Daily Links

1. Africa’s virtual designers are already preparing for metaverse fashion: Africa’s fashion industry is said to be worth over $31 billion, summing a revenue of $8.6 billion in 2022 and a revenue prediction of $13.5 billion by 2025 with a CAGR of 16.4%. – Read More on Quartz

2. How ESG Investors are Making Sustainable Fashion on Trend: “With larger brands, so much is being produced that recycling doesn’t even make a dent. Some of the worst actors are dropping thousands of new products per day because the more they produce.” – Read More on Morgan Stanley 

3. SEC proposes new ESG requirements for investment advisers, firms: Firms that offer ESG funds would be required to disclose more details on their investment strategies, and to report such information in “structured data language.” Some would also need to disclose what ESG impacts they seek to achieve and what key metrics they use to assess progress. – Read More on S&P Global

4. U.S. luxury retailers lean on affluent customers to avoid inflation pain: “This earnings cycle has been showing a dichotomy between higher- and lower-income demographics,” BMO Capital Markets analyst Simeon Siegel said. – Read More on Reuters

5. Amazon opens its first fashion store in Los Angeles: “Our three goals for Amazon Style are to make shopping more inspiring, personalized, and convenient for each customer,” said Simoina Vasen, managing director of Amazon Style. – Read More on Fast Co.

1. Tech group finds most Americans not receptive to industry regulations: Only 3% of surveyed Americans view tech regulation as a major concern for their households, according to the Consumer Technology Association’s recent poll of 1,009 U.S. adults. – Read More on S&P Global

2. Tech Rout May Take the Shine Off Cartier’s Owner: Costs of inputs like gold and diamonds are up and advertising budgets have increased, but the company isn’t raising prices as aggressively as some other luxury brands. – Read More on the WSJ

3. Luxury goods emerge as a safe-haven investment: The Dow Jones industrial index is now on its longest losing streak in 80 years, and the market appears to be pricing in a prolonged economic downturn, as few investors now believe that central banks will be able to keep a lid on inflation while avoiding measures that choke off economic growth. – Read More on Investor’s Chronicle

4. What retail inventory misses and markdowns signal about the market’s fight against inflation: The Walmart and Target results could reflect the changing financial realities for mid- to lower-income households in the face of still high inflation. – Read More on CNBC

5. Nordstrom Raises Forecast in Sign Luxury Shoppers Still Spending: Net sales increased almost 19% to $3.47 billion in the fiscal quarter ended April 30, the department-store operator said Tuesday in a statement. That’s above analysts’ average estimate of $3.27 billion. – Read More on Bloomberg

1. How US consumers are feeling, shopping, and spending—and what it means for companies: People in every age cohort and income group spent more of their money, but year-over-year spending growth was highest among millennials (17%) and high-income consumers (16%). – Read More on McKinsey

2. It’s Treasure-Hunt Season for Off-Price Retail: Off-price retailers are getting so many calls with offers of closeout inventory, but the selling environment doesn’t look so rosy right now, especially for discount chains with more exposure to cash-strapped consumers. – Read More on the WSJ

3. ‘Golden Arches’ come down near Moscow as McDonald’s Russia rebrand begins: The world’s largest burger chain is selling its restaurants in Russia to one of its local licensees, who will rebrand them under a new name that has yet to be announced. – Read More on Reuters

4. Retail Response to Recession Already Happening: With 70% of U.S. GDP derived from consumer and household spending, there’s really no reason to wait for trailing data to confirm what dozens of front-line reports from retailers have already implied. – Read More on PYMNTS

5. Are fashion “dupes” unethical? “I’d say dupes are a close relative of fakes but, crucially, they’re within the legal boundaries.” – Read More on the Guardian

1. Do we need fashion weeks anymore? How the metaverse, digital avatars and live-streamed catwalk shows are democratizing the luxury landscape. The discussion surrounding whether the traditional fashion calendar that has operated for decades still suits the modern era has fueled heated debate ever since the pandemic began. – Read More on SCMP

2. Meet the Luxury Blockchain: Brands will be able to enjoy enhanced security and transparency when it comes to their transactions. And because the consortium is built on blockchain, they’ll also have access to a wealth of data and insights to improve the customer experience. – Read More on CDO Trends

3. High-fashion collabs mark new chapter in rivalry between Nike and Adidas: Previously, the battleground for sports brands was around trainer launches and sports star sponsorship deals, but it was proving hard for brands to ensure player exclusivity. – Read More on the Guardian

4. Consumers Aren’t OK. Why April Retail Sales Are Misleading: General merchandise sales fell because food inflation pulled more dollars away from other items. “Inflation is masking the ‘real’ data that is not as favorable as some believe.” – Read More on Barron’s

5. Shipping’s $500 Billion Profit Can Take on Amazon: Having made $19 billion of net profit last year, the world’s third-largest container line by capacity could afford to acquire all of Air France with plenty of change to spare. And because the world’s ports are still chockablock and freight rates remain sky-high, it will probably earn even more this year. – Read More on Bloomberg

1. H&M reaches $36 mln settlement with New York over unused gift cards: H&M will pay $36 million to settle accusations that the fashion retailer illegally kept millions of dollars in gift cards that customers never used, New York Attorney General Letitia James said on Thursday. – Read More on Reuters

2. Is fast fashion impossible to kill? Only 17% of shoppers say they plan to spend less money on fast fashion in the next five years, despite 50% believing it’s harmful for the environment and 43% even admitting they feel guilty for buying from stores like Zara, H&M, and Forever 21. – Read More on Fast Co.

3. Elite Fashion Brands Continue Building in the Metaverse: There’s big money in this space – OpenSea, the NFT marketplace, soared to a valuation of $13.3 billion after a $300M funding round in January. – Read More on Yahoo

4. Rolex, Omega, Zenith – YouTubers are rewriting the rules of how to sell high-end timepieces: While Rolex remains aloof to the power of video influencers, other luxury watchmakers are taking notice and sending timepieces to popular watch vloggers for review. – Read More on SCMP

5. Pakistan bans imports of all non-essential luxury goods: “All those non-essential luxury items that are not used by the wider public, a complete ban has been imposed on their import,” minister Marriyum Aurangzeb told reporters. – Read More on Reuters