Inflation says no more little treats.

Topicals raises $10M, why hotels suck now, and getting shredded at all the new luxury gyms.

Yesterday was very overwhelming for me. Obviously because I was laid off of Meta, but mostly because of the outpouring of support from my network and friends and how immensely grateful I felt. Thank you everyone who reached out and anyone who has every chosen to work with me. <3 And thank you NBC for including me in this article despite me dodging all your phone calls. <3

I’m working on a longer essay about the holdings company model.

• No, you don’t deserve a little treat. As inflation slowly suffocates all of us, the phenomenon of post-pandemic tiny splurges and little treats no longer feels deserves. Men splurged on raw denim, women splurged on Gucci slippers, and many of us are guilty of impromptu long weekend vacations. Business of Fashion (via Bloomberg) reported this week that “'Among the ‘entry level or aspirational consumer, we’re certainly starting to see what I would say is a slowdown in the growth.’” Earlier this year, The New York Times wrote about the idea of splurging on simple joys. One quote that I return to is from Gretchen Rubin, a 56-year-old writer and podcast host who studies happiness and habit formation. She told The Times, “A lot of people are justifying things: ‘given everything that’s going on; given what’s been demanded of me; given everything that I’ve been deprived of; I need it. I deserve a treat.” The difference between The Times’ story and the Bloomberg one is that the former is talking about throwing an extra giant Reese’s in your shopping cart, the latter is talking about laying on your couch online shopping and buying a new Balenciaga belt — same mentality, different investment level. What we’re seeing is a shift from excess savings in a world that seemed like it was ending to… normal savings in a world that seems like it’s ending. Shopping as a balm to a stressful life is still happening, those treats are just getting tinier.

• This morning Topicals announced a $10 million Series A to grow inventory. You’ve probably picked up my interest in the beauty industry by now in this letter, partially because of the pure amount of cash being poured into it. I’ve always loved Topicals social media presence — it’s bright, informative, and feels alive as you scroll past their posts that avoid minimalism and embrace a futuristic weirdness. Founder Olamide Olowe is the youngest Black woman to ever raise $10M in funding. The brand was founded two years ago, and “is centered around solving chronic skin issues like eczema, hyperpigmentation and psoriasis for consumers, and is sold through Sephora. OTC brands have been having a moment, amid a bigger push for innovative products and formulas within the historically unsexy clinical space. Jenna Jackson, principal at Cavu, said Topicals has grown 675% in sales year-over-year as of November.