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PayPal CEO: "Dead-Cow Wallets" to Be Obsolete by 2028

Younger generations are putting a dent in the leather industry by choosing fashion accessories free of animal products.

According to a recent report by Bloomberg, consumers are increasingly seeking out animal-free apparel such as footwear and wallets—a trend that is putting the more than $90 billion leather industry in jeopardy. “While the shift partly reflects an abundance of choices in materials,” Bloomberg stated, “consumers cite growing discomfort with the slaughter of cattle and concern over the environmental impact of raising them by the millions.” While athletic footwear sales grew by 14.3 percent in 2016, the sales of leather shoes plummeted by 12 percent and experts predict the downward trend for leather will continue. During a recent conference call, PayPal CEO Daniel Schulman predicted that the iconic leather billfold wallet would become obsolete in 10 years. “Dead-cow wallets,” Schulman said “… will be a thing of the past” as consumers choose more modern materials and move away from paper-based money. Market research firm Grand View Research recently predicted that the global vegan leather industry will continue to grow to be worth $85.05 billion by 2025.

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Tesco Sells 2.5 Million Vegan Meals in 20 Weeks

The supermarket chain more than doubled its sales projections of new vegan line Wicked Healthy.
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Nevada Steakhouse Debuts Vegan Menu

Hank's Fine Steaks & Martinis added a separate menu with plant-based cauliflower steaks, stuffed eggplant, and two decadent desserts.
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Aussie Pub Creates Vegan Filet-O-Fish

Eatery Two-Bit Villains now hosts weekly vegan pub nights complete with plant-based popcorn chicken, nachos, and a vegan version of the popular fish-based sandwich.
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Friday's "Felicia" Opens Vegan Version of Chipotle

Actress-turned-vegan-chef Angela Means Kaaya to re-open Jackfruit Cafe—which she previously operated out of a doughnut shop—this summer.
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Meaty Vegan Shop Sister Seitan Opens in UK

New woman-owned restaurant Sister Seitan is slinging vegan chicken burgers and mac and cheese in Kent.
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This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

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