Gwyneth Paltrow Talks Goop and Martha Stewart
The Oscar-winning actress and entrepreneur talks about building her company, Goop, inc and fires back at Martha Stewart after she made comments about the actress’ move to the business sector.
Okay. Quinn, thank you for being here. Thanks for having me. Uh, first time. A show of hands. Who was it? Tracy Anderson this morning. Six o'clock. Uh, okay, so she walked the walker one in the front row. I mean, it I What I really want to talk about for 15 minutes is how many years it takes me to do Tracy Anderson to be good at Tracy Anderson as some of those in the front row. But we're here to talk about, um So my first question for you is So you're an Oscar winning actress, right? You're top of your game. Um uh, well, it looks like you're at the top, and then you pivot And don't entirely change crews. You don't give up acting, but But you started completely nude in group. And so what? Motivated that? And what were your goals when you started? Um, I think when I started when I had my daughter, I had John 30 odd films back to back to back, and I stopped for a while and she was born, and I was so fortunate to be able to take off some time and be with her. Um, and Then I realized that I had a lot of questions that I wanted answered both philosophically and, you know, health, wellness questions, travel questions. Restaurants were in, and I just started to ask questions. You know, I was always the person who, if I was on location in Naples, Italy, I was asking the truck driver, Where's the best pizza? And I was asking, Did that work? Yeah, yeah. So I started having this massive sort of these notebooks, stacks of notebooks of information, and then my friends would call me and say, Where should I, you know, get a hot dog wherever? And so I kind of became that person and then group with a really great way for me to work and be creative and be engaged and ask the questions that I wanted answers and sort of used my connections toe, you know, speak with really knowledgeable people and get the answers. And it was a way for me to be engaging, creative and be home and work from home. And so when you started it, did you know you wanted to turn it into something big? Or was it a good creative outlet for that time? of your life. When I started at the inception, it really was just for, you know, myself. My friends and I didn't really know. I didn't foresee the community that I was creating, and I didn't foresee the brand that I was unwittingly creating. So the first couple of years were really just, um I don't I look back and I think, like, what was I doing? What did they do? That, like any entrepreneur, right? Probably back in that question. Right. So now you have taken it to a new level. You have big news yesterday hiring Lisa Gersh as your new ceo. Um, so what do you mean? You and Lisa have immediate plans for go. We have a lot of very exciting plans. I mean, we goop is becoming this amazing collective of really bright. Really, Um, fascinating women who I'm learning so much from, and we were, you know, we're small, but we're growing, and I really when it started to become clear to me that it waas a business in that we were having impact on other businesses and, um, that it could actually be something I was, you know, so lucky to meet Lisa through Tracy Anderson. We have been working together for a year. Um, and when my my first CEO, I moved to L. A. And he was in London. And so when we parted ways, he stayed on, you know, as an advisor. But I was looking for somebody here to help me really Take it to the next level, and you know it as fate would have it. I Lisa, you know, with over for dinner one night and said she would take the job and you almost fell off your chair. Yeah, I got drunk. I, uh Okay, so at least as many of you know, waas most recently at Martha Stewart living on the media, and so I wanted, um but you know this. But I'm gonna read it to the audience members. So you recently got a little public Smackdown from Martha. Um, you had you actually had a better term for last night That since I'm on my best behavior appear I won't repeat, but, um, so this is what Martha Stewart said about Quinn. It's a couple of weeks ago. This was well before the least announcement. She just needs to be quiet. She's a movie star. If she were confident in her acting, she wouldn't be trying to be Martha Stewart. Uh, so now, um, So how so? What's your reaction to that? Um, first of all, no one has ever said anything bad about me before devastated. Try to recover. Uh, you know, if I'm really honest, I am so psyched that she sees that this competition. I'm so excited. I really am. So that means your fate is sealed as lifestyle world domination brain. Um, so I mean, do you speaking of public criticism, do you feel Does it get easier over time? I mean, you do get, you know, like like many people in your shoes, you get public criticism. Yeah. How do you, in this case, where it's a business thing? Do you feel like when someone is attacking your business Was attacking you personally? Is there a different reaction in you? I think that when anybody criticizes anyone, um, it really is just it's revealing more about where they are in time and space, as opposed to where you are in time and space. And I think, um generally, we tend to, you know, lash out if were in a you know what I mean? It's usually a reflection of something else, and so I try not to. I don't actually, at this point in my life, I don't I don't take it personally. I see it as a as a projection and, you know, and then if there's ever anything, you know that dick, Then I know maybe I'm holding this judgment against myself and look at that. Um, but it's it's it's very interesting. And, you know, sometimes I learned good things from criticism. So you're gonna tell me, um, do you ever worry? Do you think you ever will worry thinking about group and, you know, a year or 10 years that, um well, well, we talked about this a little bit last night, Sort of where the Paltrow brand and and begins, right? And its criticism about one How how does it impact the other? Do you think about that? Is that even relevant? I don't think it's relevant so much anymore. You know, um, a girl that goop are really doing something very separate. And I've been really lucky to have a career in movies for a long time, and for me it's very differentiated. You know, I see my movie career is one thing, and I think, you know, I think we women are. We have ambition, we can multi task, and we can We like to push ourselves. We like to go into new areas, and, um, And for me, you know, even though I wasn't consciously doing it at the time, you know, I really starting this business and creating this amazing group of women that I work with and two men, You know it. I've learned so much, and it's been so incredibly rewarding and so incredibly challenging in a way that the sort of movie part, you know, just can't be after a certain point. Um, and I feel really excited about what we're doing in the direction that we're going in. Okay, So who has the question? I have more questions, but, um, if some I want to give up time for questions, So anybody have a question? All right, I'm gonna work. Okay. Okay. Sorry. I didn't look all the way to the left side. I know. I picked a bad seat. I'm Kate Kelly from CNBC. Very interesting discussion. I'm just curious. Gwyneth, how is the movie business changed business of it since you began and won your Oscar at such a young age versus what you're doing now I think the movie business has changed a lot. You know, when I was starting out and doing movies all the time, you know, in my twenties, which is really the prime time for a woman playing a leading leading roles. Um, there were, you know, adult film, Not not porn. I mean, like, you know, like like, grown up? Yeah, like like grown up film being made with remarkable consistency. And there was a real there seemed to be a real business for it. And, you know, all the studios had their kind of artistic division you had. Obviously, Miramax was in its heyday, and you had focused features. And Fox Searchlight Maiden and also the big studios were also making adult film. Um, sorry, grown up hills. And there seems to be a lot, you know, now, when I when I look at the generation behind me, I think there's still some great roles that pop up, but it seems that it's moved sort of more toward, you know, the big tent pole movies and then you have, um, you know, really small kind of academy of movies and then some breakthrough every year. But there are less movies being made. Obviously, that's a well documented fact. And the business seems to be shrinking along with the DVD market, and that's changed things a lot. So it's a very different business. You know, I was very lucky, Thio that when I wanted to work all the time and there were really great things to choose from, you know, there were really amazing material. And obviously, as you get older in this business, you know, it narrows a bit in terms of the breath of choice, and, um and so you know, especially for me. Um, because I've I'm home with my kids so much and I work from home so much. It's a big thing for me to go, you know, to Louisiana for three months and make that kind of commitment is really hard on my family. So, um, as I get older, I find it far more challenging in a lot of ways. And I'm I'm always really excited when I find a great role that works still with my family life in my business, you know, group, which is my mean kind of job at the moment. So I try to, you know, find about But I do think that it has changed a lot. Oh, yes, thanks. You have this amazing target audience with goop howto marketers interact with you where the opportunity is there. Um well, I think you know, now that Lisa's come on, we she's going to develop all that. She's very interested. I think one of the reasons she took the job was for the multiple revenue stream opportunity. And I think marketing and interaction that we've never the Our base has grown totally organically. We've never marketed, and I think we have a big opportunity there. I just wasn't smart enough to figure it out on Bond. So, um so that's you know, I think we just tired and amazing person Thio develop ad sales and marketing and all of that. So I think in the next year two we you know, we hope to see riel growth in that area. I want to ask you I see your hand back there, but where is group in 10 years? Uh, look like in 10 years? What is group in 10 years. You know, I hope that we continue to grow to be, uh, a place where people can trust our advice and trust that they will get great value if there are choosing Thio, um, purchase something from us and they know that if we say Listen, this is a great hotel. They know that. I think that, you know, that's our biggest asset is the level of trust that we've managed to, um create and I would never want to do anything as we scale, you know, compromise that. But I do think that it's kind of limitless. I mean, are our food area can grow a lot our health and wellness. And obviously we have We're developing and thinking about product making our own and licensing to support across all of our different categories. And, you know, I think we have to be strategic about keeping our focus really precise, but at the same time seeing the opportunities And I mean, you know, we want to do product. We want to develop a lot of products, so it's exciting. Okay, Super fast question, because I have 22 seconds and she's hosting the president for dinner tomorrow night, P s. So she has to leave right away if anyone wants to come. You talked about the fact that you had some separation between being an actress and being much more. But there must be some skills that you're able to take from being an actress to becoming an entrepreneur. And I was wondering what this work. Oh, that's a really good question. Nobody's ever asked me that before. Um, I think you know, they're more interpersonal skills, like when you're acting with somebody you know, like listening respect, kind of being a container. I think, you know, establishing that kind of reporting respect for people and listening kindly and openly those sort of skills that help you be a good actress, I think help you in business because in my experience, you know, they create more points of connection. And when you work with people and you have the capacity to listen and you have the respect back and forth, you know the best of that person starts to emerge, and it's been amazing. You know, I have, like, my girls that I love so much to see them, um, you know, grow and create roles for themselves and then still the rolls in the business. It's amazing. And I think I do think that comes from a very specific type of, um, listening that you learned from acting well in creativity. You bring along free. That's a job which which makes you shine in both areas. Well, thank you. We're out of time and off.