In the lead-up to the country’s biggest dog show, a third-generation handler prepares a gaggle of premier canines vying for the top prize.
2 min
The elite athlete is capable of tremendous discipline. At the moment, though, he’s humping the competition.
Sonny, the star Portuguese water dog, went nosing around for a girlfriend when he was supposed to be attending to press obligations in the Long Island living room of his professional dog-show handler, Kimberly Calvacca.
But there is much work to be done: In just a few days, Calvacca will load the freshly fluffed Sonny and five other crème-de-la-crème canines into a van and head to Manhattan to compete at the country’s biggest dog-sporting event: the Westminster Kennel Club Dog Show.
The pedigreed dogs are the epitome of their breeds, owned by enthusiasts who pay Calvacca $150 per show day for her more than 100 dog shows each year.
The circuit reaches divine heights Tuesday in Madison Square Garden with Westminster’s top award of best in show, a status symbol that has eluded Calvacca, a third-generation dog handler in her 50s who started showing dogs in high school.
Competing alongside Sonny are Valentina, a min pin and the only contender Calvacca partly owns; Tango, a pug; Estee, a canaan; Shindig, a vizsla; and Nala, a rambunctious toller who reacted to getting kicked out of this photo shoot by peeing on the floor.
When it’s showtime, the dogs perform. “It’s a lot of time, a lot of effort and making sure that this dog is raised right so it has the temperament to say, ‘Pick me!’” Calvacca says.
She trains them to stand stock-still when a judge inspects them nose to tail, or trot in a circle without getting distracted by the crowd.
At times, she recreates show conditions at home so her pageant queens and kings won’t be spooked by whatever the competition throws at them.
Most preshow work happens in her “dog room,” a basement utility space where pet scrubs and tinctures abound like makeup at Sephora.
She says the room is filled with the good juju of champions her grandfather groomed there when this was his house.
On her boombox, when Sade’s “Smooth Operator” switches to Britney Spears’s “Toxic,” the frantic synth reflects the chaos.
First, she must wash the dogs one by one in an elevated bathtub. Then she hoists each dog onto a work table, attaching the animal loosely to a loop she cheerfully calls a noose.
She trims their toenails with a repurposed woodworking tool, styles their fur with a $600 dog blow dryer and clips their coats with $1,000 scissors. She cleans their teeth with an electric toothbrush, a dental tool for plaque and a breath-freshener spray.
Each dog spends 15 to 30 minutes daily on treadmills, one of which costs $3,500 and is specifically for dogs.
Then come meals from 40-pound bags of dog food—she’s sponsored by Purina—and various biscuits and canned meats. In the ring, she gives them human treats such as salmon, steak and meatballs.
On a recent day, she heaved a 10-pound bag of frozen chicken from Costco onto her kitchen counter, then boiled breasts with onion powder and garlic powder.
She calls it her “winning chicken,” and during shows she’ll sometimes store a chunk of it between her teeth for quick access.
Calvacca doesn’t play favorites, she says, but she snuggles Valentina and calls Sonny Mister Handsome.
He is the exuberant frat boy, the alpha of the group. He licks, he yodels, he sleeps on a purple pillow. He plays it up in the ring. “Sonny always thinks he wins,” Calvacca says.
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AI-powered travel agents are challenging online booking platforms, but Airbnb’s exclusive listings and direct customer relationships could give it an edge. Its next challenge: turning repeat guests into loyal customers through stronger rewards and innovation.
3 min
AI agents like Muse can already find you the cheapest hotel room in Paris. But they can’t locate a cheaper version of that Catskills cabin you’ve been eyeing, because it might only be available on Airbnb ABNB -1.43%decrease.
Investors should pay attention to that distinction. When Meta Platforms META 3.38%increase launched its Muse agent last month, travel stocks including Booking Holdings BKNG -1.19%decrease, Expedia and Airbnb all fell sharply.
Airbnb, though, has a real chance to emerge as a winner from the upheaval. The catch: Its stock already reflects above-industry growth. To justify its valuation, Airbnb will need to turn repeat customers into loyal ones.
Online travel companies make much of their money by simplifying search and collecting fees on bookings. AI agents threaten that model.
But not all travel marketplaces are equally exposed. Booking and Expedia largely sell hotel rooms that travelers can also book directly or through competing sites. If an agent can find the same room elsewhere, it has little reason to favor either Booking or Expedia.
Booking and Expedia also sell sponsored listings that steer travelers toward particular properties. Wells Fargo estimates those will account for about 8% of Expedia’s revenue and a much higher percentage of profit next year.
Airbnb has more ways to adapt. More than half its listings are available only on its platform, and more than 90% of its traffic comes directly to its app or website.
The customer relationship doesn’t end after booking, either. Bernstein analyst Richard Clarke notes that 90% of Airbnb guests go on to message their hosts about arrival times, keys or local taxes, giving Airbnb a connection to both sides of the transaction.
How the companies have responded to the possible agentic future is telling.
Expedia quickly signed on as a Muse partner. Airbnb hasn’t, and Chief Executive Brian Chesky says AI chatbots have so far been a boon, sending customers to Airbnb’s website.
Chatbots might work for buying paper towels, he quipped at a Skift conference last month, but people enjoy planning trips. He argued that browsing dozens of homes isn’t something a text-based chatbot is well suited for.
Still, the AI jitters arrived just as Airbnb was persuading investors it deserved its pricey multiple. For years after its 2020 initial public offering, the stock—which trades around 25 to 30 times forward earnings—went nowhere. Investors saw a mature operator trading at a growth premium.
This year, Airbnb growth seems to be accelerating. The stock jumped in August after the company raised its full-year revenue-growth guidance with its second-quarter results. Wells Fargo analyst Ken Gawrelski credits a run of product improvements under a revamped leadership team.
Among the changes: letting guests reserve now and pay later, adding hotels, and a redesigned home page and app. Investors were also betting on what comes next, including thousands more hotels, car rentals and, eventually, advertising.
The irony is that some of those growth drivers push Airbnb closer to the kind of business Booking and Expedia run—the kind of business AI agents could threaten. Even if AI agents capture a large share of travel planning and booking, Airbnb would capture the demand. But it and others would slowly lose control over how customers find and choose properties.
That would undermine the advertising opportunity investors are counting on. The bigger point for Airbnb and other marketplaces is that losing control of customer acquisition could mean surrendering some of their pricing power and margins.
To bulletproof itself, Airbnb might look to another e-commerce giant that has so far kept AI agents at arm’s length: Amazon.
Like Amazon, Airbnb has a loyal customer base and hard-to-match supply. But it has nothing like Prime membership to make customers think twice before taking their business elsewhere.
That is where loyalty comes in. Business travelers stick with Hilton or Marriott because enough nights earn them perks. Leisure travelers rarely accumulate stays with one chain. Airbnb has millions of listings and plenty of repeat customers, but no broad rewards program. It has begun experimenting with credits on hotel stays, but it should make loyalty a priority, not just a promotion.
Airbnb also plans to launch its own AI agent next year. But travelers using an agent might still want it to search Airbnb, Vrbo, Booking and hotel websites alike, rather than limit itself to one company’s inventory.
Eventually, Airbnb might have to strike deals with agent makers, using its unique homes as leverage to negotiate favorable terms, says Gawrelski. Such deals, along with rewards for loyal guests, could over the long term eat into the company’s roughly 13% take rate, he adds. But if they bring in enough additional bookings, the trade-off could be worthwhile.
History offers a reason not to panic. The shift from desktop to mobile unsettled investors in Alphabet and Amazon, but both emerged as major beneficiaries. Companies with valuable assets can come out of a platform shift stronger, if they adapt quickly enough.
Airbnb has homes the bots can’t easily replace. Now it needs to give guests a reason to insist on booking them there.
