1. Pandemic-inspired ‘revenge spending’ and explosive sales in China saved the luxury market in 2020 and changed it forever: The Chinese started to shop for luxury goods at home, brands became more comfortable with going online, and new customers who were pent up for months in lockdown and unable to spend money splashed out on luxury pieces. These changes are here to stay, experts say. – Read More on BI
2. Birkenstock Adds Rare Default Protection Clause in Bond Deal: The provision makes it harder for investors holding net short positions with credit default swaps contracts to trigger a default or accelerate one. It’s only the second instance of a company including such a term in Europe, following theme-park operator Merlin Entertainments’ debt deal more than a year ago. – Read More on Bloomberg
3. Shoppers Return to Malls, With an Urge to Spend: Foot traffic at a representative sample of 52 malls in March was up 86% from the same month last year. Customers are spending more on casual wear, accessories, jewelry and watches, analysts say. – Read More on WSJ
4. Crocs sales soar in fashion comeback: The shoe-maker reported record sales in the first three months of the year and raised its revenue outlook for 2021. Sales rose 64% to $460 million in the first quarter compared to the same period last year, with demand for Crocs being “stronger than ever” across the world. – Read More on the BBC
5. Stitch Fix sells $1.7 billion of clothes each year. Now, its visionary CEO is passing the baton: The founder and CEO of Stitch Fix is handing over the reins of her company to Elizabeth Spaulding in August, in one of very few female-to-female transitions of power at a public company. – Read More on Fast Co.