In today’s edition: minting millionaires at Canva, the strength of Europe’s economy, and two of tennis’s biggest stars turn a rivalry into a strength.
– Star power. For anyone who watched Serena Williams and Maria Sharapova on the court throughout the 2000s, this past weekend might have come as a shock. Williams showed up as a surprise guest to introduce Sharapova as the Russian tennis star was inducted into the International Tennis Hall of Fame.
For years, Williams and Sharapova were fierce rivals. Williams bested Sharapova in head-to-head matches with a 20-2 record. Their matchups led to tears and even debates about discrimination in tennis—why Sharapova was so commercially successful as the highest-paid female athlete in the world for 11 years when Williams dominated on the court. What was a true on-court rivalry was amplified by the media to become personal.
But on Saturday, they duo put that behind them. Williams acknowledged the surprise factor; she was “probably the last person you were expecting to see here tonight” and the process of becoming friends surprised even herself, she said. But over the years, the pair realized they had more in common than not. When they saw each other in other environments—like at the Met Gala, not on the tennis court—they realized that they got along.
Rather than resent Sharapova’s competition, Williams grew to embrace it. “There are only a few players in my career who challenged me to be my very best every time we stepped out onto the court,” she said. “Maria Sharapova was one of them.”
Away from the spotlight, these two took the best from their rivalry, rather than the worst moments the public latched onto. As Williams put it: “What started as a rivalry turned into an enormous amount of respect. And what grew from respect has turned to friendship.” Williams turned Sharapova’s commercial dominance into a positive, a business insight that paved the way for Williams’ own financial success. “She showed us all how to take excellence on the court and turn it into excellence in business, and fashion, branding and everything that she touched. She changed how women not only approached tennis, but sports and opportunity.”
For women in the public eye, competition can be a dirty word. Society can’t always handle ambitious women who want to be the best—let alone two of them. Williams and Sharapova offer a lesson: it doesn’t have to be that way.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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ALSO IN THE HEADLINES
Canva is back at a $42 million valuation. And employees at the company led by cofounder and CEO Melanie Perkins are becoming millionaires, eligible to sell up to $3 million in vested equity in a share sale—most likely the last sale as a private company before Canva goes public.
Christine Lagarde credits the state of Europe's economy to immigrants. "The rise in both the number and participation rate of foreign workers" made Germany's GDP 6% higher in 2019, the European Central Bank president said, as one example, last week.
Where do you go after a viral product? Starface founder Julie Schott compares a follow-up launch to a sophomore album. The brand known for its star-shaped pimple patches was able to expand into lip balms by following that playbook.
ON MY RADAR
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PARTING WORDS
"People perceive you to be butch, bigger, broader. I used to be offended but people want to see powerful women now. I think that’s my generation breaking free from the mold we had growing up of wanting to be dainty, doing ballet or gymnastics. Everybody is fit for a purpose here."
— Women's rugby star Holly Aitchison