Business
3:12 am
Fri February 7, 2014

Designer Wants Your 'Social Currency' Instead Of Cash

Originally published on Fri February 7, 2014 9:26 am

Transcript

RENEE MONTAGNE, HOST:

And our last word in business this morning is: social currency.

At one point, Facebook was valued at $100 billion.

DAVID GREENE, HOST:

And let's not forget that Instagram was bought for $1 billion.

MONTAGNE: And that by some accounts, Twitter is worth - well, it was worth over $18 billion.

GREENE: Well, now those socializing can get a bit of a profit pie. At Marc Jacobs' new pop-up shop in Manhattan, no cash is necessary. Social media is the capital.

MONTAGNE: In exchange for Facebook posts, tweets and Instagram photos, customers can get goodies from Marc Jacobs, like necklaces and perfumes and purses. The shop is only open this weekend. That's to coincide with the start of New York Fashion Week.

GREENE: And I guess we'll how long this idea of social currency remains in fashion.

That is the business news on MORNING EDITION from NPR News. Our theme music was written by BJ Leiderman. It was arranged by Jim Pugh. I'm David Greene.

MONTAGNE: And I'm Renee Montagne.

(SOUNDBITE OF MUSIC) Transcript provided by NPR, Copyright NPR.