Daily Links

1. Chief Metaverse Officers Are Getting Million-Dollar Paydays. Do you need one? Disney, P&G, LVMH and other big names have invested in chief metaverse officers to plot a course through the next chapter of the internet. – Read More on Bloomberg

2. Walmart’s Social Commerce Shift Lowers Walls Between Physical, Digital Retail: The shift to social is deeply rooted in connectivity and experiences that engage consumers, inspire them to be a part of something bigger and ultimately get them to buy — either in the moment online, or later on in-store after a digital inspiration. – Read More on PYMNTS

3. The top three retail and e-commerce trends set to shape 2023: Shoppers expect e-retailers to provide a sophisticated, personalized shopping experience. In contrast, personalization is not as big a deal offline. – Read More on the Drum

4. Fashion Workers Act would mandate labor protections for models, fashion industry: If signed into law, the legislation would mandate companies accept legal responsibility to act in the best interests of their hired talent, provide proper notifications about contract renewals, copies of agreements and would require agencies cap commission fees to 20% of a model’s pay. – Read More on Spectrum News 

5. E-commerce is booming in B2B. But some brands in that space remain reticent to jump in fully: Before the Covid-19 pandemic, Forrester estimated the US B2B e-commerce market could reach $1.1tn, accounting for more than 12% of B2B sales by 2020. – Read More on the Drum

1. Luxury Brands’ Record Year Was More Luck Than Skill: Household wealth in China and North America swelled by 15.1% and 15.5% respectively, according to Credit Suisse. Of the 5.2 million new millionaires created around the world last year, almost half were in the U.S. and a fifth were in China. – Read More on the WSJ

2. Retail to see more bankruptcies in H2: “If consumers pull back before the holidays and really cut their spending, retailers that have expanded or brought in too much inventory are really going to feel it.” – Read More on Axios

3. India’s Reliance Retail in talks for rights of beauty retailer Sephora: Reliance Retail, run by Indian billionaire Mukesh Ambani’s conglomerate Reliance Industries Ltd is in advanced talks to get the rights for beauty retailer Sephora in India. – Read More on Reuters

4. The ‘good news is they will be regulated,’ Harvard fellow says of watchdog crackdown on BNPL lenders: The CFPB identified “several areas of risk of consumer harm” and said the industry will be subject to the same oversight as credit card companies. – Read More on CNBC

5. How TikTok became an e-commerce juggernaut in China: Since it requires livestream e-commerce transactions to be completed on the platform, this all forms a “closed loop,” where the user never strays from the app. It’s the ideal flywheel, and the envy of platform companies everywhere. – Read More on Rest of World

1. Chinese Mogul’s $3 Billion Fashion Bet Is Unraveling: For his vision of transforming a small textile maker called Shandong Ruyi into China’s own LVMH, Qiu Yafu spent $3 billion on a wardrobe that ultimately didn’t fit. – Read More on Bloomberg

2. The Metaverse is becoming a platform to unite fashion communities: While Vogue Singapore’s New World enables a more engaging way for users to view and read content, it also allows brands and communities to build better experiences. – Read More on CoinTelegraph

3. Thriving or surviving? The Evolution of E-commerce: Among those facing the biggest post-pandemic challenges are retail subscription brands, which were among those that saw profits skyrocket during the pandemic’s e-commerce boom. – Read More on the Drum

4. Facebook, Beware: The Metaverse Is Flat. While Facebook has sold about 14 million VR headsets to date, millions more have visited the metaverse through regular 2D screens like the one you’re looking at right now, via apps like Roblox and Epic Games Inc.’s Fortnite. – Read More on Bloomberg 

5. In Sotheby’s New Luxury Strategy, Pateks Could Catch Up with Picassos: “Today, luxury is approximately a quarter of [Sotheby’s] business. In 5 years, would it surprise me if the luxury business is twice as large? No, it would not.” – Read More on Bloomberg

1. Clothing retailers set for discount battle to clear inventory glut: US apparel retailers are preparing steep markdowns to clear shelves ahead of the holiday season, as inflation pushes consumers to pull back on discretionary spending and wait for deals. “I hesitate to call it a bloodbath, but it’s going to be ugly,” said Urban Outfitters CEO. – Read More on the FT

2. Kanye West Isn’t Alone as Big Stars Seek More Say in the Brands They Back: “We’re seeing that a lot of celebrities are like, ‘Yeah, I don’t need you because I have a big enough brand that I can do it on my own.’ And they do.” – Read More on the WSJ

3. Ralph Lauren Sees Faster Growth on Pricing, New Customers: The New York-based apparel company is targeting revenue growth in the mid-to-high single digits in each of the next three fiscal years, including the current one. – Read More on Bloomberg

4. Traceability Can Enable Circularity in the Fashion Industry: Traceability can help supply chains locate inefficiencies, sort production or post-consumer waste and mitigate financial and reputational risks. It also ensures credibility and compliance. – Read More on Forbes

5. What the ‘Amazon of South Korea’ is doing in Seattle: Coupang built its own “last-mile” delivery service to cover the final leg to a customer’s doorstep that is often handled by mail carriers, making it easier for customers because “the same truck bringing me my shoes is also bringing me my lettuce, carrots and milk.” – Read More on Seattle Times

1. Big fashion can’t align its climate goals with its business model: “The concept of degrowth and alternative business models, or alternative models to growth, can be words that make [business] people uncomfortable.” – Read More on Fortune

2. China NFT and metaverse marketing requires Tiffany, other global luxury brands, to tread lightly and be creative: Unlike the rest of the world, China does not allow metaverse activities that involve crypto or trading in NFTs. Yet brands are still finding ways to be creative in the developing arena. – Read More on SCMP

3. How fast fashion can cut its staggering environmental impact: The industry needs to focus on making things that last, and so encouraging reuse; and more rapidly expanding the technologies for sustainable manufacturing processes, especially recycling. – Read More on Nature

4. ETFs are capitalizing on the luxury goods boom: “The wealthy have been little affected by the pullback in the markets — they keep buying, and luxury brands overseas are less expensive for U.S. buyers as the USD has been on a roll.” – Read More on Yahoo

5. China’s retail sales, industrial production beat expectations in August: Retail sales grew by 5.4% in August from a year ago, topping a Reuters forecast for 3.5% growth. – Read More on CNBC

6. U.S. Retail Sales Rose 0.3% in August, Showing Resilience in Face of Inflation: Consumer prices rose 0.1% in August from July and 8.3% from August last year, the Labor Department reported. After excluding volatile food and energy prices, underlying inflation pressures were broadening and building. – Read More on WSJ