Profiting From the Pet Boom
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,643,886 (+0.13%)       Melbourne $988,526 (+0.18%)       Brisbane $1,027,262 (+0.59%)       Adelaide $921,236 (-1.53%)       Perth $913,258 (-0.37%)       Hobart $750,852 (+0.44%)       Darwin $705,508 (+1.52%)       Canberra $959,740 (+0.41%)       National $1,061,930 (+0.08%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $765,156 (-0.86%)       Melbourne $497,287 (-0.04%)       Brisbane $603,986 (-2.12%)       Adelaide $458,533 (-0.76%)       Perth $487,745 (-0.55%)       Hobart $518,973 (+0.20%)       Darwin $390,036 (-1.70%)       Canberra $500,797 (-0.20%)       National $548,954 (-0.83%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,017 (+305)       Melbourne 16,861 (+38)       Brisbane 8,920 (+94)       Adelaide 2,683 (+93)       Perth 7,123 (+134)       Hobart 1,216 (+27)       Darwin 285 (0)       Canberra 1,288 (+65)       National 51,393 (+756)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 10,097 (-39)       Melbourne 9,079 (+75)       Brisbane 1,777 (+28)       Adelaide 464 (+11)       Perth 1,635 (+53)       Hobart 208 (+6)       Darwin 331 (+3)       Canberra 1,135 (+25)       National 24,726 (+162)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $600 ($0)       Brisbane $640 ($0)       Adelaide $600 ($0)       Perth $675 (+$5)       Hobart $550 ($0)       Darwin $750 (-$10)       Canberra $680 ($0)       National $671 (-$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $740 (+$8)       Melbourne $560 ($0)       Brisbane $620 ($0)       Adelaide $490 ($0)       Perth $620 ($0)       Hobart $450 ($0)       Darwin $570 (+$20)       Canberra $550 ($0)       National $587 (+$4)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,925 (+132)       Melbourne 7,088 (+56)       Brisbane 4,248 (+25)       Adelaide 1,340 (-39)       Perth 2,195 (-79)       Hobart 227 (-3)       Darwin 116 (+4)       Canberra 507 (-8)       National 21,646 (+88)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,513 (+76)       Melbourne 6,738 (+50)       Brisbane 2,310 (+70)       Adelaide 375 (+1)       Perth 609 (+11)       Hobart 102 (+3)       Darwin 260 (+16)       Canberra 699 (-41)       National 20,606 (+186)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.53% (↓)       Melbourne 3.16% (↓)       Brisbane 3.24% (↓)     Adelaide 3.39% (↑)      Perth 3.84% (↑)        Hobart 3.81% (↓)       Darwin 5.53% (↓)       Canberra 3.68% (↓)       National 3.29% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.03% (↑)      Melbourne 5.86% (↑)      Brisbane 5.34% (↑)      Adelaide 5.56% (↑)      Perth 6.61% (↑)        Hobart 4.51% (↓)     Darwin 7.60% (↑)      Canberra 5.71% (↑)      National 5.56% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 29.4 (↑)      Melbourne 31.4 (↑)        Brisbane 31.4 (↓)     Adelaide 24.8 (↑)      Perth 36.0 (↑)      Hobart 30.1 (↑)        Darwin 40.3 (↓)       Canberra 28.9 (↓)     National 31.5 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 30.0 (↑)      Melbourne 32.2 (↑)        Brisbane 31.1 (↓)     Adelaide 23.4 (↑)        Perth 36.2 (↓)     Hobart 32.4 (↑)      Darwin 42.6 (↑)        Canberra 36.0 (↓)     National 33.0 (↑)            
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Profiting From the Pet Boom

By ABBY SCHULTZ
Mon, Oct 2, 2023 11:51amGrey Clock 4 min

Humans may not be acquiring pets at a pandemic-induced pace anymore, but they still are spending plenty on food, supplies, and services to take care of the furry members of their families.

Investors in public and private markets have their eyes on all that pet-care spending. Increasingly, consumers have gone beyond buying kibble to snapping up premium products and services that ensure their pets are living healthy, environmentally friendly lives. It’s a trend familiar to anyone who has followed the growth in eco-friendly wellness products and services for humans.

The shorthand for this phenomenon? The “humanisation of pets,” according to Milwaukee-based Baird.

“What that meant 10 years ago was you started to see the premiumisation of the quality of the diets and the emergence of grain-free brands and premium, cleaner-labeled food brands,” says Spencer DePree, a director in Baird’s global consumer and retail group. “That certainly is true today, but you’re starting to see that expand into other parts of the lifestyle of the pet.”

The entire pet economy is valued at about US$130 billion to US$140 billion, divided into four main categories: nutrition, products and supplies, healthcare, and services, according to Baird. Nutrition products snag most consumer dollars, but the so-called humanisation trend touches all of them.

Australia, Canada, and parts of Europe are leading the pet-market conversion to “non-traditional, more premium food and nutrition,” says Scott Ehlen, a director in Baird’s global consumer investment banking group. For the U.S., it’s a question of “how quickly, not if,” the trend will take hold, Ehlen says.

Penta spoke with DePree and Ehlen about what’s driving the growth in pet-related purchases and some of the companies on their radar screen.

Proactive vs. Reactive

One reason for the uptick in purchases of healthier pet products is consumers have realised they can proactively keep their pets happy and free from illness. The simplest step is to provide them with a diet that won’t lead to health problems in future years, and, as with humans, mix in nutritional supplements and treats with health benefits, such as dental care.

“That’s something you’ve seen in human wellness over the last five to seven years,” DePree says.

In pet food, that’s led companies to go beyond making grain-free kibble to producing fresh foods and to offering “toppers,” such as fish oils or freeze-dried raw meat. Companies are even developing foods that don’t rely on traditional beef and poultry proteins, such as Berkeley, Calif.-based Jiminy’s insect-based pet foods—a company backed by venture capital, according to private-markets data company PitchBook.

“Their value proposition is pretty impressive when you just look at the energy consumption that goes into producing a pound of beef,” DePree says.

As people spent more time at home with their pets during the pandemic, they also realized their furry companions have a lot of downtime. Humans that have returned to the office want to make sure their pets stay happy and active, so many are putting their dogs in daycare facilities with cameras that allow them to check in to see how their pup is doing.

“It’s not a kennel, it’s doggy daycare, where it’s analogous to taking your child to daycare,” Ehlen says.

There are a handful of franchisors backed by private equity in this sector including Dogtopia, which Ehlen says is one of the larger companies with at least 200 franchisees and more in the pipeline. An investment vehicle formed by the New York-based private-equity firm Red Barn Equity Partners with funding from institutions and family offices made a major investment in 2020 in the company, which offers daycare, boarding, and spa facilities, according to a news release.

Pet grooming is another area that’s prime for investment. Ehlen says he takes his own dog to a groomer who keeps track of appointments on a paper calendar. “It’s impossible to get a hold of her, impossible to schedule,” he says.

“A vast majority of the market continues to exist in that state in 2023,” Ehlen says. “You’re finally starting to see folks realise that this is a huge market, it’s a non-discretionary market, it’s going to be around forever. It’s just in desperate need of investment, of capital, of innovation.”

The ‘Pet’ Play in Food

The importance of pets to the economy is evident within the four major consumer products companies—Mars, Nestlé, Post Holdings, and General Mills. All include pet foods among their brands; Post, in fact, made a push into the business in February by purchasing Nature’s Way and Rachael Ray Nutrish, among other more standard pet food brands, from J.M. Smucker Co. for $1.2 billion.

For an investor interested in the growth of premium natural pet food, the only pure public-market play is Freshpet, based in Secaucus, N.J., DePree says.

While bigger companies have grabbed more market share, independent, private companies are “still the birthplace of new brands, new innovation, and that could be coming from either new companies or new product lines,” he says. “When the category validates itself or the scale hits, then you may see one of the bigger players jump in through an acquisition.”

Independent companies in the natural pet food space include the Farmer’s Dog, based in New York, which is backed by venture capital, according to Pitchbook. Denver-based Alphia, a pet food co-manufacturer that supplies other companies, was bought late last month by PAI Partners, a private-equity firm, from another PE firm, J.H. Whitney, according to a news release.

In March, the specialty pet food brand Natural Balance, announced it would merge with Canidae, which makes premium sustainable pet food, a news release said.

Before the stock market became more volatile last year, there was a “big queue of folks circling the wagons,” DePree says. Considering that the large consumer products companies are still trying to figure out how to grow this market, “over the next 18, 24 months, you’ll see some more stories become public.” For now, he says, “the demand for ways to play ‘pet’ outstrips the supply.”

The Internet-of-Things for Dogs

Pets aren’t exempt from humans’ obsession with tech, either. The latest pet-tech trends range from fitness trackers to food-monitoring devices that not only monitor how much and when your pet is eating, but also automatically order more food when you’re running low, DePree says.

Old-tech—such as electronic fences that keep dogs confined to a designated space—are being replaced by devices considered more humane and able to collect data on a pet’s behaviour, Ehlen says.

An example is Halo Collar, which uses wireless GPS and allows owners to set up zones to contain their pets wherever they are. The company, based in Woodcliff, N.J., and co-founded by dog psychologist Cesar Millan and tech innovator Ken Ehrman, was backed in May by Utah-based Decathlon Capital Partners, which provides revenue-based financing.

Most innovations in the pet economy so far have focused on dogs, but Ehlen and DePree say companies also have their sights on improving the lives of cats.

“If anyone is doing any innovation in cat, it’s alongside dog, but now you’re starting to see a more purpose-driven and specific sort of focus on the category,” DePress says. But he chides, “cats might be insulted at the humanisation concept—they probably hold themselves in a higher place.”



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Salma Hayek Pinault Redefined Hollywood. Now She’s Redefining Philanthropy.
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Salma Hayek Pinault Redefined Hollywood. Now She’s Redefining Philanthropy.

In the worlds of Hollywood, fashion and activism, there’s never been anyone quite like Salma.

By ELLEN GAMERMAN
Wed, Oct 30, 2024 8 min

N THE COURSE of one conversation, Salma Hayek Pinault mourns the death of her pet rescue owl, reveals that she never signed a prenup in her marriage to French billionaire François-Henri Pinault and bemoans the obnoxiousness of certain wealthy people who assume they’re interesting just because they’re rich.

But ask about her typical day, and she has no words.

“Nothing in my life is typical,” she says, her smoky voice filling the low-ceilinged room in a London pub, where she shows up on an overcast Monday afternoon awash in head-to-toe Gucci and perfume drawn from ingredients that include Mexican tuberose and queen of the night, an opulent cactus with flowers that each bloom just once a year in the dark.

The Mexican-born actress, 58, famous for her curves and sultry accent, took the objectification of Salma Hayek and bent it to her will: She used her Hollywood clout to create roles for Latina women that defy ethnic stereotypes and channeled her influence into a decadeslong fight against domestic violence. She defied the odds to become one of a tiny handful of Latina leading ladies in the 1990s, and then, while working to preserve that status, developed parallel careers as a producer and a philanthropist.

“I’m talking with my mouth full,” she says after dipping some crust from a sourdough boule into melted rosemary and garlic Camembert, on-brand for a person who professes no strict fitness regimen. “Emotional intelligence,” she’s saying of the forces that drive her. “Human, real connection.”

She’s got a high-drama aura but she’s also pragmatic, a trait visible in her charity work. “I’m passionate,” she says, “but I’m a strategist.” In just three years, Hayek Pinault has turned the Kering Foundation’s annual fundraising dinner in New York, Caring for Women, into a mini Met Gala. The event sponsored by her husband’s luxury goods company Kering sprang fully formed onto the fashion circuit—it wasn’t a slow-building phenomenon like the behemoth Met Gala—and in many ways it’s an expression of Hayek Pinault herself. Every detail runs through her for a gathering that, while raising roughly $3 million, brings attention to the fight against gender-based violence.

As a charity hostess, who on red carpets often appears bejewelled like a modern Elizabeth Taylor, she has curated her own group of tastemakers with guests including Jessica Chastain, Leonardo DiCaprio and Viola Davis.

“She gets you on board,” says friend Eva Longoria, “and she doesn’t take no for undefined an answer.”

T’S TEMPTING to think of Hayek Pinault’s story as a rags-to-riches tale: The young actress from a small town in southern Mexico gets cast in the leading role on a telenovela and leapfrogs to stardom. In fact, she came from a wealthy family in the coastal city of Coatzacoalcos. Her father was an oil executive of Lebanese descent, her mother an opera singer with Spanish roots, and she grew up with four live-in maids. She saw Europe as a 2-year-old and traveled by private jet. She loved her pet bobcat.

After she moved to L.A. in her mid-20s, her father lost his fortune, Hayek Pinault says. She was a struggling actress with the stress of supporting herself and her family back in Mexico. “That’s when I became the best version of myself,” she says.

In Hollywood, studios first saw her accent as a liability. But director Robert Rodriguez cast her in the 1995 drug-crime western Desperado , followed a year later by his cult hit From Dusk Till Dawn , where she dances with a huge yellow python slung around her shoulders and sticks her toes in Quentin Tarantino’s mouth. Her breakthrough came in 1997 with Fools Rush In , a shotgun-marriage rom-com co-starring Matthew Perry.

With her success came Hollywood money. But her finances leapt into another dimension with her 2009 marriage to Pinault, the chief executive of Kering, a corporate giant that owns Gucci, Saint Laurent and other major luxury brands. The reality of marrying into extreme wealth surprised her.

“To me, the excitement about having a lot of money was that I didn’t have to think about money, and it turned out all people wanted to talk to me about was money,” she says of her life after joining the Pinault family. “Strangers coming to me that aren’t even friends, but they think we should be friends because they’re rich, too.”

She and Pinault keep their finances separate, she says, and there’s no prenuptial agreement dividing assets. The more she thinks about it lately, she says, the more she’d like to increase her own net worth.

“I support a lot of the aspects of my life and myself,” she says. “I have the pressure to make a certain amount of money, and I like it. And now, I decided, I want to make more.”

With their 17-year-old daughter, Valentina, on the cusp of adulthood, Hayek Pinault is pursuing business ideas, which she isn’t ready to reveal. Pinault likes this ambition, she says. “I think he finds it kind of sexy.”

ONE ATTRIBUTE that’s made Hayek Pinault famous is her body. Much has been made of her breasts: Talk-show hosts ask her questions about them, her movie characters comment on them, her red-carpet fashions flaunt them. During our interview, when I say I want to ask her a trivia question, she assumes I’m after her bra size.

No, I tell her in a total left turn, I want to learn about the time on the Frida movie set when her monkey co-star bit her, specifically where it bit her. Coincidentally, I’d just gotten a video of a monkey bite in a group chat so I thought I’d show Hayek Pinault a screenshot. It was a picture of a raised pink welt on pale skin—actually a bite on a man’s back—but Hayek Pinault assumed it was an R-rated close-up of a topless woman.

“It is a thing about the boobs,” she scolds when she sees the photo. I explain she’s looking at a monkey bite on a man’s back. “Oh. This isn’t a monkey bite in the boobs?” she asks. No, I tell her, but is she saying that’s where the monkey bit her? No, she replies. This is turning into a who’s-on-first of monkey bites and lady parts. “Can I tell you something?” she says, clutching her breasts with both hands, still horrified by the photo. “My nipples began to hurt when I saw that.”

It turns out, the Frida monkey bit her on the right hand between her thumb and forefinger, and she needed rabies shots. I asked if those were painful and she said, “Yes, yes. Stop it.” She and the monkey, whose name was Tyson, were alone in her trailer, and he started throwing all her CDs at the walls and breaking them. They got into a tug-of-war over a disc, and he bit her. “They should have told me the monkey has been possessed by the devil,” she says.

Frida was her passion project, a major moment for her now 25-year-old production company, Ventanarosa—Spanish for “pink window”—and a big learning opportunity for her. It had been a fight for her to control the material. In one meeting, while trying to wrest back the project from a studio she’d decided against, she had her agent’s attorney friend come as a prop to intimidate executives. “You sit there, nod your head, look mean,” she told him.

The strategy worked. The project was ultimately made at Miramax, the studio co-founded by Harvey Weinstein. Later, she would write a searing op-ed about being sexually harassed by Weinstein.

Hayek Pinault described in the piece having to film a “senseless” full-frontal nude love scene with another woman to placate Weinstein so he wouldn’t block the completion of Frida . Hayek Pinault, distraught over Weinstein’s tactics, vomited for the length of the shoot.

In a statement, Weinstein’s spokesman says “he apologises to Ms. Hayek for ever making her feel sad or uncomfortable.” He says that Weinstein has “a different memory of those times but isn’t looking to talk about them.”

The roughly $12 million film went on to gross $56 million worldwide and made Hayek Pinault one of the first Latinas ever to be nominated for a best actress Oscar.

With Ugly Betty , an American version of a popular Colombian telenovela, Hayek Pinault initially met resistance from ABC, she says. The actress personally presold international rights and advertising to prove the show’s worth. The series, which supercharged the career of actress America Ferrera, was considered a risk partly because it featured a Latina lead who was not Hollywood’s idea of universal beauty. Hayek Pinault pushed back when some executives wanted to give Betty a makeover. “It got really heated,” she says. Ferrera went on to win the Emmy for best actress in a comedy in 2007.

Most of Ventanarosa’s film and TV works are in Spanish and do not feature Hayek Pinault. Recent titles include the 2019 TV series Monarca , a Succession -style drama on Netflix about a family’s tequila empire, and the Spanish-language HBO series Like Water for Chocolate , premiering this fall. Separately, she continues her own work as an actress, recently premiering the Angelina Jolie–directed wartime film Without Blood at the Toronto International Film Festival.

Hayek Pinault’s longtime producing partner, José “Pepe” Tamez, says the two have been looking at shows like Squid Game , the blockbuster Korean series, to get Latinos in front of a worldwide audience in a similar way. The company had focused on the U.S. and Latin American markets for years, but now they’re thinking more globally. That’s where the opportunity is, Tamez says.

In pitch meetings, Hayek Pinault’s ability to read her audience has been a secret weapon. “Maybe this has to do with the fact that she’s an actress,” Tamez says. “She knows how to listen.”

HAYEK PINAULT’S WORK as a producer did not inform her philanthropy, she says: Her philanthropy made her a better producer.

Her interest in volunteering began in childhood, and her efforts fighting violence against women stretch back to her early days in 2004 working with the Avon Foundation. On a 2009 Unicef trip to Sierra Leone, she famously breast-fed another woman’s baby, a newborn the same age as her own daughter, to combat a regional stigma around breast-feeding. The moment was captured on camera for ABC’s Nightline .

Pinault was keenly interested in her philanthropy. Once when the two were dating and she was volunteering in South America, he asked on the phone about her day. “I said, ‘Oh, it was great. We were with the prostitutes all morning in the red-light district,’ ” she recalls. She talked for an hour, then asked about his day. “He said, ‘I’m embarrassed to tell you what was my day.’ ”

In 2008, a year before they married, the couple began working together to build the Kering Foundation, which Pinault had created to focus on women’s causes.

Over time, Hayek Pinault realised she could broaden her reach even further. In 2013, she and Beyoncé Knowles-Carter founded Gucci Chime for Change, a global campaign by the Kering brand to promote gender equality.

For her signature event, the Caring for Women dinner and charity auction in New York, Hayek Pinault keeps the scope small. The evening’s 200 guests can see each other at 20 tables around a cozy room. For an event that kicks out press, it gets a ton. This year and last, Lauren Sánchez, who is engaged to Amazon’s Jeff Bezos, got in a tabloid-perfect bidding war with Kim Kardashian over a Balenciaga couture lot.

Last year, Hayek Pinault adorned the space with plants and played bird sound effects. She personally wrote fellow celebrities to make sure they’d come. Before they arrived, she lit copal, a rock incense used in Mexican rituals, and waved it around for spiritual cleansing.

“My spirit,” she says, “wants to micromanage.”

N THIS DAY at the pub, Hayek Pinault is mourning the death of Kering, a rescue owl who became famous on her Instagram. A fox got into the aviary on the grounds of their London estate and ate Kering not long ago. The owl slept in her bedroom many nights, though not that evening. “We had our own way of communicating,” Hayek Pinault says. “She would hold my hand and play and try to pull me.” Kering was a pet but also a wild animal. “I never took that owl in if she didn’t want to come in,” she says. The actress knows her owl would have been eaten by a predator long ago if she’d lived in nature. “She had a good life,” she says.

Over the past decade, Hayek Pinault has dealt with losses like this and life’s other challenges by practicing meditation.

A session might take three hours. She knows a meditation DJ who plays music while she lets go in her mindfulness space, which is the smallest room in her house. Sometimes she’s dancing. She’s usually blindfolded, which makes standing on her head tricky. The DJ later debriefs her because she loses herself so completely that she can’t always recall what’s just happened. She finds herself accomplishing physical feats she could never achieve otherwise. She is sparing on details. “I do strange things,” she says.

In the meditation sessions, nothing hurts, she feels elastic in body and spirit. “I’m ready to go in a room wanting nothing and not knowing what to do or what you’re supposed to do—surrendering and understanding your instincts,” she says. “It’s very advanced.”

Like much in Hayek Pinault’s world, the practice is unconventional. “It’s completely the opposite of no pain, no gain,” she says. “It’s completely the opposite of what everyone does.”

Hair, Nao Kawakami; makeup, Wendy Rowe; manicure, Kate Williamson; set design, Max Bellhouse and Tilly Power; production, Bellhouse.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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