeting room-sharing platform, decided to combine their marketing and real estate expertise to go all-in on slime. Sloomoo Institute debuted as a group of six. -month Pop-up in New York in fall 2019.
A ticketed experience space allows visitors to play with a variety of slime kids throughout the location with guided expertise. The founders’ original space closed early during the pandemic, and he raised $5.8 million in Series A during the shutdown. Currently, Sloomoo has stores in his four locations: Atlanta, Chicago, Houston, and New York. In 2023, the company made his $30 million in revenue. luck will be the first to report.
Provided by Thrumu
About 80% of that $30 million comes from ticket sales. So far, he has sold 1 million units of Sloomoo in New York, at prices as high as $48 each. The remaining 20% of his money comes from sales of his own slime. The company has about 400 employees (he aims to hire at least 10% of his employees as a diverse workforce).
Robinowitz and Schiller say they got mixed reactions when they first told their friends and colleagues that they were starting a business specializing in slime. “People thought we were crazy,” Robinowitz recalls.But he thinks they took advantage of the hunger for in-person experiences. do not have Made for Instagram. Sloomoo locations can be noisy and chaotic. These include slime slingshots, DIY bars that allow you to create your own combinations of textures and scents, and Nickelodeon-style slime drops.
Sloomoo is targeting at least four new locations in 2024, pinpointing cities that have historically been interested in experiential retail and high family disposable income. In the long term, the startup is looking to grow through international licensing.
“It’s the touch that triggers dopamine,” Schiller says of slime’s universal appeal. “It connects your mind and your body. It literally makes you feel better.”
emma hinchliffe
emma.hinchliffe@fortune.com
@_Emma Hinchliffe
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Also featured in the headline
– 4 months stay. Tracy Kasper resigned as president of the National Association of Realtors on Monday after receiving “threats to disclose past personal non-financial matters unless it jeopardizes her standing at NAR,” according to a press release from the association. I resigned. Kasper took over as president of the $1 billion association in August after former president Kenny Purcell was forced to resign amid sexual harassment allegations. new york times
– new style. As the fashion subscription service’s membership continues to decline, Rent the Runway is restructuring again, this time cutting 10% of its corporate jobs. As part of the move, President and Chief Operating Officer Anushka Salinas will step down at the end of the month, and CEO Jennifer Hyman will take over the role. wall street journal
– Too patient with parity. A report released Tuesday by the Organization for Economic Co-operation and Development condemned Denmark’s gender disparity in managerial positions and self-employment rates, calling it the worst among the Nordic countries. The group proposed that Denmark introduce gender quotas to encourage young women to pursue STEM fields in school. bloomberg
– Wolf of Wall Street. Goldman Sachs insists that the companies it underwrites for IPOs have at least two directors with diverse backgrounds, and Ilana Wolf is responsible for connecting them with good candidates.Wolf, Director said the investment bank’s board of directors. luck “Matchmaking” services are in high demand and provide businesses with diverse leadership that ultimately strengthens their business. luck
– Major pharmaceutical companies. British pharmaceutical giant GSK has agreed to acquire asthma drug developer Aeolus Bio for $1.4 billion. This is a major acquisition for GSK, led by CEO Emma Walmsley. STAT News
Mover and shaker: match group promoted Faye Iosotarno He will become Tinder’s new CEO, filling a long-vacant role.Rosys Director jenny min He will take over as CEO of the shoe brand from co-founder Stephen Hawthornwaite. CFO and COO Dana Quanbeck He was promoted to president.Patreon hires Mr. Block Paige Fitzgerald As COO.
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Did abortion bans kill young women in Texas? new yorker
parting words
“As long as we are breathing, we can always feel joy.”
– CNN anchor Sarah Sidner talks about her outlook after being diagnosed with breast cancer.
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