Daily Links

1. Buy now, pay later is not a boom, it’s a bubble, Harvard researcher says: Now, 4 in 5 U.S. consumers use BNPL on everything from clothing to cleaning supplies, according to Experian, and most shoppers said buy now, pay later could replace their traditional payment method (likely, credit cards). – Read More on CNBC

2. Shannon Abloh Steps Up: The late Abloh’s wife Shannon, will assume the mantle at Virgil Abloh Securities, a company started by Mr. Abloh as his “creative corporation” that is now dedicated to “spreading his ethos and essence globally.” – Read More on the New York Times

3. Digital Trends Alter Fashion Industry in Indonesia: Indonesia’s Ministry of Tourism and Creative Economy is now continuing to collaborate to encourage the domestic fashion world and strengthen the Indonesian fashion ecosystem with two things, namely technological innovation, and a sustainability agenda. – Read More on OpenGov

4. Getty to Sell NFTs in Multiyear Deal with Fanatics-Owned Candy: Getty Images Inc. has signed a multiyear deal with Candy Digital, the digital collectibles firm owned by Fanatics Inc., as the provider of news and stock photos breaks into the nonfungible-token business ahead of its plans to go public. – Read More on Bloomberg

5. Some factories might leave China, but in the grand scheme of things it doesn’t matter much: “From China’s perspective, the movement out of local manufacturing is not going to be significant enough to really alter the nature of China’s role in the overall supply chain.” – Read More on CNBC

1. Mytheresa CEO Says Luxury’s Online Shift Growing, Resilient: “We grew our GMV double-digit, we expanded our customer base healthily, our top customer base has become even stronger and all this against an extraordinary growth of 47% in last year’s quarter.” – Read More on PYMNTS

2. European shares slide as weak China data stokes recession woes: Industrial stocks were the biggest drags on the STOXX 600, while luxury firms, which derive a chunk of their demand from China, fell with Louis Vuitton-owner LVMH down 1.3%. – Read More on Reuters

3. Environmental Impact Assessments Could Undermine Sustainable Fashion: “Materials [are] developing rapidly, so impact assessment needs to be done dynamically and repeatedly–it needs to be a continuous and somewhat integrated assessment to guide the R&D process.” – Read More on Forbes

4. How K-Pop Group aespa Is Making the Metaverse Their Home: Like Marvel or DC Comics, SM Entertainment is creating an interconnected world in which all of its artists will exist—with complex backstories, narrative arcs, villain threats, and more. It is still something of a sketch. – Read More on Time

5. Marketing: 44% of Marketers Plan to Run Campaigns in the Metaverse. 57% of marketers of all levels of experience said that ideally leveraging cryptocurrency will be a part of their marketing plans this year. – Read More on BeinCrypto

1. Harrods imposes sanctions on Russian shoppers: The Knightsbridge department store has contacted Russian customers warning that it will no longer sell them “luxury goods” worth more than £300. – Read More on the Telegraph

2. What Europe’s 2 pending tech laws mean for different Big Tech players: A pair of proposed laws from the European Union — the Digital Markets Act and the Digital Services Act — both target big tech firms, but they will target different companies in different ways. – Read More on S&P Global

3. Shein’s Breakneck Growth Slows, Testing $100 Billion Valuation: The online-only retailer of inexpensive apparel has become a global phenomenon, with a following of mostly tweens and teenagers in the West making its app one of the most downloaded in the world. – Read More on Bloomberg

4. Roblox expects losses for ‘foreseeable future’ as pandemic demand wanes: Roblox, one of the world’s most popular gaming sites for children, is starting to feel the pinch from easing COVID restrictions that have allowed kids to spend more time outdoors. – Read More on Reuters

5. Driven by Gen Z, the boom of faux fur: Faux fur is in the midst of a boom. According to data from the retail tracking firm Edited, retail sales of genuine fur styles fell 44% from 2020 to 2021 while sales of luxury faux fur items increased 72%. – Read More on SCMP

1. How Luxury Can Navigate China’s Zero-Covid Policy: Compared to the first wave of pandemic lockdowns in 2020, China’s latest wave has impacted luxury’s more bankable higher-tier cities, like Shanghai and Beijing, and is much more stringent. – Read More on Jing

2. After Covid-era boom, newly public tech stocks hit first major hurdles: Tech companies are often especially vulnerable during an economic downturn, because most of these early-stage enterprises aren’t profitable, relying instead on venture capital investments to cover expenses while they focus on rapid growth. – Read More on CNBC

3. Luxury Brand Tapestry Reports Positive Q3: Tapestry noted a double-digit growth in all of its brands for the third quarter of fiscal 2022, which ran for three months up to April 2, and 13% overall revenue growth, according to the company press release on May 12. – Read More on PYMNTS

4. U.S. inflation simmers, worst of price gains likely behind: Consumers got some relief, with apparel prices falling 0.8%. The biggest drop there since May 2020 ended six straight months of increases. – Read More on Reuters

5. How U.S. Companies Are Supporting Workers on Abortion: When Texas last year banned procedures after the six-week mark, some companies in the state condemned the move, arguing that it would deter top talent, and offering assistance to workers seeking abortions. – Read More on Bloomberg

1. Chinese fast fashion giant Shein now has more monthly app downloads than Amazon Shopping: From January to April, Shein had 13.8 million app downloads, up 50% year-over-year. Amazon Shopping had 13.3 million and 13.2 million downloads during those periods respectively. – Read More on Business Insider

2. Senator Kirsten Gillibrand Will Introduce the First Federal Fashion Bill: The Fashioning Accountability and Building Real Institutional Change (FABRIC) Act aims to extend the anti-wage theft principles of SB62 nationwide and offer incentives like tax exemptions and grant programs for brands looking to manufacture in the U.S. – Read More on Vogue

3. Western luxury brands squeezed by Ukraine conflict may look further east: The Gulf region has strong purchasing power, with personal luxury sales reaching $9.7 billion in 2021, outpacing pre-pandemic level by 23% vs 2019. – Read More on DW

4. What Would It Take for a Truly Ethical Clothing Industry? “In the absence of well-enforced regulations that adapt to the practices of fast-rising global ecommerce companies, the burden of making fashion more ethical will continue to rest largely on individual consumers—a strategy sure to fail. – Read More on Wired

5. Ferragamo CEO promises quick turnaround despite China hit: Gobbetti says that a strong performance in the United States and Europe helped Ferragamo to reduce its dependency on the Chinese market, where it made 30% of its sales last year. – Read More on Reuters